Wise vs PayPal: Which Is Best for International

In this blog we will compare Wise VS PayPal, as well as some important factor including transfer time, fees, user experience, and withdrawal limits. This article is mainly noted for those who want to send money to the US, Australia, Canada, Germany, Sweden, Norway, Switzerland, Singapore and Japan.

What is better from UK to transfer international money - Wise vs PayPal?

Wise VS PayPal is the two most popular mediums for the transfer of international money. Both platforms have been serving users for a long time, but many questions - which is more effective, low cost and fast service?

Wise VS PayPal - Basic comparison of the service

What is Wise?

Wise (whose name was previously TransferWise) is a fintech company that uses international transactions using real exchange rates. Wise is basically famous for transparency, cheap fees and rapid transfer time.

What is PayPal?

PayPal is a chronic digital payment system, which is widely used for online shopping, personal and business transactions. This is a very common medium for transfer of international money, though Fees and withdrawal limits are a bit higher here.

The procedure of two services

• Wise : The price is determined according to the mid-market rate.
• PayPal : The exchange rate determines themselves and takes extra margin.

Wise VS PayPal - Comparison in terms of fees

Wise -'s fee

Wise usually charge many fees. You will know in advance how much money will be deducted. There is no hidden charge.

PayPal's fee

PayPal usually cuts a lot more fees per transfer. In addition, the exchange rate also leaves the margin, which causes extra costs for users.

Comparative analysis

• Wise: The total fee is between 0.4% -0.6%.
• PayPal: The fee can be up to 4% -7%.