Wise vs PayPal

Wise and PayPal are two international platforms that enable money transfer between countries. They’re useful for people who need to make frequent transfers.

Let’s get to know about these two platforms briefly, and then review a comparison about choosing between Wise or PayPal.

Wise Review

Wise is a cheap and transparent platform for sending money. It was established in the UK in 2011. Its former name was TransferWise. You can easily download the app, create an account, and start using it.

One of the most outstanding features of this platform is that it requires very low transfer fees and exchange rates. You can see all the fees and rates before you complete your money transfer. Also, it allows sending money to more than 80 countries without bureaucracy.

After getting brief information from the Wise review, you can jump to the section about PayPal.


Created in 1998 in California, PayPal is another platform for sending money. More than 200 countries accept PayPal payments. You can make purchases with a credit card through PayPal. While doing this, you don’t need a physical card. Transfer of money is available through your PayPal balance, debit card, credit card, or balance of your bank account. PayPal also provides fast and safe transfers. You can receive the amount in your PayPal account, and then transfer it to your bank account.

You may wonder about the differences between these two platforms, and ask which one is better: Wise vs PayPal? Find the answer to your question in the below section.

Wise or PayPal

Although lots of people use their bank while sending money abroad, it’s very costly to do this. Luckily, platforms like Wise and PayPal enable affordable costs. A comparison of PayPal vs Wise is provided below.

  • TransferWise fees vs PayPal: Let’s first make a Wise review and PayPal comparison in terms of costs. Wise is appreciated with the mid-market rate and low fees it offers to users. National fees require small fees, and you can know this before you make your payment. The amount of the fees depends on the currency, the transfer method, and the amount of money as well. In this sense, the TransferWise cost is quite low and affordable enough.

PayPal determines the costs depending on the country and the purpose of the transaction. This means that it checks if it’s for personal or business purposes. International transfers via PayPal include a fixed fee and fees added to the exchange rate. Also, you can make free transfers between family and friends. The condition is that it must be a domestic transfer and it’s funded by your bank account or PayPal balance.

  • Safety: Safety is another issue that users are wary of. For this reason, both platforms are regulated by certain legal institutions. For example, Wise is regulated by FCA in the UK. Wise is also regulated in other countries it operates in as well. Similarly, PayPal is regulated by FTC in the US. Both platforms keep your money safe through their encryption services.
  • Speed: Speed of transfers depends on factors such as the transfer method, currency, and the amount of money transferred through Wise. As part of this Wise review, transfers depend on the day the payment is completed such as a weekday or a weekend. On weekdays, it reaches the recipient in one to two days. If it’s made on the weekend, it can take between three and five days.

The duration varies when you use PayPal as well. An instant transfer is available if the transfer is made between two PayPal accounts using a PayPal balance. International transfers can take a few hours. Finally, transfers from PayPal to a bank account through Xoom take around 3-5 days. Xoom is PayPal’s international money transfer service.

PayPal vs Wise: Concluding Remarks

In this review of Wise vs PayPal, you’re equipped with details about these two popular money transfer services. You’ve been provided with a TransferWise review and an outlook on PayPal.

As a concluding remark, about Wise vs PayPal, one can say that international transfers can become more affordable by using Wise. The reason is that the costs are less than that of PayPal. In this sense, instead of the money transfer method, you may see PayPal more as a payment method. However, domestic transfers and online payments are still better to do with PayPal.

So, after evaluating your needs and aims, you can pick the most suitable transfer option, and start using it easily.