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| Key Features ✅ Multi-currency accounts supporting over 40 currencies. ✅ Allow to send money to over 70 countries. ✅ Unlimited business cards that support multiple currencies and do not charge for international transactions. |
Key Features ✅ PayPal business account supporting 24 different currencies. ✅ A wide range of integration with ecommerce tools and platforms. ✅ No fee for transfers between PayPal accounts. |
| Best For Global SMEs and freelancers need efficient multi-currency management, international money transfers, and cost-effective currency conversion. | Best For Ecommerce businesses and service providers look for a payment processing solution that is widely accepted, easy to integrate, and reliable. |
| Trustpilot rating ⭐⭐⭐⭐ 4.2/5 Based on 211,622 reviews |
Trustpilot rating ⭐1.3/5 Based on 28,651 reviews |
| Learn more about Wise | Learn more about PayPal |
Wise Overview
Wise (formerly TransferWise) is a financial technology company founded in 2011 by Kristo Käärmann and Taavet Hinrikus. The company initially focused on providing cheaper and more transparent international transfers compared to traditional banks. Over time, Wise has expanded its offerings, including Wise accounts and debit cards. Yet, it still upholds the core mission to provide affordable and transparent international money transfers.
- Eligible countries: Most countries around the world
- Eligible company type: Any type of business, including sole traders, limited companies, and charities registered in certain countries, such as Switzerland, Canada, and the US.
- Licenses: Wise is licensed and regulated in countries where it operates, including the UK, the EEA, the US, and Australia.
- Partner banks: Several major banks in multiple regions, including Barclays, Citibank, Wells Fargo, and JP Morgan Chase.
PayPal Overview
PayPal is a well-established and widely recognized online payment system founded in 1998. It has grown significantly over the years and now offers a wide range of payment services for individuals and businesses. These include payment gateway services, merchant accounts, and payment cards.
- Eligible countries: Most countries around the world.
- Eligible company type: Any type of business, including sole traders, limited companies, and charities registered in certain countries, such as Switzerland, Canada, and the US.
- Licenses: PayPal is licensed in the US, the UK, the EU, Canada and Australia.
- Partner banks: Several banks, including Goldman Sachs Bank, Wells Fargo Bank, and Synchrony Bank.
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| Supported Currencies | Over 40 currencies, including GBP, EUR, AUD, NZD, HKD, and SGD. | 24 currencies, including AUD, CAD, EUR, USD, JPY, and SGD. |
| Local Account Details | 9+ Currencies, including GBP, EUR, USD, AUD, HKD, and SGD. |  |
| International Payments |  |
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| Accounting Software Integration | |
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| Primary Pros | |
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| Primary Cons | • Support extensive currencies in business accounts. • Can transfer money to over 70+ countries |
• A globally recognized and extensively used online payment platform. • Integrate with all major ecommerce platforms, shopping carts and POS systems for secure and seamless payment processing. |
| Primary Cons | • Not suitable for businesses needing advanced FX hedging tools | • Business account features vary from country to country. |
Wise vs PayPal Features Rating
Wise’s Features Rating is 4.5/5
Wise’s rating is attributed to its extensive currency support, the capability to conduct widespread international transactions, and the added value of local account details for multiple currencies. These features cater to a wide range of business needs, making it an adaptable and efficient choice for global financial operations.
PayPal’s Features Rating is 4.2/5
PayPal’s strengths lie in its global recognition, ease of use, and broad ecommerce integration, making it a solid choice for businesses focused on ecommerce and those who benefit from its widespread acceptance. The limitations in currency diversity and variability in account features across countries are the primary reasons for its slightly lower rating than Wise.
Business Account Fees
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| Account Opening Fee | Depends on your location UK: GBP 45 EU: EUR 50 US: Free |
Free |
| Monthly Account Fees | Free | Free |
| Receive Local Payments | Free | Vary based on location. For example, local payments in the US - up to 1 USD |
| Send Local Payments | From 0.43% | 2% of the total transaction amount |
| Receive International Payments | CAD 10 per SWIFT payment in CAD | Varies based on currency received |
| Send International Payments | Depends on each bank’s handling fees | 2% of total transaction amount |
| FX Fee | From 0.43% (Varies by currency) | 3-4% |
| FX Rate | Based on the mid-market exchange rate | Wholesale rate + markup |
Wise vs PayPal Fees Rating
Wise’s Fees Rating is 4.4/5
Wise's fee structure stands out for its clarity and competitive pricing, particularly regarding foreign exchange fees and rates. This makes Wise an appealing choice for users engaged in international transactions. The variances in account opening fees by location and the dependency on banks’ handling fees for international payments are notable considerations.
PayPal’s Fees Rating is 3.6/5
PayPal's generally higher transaction fees, especially for international and FX transactions, and less favorable exchange rates impact its overall cost-effectiveness. Therefore, we rate PayPal’s fees 3.6 out of 5.
Card Features and Fees
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| Card Type | Physical and virtual debit cards | Physical and virtual debit cards |
| Multiple Cards | |
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| Card Base Currency | Multi-currency | Depends on your account’s primary currency. (PayPal cards are directly linked to your account balance) |
| Payment Limit | Varies by issuing country UK: GBP 45,000 per month EU: EUR 45,000 per month |
USD 3,000 per day |
| ATM Withdrawal | Available in limited locations | ATMs with Mastercard®, Maestro, or Cirrus supported. |
| ATM Withdrawal Fee | 2 free withdrawals per calendar month | • USD 2 per withdrawal (US ATM) • 2.5% of the withdrawal amount (non-US ATM) |
| ATM Withdrawal Limit | Varies by location UK: GBP 4,000 per month EU: EUR 4,000 per month |
USD 400 per day |
| Cashback Reward | Earns 0.5% cash back on some transactions | Earn 1% cashback on all eligible business expenses. |
| Primary Pro | • No foreign transaction fees when spending aboard. However, the FX fees will apply when converting your account balance. • Can obtain unlimited cards and assign each one for specific types of spending. • Compatible with Google and Apple Pay. |
• Compatible with Google Pay, Apple Pay, and Samsung Pay • Earn a 1% cashback reward. |
| Primary Cons | • Payment cards are only available in specific regions, including the UK, Switzerland, Australia, Singapore, and most of the EEA. | • Business debit cards are only available in Austria, France, Germany, Ireland, Italy, Spain, the United Kingdom, Belgium, Finland, the Netherlands, Portugal, and the United States. • 2.5% of the purchase amount from a non-US merchant. |
Wise vs PayPal Card Features and Fees Rating
Wise Card’s Features and Fees Rating is 4.5/5
Wise scores slightly higher due to its flexibility with unlimited cards, multi-currency support, and generous payment and withdrawal limits, which are particularly advantageous for international travelers and businesses. However, the cashback program is minimal, and it is only available in specific regions.
PayPal Card’s Features and Fees Rating is 4/5
PayPal rewards users with 1% cashback on business expenses and grants access to numerous ATMs worldwide. Yet, its limitations, including a cap on the number of available cards, less flexible currency options, and additional costs on foreign transactions, could be drawbacks for those needing multiple cards or who frequently send money in different currencies.
Customer Support
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| Communication Channels | Help center and Personalised support for Wise account holders (Contact form, Phone, and Email) | PayPal’s community, Help Center, Resolution Center, Email, Live chat, Phone. |
| Working Hours | Not specified | 6:00 AM to 6:00 PM Pacific Time, Monday through Sunday. |
Wise vs PayPal Customer Support Rating
Wise’s Customer Support Rating is 4/5
Wise offers a commendable range of support channels for account holders, ensuring that users have multiple ways to seek assistance. The personalized support option shows a commitment to addressing individual needs effectively. However, the limited support channels for prospects and the lack of specified working hours slightly reduce the rating.
PayPal’s Customer Support Rating is 4.3/5
PayPal’s comprehensive support channels and clear, extensive working hours demonstrate a strong commitment to customer service. The availability of live chat and phone support seven days a week during stated hours is particularly advantageous for immediate problem-solving. However, the effectiveness and response time of these channels are not discussed, and it is crucial to user satisfaction. Despite this, the availability and transparency in operating hours give PayPal an edge over its competitors.
Looking for an Alternative in Asia?
If you have a business registered in Hong Kong, Singapore, or the BVI and manage multiple currency transactions, Statrys can be a suitable financial partner for your business.
Statrys offers multi-currency business accounts that can receive, hold, and send money in all major currencies. In addition, Statrys can enhance your financial oversight with its real-time international payment tracking and seamless integration with Xero to monitor business expenses. Moreover, Statrys provides a dedicated account manager and personalized customer support for all clients to ensure smooth financial operations for your business.
Statrys Services
| Key Services | Details |
| Multi-Currency Business Account | Hold, receive, and send money in 11 currencies: USD, HKD, CNY, AUD, EUR, GBP, SGD, JPY, CHF, NZD, and CAD. |
| Business Account Opening Requirements | Companies incorporated in Hong Kong, Singapore, or the BVI. |
| Monthly Fee | HKD 88 (with a dedicated account manager) |
| Customer Support Channels | Website, Live Chat, Email, Phone, WhatsApp, and WeChat |
| SWIFT Payments & Tracking | |
| Local Payments | Send local payments in 14 currencies: HKD, AUD, EUR, GBP, IDR, INR, KRW, PHP, SGD, THB, TRY, USD, and VND |
| Payment Cards | Physical and virtual cards |
| FX rate and Fee | Competitive exchange rates (based on mid-market rates) with FX fees as low as 0.1% |
| Xero Integration | Yes |
| Free Invoicing Software | Create, manage, and send invoices efficiently |
| Company Registration Service | 100% online Hong Kong and Singapore company registration. |
| Trustpilot Score | 4.7/5, based on 263 reviews |
FAQs
What are the key differences between Wise and PayPal?
Wise specializes in affordable international money transfers and multi-currency accounts, ideal for businesses and individuals dealing with global transactions. PayPal focuses on payment processing for online merchants and consumers, offering extensive ecommerce integration and a widely recognized payment platform.
Do Wise and PayPal offer debit cards?
Do I need to pay monthly fees for Wise and PayPal business accounts?
Is Wise better than PayPal?
Disclaimer
Statrys competes directly with Wise and PayPal in the payment industry, but we're committed to providing an unbiased, thorough review to help you make an informed choice.
