<\/span><\/h2>\nTransferWise:<\/strong> You pay from your bank account, debit or credit card and send money directly to the recipient’s bank account. The options may change depending upon the boundaries For example, if you are transferring money from the US to the UK you also have the option to pay from your bank account via ACH (Automated Clearing House), from various countries in Europe you can make a SOFORT transfer. The main thing is fees and exchange rates are clear and mentioned very well on the website. The platform warns you about all the fees including hidden fees if there is any which they can’t control.<\/p>\nPayPal: <\/strong>\u00a0With PayPal also, you pay the money from your bank account, debit or credit card. Also, you can send through your PayPal balance or PayPal credit and to the recipient’s PayPal account. It is purely the recipient’s choice if he wants to send the money to his own bank account or leaves it in PayPal account only. One more thing to note, Here the fees and exchange rates are NOT clear and transparent. So there is an idea, GO through the whole FAQ or real-time customer support to know better before transferring.<\/p>\n<\/span>Differences Between PayPal and TransferWise<\/span><\/h2>\n<\/span>1) Overall Performace\/ User Ratings<\/span><\/h3>\n\nPayPal: 5\/10<\/li>\n TransferWise: 9.2\/10<\/li>\n<\/ul>\nWhat do people like about Transferwise?<\/strong><\/p>\n\nYou get the true mid-market rate<\/li>\n Low and transparent transfer fees<\/li>\n Fantastic user experience<\/li>\n Exceptional customer reviews on Trustpilot.<\/li>\n<\/ul>\nWhat do people like about PayPal?<\/strong><\/p>\n\nCredibility: PayPal is the largest internet payment company in the world<\/li>\n Widely available and convenient<\/li>\n With over 250 million active account holders globally, many people already have PayPal accounts and are already familiar and comfortable with using PayPal’s services<\/li>\n<\/ul>\nWhat do people Dislike about PayPal?<\/strong><\/p>\n\nThe total cost of a cross-border transfer with currency exchange is at least 2.5%<\/li>\n In most extreme cases, you could lose close to 10% of the amount you transfer<\/li>\n Lack of transparency about exchange rates<\/li>\n Extremely poor Trustpilot reviews<\/li>\n<\/ul>\nWinner: TransferWise<\/strong><\/p>\n<\/span>2) Fees<\/span><\/h3>\nTransferWise\u00a0<\/strong>charges very less share of the money you transfer. Roughly 0.6% to 1 % is chargeable during transfer. Well, it depends too. If you are using a credit card then you may have to go through fees of 0.3% to 2% of the total money transferred. The charges may fluctuate depending upon the card you are using and the region from where it is issued. If you pay via ACH there is a 0.15% fee.<\/p>\nPayPal <\/strong>fees are zero if you transfer money from your PayPal account or your bank account<\/strong>, but fees rise to 2.9% of your transfer if you pay through cards Debit\/credit or PayPal card. Paypal charges you $1 to $5 per transaction. Over it, if you are paying with your credit card, debit card or PayPal Credit and they hit you with another fee of 2.9% of the total transaction amount along with a fixed fee based on currency. On Total, PayPal costs you around 5-6% of the transfer amount, which is very costly.<\/p>\nWinner: Transferwise<\/strong><\/p>\n<\/span>3) Exchange Rates<\/span><\/h3>\nTransferWise<\/strong>‘s exchange rate is based on the standard, mid-market rate. This means that unlike other money transfer providers, they do not add a margin on top of that rate.<\/p>\nPayPal’<\/strong>s exchange rate is based on the rate they get from their bank and they add a 2.5% margin on top of that. It is impossible to know what their bank rate is, but bank exchange rates are notorious for being poor–in other words, they are generally bad for the customer and good for the bank.s<\/p>\n<\/span>4) Speed<\/span><\/h3>\nAlong with, fees and Exchange rates, Speed is also necessary. The major factor on which speed is dependent is the currency.<\/p>\n
TransferWise promises to transfer funds within 1-4 working days while PayPal is slow and claims to send money within 3-5 business days.<\/p>\n
Winner: TransferWise<\/strong><\/p>\n<\/span>Our Verdict<\/span><\/h2>\nTransferWise is the best option<\/strong> if you want to send money to a foreign country. The hefty charges of PayPal will leave you stunned and make it difficult for you to spend your hard-earned bucks. The winner is TransferWise. Rest, the choice is purely yours.<\/p>\nI hope you would like the article. Share your feedback.<\/p>\n
Thank you!!<\/p>\n","protected":false},"excerpt":{"rendered":"
Are you confused about PayPal vs. TransferWise? When you send money abroad, you much be very careful. Sending your own currency in exchange some other currency may have some unexpected hidden charges. Also, if you are working for a foreign client and you need to take payment online then Paypal and Transferwise are two most […]<\/p>\n","protected":false},"author":19,"featured_media":299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,1,165],"tags":[174,173,172,175],"yoast_head":"\n
PayPal vs. TransferWise: which one is best for foreign transfers? - Latest Technology News - Gaming & PC Tech Magazine- News969<\/title>\n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n\t \n\t \n\t \n