Transferwise vs PayPal
Transferwise vs PayPal: which money transfer platform is better? What are the services fees and transfer speeds?
Here’s a brief comparative table and a fully detailed description below.
0.3% to 0.7% per transfer.
0.5% to 7% per transfer.
1 to 3 business days (faster for some currencies like EUR or USD).
3 - 5 business days to reach bank account. Instant for online consumption.
Sign Up Process
Straight forward. Email address and Password.
Paypal may require additional details for verification in order sign up.
Transferwise and PayPal are well known for their convenient & trustworthy money transfers globally.
Both platforms offer seamless and secure money transfers. In this article we bring you a complete comparison of services offered by these platforms.
Transferwise vs Paypal Overview
Transferwise and PayPal are both highly trusted and reliable money transfer platforms.
While PayPal has been one of the most popular platforms since its inception in 1998, Transferwise is fairly new and came into existence in 2011. However it has absolutely made a name for itself very fast.
Money transfers can be very expensive through traditional banks. That is the primary reason why users prefer third party money transfer services.
Considering this fact, Transferwise gets an edge over Paypal.
On one hand, Transferwise charges 0.3% to 0.7% for every transfer. On the other hand PayPal charges between 0.5% to 7%. Paypal’s fees could be higher as well for credit or debit card transactions.
Transfer speed is another aspect that can prove to be a deal breaker. In this case as well, Transferwise trumps PayPal.
Indeed, Transferwise usually has a record of completing transfers within 1 – 4 days. However, for few select currencies, it is much faster.
Although PayPal’s internal transfers are instant (to purchase stuff online with Paypal), the money usually takes 3-5 business days to reach the user’s bank account.
Transferwise and PayPal are both considered user friendly and easy to signup-for platforms.
However in comparison ,Transferwise is quite easier to register than PayPal.
Indeed, Transferwise provides easy signup through a simple email address and password. It also offers the convenience signing up directly through Facebook as well as Google.
While signing up for PayPal is also easy, you would however need to provide a few additional details during the process.
Transferwise vs PayPal – Final Word
Conclusively, the above comparison clearly portrays that Transferwise definitely has an edge over PayPal.
Transferwise undoubtedly has much more competitive service fees. It also provides an easy and convenient signup method, making it a bit more user friendly.
However PayPal has global presence and its more than 25 years of existence makes it easier to use for transactions in various countries where Transferwise is not currently available. Keyword here is currently.