Wise and Paysend are both reliable and boast Trustpilot scores of 4.3/5 each which gives confidence they are a trustworthy service. However, they do have some interesting differences.
Wise stands out with its transparent fees, exchange rate, and extensive currency support, while Paysend wins in certain transfers such as card to card transfers.
In this article, we will compare and contrast in terms of fees, speed, and customer service. So, read on to discover more about Wise and Paysend and find the ideal money service that suits your needs. 😊
Disclosure: This post contains affiliate links, which may save you and do not cost any more. For more information, see my disclaimers here.
1. Wise vs Paysend: Quick Comparison
Wise and Paysend are both reliable companies with high Trustpilot ratings. Wise has 4.3/5 with 90% positive reviews, while Paysend has 4.3/5 with 91% positive reviews. Both services offer fast and fair international money transfers but Wise has better transparency.
|Trust||High – Excellent Trustpilot reviews and regulated service||High – Excellent Trustpilot score and regulated service|
|Fees||No mark-up on exchange rate, low percentage fees, multi-currency account fees||Low margin on the exchange rate and other fees|
|Trustpilot Rating||Excellent – 4.3/5 with over 192,000 reviews (as of July 2023)||Excellent – 4.3/5 on Trustpilot with over 31,900 reviews (as of July 2023)|
|Full Review||Wise (was Transferwise) review||Paysend review|
2. Wise vs Paysend: Pros and Cons
- Available in over 160 countries
- Regulated in many countries including the US, UK, Europe, and Canada
- Transparent fees – no margin on exchange rate
- Affordable bank-to-bank and card-to-bank payments
- Send money to over 160 countries
- Robust multi-currency account – hold 40+ currencies
- Pay and get paid like a local in many currencies
- No limit on sending money
- MasterCard debit card that works worldwide
- Not ideal for large transfers above $7000 USD (£4500 GBP/€4500 EU/$9500 CAD AUD) See Wise Vs OFX
- Fewer receiving countries
- No cash transfers
- Available in 49 countries
- Regulated in the US, UK, Europe, and Canada
- Available for personal and business.
- Very fast card-to-card and card-to-bank payments
- Send money to over 170 countries
- Low margin on the exchange rate
- Multi-currency account for UK and EEA residents
- Virtual and physical MasterCard debit card
- Daily, monthly, and annual limits applicable
- Some hidden fees (compared to Wise)
- Multi-currency account availability limited
- No cash transfers
On the other hand, Paysend specializes in very fast card-to-card and card-to-bank transfers in small amounts (typically below $999 USD), from the UK, US, EEA, and Canada – which makes them a great option for expats and immigrants who want to send money home affordably or in an emergency.
However, neither service supports cash transfers. And even though Wise has no limits on transfers we think there are alternatives.
Here are some tried and tested alternatives:
Affordable large bank transfers (above $7000 USD (£4500 GBP/€4500 EU/$9500 CAD AUD): OFX is our top pick (review), TorFX is excellent for service in UK/Australia/Asia (review), and CurrenciesDirect is excellent for service in the USA/Canada (review).
3. Wise vs Paysend: Third Party Reviews – What Others Say
Excellent – 4.3/5 with over 192,999 reviews (as of July 2023)
The positive reviews suggest that people love Wise for their competitive fees and the flexibility their multi-currency account offers.
Account frozen unexpectedly and funds held
Some users were dissatisfied when Wise unexpectedly blocked access to their accounts and the funds in them for several weeks.
Typically, both new and old accounts can be unexpectedly frozen if Wise finds that a user is not complying with their fair usage policy.
Other reasons include auditing red flag transfers or unauthorized transactions.
Wise’s customer service was also not able to satisfactorily resolve issues related to account closures, funds being held, and transfer delays.
What they said
“Have been using Wise to send money home to family ever since I worked overseas. Always fast, reliable and with competitive fees and rates. Recently used their Visa card for spending when traveling to another country, it was easy as. Will continue to use Wise and looking forward to seeing other exciting improvements Wise has in store!”– Cicie on Trustpilot
Excellent – 4.3/5 with over 31,900 reviews (as of July 2023)
Most reviewers on Trustpilot have praised Paysend’s efficient service and fast transfers.
Delays or declined transfers
Many users expressed dissatisfaction over transfer delays – and in some cases, their transfers being declined.
Transfer delays can occur for a number of reasons – from setting up a transfer on a holiday (outside banking hours) to Paysend auditing specific transfers for compliance.
Typically, transfers are declined if you try to send above your prescribed daily/monthly/annual limit.
Reviewers also mentioned that it was difficult to reach Paysend’s chat representatives and often received generalized responses that didn’t solve their problems.
What they said
“Amazing, simple, and fast. Been using PAYSEND for almost 2 months and no problems so far. Acct was easy to setup and even first money remittance was lightning fast and easy. I send money to Brasil frequently and so I have experience with all the other companies, including MG, Ria, Xoom, and others and PAYSEND has my business now. Keep up the fantastic work PAYSEND. THANK YOU!”– Brian Keith on Trustpilot
4. Wise vs Paysend: Fees
- Transfers at the mid-market rate
- Low percentage service fee (0.61% of the amount on average)
- Card fees (2%) for account funding transactions
Business Account – One-time fee (varies by location)
Personal account (including multi-currency account) – Free
Card delivery fees – One-time fee (varies by location)
ATM withdrawal – 2 free per month | 1.75% per withdrawal over the limit
Receiving fees applicable for some locations (such as wire transfer fees in the US)
- Paysend charges a service fee that varies by location:
The flat fee by currency:
From the USA: $2 USD
From the UK: £1.00 GBP
From Canada: $3 CAD
From the Eurozone: €1.50 EUR
From Australia: $2.00 AUD
- They also charge a margin on the exchange rate – typically between 0.5-1.5%
- Debit and credit card fees of up to 3% applicable for card-to-card and card-to-bank transfers
- Sending and receiving banks may charge fees
- No fees for the multi-currency account
- ATM withdrawals: First £200 is fee free per month, then a 2% fee on amounts above £200
- Card delivery: £4.99 / €5.99 for card delivery in the UK/EU
- Business payments: fees start from 0.08% per transaction
5. Wise vs Paysend: Transfer Speed
- Transfers funded by a debit or credit card: from a few hours to a day
- Bank-to-bank transfers: 0-5 days (a lot depending on the countries involved and their banking systems)
- Card-to-card and card-to-bank: Instantly or within a few minutes
- Bank-to-bank: 3-5 days
6. Wise vs Paysend: Cards, Multi-currency Account, and Bank Like Services
- Widely available (US, UK, Canada, Europe, Australia, New Zealand, etc.)
- Hold, manage, and convert between 40+ currencies
- Local bank details in 10 global currencies (send and receive like a local)
- MasterCard debit card that works globally
- Bulk payments and app integrations for business account
- Receive salary and set up direct debits
- MasterCard debit card that works globally
- Spend like a local with currencies you hold with your card
- Send all your business payments from one platform with Paysend’s payment API
- Embed payments on your e-commerce websites and other platforms
With 2 wins for Wise, one for Paysend, and 3 ties, it can be difficult to say which service is better for you. Each shines in its own way.
Generally, they are both great options for sending money internationally.
But as we showed, if you value transparency on fees and lower overall costs, Wise is generally the better option. And you can see this for yourself when you check out the Wise calculator and compare it with the Paysend calculator and you will quickly see for yourself what we mean.
However, Paysend is better in speed for sending money to debit cards which Wise does not support. Sending card to card transfers can be faster and more convenient for some people.
Ultimately, the best way to decide which service is right for you is to compare the fees and exchange rates for your specific transfer.
Is Paysend better than Wise?
Paysend and Wise are both reliable money transfer companies but Wise stands out with its transparent fees and best exchange rate, while Paysend excels in card to card transfers.
How reliable is Paysend?
Although Paysend is relatively new, Paysend is a reliable money transfer service with a score of 4.3/5 in Trustpilot which helps us to think they are a trustworthy service. Also, it is regulated by FCA and uses bank-grade security to protect your money.