Wise Vs Paysend
About Author: Hi, I’m Quinn Askeland. In 2014, I started Transumo after experiencing expensive, slow, and frustrating international money transfers and payments through banks. Once I discovered how to manage my own international currencies much better, I became driven to help others improve their transfers and payments. Fortunately, today, there are many excellent options. See My Full Bio.
Wise and Paysend are both reliable and trustworthy services but Wise stands out with its transparent fees, better exchange rate, and wide currency support, while Paysend is better at sending money fast from card to card.
In this comparison of Wise and Paysend, I will tell you more about the fees, the best features, the speed, and the customer feedback. I will also look at the bad reviews and see what they say. 😊
Let’s dive in
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.
| Wise | Paysend | |
|---|---|---|
| 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 | Great – 4.2/5 with over 203,000 reviews (as of January 2024) | Excellent – 4.3/5 on Trustpilot with over 32,000 reviews (as of January 2024) |
| Full Review | Wise (was Transferwise) review | Paysend review |
| Official website | Wise.com | Paysend.com |
Winner: Tie
Both Wise and Paysend are highly-rated money transfer services that you can trust for international transfers.
Wise may have a slight edge over Paysend over fees, but Paysend may be cheaper for some locations (see “Wise vs Paysend: Fees” below).
2. Wise vs Paysend: Pros and Cons
Wise Pros
- Available in over 160 countries
- Regulated in many countries including the US, UK, Europe, and Canada
- Available for personal and business
- 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
Wise Cons
- 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
Paysend Pros
- 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
Paysend Cons
- Daily, monthly, and annual limits applicable
- Some hidden fees (compared to Wise)
- Multi-currency account availability limited
- No cash transfers
Winner: Tie
Wise offers a good balance of affordable international money transfers and multi-currency accounts, which is great for expats and frequent travelers.
This makes Wise a unicorn among its competitors – even those that have existed for decades – like Paypal and WesternUnion.
(Is Wise (Transferwise) better than PayPal? – Learn more here in our detailed breakdown: Wise vs PayPal.)
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 cash transfers – as we show in our review of WorldRemit allows you to send cash at a lower cost and Remitly is excellent for sending money to family and friends.
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
Wise
Trustpilot Score
Great – 4.2/5 with over 203,000 reviews (as of January 2024)
Analysis
Positives (91%)
The positive reviews suggest that people love Wise for their competitive fees and the flexibility their multi-currency account offers.
Negatives (7%)
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.
Customer service
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
Paysend
Trustpilot Score
Excellent – 4.3/5 with over 32,000 reviews (as of January 2024)
Analysis
Positives (92%)
Most reviewers on Trustpilot have praised Paysend’s efficient service and fast transfers.
Negatives (8%)
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.
Customer service
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
Winner: Tie
Both services are rated highly by their users and the percentage of negative reviews is quite low.
Usually, these negative incidents are quite rare and most transfers go through smoothly.
However, we hope this section will help you watch out for what you need to avoid to have a hassle-free transfer experience.
4. Wise vs Paysend: Fees
Wise
- Transfers at the mid-market rate
- Low percentage service fee (0.61% of the amount on average)
- Card fees (2%) for account funding transactions
Other fees
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
- 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%
Other fees
- 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
Winner: Wise
Sending money overseas can be more affordable with Wise for a few reasons:
They don’t charge a margin on the exchange rate (even though this is a common practice all other service providers follow)
Their percentage fee is very competitive
They have local bank accounts in all the countries they support, which removes or minimizes sending or receiving bank fees
5. Wise vs Paysend: Transfer Speed
Wise
- 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)
Paysend
- Card-to-card and card-to-bank: Instantly or within a few minutes
- Bank-to-bank: 3-5 days
Winner: Paysend
Even though both offer competitive transfer speeds, Paysend has an edge here with their near-instant card-to-card transfers, while keeping their costs low.
6. Wise vs Paysend: Cards, Multi-currency Account, and Bank Like Services
Wise
- 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)
- Available for personal and business
- MasterCard debit card that works globally
- Bulk payments and app integrations for business account
- Receive salary and set up direct debits
Paysend
- 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
Winner: Wise
Wise’s multi-currency is more robust – it supports a large number of currencies with a MasterCard debit card, and lets you set up local receiving accounts so you can send and receive money as a local (either as a business, freelancer, expat, or frequent traveler).
Their multi-currency account is also more widely available.
Verdict
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.