Wise vs PayPal For Business: Which Is Better in 2024?

Wise 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 money transfer services compared to traditional banks and facilitated foreign currency exchanges at competitive rates. 

Today, Wise has expanded its offerings to 160 countries and 40 currencies while still providing affordable and transparent fees.

• Eligible countries: Most countries and regions
• Eligible company type: Any type of business, including freelancers, sole traders, limited companies, and charities registered in the EEA, Switzerland, Canada, the US, the UK,  Australia, and New Zealand
• Licences: Wise is licensed and regulated in multiple locations, including as an Electronic Money Institution in the UK. It is also passported to operate in the EEA through its authorisation as a Payment Institution by the National Bank of Belgium. 
• Partner banks: Several major banks in multiple regions, including Barclays, Citibank, Deutsche Bank, and JP Morgan Chase.

PayPal is a widely recognised 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, personal 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.

Wise’s Features Rating is 4.5/5

Wise’s rating reflects its strong multi-currency support, making it easier for businesses to manage finances across borders. With local currency accounts in multiple regions, businesses can receive and send payments as if they had domestic bank accounts, which saves time and reduces fees. 

Wise also offers a batch payment feature for handling payroll or vendor payments efficiently, along with multi-user access and custom roles for secure team management. Although Wise doesn’t provide hedging tools, its extensive currency support makes Wise an efficient choice for global financial operations.

PayPal’s Features Rating is 4.2/5

PayPal excels in digital payments and ecommerce. It supports 24 currencies and integrates seamlessly with major ecommerce platforms and POS systems, making it a reliable choice for businesses seeking a trusted global payment option. The mass payment feature allows businesses to efficiently pay up to 5,000 payees worldwide while working capital options provide quick access to funding when needed. 

However, the limitations in currency diversity and the variability in account features across different countries are the main reasons for its slightly lower rating compared to Wise. Despite this, PayPal's global recognition and ease of use make it an excellent option for businesses focused on online sales.

Wise’s Fees Rating is 4.3/5

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 account opening fees and the dependency on banks’ handling fees for international payments are notable considerations.

PayPal’s Fees Rating is 3.6/5

While PayPal has no setup or monthly fees, the transaction fees are notably higher, ranging from 1.2% to 2.9% plus additional fees. PayPal’s exchange rate and fees are also higher, which can add up quickly for businesses that frequently handle cross-border transactions and currency exchanges. These higher and more complex fees contribute to PayPal’s overall score.

Wise’s Card Features and Fees Rating is 4.5/5

Wise excels in flexibility by providing multiple cards, supporting multiple currencies, and offering higher payment and withdrawal limits. These features are particularly beneficial for international travellers and global businesses.

Its multi-currency card allows transactions in various currencies without incurring foreign transaction fees, although a small foreign exchange fee applies when converting between currencies. However, card availability is limited to specific regions.

PayPal’s Card Features and Fees Rating is 3.8/5

PayPal’s business card is a practical option for UK-based businesses seeking a simple and widely accepted payment solution. It features no foreign transaction fees and offers 0.5% cashback on eligible expenses, providing value for both domestic and international transactions.

The card is available in both physical and virtual forms, which adds flexibility. Nevertheless, the base currency is GBP-only, which may not suit businesses that frequently spend in other currencies. Additionally, we could not confirm whether it is compatible with digital wallets like Apple Pay, which may be a drawback for users who prefer mobile payments. 

Overall, PayPal’s business card is straightforward and accessible, but these limitations have contributed to a score of 3.8 out of 5.

Wise’s Customer Support Rating is 3.8/5

Wise offers a commendable range of support channels for account holders, ensuring that users have multiple ways to seek assistance. The personalised support option shows a commitment to addressing individual needs effectively. However, the limited support channels for prospects and the lack of specified working hours reduce the overall rating.

PayPal’s Customer Support Rating is 4.2/5

PayPal’s comprehensive support channels and clear, offering multiple ways for users to access help. 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.

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.

As a licensed Money Service Operator, 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 personalised customer support for all clients to ensure smooth financial operations for your business.

Our exchange rate is based on a real-time mid-market rate. We guarantee to provide the best exchange rate, beating any rate you find by 10%.

Let’s take a closer look at Statrys' services.

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