Wise vs PayPal for HK Businesses: Which is Better in 2025?

Wise and PayPal are two of the most recognised names in the payments industry, and millions trust them to move money across borders. But if you have to choose between them, brand reputation isn’t the only criterion.

The choice often comes down to priorities. Wise is built around multi-currency accounts and transparent FX, which suits businesses managing several currencies and frequent cross-border transfers. PayPal is designed for global checkout, acceptance, and buyer protection, making it a natural fit for ecommerce sellers and companies that rely on customer-facing payments.

This comparison looks beyond brand names and highlights what Wise and PayPal offer, based on their account features, pricing models, and user feedback.

We’ll look at:

 ✅ How account features differ for holding, sending, and receiving funds
✅ Supported currencies, international transfers, and integrations
✅ Fee structures, from FX rates to local and cross-border payments
✅ Customer support quality and availability
✅ User reviews and the most common feedback

Let’s jump right in.

Wise provides a broad multi-currency business account designed to help companies manage over 40 currencies and send payments to 160+ countries. Its main strength lies in combining currency holding with transparent conversions and the ability to receive funds from a wide network of countries.

PayPal, on the other hand, is more of a global payments platform. With access to 200+ markets and support for 24 currencies, it excels at enabling businesses to send and receive payments from almost anywhere and functions well as a payments layer tied into its large merchant ecosystem.

If you are a business that needs currency management, lower FX costs, and straightforward global transfers, Wise is often the better fit. For those already embedded in PayPal’s online checkout, invoicing, and marketplace integrations, PayPal’s global reach and network advantages make it more appealing. However, both lack FX hedging features like spot contracts, so businesses exposed to currency risk may find them less suitable for managing long-term FX needs.

Wise keeps its fee model straightforward with no monthly account charges and transparent pricing shown before each transfer. Receiving local payments is free in supported currencies, and international receipts through SWIFT come with fixed fees that are relatively modest. FX costs are also competitive, starting below 0.5% in some corridors, and Wise always applies the mid-market rate. Businesses, however, still need to factor in one-time setup fees that vary by region.

PayPal also charges no monthly fee, but its transaction costs tend to be higher and less predictable. Receiving local and international payments involves domestic fees, international surcharges, fixed fees based on currency, and potentially a conversion spread. While this flexibility allows PayPal to handle many payment methods and markets, it can make effective costs significantly higher than those of Wise, especially for cross-border transactions.

If you prioritise clear, low-cost transfers and predictable FX rates, Wise is typically more cost-effective. For those already integrated into PayPal’s ecosystem of online sales, invoicing, and customer checkout, the higher fees may be justified by its reach and convenience.

Wise offers business cards that emphasise flexibility for international use. With multi-currency support and no foreign transaction fees, they are particularly useful for companies making frequent cross-border payments. The downside is that card limits and ATM allowances are lower, and cashback is restricted to UK users only.

PayPal’s cards, in contrast, provide higher spending and withdrawal limits and broader cashback availability across the US, UK, and EU. However, they are tied to a single billing currency, and in markets like the US, international transactions incur additional percentage-based fees, which can add up for businesses operating globally.

For businesses looking to minimise FX costs and access multi-currency spending, Wise cards may be a better fit. For those who need higher transaction thresholds and cashback on domestic purchases, PayPal’s cards are often more advantageous.

Wise and PayPal both offer fully online account registration, making it easy to apply without visiting a branch. Wise supports businesses in over 70 countries and caters to companies whose main operations involve transactions for goods or services. Approval typically takes 1–3 business days, although additional verification can extend this to 10 days.

PayPal accepts merchants of all sizes from more than 200 countries, with instant account approval in most cases. Its broad reach and fast setup make it particularly convenient for solopreneurs and small businesses looking to start receiving payments immediately.

In a nutshell, Wise provides a slightly more selective but still global eligibility, with a verification process that ensures compliance. PayPal offers wider eligibility and near-instant approval, making it a quicker option for businesses seeking immediate access.

When it comes to customer support, Wise and PayPal take different approaches. Wise offers a Help Centre accessible to everyone, ensuring basic guidance is always available. Business account holders also have access to phone, email, and in-app chat, with 24/7 phone support for immediate assistance.

PayPal provides a wider set of communication channels, including a Community Forum, Help Centre, Resolution Centre, email, live chat, and phone. In the US, phone support runs from 8 am to 8 pm (CST), Monday to Sunday, with hours varying in other regions.

Overall, Wise delivers straightforward, reliable support for businesses needing constant access and direct channels. PayPal offers more options, but availability can vary by location and time. Neither provider offers dedicated account managers, which may limit personalised support for business accounts.

Wise earns a far stronger average rating, with users frequently praising its transparent exchange rates, intuitive app, and speed of transfers. Businesses operating across multiple currencies also find it particularly convenient. At the same time, some users have faced sudden account freezes, strict compliance checks, and inconsistent support when resolving issues.

PayPal, on the other hand, holds a much lower average score. Its strengths lie in buyer protection and dispute resolution, which make it a preferred choice for online sellers and subscription-based businesses that need a trusted payment gateway. However, the most common criticisms point to account freezes without clear explanation, slow or unhelpful support, and disputes that remain unresolved.

For businesses, the takeaway is clear: Wise is often better received by those who prioritise transparent pricing and efficient international transfers, while PayPal is seen as more valuable for those who need strong buyer protection and access to its vast global network.

We’ve compared Wise and PayPal across their features, fees, cards, eligibility, support, and user reviews. The key question remains: which provider aligns best with your business needs? 

To make the decision clearer, here’s how each platform stands out depending on your priorities.

• Companies that need a multi-currency account to hold, convert, and send payments in 40+ currencies
• Businesses seeking low-cost international transfers with transparent mid-market FX rates
• SMEs and freelancers operating across multiple regions who want to minimise FX and transaction costs
• Teams that value the ability to receive local account details in 10+ currencies to get paid like a local
• Users who prefer a straightforward fee structure with no monthly charges and predictable conversion costs

• Merchants, freelancers, and online sellers who need instant account setup and quick access to payments
• Businesses prioritising global payment acceptance across 200+ countries and 24 currencies
• Sellers who regularly transact within PayPal’s ecosystem or whose customers prefer PayPal as a payment method
• Companies that value built-in buyer and seller protection, dispute resolution, and risk management tools
• Teams that benefit from PayPal’s broad integrations and global brand recognition, even if it comes with higher FX and transaction fees

If your business is incorporated in Hong Kong, Singapore or the British Virgin Islands, I’d like to introduce Statrys—a Hong Kong-based payment service provider founded in 2019—as a third option worth considering.

Too often, businesses discover hidden fees only after a transfer is complete, or they’re left waiting for answers from support teams that don’t know their case. Wise and PayPal both fall into this trap, with variable fees, FX spreads, and limited personal support.

At Statrys, we chose a different path. We built our platform on transparency and personal attention. Every client has a dedicated account manager they can reach directly, and our multilingual team makes sure businesses aren’t left in the dark. That’s one reason why we’ve earned a Trustpilot score of 4.4 out of 5.

We also provide tools you won’t find with Wise or PayPal, such as spot contracts for FX, allowing you to lock in exchange rates and protect your margins. Alongside this, Statrys lets you hold and manage 11 major currencies, send and receive payments in 140+ countries, and access FX fees starting from 0.1%. Combined with our multi-currency accounts, international payments, and corporate Mastercard® cards, we’ve designed Statrys to make global business easier and far more predictable.