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PayPal vs TransferWise: What are the differences?
Developers describe PayPal as "Send Money, Pay Online or Set Up a Merchant Account". PayPal is an online payments and money transfer service that allows you to send money via email, phone, text message or Skype. They offer products to both individuals and businesses alike, including online vendors, auction sites and corporate users. PayPal connects effortlessly to bank accounts and credit cards PayPal Mobile is one of PayPal’s newest products. It allows you to send payments by text message or by using PayPal’s mobile browser.. On the other hand, TransferWise is detailed as "An online account that lets you send money, get paid, and spend money internationally". It bypasses pricey international payments entirely by using two local transfers instead of one international transaction. If you want to convert your pounds to euros, you send the money in pounds to its UK-based account.
PayPal and TransferWise can be primarily classified as "Payment Services" tools.
Some of the features offered by PayPal are:
- 2.9% + $0.30 or less- With our flat, transparent pricing, you’ll never be surprised by hidden or variable fees. We also offer discounted rates when you sell a lot, or when you use our card reader.
- Keeping every seller secure- If you’re sent an unauthorized payment, or a buyer claims they never received an item, our Seller Protection covers you for the full amount of the eligible payment.
- Easy for them, easy for you- With just a few clicks, you can get paid by debit card, credit card, or a PayPal transfer. All someone needs to start buying from you is your e-mail address or mobile number.
On the other hand, TransferWise provides the following key features:
- Invite friends to TransferWise
- Send us verification documents
- Set up Amount Lock transfers on available currency routes
We use GoCardless to simplify the way clients and partners pay for our services. What intrigued us is the quick and easy ACH feature that gives our clients the option to log in with their bank account and shoot the funds directly to our account. The fee, compared to Stripe is less. Stripe and PayPal charge 2.9% + 30c and Stripe also forces the client to enter in all of their payment details manually and then if the payment doesn't work, the client has to try all over again. GoCardless charges 1% + 25c which is much more reasonable dealing with the large projects that we are currently working on.
We integrate GoCardless with Xero to easily send out quick invoices, receive the funds and track all revenue in one place.
Pros of PayPal
- Most known service195
- Consumers know it135
- It's available for many countries113
- Easy70
- Best way to get paid outside US54
- Most widely used payment processor35
- Express Checkout25
- Consumers trust it16
- Flexible and secure15
- Digital Goods for Express Checkout6
Pros of TransferWise
- Best exchange rates4
- Fast3
- API Support2
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Cons of PayPal
- Not well written recurring payment api1
- Less countries supported1
- Harder to get started with1
Cons of TransferWise
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What is PayPal?
What is TransferWise?
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