As the landscape of international money transfers evolves, many are reconsidering their options between Paysend and Wise. This article aims to provide a comprehensive overview of both services, comparing their prices and features to help you determine the best choice for your needs.
A quick overview on Paysend and Wise
What is Paysend?
Paysend is a global financial technology company that specializes in international money transfers. It offers a digital remittance service that allows users to send funds to over 170 countries using bank cards, bank accounts, or mobile numbers.
People commonly use Paysend to send money to family and friends abroad or for businesses to make international payments to suppliers or employees. Unique features include transparent pricing, competitive exchange rates, and real-time delivery to bank accounts, cards, and wallets.
What is Wise?
Wise is a financial technology company that offers international money transfer services and multi-currency accounts. It allows users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees.
Wise is used by individuals to manage funds in different currencies and by businesses to pay international suppliers and manage payroll. Unique features include local bank account details in multiple countries and a debit card for global spending with minimal fees.
Pricing of Paysend and Wise
Paysend charges a fixed fee for transfers, which varies by country. For example, transfers from the United States are typically $2. The exchange rates are competitive and displayed before confirming a transaction. New customers may benefit from promotional offers, such as fee-free first transfers. It's advisable to check the latest fees and rates on the Paysend website, as they can change over time.
Wise operates on a transparent fee structure. For personal accounts, there is no fee to open an account. Sending money incurs a fee that varies by currency, starting from 0.33%. Holding money in your account is free, and receiving domestic payments in certain currencies is also free. However, receiving USD wire and Swift payments incurs a fixed fee of $6.11 per payment.
Wise generally offers more cost-effective pricing for international transfers compared to Paysend.
Features of Paysend and Wise
Paysend features
Paysend offers several unique features that make it a compelling choice for international money transfers:
- Global Reach: Supports transfers to over 170 countries, making it a versatile option for users with diverse needs.
- Speed: Many transactions are completed in real-time or within minutes, ensuring quick delivery of funds.
- User-Friendly Interface: The platform is designed for ease of use, even for those new to digital remittances.
- Security: Certified by major financial institutions, ensuring secure transactions.
- Multiple Transfer Methods: Users can send funds using bank cards, bank accounts, or mobile numbers, offering flexibility and convenience.
Wise features
Wise offers a range of unique features that cater to both personal and business users, making it a versatile choice for international money management:
- Multi-Currency Account: Users can hold and manage over 40 currencies, simplifying international transactions.
- Real Exchange Rates: Wise uses the mid-market exchange rate, ensuring transparent and fair currency conversions.
- Wise Debit Card: Spend globally with minimal fees, making it ideal for frequent travelers and international businesses.
- Local Bank Details: Receive payments like a local in multiple countries without needing a physical presence.
- Interest on Balances: Earn interest on balances in multiple currencies, a feature that sets Wise apart from many competitors.
Comparing Paysend, Wise and OneSafe
Why choose one over the other?
- Why Choose Paysend Over Wise: Paysend supports transfers to over 170 countries, offering a broader global reach compared to Wise's 70+ countries. Additionally, Paysend's user-friendly interface and multiple transfer methods, including bank cards, bank accounts, and mobile numbers, provide greater flexibility and convenience for users.
- Why Choose Wise Over Paysend: Wise offers a multi-currency account that allows users to hold and manage over 40 currencies, which is ideal for those who need to operate internationally. Furthermore, Wise uses the real mid-market exchange rate, ensuring transparent and fair currency conversions, often resulting in lower costs for international transfers.
Considering OneSafe vs Paysend and Wise
- Why Choose OneSafe Over Paysend and Wise: OneSafe offers seamless USD to USDC conversion on Polygon, making it ideal for Web3 companies needing efficient payroll and expense management. Its end-to-end expense and payroll management tools, combined with exceptional customer support, provide a comprehensive solution that outshines the offerings of Paysend and Wise.
What are the customers saying?
Paysend reviews
Customer reviews for Paysend highlight several areas of concern. Users frequently mention issues with transfer delays, difficulties obtaining refunds, and challenges in reaching customer support. Check out more Paysend reviews here.
Wise reviews
Customer reviews for Wise highlight several areas of concern. Users frequently mention issues with account access, document verification, and occasional delays in transfers. Some users have also expressed concerns about the level of customer support when problems arise and about increasing fees. Check out more Wise reviews here.
OneSafe reviews
Customer reviews for OneSafe highlight the platform's exceptional customer support, ease of payroll processing, and ability to simplify complex banking tasks for Web3 companies. Users consistently praise OneSafe for its seamless USD to USDC conversion on Polygon, which enables instant, borderless transactions, and its end-to-end expense and payroll management tools.
Here are some of the standout reviews:
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Paysend, Wise, or OneSafe: Which is the best platform for you?
In conclusion, whether you choose Paysend, Wise, or OneSafe, each platform offers unique benefits tailored to different needs. However, for businesses, especially those in the Web3 space, OneSafe stands out with its seamless USD to USDC conversion and comprehensive expense and payroll management tools. We recommend giving OneSafe a try for a modern, efficient, and customer-focused banking experience.
