Monito.com
Menu

Paysend vs Wise

Curious how Monito creates these scores?

Is Paysend Better Than Wise? Compare Them Side-by-Side

Nov 24, 2022
Affiliate disclosure

Paysend and Wise are two of the best ways to transfer money internationally, offering a range of valuable features and services. —

A true specialist in global card payments, Paysend offers impressive reach and reasonable fees and exchange rates. On the other hand, London-based fintech Wise frequently ranks as the cheapest way to transfer money internationally on Monito. According to the Monito Score, Wise is also ranked as the best money transfer service of all, and its mobile app is rated the best money transfer app.

Find the best deal now:

As you'll find out more in this article, if you'd like to make an international bank transfer, we generally recommend Wise over Paysend. However, for transfers to debit cards, for card-to-card transfers, and for transferring to a bank account from a credit card (all services which Wise doesn't support), Paysend usually offers the best deal out there.

In the end, though, both will provide you with excellent service, and whether Paysend or Wise is ultimately suitable for you depends on several factors. This side-by-side comparison explores a few aspects to help you make the best decision and save money.

Paysend
8.1
Wise
10

Trust & Credibility

Background check

Background check
Background check

Paysend Group Ltd is duly authorised and regulated by the FCA and HMRC in the United Kingdom, as well as by the relevant authorities in all the countries in which it operates.

Wise is duly authorised and regulated by the FCA and HMRC in the United Kingdom, as well as by the relevant authorities in all the countries in which it operates.

Security & reliability

Security & reliability
Security & reliability

Paysend's website is fully secured and makes use of top-notch security protocols, including segregated user accounts and HTTPS.

Wise's website is fully secured and makes use of top-notch security protocols, including segregated user accounts and HTTPS.

Company size

Company size
Company size

Founded in 2017, Paysend is a rather new company in international payments. However, the company already boasts over US$3.2 billion transferred in the past year, four million customers, and 120 employees.

Founded in 2011, Wise is a large and well-established company in the international money transfer world, touting over US$72 billion transferred in the past year, 10 million customers, and two thousand employees.

Transparent pricing

Transparent pricing
Transparent pricing

Paysend is not fully transparent about its pricing, sliding around three quarters (77%) of total fees into its exchange rates.

Wise Money Transfer is impressively transparent when it comes to pricing, offering the mid-market exchange rate and charging only a low, clearly-displayed fee on transfers.

Paysend vs Wise: Which is More Secure?

Both Paysend and Wise are large and fully-licensed money transfer operators with a track record of success delivering funds across the globe.

In terms of licensing, both companies are fully authorised, licensed, and regulated in the UK by the FCA and in all the other countries in which they operate. Where the two differ is in terms of size: Wise (which handles over US$72 billion in customer transactions per year) is considerably larger than Paysend (which handles only around US$3.2 billion).

Despite the difference in size, the two platforms are fully secured and trustworthy, and regardless of which you choose, both offer institutional grade security and take preventative measures, such as 2-step login and verification procedures, and both hold client funds completely separate from business accounts, as per FCA requirements. This means that should either company face any financial difficulties, your money will be safe!

Paysend

Wise

🖊 Licensing

  • FCA (UK)
  • Bank of Spain (EU/EEA)
  • CBOF (Russia)
  • … and others
  • FCA (UK)
  • NBB (EU/EEA)
  • FinCEN (US)
  • … and 11 others

📃 Founded

2017

2011

🔒 Segregated Accounts

💰 Profitable

📈 Publicly Listed

Try Paysend ❯Try Wise ❯

Last updated: 23/11/2022

Paysend
8.0
Wise
9.0

Service & Quality

Opening an account

Opening an account
Opening an account

Opening an account with Paysend is quick and intuitive thanks to the platform's clean user interface and lack of information overload.

Opening an account with Wise is quick and intuitive thanks to the platform's clean user interface, helpful prompts, and lack of information overload.

Making a transfer

Making a transfer
Making a transfer

Transferring money with Paysend is fast and straightforward, regardless of whether you're sending money for the first time or on a daily basis.

Transferring money with Wise Money Transfer is fast and straightforward, regardless of whether you're a first-time or seasoned customer.

Contacting support

Contacting support
Contacting support

By offering a speedy, around-the-clock live chat feature, Paysend makes it easy to find help when needed.

Wise makes it easy to find help when needed, providing a detailed FAQ, a live chat feature, and phone support, all available around the clock.

Paysend vs Wise: Service & Quality

Whether you choose Paysend or Wise, you're in for a high-quality money transfer experience, and you can be assured that your money will be delivered smoothly, the transfer process will be hassle-free, and you can sign up with either platform in just a few clicks.

However, regarding the overall transfer experience, we think Wise has the edge over Paysend. This is because Wise's mobile app is top of its game, requiring slightly fewer steps to both signup and send money than Paysend. In our impression, we found its user interface altogether marginally cleaner and more intuitive than Paysend's (although Paysend's was by no means terrible!)

Paysend's primary advantage is in its card deposits feature. With Paysend, you can send money to somebody's debit or credit card in another country and currency (even from your own card!), a feature that Wise doesn't yet support. As a result, if you want to send money to somebody's bank account, choose Wise. If you're going to send to their credit or debit card, then choose Paysend instead.

Paysend

Wise

📥 Sending Methods

  • Debit/credit card
  • Bank transfer
  • Paysend wallet
  • Bank transfer
  • Debit/credit card
  • SOFORT

📤 Receiving Methods

  • Bank deposit
  • Credit/debit card
  • Cash pickup
  • Paysend wallet
  • Bank deposit
  • Mobile wallet deposit

⬇ Min. Transfer

$10.00

$1.00

⬆ Max. Transfer

$1,000¹

$1,000,000²

💱 Currencies

90

57

💬 Languages

English, Chinese, Spanish, Russian, Ukranian, German, French, Italian, Polish, Romanian, Czech, Turkish, Uzbek, Hindi, Indonesian

English, French, German, Hungarian, Japanese, Polish, Portugese, Romanian, Russian, Spanish, Turkish

Try Paysend ❯Try Wise ❯

Last updated: 23/11/2022
¹ Can be raised after ID verification
² Varies by currency

Paysend
7.1
Wise
9.2

Fees & Exchange Rates

Transfers to a bank account

Transfers to a bank account
Transfers to a bank account

Paysend was the best deal on around 12% of money transfer corridors analysed.

Wise was the best deal on one third (33%) of available Monito searches for bank transfers over the first three months of 2021.

Paysend vs Wise: Fees & Exchange Rates

When it comes to pricing, Paysend and Wise are the two cheapest money transfer providers on Monito's real-time comparison engine on average, and you can be sure that you'll get a good deal with either of them.

Paysend is sometimes the cheapest provider of all on Monito, and almost always so for card transfers (which Wise doesn't support). However, for online bank-to-bank transfers, Wise is very often the cheapest service on Monito and usually out-competes Paysend for transfers of these kinds.

(However, Paysend is very cheap on some corridors and sometimes is the better choice than Wise, even for bank transfers. That's why it's always important to compare transfer providers before sending money abroad.)

Take a look at the table below to get a better picture of how this works:

Paysend

Wise

💱 Exchange Rate Margin

0.5%-2%

0%

💸 Additional Fees

  • USD 2.00
  • CAD 3.00
  • EUR 1.50
  • GBP 1.00
  • AUD 3.00
  • CHF 2.00

0.35%-2.85%

🏦 % Cheapest¹ (Bank)

12%

33%

🏦 % Competitive² (Bank)

58%

60%

💵 % Cheapest (Cash)

💵 % Competitive (Cash)

Try Paysend ❯Try Wise ❯

Last updated: 23/11/2022
¹ How often the provider was the cheapest on Monito (Apr-Jun 2021)
² How often the provider's fees were below 1.5% for a $1,000 transfer on Monito (Apr-Jun 2021)

In the end, because Wise doesn't offer transfers for cash pickup where Paysend does, Paysend makes sense over Wise in for these transfers. Be sure to run a search on Monito's real-time comparison engine below to find the best deal for your transfer:

Compare Wise and Paysend to other top money transfer providers:

Paysend
9.7
Wise
9.7

Customer Satisfaction

Customer review score

Customer review score
Customer review score

Earning 4.7 out of 5 stars from more than 22 thousand reviews on Trustpilot, it should go without saying that Paysend's service consistently delights its customers.

Earning 4.7 out of 5 stars from more than 100 thousand reviews on Trustpilot, it should go without saying that Wise's service consistently delights its customers.

Number of positive reviews

Number of positive reviews
Number of positive reviews

Having earned nearly 21 thousand four- or five-star reviews on Trustpilot so far, Paysend is without a doubt a trustworthy and reliable service in the eyes of its customers.

Having earned more than 107 thousand four- or five-star reviews on Trustpilot so far, Wise is without a doubt a trustworthy and reliable service in the eyes of its customers.

Paysend vs Wise: Customer Satisfaction

Seeing how customers review Wise and Paysend, it's quite clear that both platforms equally impress their users.

Paysend is very popular with users, earning a 4.7 out of 5-star rating on Trustpilot with many positive reviews. Wise matches Paysend's 4.7 rating but with around five times as many reviewers!

While we think Wise slightly outdoes Paysend in this area too because of the sheer number of reviewers that Wise boasts, we still think it's fair to say that both platforms deliver on their promises and satisfy their users.

Wise vs Paysend: Which Is Better For You?

In almost all cases, we recommend Wise over Paysend, particularly for small- to medium-sized bank transfers (up to $10,000) destined for international bank accounts. This is because Wise is exceptionally well-priced for these transfers. If you'd like to learn more, we recommend checking out our in-depth Wise and Paysend reviews.

However, we generally recommend using Paysend over Wise if you want to send money to be deposited onto your beneficiary's debit or credit card. If you make a card transfer, we recommend comparing providers instead and selecting the 'Transfer to card' tab on the results page.

Find the best money transfer in real time:

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

Learn More About Monito
  • Monito is trusted by 15+ million users across the globe.

  • Monito's experts spend hours researching and testing services so that you don't have to.

  • Our recommendations are always unbiased and independent.

Monito.com

Global Impact Finance Ltd
Rue du Pont 22
1003 Lausanne
Switzerland

Affiliate Disclosure
Instead of banner ads and paywalls, Monito makes money through affiliate links to the various payment service providers featured on our website. While we work hard to scout the market for the best deals, we're unable to consider every possible product available to you. Our extensive range of trusted affiliate partners enables us to make detailed, unbiased, and solution-driven recommendations for all types of consumer questions and problems. This allows us to match our users with the right providers to suit their needs and, in doing so, match our providers with new customers, creating a win-win for everybody involved. However, while some links on Monito may indeed earn us a commission, this fact never impacts the independence and integrity of our opinions, recommendations, and evaluations.