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When you are sending money to friends and family or paying for goods bought on eBay PayPal is an excellent choice as it integrates with eBay. However if you are sending money abroad to PayPal does not offer competitive exchange rates and charges high fees. Furthermore PayPal does not offer the currency exchange features that a TransferWise Currency Accorunt does. Sign Up to TransferWise today or read out TransferWise Review.

Can I fund my TransferWise account with PayPal

Yes, you can fund your TransferWise account using a PayPal account. You will need to link the PayPal account to TransferWise. Please note however you cannot send money back from TransferWise to a PayPal account.

How is TransferWise better than PayPal?

PayPal charges a margin on foreign transactions that involve calculating the exchange rate for the currency conversion. Plus you will incur PayPal fees for the transaction. In comparison, TransferWise charge very low fees and the exchange rate they use to calculate the foreign currency transaction is the mid-market rate (a more competitive exchange rate).

Why is the mid-market exchange rate better than PayPal?

The mid-market exchange rate is the exchange rate that all currency exchange providers use to calculate the exchange rates that they offer to customers. Currency exchange companies all offer a buy and a sell exchange rate which you will see on the high street at your local Bureau de Change or Currency Exchange shop or quoted online. TransferWise do not use this 'margin' calculation technique. Instead they use the mid-market rate for all buy and sell currency conversion transactions meaning you save money. Generally, the more money you transfer, the more you will save but if you are transferring a high amount of currency (such as buying a property abroad) you will find better exchange rate money transfers offered by other foreign currency companies. TransferWise is known to be cheap and convenient for relatively small currency conversions.

Large Money Transfers

If you are transferring over £2,000 we recommend looking at XE where you will find competitive exchange rates. TransferWise also caters for large money transfers so you should compare exchange rates before transferring money.

TransferWise Fees

Coming soon

PayPal Fees

Coming soon