Wise vs PayPal

Last reviewed 13 October 2026

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Wise is built for sending money abroad at the mid-market exchange rate, while PayPal is the everyday online checkout wallet. If you move money between currencies, the difference in conversion costs can be significant.

Wise Open account	PayPal Open account
Availability
Most countries (not available in about 20 countries — see list)	About 200 markets
Currencies
Hold 40+ currencies; send money in 49 currencies	24 currencies
Deposit options
Bank transfer in the same currency: free (small fee for USD and CAD) Other methods vary by currency — see Wise’s calculator.	Pay from a linked card or bank account
Withdrawal options
Send to your bank account: from 0.2% + conversion if needed Wise card ATM: free up to EUR 250 per month, then 2.69%	To a bank account: free (Europe) To a card: EUR 2 or 1% (max. EUR 10), depending on country
Money transfer / P2P
From 0.2% at the mid-market rate (fee depends on currency) Same-currency transfers to other Wise users are free.	Domestic: free unless a currency conversion is needed International: EUR 1.99–3.99 (e.g. Estonia) or 5% (min. EUR 0.99, max. EUR 3.99, Germany) US: card-funded 2.9% + USD 0.30
Receiving P2P payments
Free with account details in 22 currencies SWIFT payments have a fixed fee, e.g. USD 6.11.	Free unless a currency conversion is needed
Paying merchants
Wise card: free in a currency you hold, otherwise the conversion fee applies 2% fee when topping up other e-wallets.	Free unless a currency conversion is needed
Currency conversion
Mid-market rate + from 0.2%	About 4% above the base exchange rate (EEA consumer terms) US: 4% for purchases and P2P, 3% for other conversions.
Cards
Wise debit card: EUR 7 one-off ATM free up to EUR 250 per month, then 2.69%	—
Inactivity fee
None	EUR 10 per year after 12 months (most EEA countries; not Germany)

Fees and features as published by each provider; they vary by country and account level and can change. Check the provider’s current fee page before you transact.

Running a business or working as a freelancer? See our guide to the Wise Business account.