How reliable is Paysend?
Paysend is regulated by the British Financial Conduct Authority. It is also trusted by a large number of payment card providers. These include Visa and Mastercard. The company has received investment from outside sources, which shows there is confidence in their operations.
We have compiled a list of solutions that reviewers voted as the best overall alternatives and competitors to TransferWise, including Remitly, mPayX - Money Transfer Software, Sila, and Money Transfer System.
Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.
1. Wise. Known for its upfront fees and real exchange rate, Wise lets you send money directly to local bank accounts in India from 59 countries¹. With over 5 million users, Wise is one of the most popular apps to send money to India.
You can now send money from the US to over 100 countries worldwide from the Paysend smartphone app or via our website. Money transfers to bank accounts have zero transfer fees. Sending money to card accounts costs a flat fee of just $2, no matter how much you want to send.
We deliver money directly to any bank account in the USA. *For transfers to bank accounts Paysend fee is $ 0 until March 1, 2023. Money is usually transferred on the same day.
Because transfers are processed through Wise's own payment network, the fees can be lower than with other providers.
Remitly: Best Overall
Remitly is a US-based digital remittance app that's very often the fastest and cheapest money transfer app on Monito. Like Wise, Remitly offers various pay-in options and supports currency transfers to over 85 countries worldwide, but unlike Wise, it also sends money for cash pick-up!
The money transfer service gets transparent with fees - and explains why banks don't do the same. On average, TransferWise saves you 80% on exchange rate. Banks have a lot of costs that we just don't have.
The easiest way to avoid Wise fees is to pay by bank debit (ACH) for international money transfers under $1,750 or with a bank wire for money transfers over $1,750. Work out how much you will pay in fees with Wise's pricing calculator.
Does Wise have hidden fees?
Conclusion. Wise takes a radically different approach to pricing compared to traditional banks and international money transfer services. You'll see the full cost of the service you need upfront before you commit, with no hidden charges or exchange rate markups.
Fair prices, no hidden fees
No subscriptions, no monthly fees. You'll always see the fee upfront, and only pay for what you use.
Wise is a great choice for international money transfers. Advantages of Wise include ease-of-use, transparency, low fees, and great customer service. From an easy sign-up process to efficient transfers, Wise provides an excellent user experience.
Wise vs international bank transfer: overview
We found that Wise's costs are around 2% cheaper than banks.
The cheapest way to send money internationally is to transfer funds directly from your bank account to a recipient's bank account. Most transfer services charge additional fees for debit card or credit card payments and cash pickups.
Paysend was founded by a Russian entrepreneur and founder of the money transfer system, Abduljelil Abdulkerimov. It is licensed to work as a money transfer system in the US (NMLS ID: 2048617). The company promotes itself as an international business headquartered in London.
Paysend is based in UK with a true global outreach and it was created in April 2017 with the clear mission to change how money is moved around the world; it is the first payment disruptor to introduce global card-to-card transfer.
Abdul M. A. - Founder - PaySend | LinkedIn.
Paysend partners with JMMB money transfer to make payments in Jamaica from the UK, US and Canada. In Jamaica, family and friends can access the funds sent via bank transfer on the same day, in a convenient and secure way...
Paysend has no fee for sending money to other banks. Our transaction fee is only $2 for transfers from the US to international wallets and cards in local currency. When sending money to be received in US dollars the Paysend fee is $2 for transfers under $200 and 1% for transfers over $200.
Does Wise work in USA?
Wise makes transferring money to United States a breeze: Just tap in how much, and where to. Then make a local payment to Wise, whether it's with a wire transfer, ACH or your debit or credit card. And that's it.
It's free to send the same currency from one Wise Account to another.
Wise isn't a bank, but it does offer a secure, convenient, quick and cost-effective way to transfer money. It's also a great option if you need to send money abroad, without the need to visit a bank branch in person to set up the payment.
Xe has fast transfers with low fees and a range of foreign currency tools. Send money without fees in 27+ fiat currencies Monday to Friday. Instarem offers zero transfer fees on all transfers. Send guarantees to match any competitor's exchange rate.
wise.com's top 5 competitors in November 2022 are: paypal.com, xe.com, bank. codes, bankbazaar.com, and more. According to Similarweb data of monthly visits, wise.com's top competitor in December 2022 is paypal.com with 539.5M visits.
Verdict: For regular payments, Wise takes up to two days compared to Remitly's five-day period. However, the Express option in Remitly is instant, but there's a fee for every transaction under $1,000. It's helpful in making urgent payments, but for regular payments, Wise is more suitable.
We can choose to close an account if we think:
it's a duplicate of another (you can only have one Wise account, unless we agree otherwise) its security has been compromised. there are transactions on your account that we can't complete.
Zelle isn't an option for international money transfers because both the sender and recipient of a Zelle payment need a US based bank account and mobile phone number.
PayPal subsidiaries: companies owned by PYPL - Wise, formerly TransferWise.
Is Wise or Xoom cheaper? For payments to bank accounts, Wise is cheaper, as it offers the real exchange rate with no markup, and low transfer fees.
Why does Wise charge a fee?
We always convert your money using the real exchange rate. And you only need to pay our low, transparent conversion fee. There's a fixed fee to send money from your balances to a bank account outside of Wise. If you have the currency in your account, it's free!
Our fraud team makes sure our customers, and their money and data, are protected from fraud. We also have a support team dedicated to helping people who send large amounts with us.
This is an annual fee of 0.4% which we charge as a monthly fee of 0.033%. We calculate it daily based on the amount you hold as stocks in your accounts and Jars — and we charge it on the 1st day of the following month.
You can fund a Wise money transfer in various ways, such as with a bank account or credit card, but recipients need to have a bank account. The Wise website is straightforward. The homepage has a cost calculator that makes it easy to see fees and rates, and FAQs are well-organized and helpful.
You can use your Wise card like any other bank card to withdraw money at ATMs around the world.
Wise has a more transparent fee structure, with fees from 0.41% for major currencies. In our comparison Wise wins with cheaper overall costs and a better exchange rate.
Wise generally offers much better value for money than PayPal on international transfers.
Wise will pay out the agreed amount to the recipient and won't withhold any taxes on money you transfer. Depending on the nature of a transfer, you and/or the recipient may need to declare and pay tax.
This is where Wise can help you. With a free Wise account, you can send US dollars to domestic accounts and also send money all over the world, amazingly fast.
It usually takes 4–5 working days to receive money sent from outside the US, but it can take longer due to time differences, or multiple intermediary banks.
What are the advantages of using Wise?
The main benefit to having a Wise account, over a traditional bank account, is being able to manage your money without borders — without international transaction fees or outrageous exchange rates. You'll always get the real exchange rate and low fees with Wise.
Paysend money transfers are fast. We send your money to your recipient's bank immediately, and 90% of our transfers arrive in 15 seconds or less. Some transfers can take up to 3 days, but that's because your recipient's bank might not be as fast as us at processing payments!
Paysend transfers are usually instantaneous, meaning your money should arrive within minutes, sometimes seconds! However, this may depend on your bank's processing times.