Singapore Price Comparison Research
Detailed research by Wise reveals substantial savings compared to Singapore banks and services like Instarem, Revolut, and Youtrip by EZ link.
PayPal Business Price Comparison Research July 2019
Is your business using PayPal to pay or get paid internationally for goods and services? If so, you could save up to 19x by opening a Wise Business account*. That’s according to independent research agency Alderson Consulting (Bristol) Ltd. The details of the research, including raw data, are available below.
Research methodology
The research was carried out between 19th June 2019 and 27th June 2019 by market research agency, Alderson Consulting (Bristol) Ltd, in partnership with Wise. The data was ascertained via a series of transfers carried out by AC(B) and partners in the United Kingdom, the US, Germany, and Australia.
For each route, a business payment^ was made from one PayPal Business Services account to another.
The fees recorded for this price comparison were the upfront international money transfer fee, the markup added to the exchange rate+, and the recipient fee charged when a business received the international payment.
Research took place on 12 routes. Date and exact timestamps are provided.
- Route 1: Sending 2,000 AUD to EUR
- Route 2: Sending 2,000 AUD to GBP
- Route 3: Sending 2,000 AUD to USD
- Route 4: Sending 2,000 EUR to AUD
- Route 5: Sending 2,000 EUR to GBP
- Route 6: Sending 2,000 EUR to USD
- Route 7: Sending 2,000 GBP to AUD
- Route 8: Sending 2,000 GBP to EUR
- Route 9: Sending 2,000 GBP to USD
- Route 10: Sending 2,000 USD to AUD
- Route 11: Sending 2,000 USD to EUR
- Route 12: Sending 2,000 USD to GBP
*This was calculated by averaging all of the savings of each of the routes for both sending and receiving business payments. The calculation for savings of each route is: (sum PayPal sending fees) + (Wise recipient fee / PayPal exchange rate) / (sum Wise sending fees) + (Wise recipient fee / Wise rate)
^PayPal Business Services is defined as sending/receiving funds that have been sent using the “paying for an item or service option.” All payments except for UK payments were funded by money loaded into the account; UK payments were funded by bank balance.
+Wise uses the real, mid-market exchange rate. Since the PayPal and Wise research were done as close together as possible, there may be a few decimal point discrepancies in the exchange rate.
Research and results
Sending AUD
Route 1: Sending 2,000 AUD to EUR
As part of the research, AC(B) made a 2,000 AUD business payment from an Australian PayPal account to a German PayPal account.
The cost to send with PayPal was 94.12 AUD. The cost to send with Wise was 10.14 AUD. Wise saved the sender 83.98 AUD, so it was 9x cheaper to make the payment from AUD to EUR with Wise Business.
PayPal charged the German business who received this payment a recipient fee of 68.07 EUR. Transferwise charged no recipient fee. Wise saved the business 68.07 EUR.
The total amount that arrived at the German business via PayPal was 1,010.49 EUR. Via Wise the amount was GBP 1,224.74. The German business got an extra 123.25 EUR via Wise.
*Overall, Wise Business is 21x cheaper for sending and receiving AUD to EUR business payments compared PayPal. *
Here’s the raw data:
| Fees/cost | Wise Business | PayPal Business Services |
|---|---|---|
| Amount sending (AUD) | $A2,000 | $A2,000 |
| Exchange rate (20/6/19 18:02 BST mid-market .6123) | $A1=€.6124 | $A1=€.5848 |
| Provider exchange rate markup (%) | -0.01% | 4.71% |
| Provider exchange rate markup | A$-.024 | A$94.12 |
| Upfront, transparent fee | A$10.38 | A$0 |
| Total cost to send | A$10.14 | A$94.12 |
| Amount sent to recipient (EUR) | €1,224.74 | €1,169.56 |
| Recipient fees applied | €0 | €68.07 |
| Total recipient receives | €1,224.74 | €1,101.49 |
Route 2: Sending 2,000 AUD to GBP
As part of the research, AC(B) made a 2,000 AUD business payment from an Australian PayPal account to a UK PayPal account.
The cost to send with PayPal was 94.77 AUD. The cost to send with Wise was 10.67 AUD. Wise saved the sender 84.10 AUD, so it was 9x cheaper to make the payment from AUD to GBP with Wise Business.
PayPal charged the UK business who received this payment a recipient fee of 56.28 GBP. Transferwise charged no recipient fee. Wise saved the business 56.28 GBP.
The total amount that arrived at the UK business via PayPal was 982.30 GBP. Via Wise the amount was 1,087.66. The UK business got an extra 105.36 GBP via Wise.
Overall, Wise Business is 19x cheaper for sending and receiving AUD to GBP business payments compared PayPal.
Here’s the raw data:
| Fees/cost | Wise Business | PayPal Business Services |
|---|---|---|
| Amount sending (AUD) | $A2,000 | $A2,000 |
| Exchange rate (20/6/19 9:07 BST mid-market .5439) | $A1=£.5438 | $A1=£.5193 |
| Provider exchange rate markup (%) | 0.01% | 4.74% |
| Provider exchange rate markup | A$0.26 | A$94.77 |
| Upfront, transparent fee | A$10.41 | A$0 |
| Total cost to send | A$10.67 | A$94.77 |
| Amount sent to recipient (GBP) | £1,087.66 | £1,038.58 |
| Recipient fees applied | £0 | £56.28 |
| Total recipient receives | £1,087.66 | £982.30 |
Route 3: Sending 2,000 AUD to USD
As part of the research, AC(B) made a 2,000 AUD business payment from an Australian PayPal account to a US PayPal account.
The cost to send with PayPal was 91.92 AUD. The cost to send with Wise was 11.15 AUD. Wise saved the sender 80.77 AUD, so it was 8x cheaper to make the payment from AUD to USD with Wise Business.
PayPal charged the US business who received this payment a recipient fee of 58.52 USD. Transferwise charged no recipient fee. *Wise saved the business 58.52 USD.
The total amount that arrived at the US business via PayPal was 1,264.67 USD. Via Wise the amount was 1,384.10 USD. The US business got an extra 119.43 USD via Wise.
Overall, Wise Business is 16x cheaper for sending and receiving AUD to USD business payments compared PayPal.
Here’s the raw data:
| Fees/cost | Wise Business | PayPal Business Services |
|---|---|---|
| Amount sending (AUD) | $A2,000 | $A2,000 |
| Exchange rate (20/6/19 9:05 BST mid-market .6920) | $A1=$.6921 | $A1=$.6616 |
| Provider exchange rate markup (%) | -0.01% | 4.6% |
| Provider exchange rate markup | A$-0.14 | A$91.92 |
| Upfront, transparent fee | A$11.29 | A$0 |
| Total cost to send | A$11.15 | A$91.92 |
| Amount sent to recipient (USD) | $1,384.10 | $1,323.19 |
| Recipient fees applied | $0 | $58.52 |
| Total recipient receives | $1,384.10 | $1,264.67 |
Sending EUR
Route 4: Sending 2,000 EUR to AUD
As part of the research, AC(B) made a 2,000 EUR business payment from a German PayPal account to a Australian PayPal account.
The cost to send with PayPal was 100.17 EUR. The cost to send with Wise was 8.76 EUR. Wise saved the sender 91.41 EUR, so it was 11x cheaper to make the payment from AUD to USD with Wise Business.
PayPal charged the Australian business who received this payment a recipient fee of 112.19 AUD. Transferwise charged no recipient fee. Wise saved the business 112.19 AUD.
The total amount that arrived at the Australian business via PayPal was 2,995.94 AUD. Via Wise the amount was 3,263,68 AUD. The Australian business got an extra 267.74 AUD via Wise.
Overall, Wise Business is 20x cheaper for sending and receiving EUR to AUD business payments compared PayPal.
Here’s the raw data:
| Fees/cost | Wise Business | PayPal Business Services |
|---|---|---|
| Amount sending (EUR) | €2,000 | €2,000 |
| Exchange rate (20/6/19 9:51 BST mid-market 1.6319) | €1=A$1.6318 | €1=A$1.5541 |
| Provider exchange rate markup (%) | 0% | 5.01% |
| Provider exchange rate markup | €0.07 | €100.17 |
| Upfront, transparent fee | €8.69 | €0 |
| Total cost to send | €8.76 | €100.17 |
| Amount sent to recipient (AUD) | A$3,263.68 | $A3,108.13 |
| Recipient fees applied | A$0 | A$112.19 |
| Total recipient receives | A$3,263.68 | A2,995.94 |
Route 5: Sending 2,000 EUR to GBP
As part of the research, AC(B) made a 2,000 EUR business payment from a German PayPal account to a UK PayPal account.
The cost to send with PayPal was 90.76 EUR. The cost to send with Wise was 8.70 EUR. Wise saved the sender 82.06 EUR, so it was 10x cheaper to make the payment from EUR to GBP with Wise Business.
PayPal charged the UK business who received this payment a recipient fee of 66.47 GBP. Transferwise charged no recipient fee. Wise saved the business 66.47 GBP.
The total amount that arrived at the UK business via PayPal was 1,632.82 GBP. Via Wise the amount was 1,776.40 GBP. The UK business got an extra 143.58 GBP via Wise.
Overall, Wise Business is 19x cheaper for sending and receiving EUR to GBP business payments compared PayPal.
Here’s the raw data:
| Fees/cost | Wise Business | PayPal Business Services |
|---|---|---|
| Amount sending (EUR) | €2,000 | €2,000 |
| Exchange rate (20/6/19 10:02 BST mid-market 0.8882) | €1=£0.8882 | €1=£.8496 |
| Provider exchange rate markup (%) | 0% | 4.54% |
| Provider exchange rate markup | €0 | €90.76 |
| Upfront, transparent fee | €8.70 | €0 |
| Total cost to send | €8.70 | €90.76 |
| Amount sent to recipient (GBP) | £1,776.40 | £1,699.29 |
| Recipient fees applied | £0 | £66.47 |
| Total recipient receives | £1,776.40 | £1,632.82 |
Route 6: Sending 2,000 EUR to USD
As part of the research, AC(B) made a 2,000 EUR business payment from a German PayPal account to a US PayPal account.
The cost to send with PayPal was 96.92 EUR. The cost to send with Wise was 9.44 EUR. Wise saved the sender 87.48 EUR, so it was 10x cheaper to make the payment from EUR to USD with Wise Business.
PayPal charged the US business who received this payment a recipient fee of 95.06 USD. Transferwise charged no recipient fee. Wise saved the business 95.96 USD.
The total amount that arrived at the US business via PayPal was 2,056.61 USD. Via Wise the amount was 2,258.00. The US business got an extra 201.39 USD via Wise.
Overall, Wise Business is 20x cheaper for sending and receiving EUR to USD business payments compared PayPal.
Here’s the raw data:
| Fees/cost | Wise Business | PayPal Business Services |
|---|---|---|
| Amount sending (EUR) | €2,000 | €2,000 |
| Exchange rate (20/6/19 9.56 BST mid-market 1.1291) | €1=$1.1290 | €1=$1.0769 |
| Provider exchange rate markup (%) | 0.01% | 4.85% |
| Provider exchange rate markup | €0.18 | €96.92 |
| Upfront, transparent fee | €9.26 | €0 |
| Total cost to send | €9.44 | €96.92 |
| Amount sent to recipient (USD) | $2,258.00 | $2,151.67 |
| Recipient fees applied | $0 | $95.06 |
| Total recipient receives | $2,258.00 | $2,056.61 |
Sending GBP
Route 7: Sending 2,000 GBP to AUD
As part of the research, AC(B) made a 2,000 GBP business payment from a UK PayPal account to an Australian PayPal account.
The cost to send with PayPal was 109.52 GBP. Wise's fee was 7.77 GBP. Wise saved the sender 101.75 GBP, so it was 14x cheaper to make the payment from GBP to AUD with Wise Business.
PayPal charged the Australian business who received this payment a recipient fee of 125.87 AUD. Transferwise charged no recipient fee. Wise saved the business 125.87 AUD.
The total amount that arrived at the Australian business via PayPal was 3,362.31 AUD. Via Wise the amount was 3,679.02. The Australian business got an extra 316.71 via Wise.
Overall, Wise Business is 34x cheaper for sending and receiving GBP to AUD business payments compared PayPal.
Here’s the raw data:
| Fees/cost | Wise Business | PayPal Business Services |
|---|---|---|
| Amount sending (GBP) | £2,000 | £2,000 |
| Exchange rate (19/6/19 15:54 BST mid-market 1.8396) | £1=A$1.8395 | £1=$1.7441 |
| Provider exchange rate markup (%) | 0.00001% | 5.48% |
| Provider exchange rate markup | £0.10 | £109.52 |
| Upfront, transparent fee | £7.67 | £0 |
| Total cost to send | £7.77 | £109.52 |
| Amount sent to recipient (AUD) | A$3,679.02 | A$3,488.18 |
| Recipient fees applied | A$0 | A$125.87 |
| Total recipient receives | A$3,679.02 | A$3,362.31 |
Route 8: Sending 2,000 GBP to EUR
As part of the research, AC(B) made a 2,000 GBP business payment from a UK PayPal account to a German PayPal account.
The cost to send with PayPal was 98.16 GBP. The cost to send with Wise was 7.78 GBP. Wise saved the sender 90.38 GBP, so it was 13x cheaper to make the payment from GBP to EUR with Wise Business.
PayPal charged the German business who received this payment a recipient fee of 53.81 EUR. Transferwise charged no recipient fee. Wise saved the business 53.81 EUR.
The total amount that arrived at the German business via PayPal was 2,093.21 EUR. Via Wise the amount was 2,252.26 EUR. The German business got an extra 159.05 EUR via Wise.
Overall, Wise Business is 19x cheaper for sending and receiving GBP to EUR business payments compared PayPal.
Here’s the raw data:
| Fees/cost | Wise Business | PayPal Business Services |
|---|---|---|
| Amount sending (GBP) | £2,000 | £2,000 |
| Exchange rate (19/6/19 16:37 BST mid-market 1.1262) | £1=€1.1261 | £1=€1.0735 |
| Provider exchange rate markup (%) | 0.01% | 4.91% |
| Provider exchange rate markup | £0.12 | £98.16 |
| Upfront, transparent fee | £7.66 | £0 |
| Total cost to send | £7.78 | £98.16 |
| Amount sent to recipient (EUR) | €2,252.26 | €2,147.02 |
| Recipient fees applied | €0 | €53.81 |
| Total recipient receives | €2,252.26 | €2,093.21 |
Route 9: Sending 2,000 GBP to USD
As part of the research, AC(B) made a 2,000 GBP business payment from a UK PayPal account to a US PayPal account.
The cost to send with PayPal was 92.78 GBP. The cost to send with Wise was 8.64 GBP. Wise saved the sender 84.14 GBP, so it was 11x cheaper to make the payment from GBP to USD with Wise Business.
PayPal charged the UK business who received this payment a recipient fee of 106.52 USD. Transferwise charged no recipient fee. Wise saved the business 106.52 USD.
The total amount that arrived at the UK business via PayPal was 2,307.49 USD. Via Wise the amount was 2,525.40 USD. The US business got an extra 217.91 USD via Wise.
Overall, Wise Business is 21x cheaper for sending and receiving GBP to USD business payments compared PayPal.
Here’s the raw data:
| Fees/cost | Wise Business | PayPal Business Services |
|---|---|---|
| Amount sending (GBP) | £2,000 | £2,000 |
| Exchange rate (19/6/19 15:57 BST mid-market 1.2630) | £1=$1.12627 | £1=$1.2070 |
| Provider exchange rate markup (%) | 0.02% | 4.64% |
| Provider exchange rate markup | £0.48 | £92.78 |
| Upfront, transparent fee | £8.16 | £0 |
| Total cost to send | £8.64 | £92.78 |
| Amount sent to recipient (USD) | $2,525.40 | $2,414.01 |
| Recipient fees applied | $0 | $106.52 |
| Total recipient receives | $2,525.40 | $2,307.49 |
Sending USD
Route 10: Sending 2,000 USD to AUD
As part of the research, AC(B) made a 2,000 USD business payment from a US PayPal account to an Australian PayPal account.
The cost to send with PayPal was 67.76 USD. The cost to send with Wise was 10.47 USD. Wise saved the sender 57.29 USD, so it was 6x cheaper to make the payment from USD to AUD with Wise Business.
PayPal charged the Australian business who received this payment a recipient fee of 100.23 AUD. Transferwise charged no recipient fee. Wise saved the business 100.23 AUD.
The total amount that arrived at the Australian business via PayPal was 2,675.72 AUD. Via Wise the amount was 2,869.44 AUD. The Australian business got an extra 193.72 AUD via Wise.
Overall, Wise Business is 13x cheaper for sending and receiving USD to AUD business payments compared PayPal.
Here’s the raw data:
| Fees/cost | Wise Business | PayPal Business Services |
|---|---|---|
| Amount sending (USD) | $2,000 | $2,000 |
| Exchange rate (25/6/19 15:03 BST mid-market 1.435) | $1=A$1.4347 | $1=A$1.3880 |
| Provider exchange rate markup (%) | 0.02% | 3.39% |
| Provider exchange rate markup | $0.39 | $67.76 |
| Upfront, transparent fee | $10.08 | $0 |
| Total cost to send | $10.47 | $67.76 |
| Amount sent to recipient (AUD) | A$2,869.44 | A$2,775.95 |
| Recipient fees applied | A$0 | A$100.23 |
| Total recipient receives | A$2,869.44 | A$2,675.72 |
Route 11: Sending 2,000 USD to EUR
As part of the research, AC(B) made a 2,000 USD business payment from a US PayPal account to a German PayPal account.
The cost to send with PayPal was 70.48 USD. Wise's fee was 10.18 USD. Wise saved the sender 60.30 USD, so it was 7x cheaper to make the payment from USD to EUR with Wise Business.
PayPal charged the German business who received this payment a recipient fee of 76.53 EUR. Transferwise charged no recipient fee. Wise saved the business 76.53 EUR.
The total amount that arrived at the German business via PayPal was 1,620.08 EUR. Via Wise the amount was 1,756.30 EUR. The German business got an extra 136.22 EUR via Wise.
Overall, Wise Business is 16x cheaper for sending and receiving USD to EUR business payments compared PayPal.
Here’s the raw data:
| Fees/cost | Wise Business | PayPal Business Services |
|---|---|---|
| Amount sending (USD) | $2,000 | $2,000 |
| Exchange rate (25/6/19 15:07 BST mid-market .8782) | $1=€.8782 | $1=€.8483 |
| Provider exchange rate markup (%) | 0.01% | 3.52% |
| Provider exchange rate markup | $0.11 | $70.48 |
| Upfront, transparent fee | $10.07 | $0 |
| Total cost to send | $10.18 | $70.48 |
| Amount sent to recipient (EUR) | €1,756.30 | €1,696.61 |
| Recipient fees applied | €0 | €76.53 |
| Total recipient receives | €1,756.30 | €1,620.08 |
Route 12: Sending 2,000 USD to GBP
As part of the research, AC(B) made a 2,000 USD business payment from a US PayPal account to a UK PayPal account.
The cost to send with PayPal was 73.78 USD. The cost to send with Wise was 9.85 USD. Wise saved the sender 63.93 USD, so it was 7x cheaper to make the payment from USD to GBP with Wise Business.
PayPal charged the UK business who received this payment a recipient fee of 66.88 GBP. Transferwise charged no recipient fee. Wise saved the business 66.88 GBP.
The total amount that arrived at the UK business via PayPal was 1,448.61 GBP. Via Wise the amount was 1,571.69 GBP. The UK business got an extra 122.97 GBP via Wise.
Overall, Wise Business is 16x cheaper for sending and receiving USD to GBP business payments compared PayPal.
Here’s the raw data:
| Fees/cost | Wise Business | PayPal Business Services |
|---|---|---|
| Amount sending (USD) | $2,000 | $2,000 |
| Exchange rate (25/6/19 15:09 BST mid-market 0.7857) | $1=£0.7858 | $1=£0.7577 |
| Provider exchange rate markup (%) | -0.01% | 3.69% |
| Provider exchange rate markup | $-0.24 | $73.78 |
| Upfront, transparent fee | $10.09 | $0 |
| Total cost to send | $9.85 | $73.78 |
| Amount sent to recipient (GBP) | £1,571.59 | £1,515.49 |
| Recipient fees applied | £0 | £66.88 |
| Total recipient receives | £1,571.59 | £1,448.61 |
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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