A dedicated comparison research team in Wise compared Wise to four India bank accounts. They found that we’re on average 3x cheaper to send ₹9,000 abroad....
Are you using PayPal in your business to pay or get paid internationally for goods and services? If so, you could save a bundle by opening a business account with Wise. That’s according to independent research agency Consumer Intelligence. The details of the research, including the raw transfer data, is available below.
The research was carried out on the 16th January by market research agency, Consumer Intelligence, in conjunction with Wise. The data was ascertained via a series of transfers carried out by Consumer Intelligence and partners in various geographies.
There are three types of fees recorded for this price comparison:
- Fee 1: an upfront international money transfer fee
- Fee 2: the markup PayPal added to their exchange rate
- Fee 3: the recipient fee PayPal charged when business receive international payments
Research took place on 5 routes within the same day. Date and timestamps are provided.
- Route 1: Sending 2000 USD to GBP
- Route 2: Sending 2000 USD to EUR
- Route 3: Sending 2000 GBP to USD
- Route 4: Sending 2000 GBP to AUD
- Route 5: Sending 2000 GBP to EUR
As part of the research, Consumer Intelligence made a GBP 2,000 payment from a UK PayPal business account to a French PayPal business account.
This business payment incurred sending fees of GBP 82.49 with PayPal, and only GBP 7.77 with Wise.
Wise saved the sender GBP 74.72.
PayPal charged the Australian business who received this payment a recipient fee of EUR 73.38. Transferwise charged no recipient fee.
Wise saved the recipient EUR 73.38
The total amount that arrived at the French business via PayPal was EUR 2088.85 . Via Wise the amount was EUR 2243.05.
Using Wise meant the French business got an extra EUR 154.20
Here’s the raw data:
|Amount sending (in GBP)||£2000||£2000|
|Rate quoted by provider (Reuters’ exchange rate = 1.1259)||£1 = €1.1259||£1 = €1.0813|
|Provider exchange rate markup (in %)||0%||3.96%|
|Provider exchange rate markup (in GBP)||£0.00||£82.49|
|Upfront transfer fee (in GBP)||£7.77||£0|
|Total sender fees (in GBP)||£7.77||£82.49|
|Amount sent to recipient (in EUR)||€2,243.05||€2,162.63|
|Recipient fees applied (in EUR)||€0||€73.38|
|Recipient fees applied (in %)||0%||3.39%|
|Total recipient fees (in EUR)||** €0**||€73.38|
|Final recipient amount (in EUR)||€2,243.05||€2,088.85|
|Total cost of transfer (in GBP + EUR)||£7.77 + €0||£82.49 + €73.38|
All data was obtained independently by market research company Consumer Intelligence Ltd on January 16 2018, 11:19 UTC.
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 Wise Payments 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.
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