A closer look at Paysend, PayPal and Wise for international transfers

Piyush Singh

Paysend®, Wise and PayPal® are all common options if you want to send your money across the world. However, some digital money providers charge large exchange rates and transaction fees.

Let’s take a look at Paysend vs Wise vs PayPal in Canada, including exchange rate markups and transaction fees. We’ll also see how much it costs to send 1000 USD with each of these platforms so that you can choose the one that works best for you!

Table of contents

A closer look at Paysend

You can transfer money to over 170 countries with Paysend, including France, the US and the UK.¹ At Paysend, 90% of transfers arrive within 15 seconds, but some may take up to 3 days to process.²

Paysend offers helpful solutions for Canadian businesses, including cross-border payments and API integration to streamline your processes.³

Let’s take a look at some pros and cons of Paysend in Canada.

  • Use the Paysend app for convenient transactions on the go
  • Advanced security, including encryption, two-factor authentication and fraud prevention⁴
  • Global 24/7 support¹
  • Send and receive money online with a secure Paysend link⁵
  • You’ll pay a transfer fee for overseas transactions¹
  • You’ll need to provide personal details to increase your Paysend transfer limit⁶
  • There’s a separate mobile app for money transfers and multi-currency transactions⁷

Fees for sending money abroad with Paysend

If you want to send an international transfer with Paysend, you’ll need to pay a small fixed fee of 3 CAD to transfer your money abroad.¹ However, you won’t pay a fee for sending money online to a bank account in the US.⁸

You’ll see the currency exchange rate, transfer fee and how much your recipient will receive before you make your transfer.¹

Paysend’s exchange rate

Paysend’s exchange rate can vary depending on when you send your transfer, but the platform charges a markup on the standard rate. You’ll see how much your transaction will cost before you send your funds.⁹

A closer look at Wise

Wise is your international money alternative. Spend, send and receive your money worldwide in freedom and with transparency.

You can use your Wise Account to:

  • send money to 80 countries across the globe
  • receive your money in currencies such as USD, EUR, GBP and more with local account details
  • spend like a local in 150+ countries with your Wise card

… all from just one account, and in the palm of your hand!

If you are looking for business solutions, we’ve got you covered too! Manage your costs effectively with a Wise Business Account , including cash management, API integration and more, along with the features seen for the personal account.

Play around with our calculator to see how much you would be spending on international transfers with Wise:

Fees for sending money abroad with Wise

Wise doesn’t charge hidden fees for transfers abroad. You’ll always see how much your transaction will cost before you send it, so you can make an informed decision.

You’ll need to pay a one-off fee for a Wise Business account, but anyone can get a personal account for free!

Wise’s exchange rate

Unlike most banks and online money providers , Wise uses the mid-market exchange rate for all foreign transfers. This is the halfway mark between the highest and lowest exchange rates at which banks buy and sell currencies – and it means you only spend where you need to.

You won’t have to pay an exchange rate markup on any international transfers or currency conversions in your multi-currency account. Keep your money for the things that matter!

Please consult the Terms of Use and Pricing to verify eligibility and up to date fees.

A closer look at PayPal

PayPal is a popular international money transfer provider in Canada. You can send money within Canada or abroad, with options for businesses, too.

Use PayPal to send and receive your money in 200 countries.¹⁰ You can also use PayPal Business to take payments online and in person from your customers.

Let’s take a look at some pros and cons of PayPal for Canadian individuals and businesses.

  • PayPal supports 25 currencies¹⁰
  • Advanced functionality for businesses, including bulk payments and reporting tools¹¹
  • Accept multiple payment types with PayPal, including credit card, debit card or PayPal wallet
  • PayPal charges a fee for personal and business transfers abroad¹²
  • Rated 1.3 by customers on Trustpilot Canada®¹³

Fees for sending money abroad with PayPal

If you want to send money abroad with PayPal, the cost depends on where and how you send your funds. For example, sending money to the US by card costs 2.99 CAD + 2.90% + a fixed fee of 0.30 CAD.¹²

For businesses, converting payments into a different currency may cost 4% of the transaction.¹²

PayPal’s exchange rate

PayPal also applies a 3-4% markup on the mid market exchange rate margin to any international transactions. You’ll pay this rate when you make a payment in a currency that isn’t in CAD or when you want to convert your balance into a different currency, for example.¹⁴

Paysend vs Wise vs Paypal - which one suits you best?

Let’s try sending 1000 USD to a friend in the US. If we make this transfer on 29 January 2024 at 8:40 am (EST), here’s what Wise vs Paysend vs PayPal will cost with a tranfer from either of these accounts to a US bank account.

FeesNo fee11.87 CAD2.99 CAD to send to a bank account¹² + currency conversion charges
Exchange Rate1 CAD = 0.73 USD1 CAD = 0.743 USD1 CAD = 0.7194 USD
You Pay1368.94 CAD⁸1356.22 CAD¹⁵1390 CAD¹⁶

Even though Paysend doesn’t charge a fee for sending money to a US bank account, you may still end up paying more than expected. This is because the platform charges a markup on the standard, mid-market exchange rate.

When sending money with PayPal, it can be hard to estimate exactly how much your transfer will cost until you come to send it. The platform also levies substantial transaction and currency conversion fees for international transfers.


Paysend, Wise and PayPal are all useful tools if you want to send money overseas for you or your business. However, it’s important to think about how much it will cost to use these platforms.

PayPal charges fees for domestic and international transactions, with different fees for different payment methods and locations. You’ll also pay an exchange rate markup at Paysend, which could bump up your transfer cost, particularly if you regularly send money abroad.

Check out Wise to make the most of your money


  1. Paysend
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  7. Comparism
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  10. PayPal
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  13. Trustpilot
  14. PayPal
  15. Wise
  16. PayPal

*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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