India Price Comparison Research
A dedicated comparison research team in Wise compared Wise to four India bank accounts. They found that we’re on average 1x 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:
Research took place on 5 routes within the same day. Date and timestamps are provided.
As part of the research, Consumer Intelligence made a USD 2,000 payment from a US PayPal business account to a UK PayPal business account.
This business payment incurred sending fees of USD 72.44 with PayPal, and only USD 8.43 with Wise.
Wise saved the sender USD 64.01
PayPal charged the UK business who received this payment a recipient fee of GBP 61.92. Wise charged no recipient fee.
Wise saved the recipient GBP 61.92
The total amount that arrived at the UK business via PayPal was GBP 1,340.80. Via Wise the amount was GBP 1,447.27.
Using Wise meant the UK business got an extra GBP 106.47
Here’s the raw data:
Fees/cost | Wise | PayPal business |
---|---|---|
Amount sending (USD) | $2000 | $2000 |
Rate quoted by provider (Reuters’ exchange rate = 0.7267) | US$ 1 = £0.7267 | US$ 1 = £0.7013 |
Provider exchange rate markup (%) | 0% | 3.5% |
Provider exchange rate markup (USD) | $0 | $72.44 |
Upfront transfer fee (USD) | $8.43 | $0 |
Total sender fees (USD) | $8.43 | $72.44 |
Amount sent to recipient (GBP) | £1,447.27 | £1,402.72 |
Recipient fees applied (GBP) | £0 | £61.92 |
Recipient fees applied (%) | 0% | 4.41% |
Total recipient fees (GBP) | £0 | £61.92 |
Final funds available to recipient (GBP) | £1447.27 | £1340.80 |
Total cost of transfer (USD + GBP) | $8.43 + £0 | $72.44 + £61.92 |
All data was obtained independently by market research company Consumer Intelligence Ltd on January 16 2018, 07:07 UTC.
*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.
A dedicated comparison research team in Wise compared Wise to four India bank accounts. They found that we’re on average 1x cheaper to send ₹9,000 abroad....
Discover how Wise outperforms 5 major New Zealand banks, PayPal, and Western Union, offering savings of up to 6x on international transactions.
Detailed research by Wise reveals substantial savings compared to Singapore banks and services like Instarem, Revolut, and Youtrip by EZ link.
Discover how Wise compares to 5 major Japanese banks and Revolut, offering savings of up to 6x on international transactions.
An independent research team compared Wise to three French bank accounts as well as PayPal, Revolut, Western Union and Xoom by PayPal. They found that we’re...
An independent research team compared Wise to three Spanish bank accounts as well as PayPal, Revolut, Western Union and Xoom by PayPal. They found that we’re...