PaySend Vs. TransferWise: Which Is Better?


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Despite how many options customers have, new money transfer companies are surfacing annually. New entrants aren’t afraid to compete against legacy players, such as Western Union, MoneyGram, PayPal, and traditional banks. In 2015, PaySend entered the market, which was the same year as Revolut and a few years after TransferWise (2011).


PaySend is a global financial tech company on a mission to change how money moves around the world. Its customers transact via card-to-card from 40 countries to over 60 countries. What does card-to-card mean? Instead of sending money to someone’s bank account, you would send funds to the recipient’s Visa or Mastercard. You can also send transfers to UnionPay cards for China. Transfers to bank accounts are available for specific destinations.

How to Make a Transfer with PaySend

  1. Enter the amount and applicable countries on the homepage.
  2. Click on “Get Started.”
  3. Enter your mobile number and choose a password.
  4. Confirm the amount and destination country.
  5. Enter the recipient’s 16-digit card number.
  6. Add your card details.
  7. Click “Confirm.”

PaySend Exchange Rates

The mid-market, spot, or Google rate is the best rate you can get. PaySend states, “We use a mid-market exchange rate cutting out all intermediaries and providing the best possible value for our customers.” However, its rates don’t match those found on Google. Instead, PaySend marks up rates by 1 percent or more. For example, one euro to Mexican peso was quoted at 22.83 on Google and 22.51 on PaySend for a difference of 1.4 percent.

PaySend Exchange Rates

PaySend Fees

PaySend charges a fixed fee per transaction, for instance, from Australia to another country would cost 2 AUD regardless of the amount sent. Costs vary from country to country.


TransferWise is a top-rated money transfer company. It has financial services for people who travel, live, and work abroad. Sending money overseas with TransferWise is up to eight times cheaper than banks, and its borderless account allows users to hold, manage, and spend money in 20+ currencies. It provides the “easiest way to manage your money internationally.” Its excellent rates and low fees have propelled it to “unicorn” status (a unicorn is a privately held startup company that’s valued at over 1 billion dollars).

I’ve been a TransferWise customer for a few years. I recommend it to others over alternatives such as PayPal, Xoom, XendPay, Payoneer, WorldRemit, and at least a dozen other online money transfer companies. TransferWise is a fantastic benchmark to use for exchange rates and cost comparisons.


Exchange Rates

TransferWise exchanges currencies at mid-market rates without markups, which is better than PaySend.

Fees & Commissions

PaySend charges fixed fees compared to TransferWise’s combination of percentage-based and fixed fees. Therefore, outcomes will differ depending on the amounts and destinations involved.

Supported Currencies

PaySend and TransferWise enable customers to send and receive money from a wide variety of countries.

Single Currency Transactions

PaySend supports single currency transactions. For example, someone in Germany can send euros to someone in France. TransferWise only supports currency conversions.

Millions of people send money online for various reasons including remittance. The top three remittance destinations are China, India, and the Philippines. Let’s compare the results of sending 100 and 1,000 USD to those destinations alongside converting U.S. dollars to euros.

100 USDChinaIndiaPhilippinesEuro
PaySend6747 0475 12684.95

PaySend and TransferWise are split. PaySend is better for sending money to China and the Philippines whereas TransferWise is better for India and the European Union.

1,000 USDChinaIndiaPhilippinesEuro
PaySend6 86771 76052 198865

PaySend is still better for China, but an increase in the amount yielded a three to one victory for TransferWise.

Final Word

PaySend is legit and offers an innovative method to transfer money, that is, card-to-card transfers. Users can send and receive money via Visa, Mastercard, and UnionPay in China. Its processes differ from most providers because it doesn’t require banks to be a part of transactions. On the other hand, PaySend isn’t that unique. Azimo, Remitly, Xoom, and other providers charge low fixed fees as well.

PaySend is slightly misleading about its exchange rates. On the help page, one line reads, “Our rates are as close as possible to the mid-market exchange rate – giving you more and saving your hard-earned money.” On the same page, another line reads, “We use a mid-market exchange rate cutting out all intermediaries and providing the best possible value for our customers.” Either you transact at mid-market rates or you don’t (PaySend does not).

PaySend Rates

PaySend has some advantageous currency routes, but I’m not compelled to sign up or use its service. It is working on a card to hold, move, and spend money globally. However, Revolut already offers something similar, and TransferWise offers a debit Mastercard. I’ll continue to use TransferWise until a competitor allows me to transact at mid-market rates at no cost. Until then, TransferWise’s transparency, mid-market rates, and low fees make them one of the best companies for sending money online.


Chad Tennant

Chad is an online marketer, consultant, and publisher. He helps businesses and individuals achieve growth and financial success. Learn more at


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