PaySend Vs. TransferWise: Which Is Better?



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Many start-ups are vying for customer mindshare in the financial technology (fintech) space. Challenger banks and newer money transfer providers seek to supplant legacy banks and corporations that have been around for decades. They attempt to do this by offering efficient, low-fee, and transparent mobile-first applications. Fintechs typically market to individual and business customers who travel frequently, live abroad, freelance, and sell products globally. Let’s review a couple of innovative fintechs and banking apps that regularly make headlines.

PaySend Overview

Founded in 2015, 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 70 countries. Its partnerships with Visa, MasterCard, UnionPay, and a global banking network allow it to offer an easy, fast, and secure way to send money.

PaySend focuses on building the next big thing, that is, a customer-centric global fintech hub. It wants to provide a seamless experience and the best value for money possible. It’s constantly working on improving our services to making them even easier and more affordable. PaySend has an “excellent” score on Trustpilot. It’s available on Apple and Google Play app stores.

TransferWise Overview

Founded in 2011, TransferWise is on a mission to make a positive, irreversible change in the world of finance. Built by and for people who live global lives, TransferWise makes sending money abroad fair, easy, and up to eight times cheaper than traditional banks and money transfer companies.

TransferWise focuses on people on every continent to help them live, travel, and work internationally. It wants to support a financial experience without borders to support instant, convenient, transparent, and eventually free money movement. TransferWise has an “excellent” score on Trustpilot. It’s available on Apple and Google Play app stores.

Revenue Models

PaySend makes money by charging fixed fees on money transfers and marking up exchange rates.

TransferWise makes money by charging fixed and variable fees on money transfers. It also makes money as a third-party solution for financial companies, for example, N26 customers access TransferWise to send money.

Products & Services

PaySend products and services include:

  • Money transfer services
  • A global current account (beta)

TransferWise products and services include:

  • Money transfer services
  • A global current account
  • Debit card

Exchange Rates

TransferWise exchanges currencies at mid-market and real-time rates, which is the best rate customers can get. PaySend marks up rates by 1 percent or more. They state, “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 the real-time rates that appear on Google. 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.

Fees & Commissions

PaySend charges fixed fees compared to TransferWise’s combination of variable 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.

Processing/Delivery Times

Both companies can process international money transfers within three days depending on the currencies involved.

Transfer Limits

With PaySend, you can send up to £800, €1,000 or $1,000 per six months without providing any additional documentation. These limits can be increased upon submission of the required documents including (but not limited to) a proof of ID and a proof of address.

TransferWise customers can send up to a million per transfer depending on the currencies involved.


PaySend’s transaction calculator provides fewer details compared to TransferWise. Also, TransferWise offers more user-friendly and complete help and frequently asked questions sections.


PaySend TransferWise
Exchange rates x
Fees Depends on currencies Depends on currencies
Supported currencies x x
Processing times x x
Transfer limits x
Transparency x
Other products x
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.” A company either transacts at mid-market rates or it doesn’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’s working on a card to hold, move, and spend money globally. However, TransferWise already offers a “borderless” account that accomplishes those benefits. Therefore, I’ll continue to use TransferWise until a competitor allows me to transact at mid-market rates at no cost (Revolut and TransferGo offer free transfers to EU residents only). Until then, TransferWise’s mid-market rates, low fees, and transparency make them one of the best companies for sending money online.


Chad Tennant

Chad is an online marketer, publisher, and consultant. At Digital Fodder, he offers insights and strategies regarding affiliate and online marketing, ecommerce, YouTube, and more. At Partnercade, he helps companies grow their affiliate programs. Connect, follow, or start a conversation with Chad on LinkedIn.


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