The world has chosen to transfer money through digital wallets or payment gateways. Paysend and Wise are competing for the market share. Everyone seems focused on increasing the users in USA,CA, UK, and EU. Let’s compare the two financial technology companies for a better choice.
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PaySend vs. Wise: What Do They Call Themselves?
An individual vision results in a company and what they become in the future. We have to look at the companies and what they are calling themselves. The vision creates the services and products for the customers.
Wise is a foreign exchange fintech company.
Paysend makes international payment transfers faster and more secure.
You can see how the companies have explained themselves in a short form.
PaySend vs. Wise: Transfer Rates
Everyone wants to pay less for international transactions. We are comparing the Wise and Paysend fee, including the hidden charges.
Paysend charges a fixed amount on the total transactions. Many US immigrants have signed up for an account and transferred money to another country. The payment gateway company has seen a steep growth of 66% in one year.
From the USA: USD 2
From the Eurozone: EUR 1.50
From the UK: GBP 1.00
From Australia: AUD 3.00
From Canada: CAD 3
Wise took a different approach and charged a fixed amount of USD 0.5 – USD 01.
Fortunately, the company added a calculator without signing into the account. Use the link to visit the webpage and calculate the international transfer rate.
Note: “Keep an eye on the hidden charges.”
Paysend vs. Wise: Transfer Duration
Transfer duration matters for immigrants and freelancing employees. Most people don’t have two jobs or secondary income. They don’t wait more than a day to receive the payment from the employer. The payment gateway must transfer the pending invoice as soon as possible. Wise shared a stat that tells us about the transfer duration. 50% of the Wise transfers take less than 24 hours to reach the bank accounts. In some countries, the service may take up to three days to reflect the amount.
Paysend is a convenient solution for immigrant workers. The company instantly transfers the funds to the beneficiary account. Some banks take time to reflect the payment in the balance. Banks don’t instantly transfer money to prevent fraud. Contact your bank customer service and ask them about the limitations
Paysend vs. Wise: Dedicated Applications
India is the #1 digital wallet user on earth. Millions make payments from a smartphone and avoid using websites or cards. We have to look at the Android and iOS applications for convenience. Wise and Paysend have dedicated apps on the respective stores. Users on the Play Store leave reviews for the audience and developers for improvement.
I was surprised by the Paysend negative reviews. Users have rated PS less than 3.2 on the Play Store. On a scale of five, it’s a bad number in every format.
Meanwhile, Wise takes the win with 4.8 ratings on the Play Store. There are some legit concerning reviews on the UI/UX design, but the developers can fix the flaws.
Paysend vs. Wise: Security
Cyber attacks have doubled in the last few years due to the rise of online users. Fintech companies have taken measures to protect users from malicious attacks. Wise and Paysend have added security layers to the service to prevent breaches.
Wise:
They have a dedicated fraud detection team. The team detects malicious digital transactions and takes necessary action to prevent misuse. Users receive a notification whenever a card transaction takes place. The Two-Factor Authentication has been turned on your device for digital payment confirmation. The company has independent and internal security audits for extra security.
Paysend:
Cyber attacks have doubled in the last few years due to the rise of online users. Fintech companies have taken measures to protect users from malicious attacks. Wise and Paysend have added security layers to the service to prevent breaches.
Wise:
They have a dedicated fraud detection team. The team detects malicious digital transactions and takes necessary action to prevent misuse. Users receive a notification whenever a card transaction takes place. The Two-Factor Authentication has been turned on your device for digital payment confirmation. The company has independent and internal security audits for extra security.
Paysend:
Paysend is certified by Mastercard, Visa, FCA, PCI DSS, and China UnionPay. Overall, they have bank-level security and infrastructure for the users.
Paysend vs. Wise: Customer Support
Customer care is a deal maker or breaker for the customers. Most users don’t want to put their on the line if they don’t have a support team. Paysend has 24/7 global support for registered users. Meanwhile, Wise has an email service and knowledge base to help you solve problems.
Bottom Line
Users should choose the payment service keeping a few points in mind. Choose the service depending on the availability, countries’ support, currency exchange rate, hidden charges, support team, applications, etc. Many companies don’t have a responsive team to evaluate and solve transaction problems.
