Most entrepreneurs are overpaying on international payments without even realizing it. In this Wise review, I’ll show you how I switched from PayPal, started collecting USD, CAD, and GBP globally, and saved over $1,000 in fees. If you sell to clients overseas, you need to know the truth about Wise vs PayPal. Use my link and Wise gives you $20 after your first transfer
If you’re running a business online, especially internationally, you’ve probably heard of Wise (formerly TransferWise). I’ve used it for over a year and a half in my own 7-figure agency. In this Wise review, let’s talk about what works, what doesn’t, and whether it’s worth it for your business.
Wise vs PayPal is one of the most common comparisons I get asked about. After 18 months of using both to run my agency, I’ve seen exactly where Wise crushes it, and where PayPal still makes sense. Below is my honest breakdown of the real pros, cons, and who should use what.
Let’s dive into the real pros and cons of using Wise.
The Pros of Using Wise
1. Multi-Currency Accounts (Almost Unlimited)
If you do business globally, Wise is a game changer. You can open and hold balances in 40+ currencies, and get local bank account details (like routing and account numbers) in the US, UK, Canada, Europe, Australia, and more.
I personally use Wise to manage both USD and CAD accounts, and it makes cross-border payments frictionless. Clients pay me like I’m local, no PayPal delays, no wire fees.
🔥 Best For: Agencies, coaches, freelancers, and e-com stores getting paid in multiple currencies.
Sign up using my link, and you’ll get $20 free after your first transfer.
2. Competitive Currency Exchange Rates
Wise offers some of the lowest currency conversion fees I’ve found, way better than PayPal or traditional banks. It’s not always the rock-bottom cheapest, but you always know exactly what you’re paying upfront.
That kind of transparency matters when you’re sending large amounts or operating across multiple currencies. No guessing. No surprise charges.
💡 Why it matters: Budgeting across currencies becomes predictable, and that’s rare. We love the transparency!
3. No Monthly Account Fees
Wise doesn’t nickel and dime you. You only pay when you actually move or convert money. Everything else? Free.
- Want to add a USD account? Pay once.
- Need a debit card? Pay for the card, that’s it.
- Just holding currencies? No fee at all.
It’s like modular banking: only pay for what you use. For me, this is way better than paying $25/month just to exist at a traditional bank. This setup is perfect for entrepreneurs who want flexibility without high overhead costs.
💡 Founder tip: If you’re testing new markets or currencies, this flexibility is gold.
4. Fast Transfers & Automation
Wise is faster than PayPal in most case, especially for sending funds internationally. I’ve used it to pay contractors in Europe, get paid from clients in Canada, and convert currencies on autopilot.
You can also automate:
- Recurring payments to contractors or vendors
- Payment requests from clients
- Scheduled currency conversions
It hooks into your US LLC or Canadian bank account, pulls the funds, converts the money, and sends it out, no logging in, no waiting 3 days like PayPal.
🔥 Why it beats PayPal: No account holds, no random delays, and no begging support to release your own money.
Use my link and Wise gives you $20 after your first transfer.
The Cons of Using Wise
While Wise is great for currency conversion and payments, it’s not perfect. Here’s what to watch out for BEFORE you sign up with Wise.
1. Wise Isn’t a Bank – and That’s by Design
Wise is a fintech company, not a traditional bank. That means:
- No FDIC-style insurance
- No high-interest savings accounts
- No rewards program on their debit card
This also means some platforms (like Teachable or Kit) may not accept Wise bank details, since they expect traditional banks.
⚠️ Reality check: If you need a full-featured business bank account, for things like savings rules, team permissions, or credit, pair Wise with something like Relay or Mercury. That’s what I do.
Wise focuses 100% on international money movement, not banking extras. That’s why it crushes PayPal for cross-border payments, but isn’t built to replace your entire business banking setup.
Security Measures in Place:
As I’m in the USA and most of my clients (even international ones) use a US LLC I’m going to review over just the American security measures. Wise US Inc. is not FDIC insured, but it is registered with the Financial Crimes Enforcement Network (FinCEN) and renews its registration annually. It is licensed as a money transmitter in the states listed here.
2. Wise Doesn’t Replace a Business Bank – and That’s OK
Wise is incredible for payments, but it doesn’t offer everything. Compared to tools like Relay or Mercury, it lacks:
- Automatic savings rules (for example, move 10% to marketing every deposit)
- Multiple user permissions
- Interest-bearing accounts
If you’re managing cash flow, multiple accounts, or prepping for tax season, you’ll want to pair Wise with a dedicated business bank.
💡 I use Wise for currency conversion + global payments, and Relay for cash flow, taxes, and expense control. Together, they cover everything I need.
3. Fees Can Add Up – But Only If You’re Sloppy
Wise has transparent pricing, but if you’re doing dozens of transfers across multiple currencies, the fees can quietly pile up.
If you’re high-volume in just one currency, you might get better rates with a foreign currency account from your primary bank. But if you care about flexibility, control, and clarity, Wise still wins.
🧠 Pro move: Know your margins. I treat Wise like a smart payments router, not my main bank.
Wise vs PayPal: Quick Comparison
| Feature | Wise | PayPal |
|---|---|---|
| Transfer Fees | Low, transparent | High (3–5% hidden in FX) |
| Speed | 1–2 hours (often same-day) | 1–3 days |
| Global Receiving Accounts | Yes, with local details | No, limited currency support |
| Business Use | Strong for global payments | Better for invoicing tools |
| Support | Decent | Frustrating |
Should You Use Wise For Your Business?
Here’s my simple breakdown:
✅ Use Wise if:
- You send or receive money in multiple currencies
- You want low, predictable fees – not surprise PayPal charges
- You don’t need full banking tools like savings, credit, or user permissions
❌ Skip Wise if:
- You need full-blown business banking with automation and rewards
- Your platform needs a “real” U.S. bank account
- You do high volume in one currency and already have a foreign account
In my agency, Wise isn’t my bank. It’s my payments engine. I still use Relay for taxes, savings, and expense control, but Wise is what makes global revenue actually work.
💸 Want $20 Free on Wise?
Use my link below to create your free Wise account and get $20 in bonus credit when you complete your first transaction.
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Questions I often get on Wise
Is Wise vs PayPal, which is better?
For sending and receiving money internationally, Wise usually has lower fees and faster transfer speeds. But PayPal is more widely accepted and better for invoicing.
Is Wise safe to use?
Yes, Wise is regulated by financial authorities in multiple countries. But it’s a fintech, not a bank, so there’s no deposit insurance like FDIC or CDIC coverage.
Can I use Wise as my only business bank account?
Technically yes, but I don’t recommend it. Wise is best for currency conversion and international payments, not for storing cash, automating savings, or managing team accounts.
