How to Send Money from PayPal to Wise? (2024 Guide)

Last Updated on July, 2024

Wondering about the most efficient way to send money from PayPal to Wise?

While PayPal offers speedy services, it may not be the most cost-effective option for international transfers.

(Then, which is the best option?) Definitely Wise.

So, In this guide, you will get to know the step-by-step process of How to send money from PayPal to Wise efficiently.

With that, you can make smart financial moves.

Excited? Then, keep reading.

How to Send Money from PayPal to Wise in 3 Easy Steps?

Link Wise to PayPal: Connect your Wise account to your PayPal account online or via the PayPal app. If you don’t have a Wise account, sign up for free.

Verify Wise with PayPal: Verify your Wise account through PayPal, either instantly with online banking credentials or manually with two small transactions.

Withdraw from PayPal to Wise: Log into PayPal, go to Wallet, choose to transfer money, select your Wise account, and follow the prompts to complete the withdrawal.

How to Send Money From Paypal to Wise?

sending money online from paypal to wise

To smoothly transfer money from your PayPal account to Wise, make sure your PayPal account can handle foreign currencies.

Enable global transactions and add foreign currency accounts. Here’s how:

  • Navigate to ‘Money’ and select ‘Manage Currencies’ on PayPal.
  • Choose a currency and click ‘Add Currency’ to hold funds without automatic conversion, steering clear of PayPal’s 3% fee.

Now, let’s proceed:

  • Set up a free Wise multi-currency account online or through the Wise app.
  • Connect your Wise account to your PayPal account using local bank account details manually.
  • Withdraw funds from PayPal to your Wise. 

This is easier than what you thought. Isn’t it?

This user-friendly process lets you easily manage PayPal funds through foreign currency exchange methods.

Why Transfer Money From Paypal to Wise?

sending money online through paypal to wise

Switching money from PayPal to Wise is a savvy move that puts more cash in your pocket.

When PayPal converts your funds to GBP for a bank transfer, they often sneak in markups and fees, slicing into your earnings. But here’s the hack – go for a Wise multi-currency account when withdrawing from PayPal. 

Note: There’s no fixed limit on PayPal transfer.

Why? With your account details, you can keep the regional bank account details for significant currencies like the Euro (EUR), U.S. Dollar (USD), Australian Dollar (AUD), Canadian Dollar (CAD), and Singapore Dollar (SGD)

Know this fact: You can receive payments in the same currency, sidestepping the conversion headache through your own payment network.

Here’s where the savings start!

  • Avoiding PayPal’s High Fees: PayPal often charges high fees for international payments and currency exchanges. By using Wise, you may get a better deal, especially when dealing with USD balances.
  • Rocking Wise’s Mid-Market Exchange Rates: THINK THIS! – Wise hooks you up with a multi-currency playground, complete with local bank details for nine currencies.

Link it to PayPal, and you’ll get that wow feeling! You can get payments in different currencies and convert them within Wise at the mid-market exchange rate.

A quick tip: Your PayPal linking options depend on your residence and account location.

If you roll with a PayPal U.S. account, link up those U.S. bank accounts for smooth USD withdrawals, topped off with USD bank details from your Wise.

Beyond the savings, Wise is your safest holding 40+ currencies, firing payments to 160+ countries, and managing your money effortlessly through your trusty phone or laptop.

It’s a one-stop-shop – think ordering a Wise card for global splurges and tapping into mobile payments with cool e-wallets like Apple Pay.

Wise up for personal or business adventures and unlock the whole Wise experience!

Transferring Money From Paypal to Wise: Step-By-Step Guide

If you want to move money from your PayPal to Wise, follow these simple steps:

  • Step 1: Connect Your Wise Account to PayPal
  • Already have an account? Perfect! You can simply link it to your PayPal online or through the PayPal app. Don’t have an account yet? No worries, setting up is quick and free. Let’s focus on it.
  • Step 2: Verify Your Account with PayPal
  • For security, PayPal will ask you to verify your Wise account before your first transaction. You can do this by choosing your bank and entering online banking credentials or by a manual process involving two small transactions. If you prefer the manual process, it might take up to 6 days to complete.
  • Step 3: Log Into PayPal and Check Your Wallet
  • Once your Wise account is linked, log into PayPal online or via the app and go to the Wallet section. Here, you’ll see your account balance and options to transfer funds.
  • Click Transfer, Then Withdraw to Your Linked Account
  • Below your balance, find the option to transfer money. Select it to see details on how to proceed. Choose the Wise account and follow the onscreen prompts to add withdrawal details.
  • You’ll also get an estimated time for the transfer – often just a few minutes.
  • Step 4: Review and Confirm Your Withdrawal
  • Before finalizing, review your withdrawal details. If everything looks good, confirm it. You’ll receive a confirmation screen, and you’re all set.
  • While there are a few steps to withdraw money from PayPal to Wise initially, each step is quick and convenient – all from your laptop or mobile device.

While there are a few steps to withdraw money from PayPal to Wise initially, each step is quick and convenient – all from your laptop or mobile device.

Once your Wise account is integrated with PayPal, future withdrawals become fast and easy. Plus, you might save significantly on currency exchanges compared to using PayPal.

Get Started on Wise

wise foreign exchange financial technology company logo

If you want to move money from your PayPal to Wise, follow these simple steps:

  • Step 1: Link Wise Account to PayPal
  • Set up a link from your Wise to PayPal account either through the online platform or within the app. 
  • If you don’t have a Wise account, sign up; it’s completely free.
  • Step 2: Verify Wise Account with PayPal
  • Complete the verification step to ensure the safety of your money. Verification can be done instantly through online banking credentials or a manual process.
  • Step 3: Log into PayPal and Check Your Wallet
  • After linking, log into PayPal and head to the Wallet section. You can view your PayPal balance directly and initiate transfers.
  • Step 4: Withdraw to Your Linked Wise Account
  • Select the option to transfer money and withdraw to your connected bank account.
  • Choose your Wise account and follow the onscreen prompts for withdrawal details.
  • Step 5: Review and Confirm Withdrawal
  • Review withdrawal details, confirm, and receive a confirmation screen.

Note: Though there are INITIAL STEPS, subsequent PayPal withdrawals are quick and easy. There is no tension to withdraw money. Save significantly on cash conversion costs using Wise for USD balances or converting SGD into different currencies.

This streamlined process ensures efficient transfers from PayPal to Wise, providing flexibility and cost savings for freelancers and small businesses engaged in international trade.

Fees for Sending Money From Paypal to Wise

Here are the fees associated with sending money from PayPal to Wise:

PayPal Singapore

  • Withdraw SGD funds to SGD linked bank account (under 200 SGD): 1 SGD fee.Withdraw SGD funds to SGD linked bank account (under 200 SGD): 1 SGD fee.
  • Withdraw SGD funds to SGD linked bank account (over 200 SGD withdrawal): No PayPal fee.
  • Withdraw SGD funds to SGD linked bank card: 1% fee (minimum 0.5 SGD to maximum 15 SGD).

PayPal US

  • Standard withdrawal of USD funds to linked bank account: No fee (no currency conversion required).
  • Instant withdrawal of USD funds to linked bank account: 1.75% + currency conversion fee.
  • Standard withdrawal of USD funds to eligible linked bank cards: No fee (no currency conversion required).
  • Instant withdrawal of USD funds to eligible linked bank cards: 1.75% + currency conversion fee.
  • Withdraw USD Paypal balance to a connected bank account or card: 3% fee.
  • Currency conversion fee (if required): 3% – 4%
  • The paper check was mailed to you: 1.50 USD.

Transfer Limits

  • There is no declared limit for standard withdrawals to linked account(s).
  • Instant transfer limits: Up to 25,000 USD per transaction to a bank or 5,000 USD per transaction to a linked card.

Note: Wise does not charge fees to get payments using the local bank details for major currencies, including GBP and EUR. This will be good if you need to send money overseas.

Connecting Wise to Paypal

connecting paypal and wise

Connecting Wise to PayPal is a straightforward process that can be completed online or in the app.

Follow these steps to link your Wise account to PayPal:

  • Step 1: Sign in securely to your PayPal account and navigate your PayPal Wallet.
  • Step 2: Click ‘Link a card or bank’ and then select ‘Link a bank account.’
  • Step 3: Search for your bank in the provided list or select it from available options.
  • Step 4: You can link your bank instantly by entering your bank login details. Alternatively, manually enter your local account details and click ‘Agree and Link.’

Once linked, you’ll have the convenience of making instant or standard withdrawals from PayPal to your Wise account.

This connection allows you to use the funds in Wise for seamless international transactions or expenditures worldwide.

What is the Duration for Paypal and Wise to Send Money Internationally?

The time for international money transfers varies—wise processes over 50% of payments instantly, usually within 24 hours.

Payments to other accounts can be instant, but watch out for high currency conversion fees. Choose wisely for your international transfers.

Can I Send Money From Paypal to Another’s Wise?

No, you can not directly send money from your PayPal account to someone else’s Wise account. PayPal payments are transferred between PayPal accounts.

To move funds from PayPal to a Wise account, you need to withdraw the money to your linked bank account from PayPal and then use Wise to send a fast and cost-effective transfer to the intended recipient.

This involves withdrawing from PayPal to your own Wise account and then initiating a transfer through Wise.

Keep in mind that Wise uses the actual mid-market exchange rate and transparent fees, making it a potentially cheaper option than using PayPal directly for international or local transfers.

Paypal Vs. Wise: Fees for International Money Transfers

wise vs paypal

Transferring money overseas with a PayPal balance is possible, but beware of the potential rapid accumulation of fees for currency conversion and international payments.

Here’s a breakdown of the costs associated with PayPal transfers for local and international payments to friends and family, compared to the duplicate transactions with Wise.

Examine the details to decide on international money transfer fees between PayPal and Wise.

AspectPayPalWise
International Transfers5%, from 0.99 USD to 4.99 USD (Currency conversion fee)Cost depends on send amount and currency: From 0.43% + low, fixed fee
Domestic TransfersNo fee when funded from PayPal USD balance or linked bank account
Card fee waived for Amex Send accounts when funded with a card (2.9% + fixed fee)
Low, fixed fee
Exchange RateCurrency conversion fee ranging from 3% – 4% applies.Mid-market exchange rate without any additional markup.

Note: Opening a Wise account requires a single, low fee. After that, you won’t have to deal with ongoing charges or worry about maintaining minimum balances for either account type.

BEST FOR INTERNATIONAL MONEY TRANSFER
wise product logo
Wise
visa, master, amex, paypal

Useful guides:

FAQs

Yes, you can transfer money from PayPal to a Wise account. To do so, you can link your Wise account to PayPal using the local USD account details provided by Wise. Simply go to your PayPal Wallet, follow the instructions to connect a bank account, and initiate a withdrawal to your Wise account directly from the PayPal Wallet.

The cost of creating a Wise personal account is $0, but business owners will be charged a one-time fee of $31. For PayPal, there is no fee to create an account, but transaction fees may apply for certain services.

Yes, TransferWise, now known as Wise, is frequently the most cost-effective option for international transaction and currency conversion due to their low and transparent fees and competitive exchange rates.

No, PayPal does not permit direct transfers to your friend’s regional bank account. They will need to withdraw funds from their PayPal account to their linked bank. You may want to try Wise for direct transfers to a local bank account instead.

Conclusion

I’m confident that you’ll now have the assurance to transfer money from PayPal to Wise without a second thought.

For your first transfer, start with a small amount. Once it’s successful, any concerns will vanish. THINK wisely and proceed with your PayPal to the Wise transaction!

P.S. Share your experience in the comment section!

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Author
Allen Morning
I'm Allen Morning, with a background spanning over 15 years in international finance and education from Harvard and Stanford. I founded Currenciap with a vision to demystify and streamline global financial transactions. My journey in finance has fueled my commitment to creating a platform that is both user-friendly and efficient, making international finance accessible to everyone. You can find more about me here.

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