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Detailed Comparison

PayPal vs Wise

A comprehensive comparison to help you decide if Wise is the right EU alternative to PayPal for your needs.

US-based (CLOUD Act applies)
PayPal logo

PayPal

🇺🇸PayPal Holdings Inc.

PayPal is a digital payment platform that allows users to send and receive money online securely. It supports transactions in multiple currencies, enabling users to pay for goods and services, transfer funds to friends or family, and manage their financial accounts. Users can link their bank accounts or credit cards for easy access.

freemium
EU-based (GDPR Protected)
Wise logo

Wise

🌍Wise PLC

Wise by Wise PLC is an online money transfer service that allows users to send and receive money internationally at low fees. It uses real exchange rates to provide transparent pricing and enables users to hold multiple currencies in their accounts. Ideal for individuals and businesses looking to manage cross-border transactions efficiently.

freemium

Our Verdict

Why choose Wise

  • +Wise offers low transfer fees, averaging 0.5% to 1% per transaction.
  • +Real exchange rate used by Wise, unlike PayPal's markup on rates.
  • +Multi-currency account allows holding 50+ currencies in one place.
  • +Wise debit card supports spending in multiple currencies without fees.

Things to consider

  • -Migrating accounts and funds may require time and effort.
  • -PayPal's buyer protection is not available with Wise transfers.
  • -Learning curve for users unfamiliar with Wise's interface.

Privacy Winner: Wise

Your data stays in the EU and is protected under GDPR, free from US CLOUD Act access.

Feature Comparison

Switching from
PayPal logo

PayPal

🇺🇸

PayPal Holdings Inc.

VS
Switching to
Wise logo

Wise

🌍

Wise PLC

US Data Storage

Data subject to US CLOUD Act and may be accessed by US authorities

EU Data Protection

Data protected under GDPR with EU-only data residency

Certifications & Compliance

No certifications listed

GDPR Compliant
EU-Based

Reasons to Switch

  • Wise offers low transfer fees, averaging 0.5% to 1% per transaction.
  • Real exchange rate used by Wise, unlike PayPal's markup on rates.
  • Multi-currency account allows holding 50+ currencies in one place.
  • Wise debit card supports spending in multiple currencies without fees.

Things to Consider

  • !Migrating accounts and funds may require time and effort.
  • !PayPal's buyer protection is not available with Wise transfers.
  • !Learning curve for users unfamiliar with Wise's interface.
Migration difficulty:
Medium

Frequently Asked Questions

Is Wise a good replacement for PayPal?

Yes, Wise is a GDPR-compliant European alternative to PayPal. It offers similar functionality while ensuring your data stays within EU jurisdiction and is protected under strict European privacy laws.

Is Wise GDPR compliant?

Yes, Wise is a European company that fully complies with GDPR regulations. Your data is stored in EU data centers and is not subject to US surveillance laws like the CLOUD Act.

How much does Wise cost?

Wise offers freemium pricing. Visit their website for current pricing details and to compare plans based on your specific needs.

Where is my data stored with Wise?

Wise stores data in EU data centers, ensuring compliance with European data protection regulations and keeping your information within EU jurisdiction.

Ready to make the switch to Wise?

Take control of your data privacy by switching to an EU-based alternative.