PayPal, say the word anywhere and a handful of people know about it, use it or have heard about it. TransferWise, on the other hand, is not as popular as PayPal. Having been around for 20 years, PayPal has the popularity advantage against TransferWise which has been in operation for about 8 years. However, the rise of TransferWise users might be the thing to turn the tables around. TransferWise was a word I only heard recently about two months ago but I have come to know it, use it and enjoy it. Registering was free, quick, easy and I was done in 5 minutes. After uploading my personal identification documents, verification of said documents took an hour as opposed to the 2-3 day wait indicated on their website. I started using PayPal about two years ago and my main purpose for opening an account was to be able to receive payments from around the world. As a freelancer, I came to find that most websites I worked for or those that I planned to be a part of had PayPal as their sole payment method or one of their options. I prefer it because of these 3 reasons.
1. Withdrawing Cash.
Easy receipt of payment from clients throughout the world is a property both TransferWise and PayPal possess but in withdrawal comes my preference. What’s good in having the money you can’t access as quickly as possible? With PayPal, I am able to access my payment in my currency within two hours of payment. This is because it has been connected with MPESA, a money transfer platform operational in my country Kenya by use of a mobile handset. This feature is not available in TransferWise which puts it at an unfair advantage with PayPal for me.
2. Debit Card or Credit Card.
PayPal requires an applicant to connect their account with a credit or debit card. This makes it easier for your funds to be transferred directly to or from your bank account. Unfortunately, the TransferWise debit card offered is not operational in my country.
3. Resolution center.
There’s bound to be a number of issues when transferring or receiving currency from overseas. Therefore, a platform that works in such a field needs to be prepared adequately to work through and help its customers resolve said issues. Both TransferWise and PayPal have a help and support center. I recently had a problem using PayPal that involved failure to receive converted currency in my account and I contacted them using their resolution center. I loved how quickly my issue was resolved and I was able to receive my money in under 48 hours. Additionally they have a community of users whose input may have a hand in helping you solve your issue which is a feature that is not present in TransferWise. I have my reasons for preferring PayPal but I do use TransferWise occasionally. TransferWise has lower fees than PayPal and offers a wide range of currency to receive and send funds in. This is one of the advantages it has over PayPal and comes in handy many times. Nevertheless, PayPal works for me and will be my home for the foreseeable future.