Wise vs. Paypal

[Elfaria]

I haven't been in the trading scene for a while since I've started studying, but the holidays are coming!

Anyway, I've seen a lot of people prefer Transferwise over Paypal.
Some people I had interest in buying from only allow Wise.

Question: How safe is it compared to Paypal when it comes to buyers and sellers and would you recommend it over Paypal?
I prefer ebanks like GCash, Seabank, etc that I can find here since there's much less fees to pay compared to using Paypal.

I'm on the fence on it but maybe someone could lead me over.
I've had 0 problems using paypal besides monstrous fees, but I'm not waiting for problems to happen either.

 

[Kai]

Hey @Elfaria,

It really depends what you are looking for as a seller. If you are dealing with larger transactions, using Wise or any Bank-to-Bank Transfer for that matter is a good choice, (as once the funds are in your bank there is zero chance the money can be recovered, unless legal action is taken of course). Keep in mind for transfers like this, often lots of personal information will be involved, so I wouldn't suggest doing this for every trade.

Wise is also easy to navigate and known, getting a buyer to use it is not a major stepping stone since everyone has a PayPal account. That said, the fees for Wise are on the higher side, but not terrible. The one thing I would say that works against bank transfers is the amount of time it takes to send and receive funds. It can be anywhere from a few days to a week or longer depending on the amount or where the money is being sent from.

So, I would say if you are planning on using it for smaller transactions, you’re probably better off sticking with PayPal, or outsourcing your services to anther known payment platform like Skrill if fees are an issue.

I cover a lot of PayPal safety topics you can read up here, if you're interested: https://www.epicnpc.com/threads/safe-trading-practices.1840043/

 

[Elfaria]

Spoiler

Hey @Elfaria,

It really depends what you are looking for as a seller. If you are dealing with larger transactions, using Wise or any Bank-to-Bank Transfer for that matter is a good choice, (as once the funds are in your bank there is zero chance the money can be recovered, unless legal action is taken of course). Keep in mind for transfers like this, often lots of personal information will be involved, so I wouldn't suggest doing this for every trade.

Wise is also easy to navigate and known, getting a buyer to use it is not a major stepping stone since everyone has a PayPal account. That said, the fees for Wise are on the higher side, but not terrible. The one thing I would say that works against bank transfers is the amount of time it takes to send and receive funds. It can be anywhere from a few days to a week or longer depending on the amount or where the money is being sent from.

So, I would say if you are planning on using it for smaller transactions, you’re probably better off sticking with PayPal, or outsourcing your services to anther known payment platform like Skrill if fees are an issue.

I cover a lot of PayPal safety topics you can read up here, if you're interested: https://www.epicnpc.com/threads/safe-trading-practices.1840043/

Thanks so much for your reply! You answered all my follow up questions in one go too.
I appreciate all your advice

 

[tigaboost]

Banned - https://www.epicnpc.com/threads/scammed-by-tigaboost.2406227/ & https://www.epicnpc.com/threads/scammed-by-tigaboost-create-another-account-for-scam.2406029/

I haven't been in the trading scene for a while since I've started studying, but the holidays are coming!

Anyway, I've seen a lot of people prefer Transferwise over Paypal.
Some people I had interest in buying from only allow Wise.

Question: How safe is it compared to Paypal when it comes to buyers and sellers and would you recommend it over Paypal?
I prefer ebanks like GCash, Seabank, etc that I can find here since there's much less fees to pay compared to using Paypal.

I'm on the fence on it but maybe someone could lead me over.
I've had 0 problems using paypal besides monstrous fees, but I'm not waiting for problems to happen either.

If you are as buyer and want to use wise, make sure you make payment to the seller bank account, not their wise account (e-mail)

since they need provide real name and actual bank account info to receive the payment, if seller scam you, you can report them to police

recently I prefer using remitly instead of wise, because they are doing promotion for new user, they give free fees for first time use, and 2$ per transaction after that, and they do faster verification than wise

 

[Elfaria]

If you are as buyer and want to use wise, make sure you make payment to the seller bank account, not their wise account (e-mail)

since they need provide real name and actual bank account info to receive the payment, if seller scam you, you can report them to police

recently I prefer using remitly instead of wise, because they are doing promotion for new user, they give free fees for first time use, and 2$ per transaction after that, and they do faster verification than wise

Sounds good too! I'll look into remitly now too
Thank you for your tips and new suggestion to also look at! $2 isn't bad at all compared to PayPal fees

 

[tigaboost]

Banned - https://www.epicnpc.com/threads/scammed-by-tigaboost.2406227/ & https://www.epicnpc.com/threads/scammed-by-tigaboost-create-another-account-for-scam.2406029/

Sounds good too! I'll look into remitly now too
Thank you for your tips and new suggestion to also look at! $2 isn't bad at all compared to PayPal fees

in my opinion, the worst on paypal was conversion rate when withdraw, they are really predator and scummy

 

[Angel]

Paypal is good for smaller transactions but if you use it often with friends and family transactions, eventually will be blocked.

Everything is on side of Wise, simple, and safe to use, in most cases transactions are instant, so if you are a seller, it will be the best solution for you. Plus in most countries, you have the option to order a Wise credit or digital card which makes it easier to spend money directly from your account without the need to send it to your bank.

 

[tigaboost]

Banned - https://www.epicnpc.com/threads/scammed-by-tigaboost.2406227/ & https://www.epicnpc.com/threads/scammed-by-tigaboost-create-another-account-for-scam.2406029/

Paypal is good for smaller transactions but if you use it often with friends and family transactions, eventually will be blocked.

Everything is on side of Wise, simple, and safe to use, in most cases transactions are instant, so if you are a seller, it will be the best solution for you. Plus in most countries, you have the option to order a Wise credit or digital card which makes it easier to spend money directly from your account without the need to send it to your bank.

it's my first time hear wise credit or digital card, do you know where I can find or purchase this?

 

[Angel]

 

[tigaboost]

Banned - https://www.epicnpc.com/threads/scammed-by-tigaboost.2406227/ & https://www.epicnpc.com/threads/scammed-by-tigaboost-create-another-account-for-scam.2406029/

oh so it's from the wise directly

I thought it was like steam gift card where we can top up balance using code and use it to send payment

 

[Angel]

oh so it's from the wise directly

I thought it was like steam gift card where we can top up balance using code and use it to send payment

No, it's a credit card linked directly with Wise account.