PayPal Kenya vs Wise

PayPal Kenya

Who it suits

• People already holding a PayPal balance who value speed over the sharpest exchange rate, since money arrives In just a few minutes.
• Anyone whose recipient can take payment into a bank account or a wallet, as bank and wallet sets out.
• Households sending money within Kenya, where the transfer fee is free on domestic transfers.

Who should look elsewhere

• PayPal Colombia, where the transfer fee from a balance or a linked bank account is a percentage, so the fixed $4.99 here is easier to budget.
• Skrill, whose bank transfers carry no transfer charge and whose card funding runs at a percentage, which suits card funded sends better.
• Paysera, where euro transfers to SEPA and Paysera users are free and other currency routes carry listed charges.

Wise

Who it suits

• Expatriates and travellers who hold money in more than one currency: the account is built for expats and travelers and covers 40 currencies.
• Anyone who wants a place to park cash without a recurring charge, since the monthly fee is £0.
• People who need money to arrive in local formats, since local account details are offered for iban, uk sort code and us ach.

Who should look elsewhere

• Plazo ES or AXI Card Tarjeta y Credito, whose headline rates of 24.19% and 21.59% are the ones to look at when the rate on the balance matters more than currency cover.
• PayPal Colombia, whose headline rate of 3.3% is close to 3.29%, so a saver gives up little on yield and gains nothing on the 40 currency range.