As a freelancer or digital nomad, managing international payments efficiently is crucial. One of the biggest challenges many freelancers face is withdrawing money from PayPal with minimal fees. Wise (formerly TransferWise) has become a popular alternative for transferring funds internationally due to its low fees and fair exchange rates. But can you transfer money from PayPal to Wise? And what types of accounts does Wise offer? Let’s explore.
Why Use Wise for Receiving Payments?
Wise is one of the most trusted financial services for international transfers. It provides multi-currency accounts, allowing users to hold, send, and receive money in multiple currencies at real exchange rates. Here’s why freelancers prefer Wise:
- Low Fees – Wise charges significantly lower fees compared to traditional banks and PayPal.
- Real Exchange Rates – Unlike PayPal, which adds a markup to exchange rates, Wise offers mid-market rates with transparency.
- Multi-Currency Account – Hold over 40 currencies and switch between them easily.
- International Bank Details – Wise provides local bank details for multiple countries, making it easier to get paid globally.
- Faster Transfers – Money moves quicker compared to conventional bank transfers.
- Exclusive Offer – Sign up through our link and get zero fees on a transfer up to £500, plus earn rewards when you refer friends!
Wise Account Types for Freelancers
Wise provides different account types catering to freelancers, businesses, and personal users:
1. Wise Personal Account
This is best for freelancers who work as individuals. It allows you to:
- Receive payments from international clients in multiple currencies.
- Get local bank details in USD, EUR, GBP, AUD, CAD, and more.
- Convert money at real exchange rates.
- Withdraw directly to a linked bank account.
2. Wise Business Account
Ideal for freelancers with a registered business or agencies handling multiple clients. It offers:
- Additional business-friendly tools, such as batch payments.
- Integrations with invoicing software like QuickBooks.
- The ability to pay team members or subcontractors globally at lower costs.
- A Wise debit card for business expenses.
Can You Withdraw from PayPal to Wise?
Yes, you can withdraw from PayPal to Wise by using the USD bank account provided by Wise. Here are the methods freelancers use:
Method 1: Use a PayPal-Linked Bank with Wise
- Get a USD bank account from Wise (via the Multi-Currency Account feature).
- Link this USD account to PayPal as a withdrawal option.
- Transfer money from PayPal to your Wise account.
🔹 Pros: Faster and reduces conversion fees.
🔹 Cons: Not all countries can link Wise bank details directly to PayPal.
Method 2: Use the Wise Visa Debit Card
Wise offers a Visa debit card that allows users to access their Wise balance anywhere Visa is accepted. You can:
- Withdraw funds from PayPal to your linked bank account.
- Transfer the money to Wise.
- Use the Wise debit card for payments or ATM withdrawals without needing further transfers.
🔹 Pros: Convenient for spending directly from Wise.
🔹 Cons: Not a direct PayPal to Wise transfer, but a workaround for accessing funds.
Alternative Ways to Receive Payments into Wise
Freelancers using Upwork or Fiverr can withdraw funds directly to their Wise account by adding Wise’s USD bank details as their withdrawal method. This method does not involve PayPal but is a useful alternative for freelancers looking to get paid internationally.
Comparing PayPal and Wise for Freelancers
| Feature | PayPal | Wise |
|---|---|---|
| Exchange Rate | Marked-up rates | Mid-market rates |
| Fees | High transaction fees | Transparent, low fees |
| Multi-Currency Support | Limited | Over 40 currencies |
| Transfer Speed | Can take days | Often instant or within hours |
| Direct Bank Account Integration | Limited | Supports local bank details |
Final Thoughts: Should You Move to Wise?
If you are a freelancer receiving international payments, Wise offers a cost-effective and flexible way to manage your funds. While PayPal does not allow direct withdrawals to Wise, you can still move money efficiently by using local bank transfers or a linked USD account. The key advantage of Wise is its lower fees and fair exchange rates, making it an excellent choice for global freelancers.
💡 Pro Tip: If your country allows it, try linking your Wise local account to PayPal to reduce extra fees when transferring funds.
🌍 Ready to Make the Switch?
Sign up for a Wise account today and enjoy hassle-free international payments! 🚀 Plus, when you sign up through our link, you’ll get zero fees on a transfer up to £500!
