How to send money from PayPal to Wise: A Full Guide 2024

Claire Millard
Ileana Ionescu
Last updated
28 August 2023

If you’ve got a foreign currency balance in your PayPal account you’re probably wondering how to get your money deposited into your regular bank account for spending.

While PayPal offers convenient, fast payment services, the charges involved when converting between currencies can be on the high side. That’s where a currency specialist like Wise might be able to help, providing lower overall costs and a better exchange rate, whether you’re withdrawing a foreign currency, or looking to send your GBP PayPal balance to someone overseas. This guide covers how.

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Can I send money from PayPal to Wise?

Yes. You can transfer money from PayPal to Wise, but there are a couple of steps to the process. Once you’ve sent money from PayPal to Wise once, it’s pretty simple to do next time - and you could find you save money if you need to convert currencies or send your balance overseas, too.

To send money from PayPal to Wise you’ll need to open a Wise account to get bank account details in a selection of currencies, which can then be linked to a PayPal account and used to withdraw money. Getting a Wise account is pretty easy to do - all you need is a phone. More on that later.

Sending money from Paypal to Wise can save you money

Let’s say you’ve been sent a payment to your PayPal account by a friend in the US. It lands in your PayPal account safely - but how do you get your hands on the money to spend here in the UK?

You might think that switching the payment from USD to GBP in your PayPal account would be the obvious option, so you can then withdraw your money to your local bank account here. However, because PayPal charges a relatively high fee for currency conversion, this can mean you lose out.

Keep more of your money for yourself - and cut out high currency conversion fees - by sending your money to a Wise multi-currency account instead. You can open a Wise account online or in the Wise app, to hold 50+ currencies, and get local bank account details for 10 currencies. Use your GBP or USD account details to withdraw from PayPal, and whenever you need to switch to a different currency you’ll get the mid-market exchange rate with lower overall costs compared to both your normal bank or PayPal.

Hold your balance in your Wise account, spend or withdraw using your linked Wise debit card, and send payments to 80+ countries direct from your account. There’s no minimum balance and no monthly fees - just easy, cheap currency conversion and international payments.

Learn more on how you can save money with Wise
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How to send money from PayPal to Wise

Let’s take a look at how you can send money from PayPal to Wise. It’s worth noting that from the UK you’ll only be able to withdraw funds from PayPal to a bank account in GBP or USD - but Wise accounts offer local bank details for both the UK and the US, making this a neat solution whichever currency you prefer.

Moving your money from PayPal to Wise requires a couple of steps, which can be easily completed online or on your phone:

  • Open a free Wise multi-currency account

  • Link your Wise account to PayPal using your local account details

  • Withdraw funds from PayPal to your Wise account

    Here’s all you need to do to get set up:

PayPal Steps 

To withdraw funds from PayPal you’ll need to first link your Wise account to PayPal using your local Wise USD or GBP bank details. If you don’t have a Wise account yet you can easily open one online and for free - more on that a little later.

To link your Wise account to PayPal online just log into PayPal and head to Wallet. Here you can tap either Link a bank account or Link a US bank account, depending on what you’d prefer. In the PayPal app you’ll need to find the wallet icon, then tap the + symbol near Banks and cards. Just follow the onscreen instructions to enter your account details and get started.

Step 2: Verify your Wise account with PayPal

PayPal requires customers to confirm their bank account before they’re able to use it. This keeps you and your money safe, and prevents fraud or illegal account use. If you’ve added your Wise account in the PayPal app you’ll be able to confirm your account by logging into online banking. Online you’ll be able to do this, too, or you can follow a manual process instead.

For manual verification you’ll be sent a 1 penny transfer from PayPal, which will show a 4 digit code next to the transfer, on your online banking service. Once you have the deposit, head back to your PayPal account and enter the 4 digit code to confirm your account.

Step 3: Log into PayPal and view your Wallet

Once your account is confirmed, you’re ready to withdraw your funds from PayPal to Wise. Log into PayPal and head to the Wallet section. Depending on how your account is set up you might have the option to withdraw to a bank account - which takes a few working days to arrive - or opt for an instant withdrawal to a card.

Step 4: Click Transfer, then withdraw to your linked bank account

Once you’re in your PayPal account just select Transfer funds, then Transfer, and follow the onscreen prompts to confirm. You’ll just need to select your Wise account as the linked account you’re withdrawing to, and confirm the amount you want to send to Wise.

Step 5: Review and confirm your withdrawal

Check everything over, tap to confirm, and you’re done.


Withdrawing money from PayPal to Wise might require a couple of steps the first time, but once you’re all set up with your Wise account linked to PayPal it’ll just take a couple of taps to get your money. By using Wise to transfer out USD - or to get hold of your GBP balance ready to convert into a different currency later - you’ll save significantly on the costs of currency conversion, too. More on that later.

Withdraw money from PayPal to Wise

Get started on Wise

If you don’t have a Wise account yet you’ll be able to open one quickly and conveniently, online or in the Wise app. Here’s what you need to do:

  • Register with Wise online or in the app with an email address, Google, Facebook or Apple account

  • Verify your identity - more on that below

  • Enable the currencies you need within your Wise multi-currency account

  • Use your Wise account details to get paid by others and make PayPal withdrawals

Wise is a financial technology company, authorised by the FCA in the UK. To comply with legislation, and keep your money safe, Wise requires customers to complete a verification process when opening an account. You’ll be guided through this stage when you create your account, and can get everything done online or in the app easily. Usually you’ll need to upload an image of your proof of ID and proof of address - and you might also be asked to take a selfie with your documents for checking.

Get started on Wise

Why to send money from PayPal to Wise

PayPal is a great way to shop online in pounds, or to send payments to other PayPal account holders in the UK. However, whenever you transact in foreign currencies it’s worth knowing that a few extra PayPal fees may apply. Exactly what you pay depends on the type of transaction - but there are fees of 5% to send money overseas, and if you need currency conversion to send or spend, the chances are that there’s also a fee added to the rate used - called a markup.

Sending your PayPal balance to Wise can help you avoid these fees if you need to buy something from abroad, or send money to someone in a foreign currency. Wise has multi-currency accounts you can use to hold and exchange 40+ currencies, and you get the mid-market exchange rate with no markup every time you need to convert from one to another. The fee you pay when you send an overseas payment or convert currency in your account is clearly set out, and can be as low as 0.43%.

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Read more:

How much does it cost to transfer money from PayPal to Wise?

PayPal fees to withdraw funds depend on the currency you’re taking from your account:

  • Withdraw GBP funds to your GBP linked bank account or card - no fees

  • Withdraw USD funds to a USD linked bank account or card: 3% fee

  • If currency conversion is required before you make a withdrawal from PayPal there’s an extra fee of 3%

You won’t pay any Wise fee when you receive payments using the local bank details that come with your account.

Is there a transfer limit?

There’s no fixed transfer limit stated in the PayPal terms and conditions - limits typically depend on your account type and transaction history. If you hit a limit when arranging your PayPal to Wise withdrawal, you’ll be notified by PayPal.

PayPal vs Wise: Costs to transfer money abroad

If you need to send a payment internationally you’ll be able to do so from your PayPal account - but you’ll often find you get an inflated exchange rate and pay a high fee. Using a specialist online provider can save money - and your payment will be deposited into your recipient’s bank account directly for speed and convenience, too.

Let’s look at how PayPal and Wise international transfers compare.

International transfers5% of the transfer amount, minimum 0.99 GBP, maximum 2.99 GBP + currency conversion fee as requiredCost depends on send amount and currency: From 0.35% + low, fixed fee
Domestic transfersNo fee Low, fixed fee
Exchange rateCurrency conversion fee of 3%Mid-market exchange rate with no markup

Can I do a PayPal transfer to someone else on TransferWise?

PayPal payments are sent from one PayPal account to another. That means that you’ll not usually be able to send a payment from your PayPal account to someone else's Wise account. Instead, try withdrawing your PayPal funds to your own Wise account, and then make a fast, low cost transfer with Wise to get your money where it needs to be.

Learn more about Wise

Can I pay with PayPal on Wise?

You’ll be able to send money with Wise using:

  • Bank transfer

  • Debit or credit card

  • Your Wise account balance

Wise account holders in the EEA are able to pay for euro transfers with PayPal. However, at this point you can’t use a PayPal balance directly to fund a Wise payment, assuming your Wise account is registered in the UK. Wise is rolling out this option so it’s worth checking when it’s time to send your payment, to see if PayPal is an option for your region yet.

If you can’t use your PayPal balance directly to send money with Wise, simply follow the steps laid out above to withdraw your PayPal balance to Wise. You can then send a payment funded by your Wise balance, in the Wise app or on the desktop site.

Why does PayPal have a fee compared to Wise?

PayPal and Wise are both financial technology companies offering payment services - but how they work is quite different.

Wise was set up to make it cheaper, easier and faster to send money overseas. This includes a commitment to offering transparent pricing, with the costs of moving money set to come down over time. Wise is doing this by using new and innovative technologies and their own payment network to drive down the costs of international payments. The savings are then passed on to customers in the form of lower fees.

PayPal on the other hand was set up with a focus on ecommerce, offering secure and simple ways to shop online. PayPal’s model allows it to offer some free domestic transfers between user accounts, but when it comes to anything international, there are steep fees. International transfers just aren’t PayPal’s core business - and so you’ll pay a premium to use these services via your PayPal account.

Open a Wise account


PayPal is justifiably popular thanks to its account services and great solutions for online shopping. However, for any transaction which involves money moving across borders, it can be a pricey way to go.

If you hold a foreign currency balance in PayPal - or if you want to use your PayPal balance to send money overseas - you might find you can cut the costs by withdrawing PayPal funds to Wise first. Link your Wise account to PayPal, move your money to Wise, and then benefit from Wise’s low cost international payments and currency conversion which uses the real exchange rate with no hidden fees.

FAQ - How to send money from PayPal to Wise

How to get money out of PayPal?

To get money out of PayPal you’ll need to first link a bank account or eligible card. You can then arrange a withdrawal. There’s no fee to withdraw your money in GBP to a GBP account. If you’re making a withdrawal to send to someone overseas, or to spend in a foreign currency you may want to link PayPal to Wise to access the mid-market exchange rate and low conversion fees.

How much does it cost to make a PayPal-Wise transfer?

There’s no fee to make a withdrawal in pounds from PayPal to a GBP account. If you’re withdrawing to Wise using USD bank account details, PayPal will charge you 3%, plus any relevant conversion costs. There’s no fee to get paid to Wise in GBP, or in USD with an ACH transfer. If your USD are deposited to Wise by wire, there’s a small Wise charge.

How long does PayPal take to send money internationally?

PayPal international payments usually arrive instantly in the recipient’s PayPal account. However if the recipient wants to withdraw the money to their bank this may take a few days, depending on where in the world they are.

Is Wise really cheaper?

Wise has low, transparent fees for the services it provides. You’ll be able to see the costs of any Wise transaction easily before you confirm, so you can compare with other providers and check if it is the cheapest for your specific transaction.


How much does it cost to create a Wise account?

It’s free to create a Wise personal account. If you’re a business customer you may pay a one off Wise fee of 16 GBP to get full account features. There are no ongoing costs, minimum balances, or monthly fees.

How much does it cost to create a PayPal account?

It’s free to create a PayPal account.

How long do PayPal and Wise take to send money internationally?

PayPal payments are sent from one PayPal account to another, and can often arrive quickly. However, once your payment has arrived in your recipient’s PayPal account it may take a few days to withdraw the funds to their bank account for use. Wise transfers are often fast, too - 45% are instant, and all payments are deposited right into the recipient’s bank account for convenience.

Is TransferWise really cheaper?

TransferWise (Wise) is often one of the cheapest providers for international payments and currency conversion, thanks to their low, transparent fees and great exchange rate.