PayPal Price Comparison Disclaimer: GBP to EUR

TransferWise
02.12.18
2 minute read

Are you using PayPal in your business to pay or get paid internationally for goods and services? If so, you could save a bundle by opening a business account with TransferWise. That’s according to independent research agency Consumer Intelligence. The details of the research, including the raw transfer data, is available below.

Research Methodology

The research was carried out on the 16th January by market research agency, Consumer Intelligence, in conjunction with TransferWise. The data was ascertained via a series of transfers carried out by Consumer Intelligence and partners in various geographies.

There are three types of fees recorded for this price comparison:

  • Fee 1: an upfront international money transfer fee
  • Fee 2: the markup PayPal added to their exchange rate
  • Fee 3: the recipient fee PayPal charged when business receive international payments

Research took place on 5 routes within the same day. Date and timestamps are provided.

The Research

Route 5: Sending 2000 GBP to EUR

As part of the research, Consumer Intelligence made a GBP 2,000 payment from a UK PayPal business account to a French PayPal business account.

This business payment incurred sending fees of GBP 82.49 with PayPal, and only GBP 7.77 with TransferWise.

TransferWise saved the sender GBP 74.72.

PayPal charged the Australian business who received this payment a recipient fee of EUR 73.38. Transferwise charged no recipient fee.

TransferWise saved the recipient EUR 73.38

The total amount that arrived at the French business via PayPal was EUR 2088.85 . Via TransferWise the amount was EUR 2243.05.

Using TransferWise meant the French business got an extra EUR 154.20

Here’s the raw data:

Sending GBP 2000 to EUR: TransferWise vs PayPal Business

Fees/costTransferWisePayPal Business
Amount sending (in GBP)£2000£2000
Rate quoted by provider (Reuters’ exchange rate = 1.1259)£1 = €1.1259£1 = €1.0813
Provider exchange rate markup (in %)0%3.96%
Provider exchange rate markup (in GBP)£0.00£82.49
Upfront transfer fee (in GBP)£7.77£0
Total sender fees (in GBP)£7.77£82.49
Amount sent to recipient (in EUR)€2,243.05€2,162.63
Recipient fees applied (in EUR)€0€73.38
Recipient fees applied (in %)0%3.39%
Total recipient fees (in EUR)** €0**€73.38
Final recipient amount (in EUR)€2,243.05€2,088.85
Total cost of transfer (in GBP + EUR)£7.77 + €0£82.49 + €73.38

All data was obtained independently by market research company Consumer Intelligence Ltd on January 16 2018, 11:19 UTC.

TransferWise is the smart, new way to send money abroad.

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