PayPal is one of the most used online payment processors, especially global ones. I’m pretty sure there are other platforms, including well-known ones in other countries, yet PayPal is well-recognized but also greedy with its absurd fees. So this month I took the risk and made a switch.
During my first official role as a freelance concept artist for a video game studio in the UK (working remotely), I was briefly introduced to Wise. However, since I already signed the contract and deadlines were set, I had no time to investigate deeply about this platform and its terms, fees, and policies.
It was previously named WiseTransfer, which is a financial technology company focused on global money transfers. It offers three main products: Wise Account, Wise Business, and Wise Platform. Wise is much more transparent with the procedures, has no conversion fee, and lower charge for each transaction, especially international ones, compared to PayPal (although PP offers more flexibility in payments and locations).
My first payment was huge, and so were PayPal’s fees, taking a huge chunk that could’ve been used for my phone bill. And because it was an international payment, it did leave a huge gap in the transaction. I was not willing to lose $120 in total for the PayPal charges, so I decided to investigate Wise and risk creating an account.
It took me a while to complete everything, like 2 days in total between setting up the correct account, providing official documentation, ID verification, contacting customer service for clarification, bank credentials, etc. Honestly, this procedure was longer and tedious than PayPal itself. Also, it is a bit confusing to navigate the new platform and request payments. Here are a few interesting details:
For the record, I’m just a beginner. Please research to decide if Wise is beneficial for you before creating an account with the link below. I was growing frustrated with how simple and clean the platform is due to having fewer protocols, tabs, or buttons compared to PayPal.
For now, I’m going to keep experimenting with Wise and decide the best scenarios to switch between each platform when it comes to gigs. International projects will be managed by Wise while local ones will be with PayPal.
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