UK Fintech TransferWise Offers Business Account that’s Reportedly 19x Cheaper than PayPal

UK Fintech and stealth bank TransferWise provides an eBay PayPal fee calculator in the US. People who sell via eBay and then accept payments through PayPal will be impacted by the extra PayPal and eBay fees. That’s because the extra charges can take a significant amount of the money that sellers make, TransferWise explains.

PayPal eBay fees can vary for domestic and international sales, and depend on the type of account sellers have (private or merchant). TransferWise claims you can get a business account that’s as much as “19x cheaper than PayPal.”

The TransferWise team notes:

“It’s not only PayPal merchant fees you need to know about. If your Paypal balance is in a different currency than your own, you’ll pay an extra fee as part of the exchange rate used to convert your money. That can mean you end up with far less than you expect from your eBay sales.”

The Fintech firm claims it can help users avoid paying extra eBay currency fees by withdrawing their balance to TransferWise’s multi-currency account. Customers can begin accepting payments at no extra cost, when they use their local bank details for USD, EUR, GBP, AUD, NZD, and Polish zloty. Then customers may switch to the currency they need using “the mid-market exchange rate.”

The Fintech company claims that with their services, “there’s no markup and no hidden fee – just a low, transparent charge per transaction.” (Note: for more details about this, check here.)

Nick Catino, head of policy and campaigns (Americas) at TransferWise, revealed in June 2020 how consumers are losing billions of dollars in hidden remittance payments costs.

In July 2020, TransferWise raised $319 million at a $5 billion valuation as growth continues to accelerate for the profitable Fintech firm.

As reported in August 2020, TransferWise has introduced API powered cross-border banking solutions in Asian markets. Also in August, TransferWise teamed up with accounting firm FreeAgent to offer better services to SMBs.

The Fintech company has also reportedly helped Alternative Airlines save £75,000+ on business transactions. TransferWise recently expanded its global partnership with Mastercard and introduced GBP and EUR direct debits.

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