Technology Blog


Stripe vs Wise (Which Is Right for You)

Stripe and TransferWise (now known as just ‘Wise’) are some of the most top-notch payment processors in the world. 

To make payments and transactions easier, individuals and businesses are fast adopting these services, with each platform offering a unique solution.

Today, we’ll find out how these two tools work, which key features they have, and how they can help you grow your business or make payments and online transactions.

Stripe vs Wise Compared:

Now, to the juicy details. How do these two services measure up against each other?

Transaction Charges

Wise isn’t exactly a payment processor. You’re better off thinking of it as a wallet that allows you to hold your money in up to 50 different currencies and send them across the world whenever you want. For this reason, some of their services are free.

Let’s look at Wise freebie services:

  • Zero costs opening an account
  • Zero monthly charges
  • Except for large Euro and Australian dollar balances, all currency balances are free to hold
  • Free bank details for over 30 different countries
  • No spending charges if you have money in your chosen currency.
  • 2 free ATM withdrawals of up to $100 per month

That’s about it for Wise. Any other form of transaction will attract a cost. Here’s a quick breakdown of that:

  • Albeit low, currency conversions attract a fee depending on the mid-market exchange rate. One is a fixed fee of $4.77 while the other is variable starting at 0.43%
  • Sending money to your bank attracts a similar fee as currency conversion
  • You’ll pay $9 for your Wise debit/credit card and $5 for a replacement
  • Setting up a business account also draws a small setup fee and incurs exchange rate fees where necessary
  • 2% on ATM withdrawals over $100 per month and $1.50 from your third withdrawal onward
  • $7.50 for USD wire transfers
  • An annual fee of 0.40% on all Euro balances exceeding 

Stripe isn’t that different from Wise, although it gives you more personal and business functionality overall. Their services also draw charges and fees. Here are some of them

  • A 2.9% + $0.30 fee for every successful card charge. You’ll pay an extra 1% for international cards and 1% more for currency conversion.
  • A 1% + $0.30 charge for international payments and an extra 1% for currency conversion
  • A 0.8% charge, capped at $5, for every successful bank transfer
  • A 0.5% billing charge, a 0.4% invoicing charge
  • 2.7% + $0.05 per successful in-person card


Stripe and Wise provide different solutions for individuals and businesses. For this reason, their fee structures differ completely, and it can be quite difficult to compare. 

However, we can compare currency conversion and money transfer rates. It’s much cheaper to convert currency and transfer money via Wise, and therefore it carries the day.

Besides that, it comes with some attractive freebies, especially if you’re a global nomad.

Want to learn more about Stripe? Check out this Stripe vs Wave comparison for more details.

If you are into crypto, check Stripe Vs Ripple.


Stripe has 14 global offices and licenses businesses from 46 different countries. Also, it supports payments in over 135 currencies. At the time of this writing, it remains unavailable in Africa, parts of South America, Asia, Russia and China 

Wise, on the other hand, supports about 61 countries with different services available to support customer countries and destination countries. 

You can send payments from only 23 countries, which include European SEPA countries. You can send money in over 60 currencies. 

Your borderless Account and debit cards are available in Europe, Singapore, Japan, Australia, New Zealand and the US (except Hawaii and Nevada).


It’s a no-brainer. Wise is more available across the world compared to Stripe. Wise’s coverage exceeds that of Stripe by about 15 countries, although it covers fewer currencies. You are more likely to open a Wise account than you are a Stripe account for this reason.

Read Stripe Vs Ramp.

Processing Time 

Wise users may have to wait for a maximum of 2 working days to receive wire transfers to their accounts. Your money may arrive sooner if the recipient bank processes your transaction faster.

ACH payments take between 1-3 working days before hitting your account. For money sourced from outside the US, it’ll take 4-5 working days to receive it in your Wise balance.

However, it may take longer because of time differences and many intermediary banks. 

These periods differ little with those of Stripe.

Your Stripe transaction may take up to 2 working days to hit your account. Also, Stripe holds first-time customers for anywhere between 7 to 14 days for risk management.

Depending on the country, this period may be longer.


Here, we have a tie. There isn’t much difference in processing time between both service providers. However, first-time Stripe users are at the slight disadvantage of having to wait for their first transactions to complete.

Business Benefits

People who use Stripe for businesses enjoy more benefits that come with the service. These benefits ease your payments and accounting processes. Here they are:

  • Billing solutions
  • Integration with online platforms such as Shopify, Slack, Amazon and WooCommerce
  • Automated Payouts
  • Accept payments for many providers
  • Create and accept virtual and physical cards.

While Wise isn’t as well equipped at payment processing as Stripe, it still has its benefits exclusive to its customers. Here they are:

  • Multiple user account access
  • Batch payments
  • Optimize business debit card
  • Supports Xero and QuickBooks integration


Tie. Both Stripe and Wise provide different business solutions to its users. Stripe allows both online and offline payments for businesses, which makes it remarkable compared to Wise.

On the other hand, you can use a Wise debit card for both online and offline payments, which is just as remarkable.

Also read Stripe Vs PayPal.

How Quickly Does Stripes Pay?

Stripe payouts take up to two working days to reach your account. You can also expedite your payments using Stripe’s Instant Payout service. You can send fast payments from eligible debit cards and you’ll access your funds within minutes.

The Instant Payout service comes with a 1% fee of the total payout. You can access this service from the United States, United Kingdom, and Singapore only.

To use this payout mode: 

  • Log into your Stripe Dashboard
  • First, go to the Balance option then Payouts
  • Select Payout funds instantly.
  • Enter the amount and choose the debit card you’d like to transfer your funds to.

(If the Card isn’t eligible, link it to your account then enter your Visa or MasterCard debit cards details.)

  • Click the Payout button. Within 30 minutes, funds will reflect in your chosen bank account.

Does Stripe Work With Wise?

Yes, it does.

When you use them concurrently, you create transactional efficiency. Stripe is a robust online payment processor, while Wise eliminates your need for a bank account.

You can use Wise as a virtual bank account to process multiple currencies at once.

Read Stripe Vs. Wix Payments.

Why Use Wise With Stripe?

If you’re unable (or unwilling) to link your bank account to your Stripe account, you can connect it to Wise instead. Wise allows you to create virtual bank accounts capable of receiving funds from other sources, including banks and Stripe.

Wise gives you a US bank account with a routing number for wire transfers. If you prefer to transact in GBP, you’ll get a UK bank account number and a sort code.

For Euros, Wise gives you details of a European bank account and an IBAN number. 

These details are what you’ll use to connect your Stripe account to your Wise account.

How to Use Wise With Stripe

You can connect your Wise account to Stripe and begin making financial transactions. However, only a handful of currency wallets in Wise can manage this. They house 

  • EUR
  • GBP
  • USD 
  • AUD
  • NZD
  • SGD
  • RON
  • PLN
  • CAD.

Here’s how to link your Wise account to Stripe.

  • Log into your Stripe Dashboard
  • Open “Settings” in the left-hand menu
  • Click “Bank accounts and Scheduling”
  • Click on the “Add your bank account details button”
  • Enter your account details from Wise

Final Thoughts

For the first time in a while, we’ve found two payment services that can easily complement each other even as they compete with each other. Unlike other services before, Wise and Stripe strike a unique balance, with one processing payments and the other acting as a bank.

You can connect your Wise account to your Stripe account and conduct business with ease. You can also use them separately if you wish. 

Stripe is a hard service to beat in terms of dynamic features, so if you’re looking for a payment processor, your decision is rather easy. If you’re looking for a borderless account, Stripe may work, but not with the efficiency of Wise.

How about using them both instead?