PayPal, Wise or Nomad: What is the best option for your trip to Orlando?

Planning a trip to Orlando requires attention to various details, and one of them is how you will manage your money abroad. Today, digital accounts have become a practical solution to avoid high rates of traditional banks and ensure more financial control. Among the main options are the PayPal, the Wise and Nomad.

In this post, we will detail how each of these options works, including how to open an account, the fees charged and which one may be the most advantageous for you.

PayPal: Practicality for Online Payments

PayPal is one of the world's best known platforms for digital payments. Created to facilitate online transactions, it is widely accepted on websites and services, including airline tickets, hotel reservations and tickets to Orlando parks.

However, it does not offer a credit or physical debit card. However, add your debit and credit cards to make your transactions.

How to open a PayPal account

1. Access the official PayPal website or download the application (HERE)
2. Click "Create Account".
3. Choose between personal or business account (for tourists, staff is enough).
4. Enter your personal data, such as email, number and bank information.
5. Confirm your email to activate the account.

PayPal fees

• Currency conversion: PayPal generally uses a higher exchange rate than the market, adding a margin that may vary between 4% to 6%.
• International transfer rate: If you transfer money to another offshore account, the fee is 5.4% + fixed rate (around R$ 1.20 per transaction).
• Use abroad: There are no additional fees for payments in stores or services that accept PayPal, but the applied exchange already includes the mentioned margin.

Advantages of PayPal

• Easy to use and widely accepted in online stores.
• It allows you to link Brazilian cards to international payments.

Disadvantages

• Unfavourable exchange rates.
• It's not ideal for cash withdrawals abroad.

Wise: Specialist in International Transfers

Wise, formerly known as TransferWise, is a platform focused on international transfers with very competitive rates. It is an excellent option for those who want to send money abroad or use it with a debit card.

How to open an account in Wise

1. Access the official website or download the Wise app (HERE)
2. Click "Create Account".
3. Fill out your email, number and other personal data.
4. Send a photo of your ID for verification.
5. After approval, you can already use the account for transfers.

OBS: Opening your Wise account by my link above, you can transfer up to R$ 3000.00 without transfer fees!

Wise Rates

• Currency conversion: Wise uses the trade exchange rate (the real market value), adding a small fixed rate (usually between 0.5% to 1%).
• Shipping fee: Depending on the country and the payment method, the rate may vary between R$ 5 and R$ 20 by transfer.
• Wise debit card: When requesting the card, there is a single emission cost of approximately R$ 40.

Advantages of Wise

• Fair and transparent exchange rates.
• Possibility to maintain balance in several currencies.
• Ideal for transferring large amounts or paying recurring expenses such as rent or abroad courses.

Disadvantages

• It is not yet widely accepted for face-to-face payments in some places.
• For cash withdrawals, fees may be charged after a free monthly limit.

Nomad: International Account for Brazilians

Nomad is an international account designed for Brazilians who wish to have a dollar account. It is ideal for those who want to save on fees and make payments directly in the USA, in addition to offering an international debit card.

How to open a Nomad account

1. Download the Nomad application (HERE).
2. Click on "Open Account".
3. Fill in the requested data (CPF, passport, e-mail, among others).
4. Send the documents for verification.
5. After approval, you will have access to your dollar account.

OBS: Use my guest code VSDALNEBY6 by opening your account and winning up to $20 cashback in the first conversion of reals to dollars for the app.

Nomad Fees

• Currency conversion: Trade exchange rate with an increase in 2% spread.
• Transfer rate: To transfer reals to the Nomad account, there is no fixed fee other than the conversion spread.
• Debit card: Free, with possibility of withdrawals from ATMs in the USA (subject to a small charge).

Advantages of Nomad

• It counts in dollar, with free international debit card.
• Competitive rates for transfers and conversions.
• Practicality for shopping in Orlando and other destinations in the USA.

Disadvantages

• Requires valid international passport or document to open the account.

The choice of the best option will depend on your goal. As you can see, for online payments and advance bookings, PayPal is more practical even though it has higher rates.

Now, if you want to make money transfers and have money savings, Wise is certainly more advantageous. And if you want a card for everyday use, making withdrawals and face-to-face shopping, Nomad can be ideal.

The combination of Wise (for transfers) and Nomad (for day to day) can be the best strategy to avoid scares with bank fees.