- Transfer money to over 90 countries
- Fixed fee
- Paysend link
- Instant processing
- Paysend Global account
- Paysend Smartcard
- Business accounts
First established in 2017, Paysend has quickly made a name for itself as one of the latest generations of modern money transfer services on the market. By offering a card payment service to other cards and bank accounts, the company has only grown in strength and users thanks to their innovative approach to transferring money. Want to know more about if Paysend is the service for you? Or maybe you’d like to know the details of how this particular transfer option works? We’ve got all the details, so read on now to discover all you need to know about this modern finance company.
What is Paysend?
Paysend is a platform that offers a highly specific service to its many customers. Namely online money transfer services. This streamlined approach allows users to quickly and practically transfer money to other people without confusing choices or complicated processes with different transfer methods. Lower fixed fees, immediate processing, and full regulation under the FCA are just some of the reasons why Paysend is considered a solid choice for much of their customer base. While the platform offers limited bank account transfers in specific EU countries and some of Asia as of 2019, their card transfer services are much wider-reaching and accessible.
The company currently operates globally and has offices in Russia, CIS, and the UK, as well as many partnerships with leading card payment and financial services across the world. By focusing on ‘next generation’ money transfer services, Paysend has been able to offer their customers an experience that can’t be achieved at a traditional bank or online payment service, allowing for quick transfers and requests with minimal effort. The service is available on both desktops and as a mobile app for the ideal convenience level.
Where can you use Paysend
Paysend allows individuals to send money to more than 80 countries worldwide, with over 50 currencies supported, which isn’t an exhaustive list by any means – but is certainly a great start for such a specific service. In terms of the locations that can send cash using Paysend, the list is also relatively long, though notably, the USA and Canada aren’t supported. However, if you’re based in Europe or Asia, there’s a high chance that your country will be on the list when it comes to accessing all the great features on offer from this money transfer service. In terms of bank transfers, the list continues to grow but isn’t quite to the level of card-to-card services as of yet.
How does it work
A card-to-card transfer may be a great buzzword for Paysend, but how does that actually work? It’s simpler than you might think. Through partnerships with the world’s leading card brands, such as MasterCard, Visa, Verve, Troy, HUMO, and more, Paysend can offer transfers directly from one card to another. No need for withdrawing cash, using long-winded payment methods of adding extra steps to the process. To use this service, Paysend offers fixed starting at just £1 / $2 / €1.5, depending on your location. Bank transfers follow the same process and are the same fixed cost as well.
The clever part is how quick and streamlined the payment process is. Before you can send cash through the Paysend service, you’ll have to register an account, the process of which requires a form of photo ID for the appropriate security purposes. Once that’s all completed, you’ll be given a default transfer limit per-transfer. All you need to do with all the admin out of the way is plug in your debit or credit card details and then fill in the card or bank account details of the person you’re sending the cash to.
A simple security process follows, and then you’re done and dusted. If you’re one of the limited countries that allow transfer directly from your bank account, the process is the same – it’s only the details you provide that differ.
What benefits are there to choosing Paysend
Why might you want to choose Paysend in comparison to the other, less specific options on the market? One thing that’s clear from the offset is the fact that Paysend takes their security seriously. Registration codes and a full vetting process must set yourself up on the service, and each payment you make once you’re online will require this same security process to complete the transfer. While the platform does save your details, including any cards or accounts used for the transfer, the company’s PCI DSS certification and FCA regulation can put your mind at rest that all that sensitive information is safe and sound.
The other big benefit we’ve noticed with Paysend is the great responsiveness for customer service. An online chat feature is available to gain support immediately, and you can also email the customer support team or request a callback. Based on customer feedback, the team also knows their stuff and offers helpful and knowledgeable responses to anything from registration to payment processing issues.
What are the downsides to this platform
Suppose you’re a resident of the USA. In that case, Paysend is currently not available to you – which is a significant downside for a service available in so many other places around the world. Realistically, many payment transfer services are USA-only, but with so many positives about this platform, it’s a shame it’s not available in more locations around the world. There are also limitations in using your bank account to transfer money, despite the wide range of different locations where you can send money to a bank account.
One minor downside to the immediate transfer process is that any mistaken transfers can’t necessarily be reversed. Even if you enter the wrong amount or confirm accidentally, that cash is gone. And while Paysend has said they will support customers how they can, the nature of their instant transfer process makes it challenging to get that money back to you without the help of the card or account-owner on the other end.
Should Paysend be your service of choice
Is Paysend worth giving a go? In our opinion, there are plenty of pluses to using a money transfer card-to-card system like Paysend. While it won’t necessarily replace existing services, it’s a user-friendly alternative that’s quick and easy to pick up, and completely secure for all your card transfer needs. If you happen to live in one of the countries where bank transfer is accessible, there’s even more functionality to this specific service. Add on the fixed, low-cost fees, and this platform is one that’s worth a try. As always, we recommend that you do your own research to find something that best suits your needs.