- Over 100 countries supported
- Fixed fee
- Instant transfer processing
- Paysend Global account
- Paysend Smartcard
- Business accounts
Looking to transfer money and wondering if Paysend is the service for you? We’ve got all the details in this Paysend review, so read on now to discover all you need to know about this modern fintech company. But first, here’s our short verdict:
Paysend is an excellent money transfer service and digital wallet for personal and business use. With a fixed transfer fee and acceptable FX rates, Paysend is on par with other money transfer services out there.
Paysend was founded in 2017 and has quickly made a name for itself as one of the latest generations of digital banks and money transfer services on the market.
They offer a card payment service to other cards and bank accounts, a global personal and business account and a Mastercard without transaction fees home and abroad.
Why is Paysend so special?
Paysend is a platform that offers a highly specific service to more than 2 million of its 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, their card transfer services are much wider-reaching and accessible.
The company currently operates globally and has offices in Russia and CIS, Canada, and the UK, as well as many partnerships with leading card payment and financial services across the world like SEPA and Mastercard.
By focusing on ‘next generation’ money transfer services, Paysend has been able to offer its 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 and is available for both personal and business users.
Pros and cons
- Low cost
- Multi-currency wallet
- Fixed fee
- Fast and reliable
- 24/7 support
- Easy to use
- FX rate markups
- No cash payments or pickup
There are 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.
- Card transfer fees typically:
- US$2.00 from the US
- C$3.00 from Canada
- €1.50 from Eurozone
- £1.00 from the UK
- A$3.00 from Australia
- CHF 2.00 from Switzerland
- FX rate 0.3% – 2% above the mid-market exchange rate
- Mastercard delivery fee £4.99 / €5.99
How does it work?
Paysend offers card to card transfers, but how does that actually work? It’s simpler than you might think. They partnered with the world’s leading card brands, such as MasterCard, Visa, Verve, Troy, HUMO, and others, and that’s the reason Paysend can offer transfers directly from one card to another.
There’s no need to withdraw cash, and to use a long-winded payment method of adding extra steps to the process. Paysend charges fixed fees starting at just £1/$2/€1.5, depending on your country. Bank transfers follow the same process and are the same fixed cost as well.
The smart 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.
How to open a Paysend account?
You’ll then have to fill in your phone number, name, address, and other typical information. Plus, there’s also the usual identity verification.
This whole process will take only a couple of minutes (or less if you use auto-fill). To verify your identity, you’ll have to send or upload one of the following documents:
- National ID card
- Residence permit with an international passport
- Driving license
To prove your address, you’ll also need to upload one document. The following are okay:
- Proof of property ownership
- Lease agreement
- Household utility bill
- Driving license with a current address
- Tax revenue correspondence
- Bank, building society or credit card statement (less than 3months old)
- Pension or benefits document
Why would you need to verify your identity? Not only is it a standard practice now and required by the FCA, but companies also use it to enter a more advanced membership with higher limits to send or receive money, more features, benefits, etc.
Where is Paysend available?
Paysend allows individuals and businesses to send money to more than 100 countries worldwide, with almost 50 currencies supported. Although this isn’t an exhaustive list by any means – it does cover a wide range of countries for such a specific service.
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 exceptional features on offer from this money transfer company.
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 to transfer money with Paysend?
Paysend ensured that this is the easiest part of the whole process. You can make a transfer in a few minutes and can do it from their website or the app:
- Select recipient’s country
- Select the amount to send
- Tap ‘Continue’
- Enter the recipient’s 16-digit card number
- Tap ‘Confirm send’
How long does a Paysend money transfer take?
Although Paysend processes their transfers instantly using their faster payments network, it can take up to three days for the receiving bank to credit the funds into your account or card.
Paysend Global Account
- Available in the UK and EEA
- Hold up to 7 currencies
- Mastercard delivery fee £4.99 / €5.99
- No transaction fees at home or abroad
- Buy now, settle in 14 days
If you thought Paysend was just a money transfer service, well, it was an honest mistake as their homepage barely mentions it. The fact is that Paysend does offer a very capable digital bank account or wallet in which you can hold, spend, request, and, of course, send money.
The account comes with a Mastercard that will arrive after you pay a small delivery fee. You can hold up to seven currencies including USD, GBP, EUR, PLN, and others. It’s also a good choice for travel as there are no extra transaction fees that some banks charge.
Is it worth applying for a Paysend account? If you’re a heavy user of Paysend transfers then, yes, certainly. Otherwise, there are more capable digital accounts out there.
We like that the account is free, apart from the card delivery fee, and it doesn’t charge fees for transactions abroad. Holding multiple currencies is also a plus, of course.
The first £200 of cash withdrawals are free per month, then there’s a 2% fee. But there are no fees for adding or spending money, free SEPA and Paysend to Paysend transfers, and free currency exchange.
Apart from a personal account, Paysend also offers a business account that also lets you hold multiple currencies on a business Mastercard. Most other features of the personal account are here as well.
This account, unlike the personal account, does come with a price tag. To open an account will set you back €150 and a monthly maintenance fee of €5. Other fees include:
- €0.50 fee for outgoing SEPA transfers
- €1 fee for incoming SWIFT transfers
- €30 fee for outgoing SWIFT transfers
- €25 fee for other inquiries upon
- €10fee for the issuance of the certified SWIFT copy
Who owns Paysend?
Paysend was founded in 2017 by Jabdul Abdulkerimov and Ronald Millar. Its headquarters are in London, England.
The company raised more than $157 million from four rounds of funding. The last round, in May 2021, brought in £88 million.
Paysend has 7 investors, including One Peak Partners, Digital Space Ventures, GVA Capital, Plug and Play Tech Center, Hermes GPE, MARCorp Financial, and InfraVia Capital Partners.
How is Paysend regulated?
Paysend is a licensed electronic money institution authorised by UK’s Financial Conduct Authority. It operates in all EEA countries and is also a UnionPay International Principal Acquiring Member as well as a Visa and Mastercard Principal Issuing and Acquiring member.
Is my money safe with Paysend?
One thing that’s clear from the start is the fact that Paysend takes its security seriously. 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.
And although your money isn’t insured by any government body as is the case with banks, it is kept in a segregated account in a big bank where Paysend can only use it for its main purpose, i.e. money transfer and transactions.
They aren’t allowed to invest it or lend it to other people (as is the case with banks). You’d also get it back in total from the third-party bank where it’s held if Paysend would go bust.
Paysend has a 4.7-star rating out of 5 on Trustpilot from 25,000+ reviews, with 88% of reviewers giving it an excellent mark and only 5% a bad one.
With a 4.7 score, Paysend is placed better than PayPal that has a terrible 1.2-star rating, and Netteler that has only 2.5 stars. Wise, on the other side, has a 4.6, TransferGo has a 4.8-star rating, Payoneer a 4.4, and CurrencyFair a 4.6-star rating.
People are in general very satisfied with their service, costs, and customer support.
Paysend has a great responsiveness rate of their 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.
Wise, also known as TransferWise is offering money transfers that are quick, cheap, and transparent across the world. They charge little fees compared with banks and other online payment providers and use the actual exchange rate when converting currencies.
Currencyfair is an Irish fintech that is offering cost-effective exchanges through an innovative customer-to-customer approach. Currencyfair currently allows the exchange of 20 different currencies through their platform and money transfers to and from 150+ countries.
WorldRemit offers their customers cheaper money transfers, a smoother experience, and a more convenient process for all parties involved. And is a good choice for most international money transfers.
The bottom line
Should you consider Paysend? In our opinion, there are many benefits to using a money transfer card-to-card system like Paysend.
The transfers are fast and cost-friendly but don’t support cash pickup or cash payments. If that’s important to you, you might find a good Paysend alternative on our website.
A multi-currency personal and business account round up the whole thing for heavy Paysend users. If you won’t use transfer service that often, there are better bank account alternatives on the market.
Adrian Volenik is a fintech enthusiast who loves testing and reviewing digital banking apps and financial products in general. How many digital banking accounts can one man have? Not enough, if you ask Adrian. As his wallet will soon explode if he doesn’t cut back on the number of cards.