Exchange rates, Payment methods, How to, Transfer fees and much more
Paysend claims that it can be used to transfer money online to over 90 countries around the world for only £1, $2 or €1.50. It is an international fintech company that serves over 1 million people in over 80 countries.
Since it was founded in Scotland in 2017, the company has grown its offering of consumer-friendly financial products. Paysend has a digital wallet service, as well as international transfers through cards and bank accounts. In addition to individuals, it serves businesses who make transfers to and from different currencies.
Keep reading to find out everything you need to know about Paysend international money transfers.
In order to send a transfer with Paysend, you must use a credit or debit card. You can pay for the transfer either on Paysend’s website or its app. Using a card ensures that the funds are available more quickly and your transfer is sent sooner.
Paysend initially allows users to send a certain amount every six months. Depending on your currency this is $1,000, €1,000 or £800. You can send more if you provide verification documents to Paysend.
To find out what you may need to provide, see verification details below. The documents are usually processed in a maximum of 3 days.
Paysend’s transfer fees are fixed, which is good news for those wanting to know fees upfront. There are different fees according to where you are sending from. If you use the transfer option on their website, fees are shown upfront. This way there are no surprises later on.
As an example, if you send money from these locations here’s what you’ll pay:
Large number of receiving countries available - up to 84 worldwide
Many payout methods including bank accounts and cards
Fixed fees so senders know pricing upfront
Excellent customer support available 24 hours a day 7 days a week
High level of payment security and regulated by government financial bodies
Countries you can send money from are limited, mainly Canada, the US and Europe
The verification process can take a long time, so not convenient
Not transparent on exchange rates
Transfers are sometimes delayed if verification does not go through
Sending money with Paysend step by step:
Wondering how to receive money with Paysend? There are several methods a beneficiary can take advantage of.
The card payment option is an easy and convenient one for beneficiaries. The funds are available on the receiver’s card. They can then take cash from an ATM or use it to purchase items right away.
The second option is sending to a beneficiary’s bank account. This works for both business and personal peer-to-peer payments. SEPA is also available for European bank accounts.
The Paysend Link option is one that makes sending money as easy as entering a phone number. The beneficiary will see the transfer on their phone. They then have the choice of how to get the money. They can withdraw it to a bank account or a Visa, MasterCard, or UnionPay card
As stated above, verification is a part of the Paysend process. You will need to provide certain information to the company, especially when sending higher amounts. This includes certain documents and your identification.
So, how to verify with Paysend so you can send money transfers?First, send in your documents.
Include one from each of the list below:
Paysend claims that verifying identity only takes a few minutes. When you send in further documents it is normally a few hours and up to a maximum of 3 days before approval. If you have pending transfers, they will be processed once your documents are validated.
Paysend says that its exchange rates are as close to the mid-market rate as possible. This rate is the one used among banks when converting currencies. It is also the rate you’ll see if you check online. However, this rate is for large amounts and is only used among the banks themselves.
Paysend is not transparent regarding how close to the mid-market rate they are. It is best to check the exchange rate for your specific transaction using their website.
Like many international money transfer services, Paysend makes money on their currency conversion. They apply a “spread”.
The mid-market rate or interbank rate is what banks use. Like banks, Paysend and other companies provide an international money transfer service. They add a margin to the mid-market exchange rate. In some cases it can be as high as 4 percent. This is why the rate that you see is normally not the rate you get when sending money abroad.
Paysend is available one www.paysend.com as well as their own mobile app. It is free to download and is available for both Android and Apple phones. The ratings for both the iOS and Google Play versions of the app are good.
You can use the app for several things. It allows you to sign up for an account, check a transfer’s status, and even compare exchange rates.
Choosing an online service to send money can be difficult. It’s hard to know who to trust. You can be confident however that Paysend is secure. It is trusted both by the industry and consumers.
In the United Kingdom, the company is regulated by the Financial Conduct Authority (FCA) under reference number 900004. This means it is authorised to remit cash and issue payment instruments. In Canada, Paysend received a money service business (MSB) license in 2019.
Credit card companies also hold Paysend in high regard. Paysend has been given the Paytech Best Cards Initiative award in 2018. They use both Visa and Mastercard’s advanced cross border transfer tech.
In addition to all this, Paysend has superior security so your information is secure. They have the payment card Industry Level 1 standard. It’s the highest level available for companies of its type.
There are almost 50 countries where you can send money from using Paysend. Check their website for the most current list..
Paysend is constantly expanding and moving to new countries and currencies. There are 90 countries where you can receive money as of the time of this article..
Paysend’s customers leave them glowing reviews and they are rated 4.8 out of 5 on TrustPilot.
Among the things customers like are the responsive customer support. They also enjoy having a clear cut transfer fee. The negative comments are mostly regarding third party fees. These include fees from credit card issuers or banks.
If you’re looking for an alternative to Paysend you may first have considered a bank. They are traditional and seen as secure.
However, it is most often the case that sending international money transfers with a bank is the most expensive option. Your recipient also needs to have a bank account. Additionally, bank transfers can be time consuming. This includes both the time it takes for the transfer to arrive, and any time you have to spend going to a branch.
Services such as MoneyGram, Ria, or Western Union could be another Paysend alternative. They have many branches, often in very convenient locations. However when it comes to fees and exchange rates they are a very expensive option. In this sense they are almost as bad as using a bank.
However, they usually have very fast sending options. Your beneficiary also probably has a branch close to them.
The service Transferwise is the better option for many online money transfers. It’s main claim to fame is that it uses the mid-market exchange rate. In fact, in order to keep an eye on the rate it offers a tool called the rate alert tracker. Recipients don’t need to have a Transferwise account. Its transfer fees are low and transparent. However, while the fees are low, it does not charge flat fees like Paysend. It is also not available in all countries and doesn’t offer card payouts.
Remitbee is a well-reviewed online money transfer service. It allows sending to over 45 countries at a competitive exchange rate and fee. The pickup options are flexible, and include cash pickup, delivery, bank account or mobile wallet. However, the service is only available for senders in Canada.
Paysend is regulated by the British Financial Conduct Authority. It is also trusted by a large number of payment card providers. These include Visa and Mastercard. The company has received investment from outside sources, which shows there is confidence in their operations.
Paysend has a fixed fee system for its transfers. You always know before sending what the fees will be. For example, sending from Canada will always cost $3.00. Senders from Europe will pay €1.50. However, be aware that the exchange rates that Paysend uses change. It's best before sending to model the amount you want to send and see what it will cost.
In order to end with Paysend you will need a credit or debit card. You will also need a mobile phone. This is because part of the sending process involves receiving security codes on your phone.
Paysend does not offer this service at present. You must pay for your transfer by card.
The time it takes is dependent on the delivery method chosen. The fastest method is if your receiver chooses to get the money on their card. A transfer to a bank account, however, takes a few days.
Paysend has two main contact methods. These are:
The support team speaks 12 languages including Polish, Russian, Chinese, Turkish and English.
Paysend has been operating since 2017. The goal of the company was to revolutionise people’s everyday financial management. They were a team of banking and payment experts looking for an alternative to banks.
Since then, they have grown to support more than 1.6 million transactions monthly. In addition to their services for individuals, they provide business solutions too. These include payment services for over 25,000 online merchants.
One of their major innovations was the global card to card payment system. This has a reach of 12 billion cards including Visa, Mastercard, and UnionPay in China.
Paysend Link was also launched as a quick and easy text messaging money transfer service.
There are so many options when it comes to sending money online. Hopefully this review has helped you decide which service may be right for you. If you are still undecided about Paysend, read some of our other reviews, such as the Remitly money transfer review.
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