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About Paymentearth
Paymentearth’s offices are based in San Diego and they are registered with FinCEN and NMLS, with MBS licences in 20 US States. They are known for good FX services for businesses, such as their VirtuWallet, which provides customers with an online dashboard to access up to 28 digital currency accounts, where they can hold balances, receive payments, and convert these funds into USD. There is no lower or upper limit for transfers.
Can I use Paymentearth for international bank transfers?
Paymentearth allows you to send money in up to 45 currencies. However, there is limited information online about their bank transfer service and you cannot make credit card payments. They do not accept credit payments and payments must be settled by wire transfer or ACH.
How long do transfers take with Paymentearth?
With ACH transfers you can expect them to clear payment on the same day. Wire transfers will take up to 2 business days and Swift transfers have same-day processing. You can enjoy instant transfer speeds when using money transfer services like Skrill and Wise. When sending to the members of the same payment processor, the recipient won’t have to wait long to receive the funds.
Are There Transfer Limits?
There is no transfer limit when sending money through Paymentearth.
Can I Use a Paymentearth Debit Card When Traveling Abroad?
There is not a Paymentearth debit card available for use when travelling to other countries. You’ll have to make use of alternative services that come with debit cards. For instance, you can use Payoneer and Skrill that offer good-quality debit cards for use at ATMs worldwide.
Paymentearth Bank Exchange Rates and Fees
Exchange Rate
The exchange rate at Paymentearth is updated in real-time using the interbank rate. Also, you can preview the currency conversion using the tool on their website. There is essentially a fixed margin on every payment that you make which will vary by client and be based on your FX volumes. The exchange rate spread is reported to be as low as 0.5% in some instances making it more competitive than many other online money transfer companies on the market.
Transfer Fees
if the average transfer amount for a transaction is around $5,000, then you will not have to pay transfer fees.
Additional Costs
There is a $1 fee for wire transfers and the cost for SWIFT transfers is $8.
Top Countries to Send and Receive Money With Paymentearth
As a US based company with its headquarters in California and regulated across 20 States, Paymentearth deals with a mainly American audience. However, they trade across all the key markets, with the most often traded currencies featuring often.
The US Dollar is the world’s primary reserve currency and the most often traded currency in the world.
The Japanese Yen is the world’s third most traded currency and particularly strong now due to the rapid inflation rates in the west.
While the Euro is widely used across Europe, being the main currency in 19 of the 27 member states of the European Union, Germany is the European country that receives most of the US’s remittances.
How Do Paymentearth Transfer Fees Compare to Using a Money Transfer Provider?
The fees at Paymentearth are low particularly when making payments through ACH which incur no extra fees. Although the prices vary depending on each individual trade, with fixed margins reported to be as low as 0.5% this makes it extremely competitive when making transfers of around $5,000.
Is There a Paymentearth Mobile App?
Yes, Paymentearth has a mobile app available through both Apple iOs App Store and Google Play. On the Apple Store, the app has received 5 stars but has only been reviewed once. On Google Play, the app has been downloaded 10+ times, but is yet to be reviewed.
Can I Trust Paymentearth?
Although Paymentearth has only been around since 2016, its CEO and President, Jeff Scanlon, has worked in the foreign exchange market since 1989. Paymentearth is licensed in 20 US states and listed on NMLS. On Trustpilot, Paymentearth has a TrustScore of 4.6 stars and although it only has 20 reviews it has an ‘Excellent’ rating of 100%, with most reviews mentioning the excellent, friendly service and ease of payments.
Paymentearth Pros and Cons
Here is a list of Paymentearth pros and cons to consider:
- Low fees: you won’t face big fees unless you’re sending small amounts of money.
- Fixed margins: the service does not take a huge portion of the transfer from currency exchange rates.
- Business customers: added functionality exists for business customers.
- Currency: you can send money in 45 currencies.
- No credit cards: you are not able to use credit cards to make payments.
- Small transfers: because of the fees, Paymentearth is not ideal for small transfers.
Paymentearth Bank Additional Products
FX services: manage international payments and place market orders.
Forecasting: use tools to track transactions and make future predictions.
Mobile app: the app is available on Google Play and Apple store to execute transactions.
How to Send and Receive Money Using Paymentearth
Paymentearth pride themselves on their easy-to-use website and transparent fee structure, so there are no surprises when making online money transfers with Paymentearth. The whole process can be achieved within minutes. To get started follow these four simple steps:
Open an Account
Enter Transfer Details
Confirm Details
Transfer Payment
How to Receive Money Using Paymentearth
There is limited information available about receiving money from Paymentearth as a beneficiary and indeed the company is more set-up for corporate clients and trading than individual bank transfers.
Summary
Paymentearth is a solid solution for users that want to take advantage of a good bank transfer rate for currency conversions. Also, business customers are accommodated with a suite of tools. It’s also a fast service that clears transactions on the same day.
However, it’s only available to US customers. Other users will need to use alternative bank transfer services such as Western Union and MoneyGram. They are available in the majority of countries worldwide and charge low fees.
