PaySend is a global financial technology company that allows users to make cross border card-to-card transfers as well as payments to bank accounts and digital wallets.
Incorporated in Scotland in April 2017, the company has recorded phenomenal growth thanks to its innovative portfolio of customer-oriented products. Currently, PaySend serves more than 1.4 million customers throughout over 80 countries.
As the world becomes more interconnected, the demand for efficient, fast, and cheap money transfer services keeps on rising, and PaySend customers in Europe can now transfer funds to their recipients overseas directly to their cards at fixed transfer fees and mid-market rates.
In addition to person-to-person (P2P) payments, PaySend also supports multi-currency business-to-business (B2B) transfers. On average, the provider handles over 2 million transactions monthly, and has offices in top global finance hubs, including Edinburgh, London, and Moscow.
Much like other international money transfer companies, PaySend charges transaction fees to cover administration costs and generate its profits. Below is an overview of the fees that PaySend charges and the exchange rates offered.
PaySend charges a 0% exchange rate margin – one of the most attractive parts of the service. The company has direct connections to currency exchanges in different countries around the world, allowing them to convert your sending currency in real-time at the mid-market rate.
The rate you see on the transfer widget is what you get, and it remains locked for the duration of the transfer.
Irrespective of the amount you transfer, PaySend charges a fixed fee. They have a list of tariffs for the different currency routes. For instance, customers sending money from Europe are charged 1.50 euros while those making transfers from the United States, Canada, and the United Kingdom pay $2, C$3, and £1 respectively. The fees are paid by the sender when transferring the funds.
Through the transfer widget on their website or mobile application, PaySend displays the exact amount you’ll pay in fees for your transfer without any hidden costs appearing later on.
One of the biggest advantages of PaySend is that they don’t charge any hidden fees. When making your transfer, you’ll see the amount that will leave your bank, the fees that will be charged, the exchange rate your funds will be converted at and the amount the recipient will get.
PaySend eliminates intermediaries by working directly with international payment systems such as UnionPay, Mastercard, Visa and others.
It is important to note, however, that your bank may charge you additional processing fees when paying for your transfer. The recipient may also incur other charges such as landing fees and intermediary fees which PaySend has no control over.
In case you see unexpected charges on your card statement, you should get in touch with your bank’s customer support team for clarification.
Paysend is a simple and innovative platform that allows for quick international money transfers from card to card or to bank accounts. Here’s a quick summary of the pros and cons of using PaySend to send money internationally:
The following are some of the top benefits of using this provider to send money to your family and friends, and when paying for merchandise online.
As with any other provider, PaySend has some downsides. Customers sending money through its platform have pointed out a few undesirable features.
How you pay for your transfer and how the recipient gets the money sent are the two fundamental parts of any money transfer process. There is a need to balance convenience, speed, and low costs to get the best deal. Here is a look at your options with PaySend.
Currently, the company only accepts card payments. You can link your Mastercard/Visa debit, credit, or prepaid card to your account and pay for your transfer. When you pay using a card, funds become available faster on PaySend accounts thereby speeding up the transfer process.
PaySend has three main ways through which recipients can receive funds:
Sending money through PaySend is simple and convenient. Just follow the below steps to get started.
1. Sign up
Key in your phone number and password of choice. The password policy requires that it should have a minimum of 8 characters including digits. Confirm the password and hit the submit button.
2. Provide personal details
The system will ask you to provide the following personal data
After you confirm that your data is correct, click on submit. Using the phone number that you’ve provided, PaySend will text you a 5-digit security code on your phone. Fill the code in and your sign-up process is complete!
3. Enter the amount you want to send
You can either enter the amount you wish to send or the amount you want the recipient to get in their local currency. You’ll also see the transfer fees, exchange rate and delivery time.
4. Provide the recipient details
PaySend will ask for the following information
5. Enter sender details
In addition to the information earlier provided, PaySend will require that you input your address which comprises:
6. Provide payment details
Since PaySend allows its customers to pay for their transfers using only a credit or debit card or debit card, you’ll be asked to enter the card number, expiry date and the CVC/CVV code. PaySend will save this information in your account for future transfers.
7. Press send and verify with a code
Once you hit the PaySend button, the system will send you a 5-digit transaction code on your phone to verify the transfer. After you enter the code, click on the confirm button to complete the process.
In case you want to check the transfers you’ve made, click on the history tab and they will be there. It is as simple as that!
Since the money is deposited directly into the recipient’s card or bank account, there is nothing for the recipient to do except wait for the deposit notification. Once received, they can spend the money in whichever way they like. There is no document for them to fill or sign.
Yes. If you want to enjoy the convenience of sending money on the go, download the free PaySend mobile app available on both the App Store and Google Play. Apart from sending money, you can do a few other things through the app, including:
On Google Play, the PaySend app has a 4.2/5.0 rating with a total of 12,197 reviews, and the iOS version has 309 reviews and a rating of 4.3/5.0.
According to the provider, payments are processed instantly and money delivered within minutes. However, some transfers may take up to 3 business to be delivered depending on the receiving country and bank.
It is also worth bearing in mind that some transfers may be subjected to additional checks in the receiving country hence causing further delays.
PaySend has maximum transfer amounts. Immediately you open your PaySend account, the company allows you to send funds up to a maximum of $1000, £1000, or €800 every six months.
These limits can be increased however if you provide extra verification of your identity. If you want to increase your sending limit up to £5,000, £10,000, or over £10,000 here are the requirements:
Up to £5,000
You will be required to confirm your personal details which include any one of the following:
Up to £10,000
Here you’ll need to add your proof of address. You could provide any of the following documents:
To go beyond the £10,000 limit, you’ll need to declare the source of your funds. Any of the following documents will be accepted:
This is one of the most important questions when it comes to using money transfer services, and PaySend has earned itself a reputation for trustworthiness in the industry. Below are some of the key things about PaySend to reassure you of the security of their service:
The company is registered and regulated by a number of bodies. PaySend Plc is an authorised electronic money institution solely focused on facilitating international money transfers for businesses and natural persons.
In the United Kingdom, where it is headquartered, the provider is authorised and regulated by the Financial Conduct Authority (FCA) under reference number 900004 to carry on a number of activities, such as:
In December 2019, PaySend received a money service business (MSB) license to conduct business in Canada.
Key industry partnerships
PaySend a registered ‘Visa Direct’ and ‘MasterCard MoneySend’ originating institution. These partnerships mean that the provider benefits from superior payment and cross border money transfer technologies.
Encryption and customer data
When it comes to protecting customer data, transactions captured on PaySend are safeguarded under the PCI DSS Level 1 standard.
Thanks to its innovations within the money transfers sector, PaySend has attracted significant investor interest. The following are some of its top investors.
To add to the security layers it already has, PaySend safeguards card transactions with 3-D Secure – an XML-based protocol. All the access points and ports to the PaySend website are encrypted using enterprise-grade SSL.
Investors and awards
Together with other small investors participating through crowdfunding platforms like Seedrs, PaySend has managed to secure over £28 million in total funding. Currently, the company has about 58 employees including developers, head of business units, copywriters, marketers, and human resource professionals.
According to the latest statistics, PaySend handles over 2 million transactions each month valued at more than $55 million. The company has also featured prominently in authoritative industry websites such as:
The company has also won several awards for its innovation and exemplary money transfer service. Below are the three most outstanding:
Something to watch out for
It is worth noting among all of these positives that PaySend doesn’t participate in any deposit guarantee scheme. This means that the customer funds held in its virtual wallet are not protected by the Financial Services Compensation Scheme and do not earn interest.
PaySend’s customers appear to have a very positive view of the company. For instance, on Trustpilot PaySend has slightly over 6,800 five-star reviews. Most of the customers who gave the company 4 or 5 stars mentioned similar things:
Yes, you can cancel your transfer on PaySend as long as it hasn’t been processed by the recipient’s bank. To do this, you’ll have to email, call or live chat the customer support team with your transaction details.
According to its website, PaySend currently supports global transfers to 84 countries. However, no two currency routes experience the same level of traffic. There are certain transfer corridors that are busier than others.
Though the provider doesn’t explicitly say what its top corridors are, it has quoted the World Bank in affirming the following as the top currency routes for people sending money from the UK:
Routes such as Russia, Turkey and South Korea also have high transfer volumes and frequency through PaySend. It is a trusted platform with global reach in the money transfers space.
PaySend values customer support and has put together a team of knowledgeable professionals to help users with their transfers and other issues. The customer support team can be reached through the following channels:
Support is available in 12 languages: English, Spanish, French, Italian, Russian, German, Chinese, Ukrainian, Polish, Turkish, Romanian, and Czech.
PaySend is a reliable and well-regarded money transfer service, and the fact that it charges a 0% exchange rate margin alongside a low flat fee on transfers makes it particularly attractive among its competitors.
It is also an innovative company in the space, as evidenced by its PaySendLink feature. This payout option enables senders to transfer funds using the recipient mobile number.
Through card-to-card transfers, PaySend ensures that its customers experience convenient and low-cost ways of transferring money. With a growing destination base of 80+ countries and a 24/7 customer support team, users all seem to respond positively both to the options and support they have available.
PaySend only facilitates card payments at the moment. The company is currently working to enable its customers to pay for their transfers using bank accounts and other payment methods, but if you’re looking to use cash pickup or mobile money transfer as delivery options then you’ll have to look elsewhere.
Overall if you’re looking to transfer money using your card, PaySend is a great option. As always, it’s best to compare your options with our money transfer comparison tool before deciding on a provider, but it’s likely PaySend will be high up in the recommended list of options.