Paysera Review: Exchange Rates, Transfer Fees & Alternatives
Set up in 2004, Paysera is a Lithuanian money transfer company based in Vilnius. Founders of this fintech operator spent the early years fine-tuning the company name and their market positioning, before receiving a license from the Bank of Lithuania in 2011. The money transfer provider has been successfully serving the Lithuanian, Latvian and Bulgarian markets since 2014, gaining the trust of a global customer base in recent years. In this review we will take a closer look at the credibility of Paysera’s cross-border payment services.
Paysera has been well-received by users all over the world and this is largely due to their transparent approach to international money transfers. The main objective of this modern money transfer company is to offer a wide range of financial products and services, enticing customers away from their traditional banking service and towards one, easy to use virtual account which offers remote access to a diverse and useful global payments platform.
To achieve this goal, the company has curated a mobile application to suit both private and business clients, supporting 30 currencies to almost 180 countries. Paysera accounts act as a virtual bank account for customers in all circumstances who need to make cross-border payments. Paysera promises the most money transfer options and the best conditions on the market, and in this review we will be investigating this bold claim.
Paysera Exchange Rate, Fees & Costs
According to Paysera promotional material, the company offers fast international transfers within 30 minutes, in 30 different currencies. This will be very appealing to customers sending money overseas but we believe it is important to consider the various costs before committing to any international money transfer.
consider the various costs before committing to any international money transfer.
Exchange rates
We used the Paysera currency conversion calculator to find the average rate of exchange. Our research found Paysera typically employed mark-ups of 0.02 - 1.3% above the mid-market rate. This is a great deal better than the exchange rates offered by most banks, who typically charge mark-ups amounting to 3 - 5% above the real exchange rate.
Transfer fees
There are two types of commission charged for transfers sent in the same currency:
Local - fees applied in a specific country, for residents or bank account holders of the country
Standard - fees for all other Paysera users who do not qualify for Local fees
Euro transfers and Instant Euro Transfers (SEPA Instant) are free of charge and unlimited for Private clients. Conversely, both services cost Business clients 0.20 EUR per transfer.
Global transfers, sent outside of Europe, incur different fees, depending on the destination country, currency and receiving institution.
Standard transfer fees range between 2.70 - 15.00 EUR
SWIFT transfer fees range between 5.00 - 30.00 EUR
Urgent transfers include a delivery fee of 15.00 EUR
Top countries to send money to with Paysera
As a European money transfer provider, Paysera is well-equipped to handle SEPA transfers but their services span far beyond the continent. Serving nearly 180 countries, Paysera facilitates payments to 48 European countries, 52 countries in Asia and Oceania, 41 countries in Africa and 33 countries in the Americas.
Pros & Cons of using Paysera
In a bid to understand the full scope of this money transfer provider we review the best and worst features of Paysera services.
Pros
Cons
What type of transfers can you make with Paysera?
When making a money transfer with Paysera, funds can be sent as a Standard or Urgent transfer, depending on the destination and currency. The two types of payment options for Paysera customers are:
SHA – the sender will cover the cost of all fees applied to a transfer, but any fees applied by intermediary or receiving banks are paid for by the recipient (this may result in the recipient receiving a smaller amount)
OUR – the sender covers the cost of all fees applied to a transfer, including fees charged by intermediary or receiving banks. If the original payment amount does not cover all the fees applied by the banks, additional charges will apply.
How long will it take to receive money using Paysera?
Money transfers to and from other Paysera users are said to arrive immediately but with bank transfers, the speed will be determined by factors such as the currency you wish to transfer, the size of the transfer, and the receiving bank. For this reason, once submitted, international money transfers can take anywhere between 15 minutes and 1 - 3 business days to reflect in the recipient's bank account.
What are the best reasons to use Paysera?
Competitively priced: Paysera does not shy away from the competition, instead the company remains committed to its goal of providing customers easy access to favourable, bank-beating exchange rates and fees.
Accessibility: This is a user-friendly service due to the entirely digital onboarding process, the website’s simple design, and the app’s multi-functionality. Further to this, Paysera’s services can be accessed in 8 different languages, including Spanish, Russian, Polish, Lithuanian, Latvian, German, Bulgarian, and English.
Quick delivery: In most cases, money sent with Paysera will arrive within minutes: even the slowest service is faster than many competitors.
Can I trust Paysera?
We believe Paysera is a safe money transfer provider for the following reasons:
Paysera is a legal money transfer provider which holds an electronic money institution license permitting issuing and reissuing of e-money across the European Union
Paysera upholds the same security standards as leading banks but, unlike banks, customers' funds are held in multiple special deposit accounts across the EU, separate from the company’s operating accounts
The Paysera website is well-guarded, with TLS encryption as a preventive measure to avoid any data breaches or interception of sensitive information. In addition to this 2-factor authentication is available to all users of the mobile app
What do users have to say about Paysera?
The company has been rated a "Great" trust score of 3.8 from 1,475 customer reviews. The large majority of reviews found Paysera services to be convenient, trustworthy and speedy. However, negative feedback includes comments about delayed deliveries of Paysera cards and security issues leading to accounts being blocked unexpectedly.
How to get started with Paysera: opening an account and sending money
How to open an account
1.Step 1 Download the app and register
2.Step 2 Create a strong password
3.Step 3 Verify your identity
4.Step 4 Your account will be activated
How to send money
1.Step 1 Open the app
2.Step 2 Enter the beneficiary’s details
3.Step 3 Add your personal details
4.Step 4 Your recipient will receive the funds
Does Paysera have a mobile app?
Paysera Mobile Wallet, dubbed the “all in one app”, is available to download on the Google Play Store (4.7 rating), App Store (4.7) and Huawei AppGallery (5.0). All Paysera services can be accessed via the app: check your balance, transfer money, change your transfer limits, access PIN code reminders, block/unblock your Paysera card. It’s intuitive design prioritises modern-day convenience with split the bill, money request and QR payment features, making this app more multi-functional than many of its competitors.
