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Payza Money Transfer Review

Paysa is no longer in operation, having been shut down by the US authorities in 2018. However, during its six year operations, Payza was a popular money transfer service that facilitated global remittances to over 190 destinations. This overview of Payza will take a retrospective look at the international money transfer service, comparing it to current leading specialist services. We will examine the company’s customer reviews, global network coverage, unique selling functionality, costs, speed and much more.

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About Payza

Payza was founded on May 1st of 2012 and their headquarters were in London, United Kingdom. Founded by Firoz Patel, the company employed 100 – 250 people over the course of its 6 year operation. The main selling point of Payza services was how it gave the user the ability to send and receive money from “anywhere”, with over 170 supported countries. 

However, the fees for receiving money and mark-up costs that averaged 2.5% were not competitive. We will take a closer look at the pros and cons of Payza to help you determine if alternative specialist services offer a better deal

Payza exchange rates, fees and costs

It is important to consider the exchange rates and transfer fees when evaluating an international money transfer service. In this section we will share the costs imposed by Payza when it was operational. 

Exchange rates: Payza had a reasonable mark-up for currency exchange services, around 2.5%. It is one of the primary ways the company made a profit from transactions and this allowed the fee structure to be reasonably low. They also supported 21 different currencies. However, even better currency conversion rates exist elsewhere, with competitive providers like Wise offering total transparency on foreign exchange that matches the true market rate.  

Transfer fees: Payza did not charge a fee for the sender. However, the recipient would get charged a rate of 2.90% + $0.30 for receiving a transfer. Although this fixed cost of $0.30 is low, the 2.9% fee is relatively high compared with alternative specialist services

Additional costs: When Payza was operational, it charged a further $8 when customers added money via bank wire and $2 through a bank transfer. We encourage users to review the full price list of a money transfer service – membership costs, ordering and maintaining a debit card, and opening an account – before initiating an international payment.

Top destinations for sending money with Payza

It is a good idea to find out what destination countries are available with a money transfer service, as it is important the company’s supported countries match your financial requirements.

Payza transfers were available to over 190 destination countries which meant users could send money to most locations worldwide, including many developing countries. Having access to such a huge volume of countries meant Payza was a viable option for a wide range of customers. Plus, residents of these supported countries had an alternative if a traditional bank account was not available

When evaluating the global network coverage of an international money transfer service, it is important to also consider the language support offered. If English is not your native language, having access to customer support in your language of choice is hugely beneficial. For example, Xe is a multilingual service that helps customers from all four corners of the globe transfer funds to over 170 countries, making it one of the most accessible options.

Pros and cons of using Payza

Considering the advantages and disadvantages allows us to have a balanced overview of any money transfer service, and we will look at the pros and cons of Payza to determine how the company compares to currently operating providers.

Pros
No transfer fee: Payza did not charge a transfer fee for the sender, only the recipient incurred a fee
Destination countries: Payza offered transfers to over 190 countries; this is far more than most banks
Multi-currency services: Payza offered 21 currencies for international transfers, including popularly traded GBP, USD and EUR; the more widely accepted currencies available the less limited your options are
Cons
No longer operating: Payza was dissolved in 2018, shut down by , you can take advantage of other services like Azimo. They offer transfers to over 200 countries, which is even more than what Payza provided
Recipient fees: the fees for receiving money are steep at 2.9% + $0.30. Unless the sender conveys the fees before the transfer, the recipient might not be happy about paying such a significant fee
Exchange rate: imposing mark-ups of 2.5% for most currency conversions is not competitive; to enjoy favorable currency conversion rates choose InstaREM, an operator that pledges to match the true market rate

How to get started with Payza to send and receive money

Payza is no longer operating and the company website has been deactivated. 

Does Payza have a mobile app?

Payza does not have a mobile app that you can use to send money internationally because they are no longer in service. However, we understand the convenience of sending money transfers on the go and would recommend users check out the WorldRemit mobile app as an alternative service. This high-quality app has a rating of 4.3 stars on Google Play and 4.7 stars on the App Store. 

Frequently asked questions about Payza?

Is Payza closed?

Yes, Payza was shut down by the United States Government in March of 2018: it no longer offers international money transfer services which is why it is important to research a company ahead of time. 

Is Payza a worldwide service?

When Payza was operational it offered money transfer services to over 190 countries: the best alternative options with similar global reach are Xe, WorldRemit and InstaRem.

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