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. In an increasingly interconnected world, the demand for cheap money transfer services continues to rise, and Paysend is dedicated to catering to this market. In this review we will take a closer look at the intricacies of this money transfer operator; from exchange rates and transfer fees, to location coverage and customer feedback.
About Paysend
Founded in April 2017 by a team of experts from the financial services field, Paysend identifies as “a global FinTech company on a mission to change how money is moved around the world.” By developing a faster, more straightforward money transfer system, Paysend has acquired more than 4 million customers and 17,000 small-to-medium sized enterprises, located around the world
Through card-to-card transfers - Paysend connects 12 billion card users globally - customers have access to a convenient and low-cost way of transferring money across borders. This review aims to clear up any confusion about this money transfer service, ensuring our readers gain a fuller understanding of how Paysend works, how much it costs, where it can be accessed and by who.
Paysend exchange rates, fees and costs
Much like other international money transfer companies, Paysend charges transaction fees to cover administration costs and generate a profit. Below is an overview of the fees that Paysend charges, as well as the exchange rates offered.
Exchange rates
Paysend applies a 0% exchange rate margin: one of the most attractive parts of the service. The company has direct connections to currency exchanges in more than 100 countries, and can therefore facilitate foreign currency transfers that use the real-time mid-market rate. Total transparency is guaranteed throughout the process, with the displayed exchange rate remaining locked in for the duration of the transfer.
Transfer fees
The Paysend transfer widget displays the exact amount to be paid in fees, without any hidden costs appearing later on. These costs are consolidated into a flat-fee, irrespective of the amount being transferred, with a list of tariffs for the different currency routes can be found on the company website.
For instance, customers sending money from Europe are charged €1.50 EUR, while those sending money from the United States, Canada, or the United Kingdom will pay $2.00 USD, $3.00 CAD, and £1.00 GBP respectively. These fees are charged to the sender when transferring the funds.
Additional costs
One of the biggest advantages and integral aspects of this operator’s business model, is the total transparency guaranteed by Paysend, which rules out any chance of being issued unexpected or hidden fees. When making your transfer, Paysend presents the exact amount due to be withdrawn from your bank, as well as 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 other leading providers.
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.
Top destinations for sending money with Paysend
As a trusted remittance platform with global reach in the money transfers space, Paysend is able to assist customers based in 49 countries send international transfers.
There are 100 different sending countries to choose from, and no two currency routes experience the same level of traffic. Certain transfer corridors are busier than others and although the provider does not explicitly state what the 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 are: Nigeria, Pakistan, China, Poland, Germany, Spain and India.
Pros and cons of using Paysend
Paysend is a simple and innovative platform and in this section we will provide a summary of the leading pros and cons of using the operator to send money internationally:
- Global coverage: Paysend currently supports global transfers to more than 100 countries across multiple continents including Europe, Asia, and Africa; the company continues to explore new markets to add to the existing list of currency routes
- Low fixed fee: For any given transfer route, PaySend charges a fixed fee which is comparatively low considering what most providers charge. For instance, when sending money to Indonesia from the United Kingdom, whether in rupiahs or US dollars, you will be charged £1 and no exchange rate margin will be applied.
- High security payments: Payments sent through Paysend are certified by the top payment networks including Mastercard, Visa, UnionPay, Verve International, among others. In addition to this, Paysend is regulated by the Financial Conduct Authority (FCA) and certified under the Payment Card Industry Data Security Standard (PCI DSS)
- 24/7 support: Paysend understands customers need to transfer money at all times of the day and therefore provides support around the clock to match these requirements. Customer support specialists are available via live chat, email and phone, as well as Facebook, Instagram and other social networking sites.
- Variety of transfer methods: Paysend allows its customers to send money from their cards to their recipients' cards or bank accounts. In case the recipient's country allows them to receive money in more than one currency, customers can even choose their preferred currency. There is also an option of sending money through the recipient's mobile number via Paysend link
- Lengthy user review process: Online feedback reports documents submitted for identity verification have taken a long time to be verified; Paysend has clarified the review process can be completed within 3 hours to 3 days, depending on the case
- Limited supported countries: While the disbursing network coverage is comparatively wider, Paysend only supports customers in 49 countries
- Occasional delays: Not all transfers are delivered instantly as the company claims. Customers' experiences posted to review sites such as Trustpilot report the occasional delay, some of which are related to security checks and additional identity verification
What type of transfers can you make with Paysend?
Paysend supports the following three types of international transfers:
Card-to-card transfers: Funds are sent directly to the recipient’s card based on the information provided by the sender. Once the funds have been deposited, the recipient can choose whether to withdraw from an ATM or use for card payments
Bank deposits: This payout option was introduced in February 2019 and allows senders to transfer funds from their cards directly to the recipient’s bank account. It is convenient, safe and fast for both B2B and P2P payments
PaysendLink: Using the recipient’s phone number, the sender can transfer money via PaysendLink. The recipient will be notified of the incoming transfer and given the option to direct it to their cards, bank accounts, or withdraw the funds from an ATM
In addition to the above transfer types, Paysend imposes transfer limits. Customers can send funds up to a maximum of $1,000, £1,000 or €800, every six months.
These limits can be increased incrementally by providing additional verification of your identity as per the following requirements:
Up to £5,000
You will be required to confirm your personal details by providing any one of the following:
Current signed passport
National identity card bearing your photograph
Driving license
Up to £10,000
To increase your transfer limit to £10,000 you will also need to include proof of address, which can include any of the following documents:
Utility bill issued within the last 3 months
Local authority council tax bill for the current tax year
Bank, building society or credit card statement or passbook dated not older than three months which is verified through being stamped, signed, or otherwise marked by the issuing organisation
Driving license if not already used as your proof of identity
Tenancy agreement for the current year
Over £10,000
To increase your transfer limit above £10,000 you will need to declare the source of your funds. Any of the following documents will be accepted:
A certified bank statement not older than 3 months; must not have been used as proof of address
Employer payslips for the last 3 months, accompanied by a bank statement
If the funds are coming from a pension scheme, supporting HMRC documents are accepted
If the source of funds is a loan, you will be required to provide a letter from a solicitor to support the bank statement
How long will it take to receive money using Paysend?
According to the provider, payments are processed instantly and money delivered within minutes. However, some transfers may take up to 3 business days to be delivered, depending on the receiving country and bank. It is also worth bearing in mind that some transfers may be subject to additional checks in the receiving country, potentially causing further delays.
What payment methods can I use when sending money with Paysend?
How you pay for your transfer and how the beneficiary receives the funds are two fundamental aspects of any money transfer process. There is a need to balance convenience, speed, and low costs to get the best deal. Currently, the company only accepts card payments: you can link a Mastercard or Visa debit, credit or prepaid card to your account which can be used to pay for your transfer. Funds become available faster when card payment is used therefore speeding up the transfer process.
What are the best reasons to use Paysend?
There are a number of reasons to use Paysend, the first being the competitive fixed fee applied to international transfers. Although other providers advertise free money transfers, these deals often come with unique terms and conditions, but the Paysend fee structure is transparent and straightforward. A low-cost flat-fee is applied to all international money transfers, the cost of which is clearly displayed from start to finish via the Paysend widget.
Another reason to use this company is their commitment to matching the mid-market rate. Zero markups are applied to foreign currency transfers which is hugely beneficial, especially to customers transferring large amounts of money abroad.A third and final reason to use Paysend is the high security standards upheld by the company. This operator deals directly with major card issuers - Visa, Mastercard, UnionPay etc. - and customer data is protected by the highest PCI DSS standard with integrated fraud prevention systems. Find out more about the regulatory compliance and security protocols in the next section.
Can I trust Paysend?
This is one of the most important questions when it comes to using a money transfer service, and Paysend has earned itself a reputation for trustworthiness in the industry. In this section we will provide a list of reasons to trust the security of Paysend services:
Regulatory compliance
The company is registered and regulated by a number of financial bodies. Paysend Plc is an authorised electronic money institution solely focused on facilitating international money transfers for businesses and individuals.
In the United Kingdom, where it is headquartered, the provider is authorised and regulated by the Financial Conduct Authority (FCA) under reference number 900004. This license permits the company to carry out a number of activities, including:
Depositing cash to a receiving account
Withdrawing funds from a payment account
Issuing payment instruments
Remitting money
In December 2019, Paysend received a money service business (MSB) license to conduct business in Canada.
Key industry partnerships
Paysend is a registered ‘Visa Direct’ and ‘MasterCard MoneySend’ originating institution. These partnerships mean the provider benefits from superior payment and cross border money transfer technologies, extending these services to their user base.
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 from the following companies:
GVA Capital
Plug and Play
MARCorp Financial
Digital Space Ventures
To add to these existing security layers, Paysend also safeguards card transactions with 3D Secure encryption: an XML-based protocol. Furthermore, all the access points and ports to the Paysend website are encrypted using enterprise-grade SSL.
Investors and awards
As it stands, Paysend has secured over $50 million in funding and employs around 163 professionals from the fintech field. The company has also featured prominently in authoritative industry websites such as:
Finextra
Yahoo! Finance – A brand owned by Verizon Media
The Courier- A domain owned by DC Thomson & Company Limited
In addition to this, Paysend has been rewarded for its innovation and exemplary money transfer services by receiving multiple industry awards, including:
PayTech 2018 Awards – Best Consumer Payments 2018
FinovateSpring 2018 – Leading FinTech product 2019
Mastercard – Top tier (5%) for processing quality
It is worth noting among all of these positives that Paysend does not currently participate in any deposit guarantee scheme. This means that customer funds held in virtual wallets are not protected by the Financial Services Compensation Scheme and do not earn interest.
What do users have to say about Paysend?
Looking at online feedback posted on consumer review site Trustpilot, Paysend users appear to have a very positive view of the company. More than 26,700 user reviews have been posted on Trustpilot, 93% of these award the company 4 or 5 stars. We have picked out recurring comments to see what customers are saying about Paysend services:
- A fast and simple remittance process from registration to setting up a transfer
- Great customer support available 24/7 on phone, live chat and email; users seem to satisfied with both the options and support offered
- Low fees and competitive currency exchange: the transfer fee is fixed and the exchange rates are set at the mid-market rate
- Additional fees charged by third party institutions such as card issuers, payment networks and recipient banks
- Problems increasing transfer limits: some customers have reported issues sending large amounts of money abroad
Paysend customer service representatives appear to take the time to respond to all feedback posted on Trustpilot, which attributes to their reputation as an attentive and supportive service provider.
How to get started with Paysend to send and receive money
We want to assist those of our users who have not yet used this service to send or receive money, by providing clear and concise step-by-step instructions.
Sending money
1. Sign up
2. Provide your personal details
3. Enter the sending amount
4. Provide the recipient details
5. Provide payment details
7. Submit the transfer request and confirm all details
Receiving money
Since the money is deposited directly into the recipient’s card or bank account, the recipient is not required to do anything except wait for notification of deposited funds. Once received, funds can be spent immediately, no documentation is required to be signed.
Does Paysend have a mobile app?
Enjoy the convenience of sending money on the go with the free Paysend mobile app, available on the App Store and Google Play Store.
On the Google Play Store, the Paysend app has a rating of 4.2 out of 5 stars, with more than 67,200 user reviews. The iOS version of the mobile app also has a score of 4.2 out of 5 with more than 1,200 ratings.
In addition to sending money transfers, user can also use the app to do the following:
Sign up for an account
Add and amend recipients
Check the status of your transfers
View history of all transactions
Check exchange rates and transfer fees
