Paysend Review 92

Company Information

Paysend is an international online money transfer service regulated by the FCA (Financial Conduct Authority) of the UK, with headquarters in London. This global online money transfer service is operational in scores of countries around the world. As a growing FinTech company, Paysend is focused on next-generation style money transfers. Customers can benefit from sending funds internationally, from card to card across dozens of countries and territories. Plus, there are low fixed fees, simple transfer methods, PCI DSS certification, and instant processing of online money transfers.

With offices in the UK and Russia and CIS, Paysend sports a strong global presence. The company has partnered with many leading payment providers including UnionPay, Troy, MasterCard, VISA, Verve and HUMO, and others. Among the many features of the company are online money transfers starting at £1, $2, or €1.5. It boasts some 1.4 million+ customers globally, and customer services available 24/7. Paysend ranks among the most reputable money transfer companies on the web. Customers can benefit from using the Paysend app, available through the Google Play Store and the App Store for added convenience.

Established2017
Transfer speed0-3 days
Transfer Charges
Low fees, close to the mid-market exchange rate.
Currencies50+
RegulationFCA
Onboarding simplicity
Simple
Required documentsPassport/ID/Driver’s Licence, Proof of address
Key featuresInstant card-to-card transfers
Send money to over 80 countries
Transfer methodsBank deposit, Credit and Debit Cards
TrustPilot rating
Customer service
Outstanding

How Paysend Works

With Paysend, registered customers can send money to some 80 countries, for a low fixed price (£1). All that’s required is the receiving party’s name and card number. Paysend has partnered with MasterCard and VISA, such that the transfer is simple, seamless, and hassle-free. The easy-to-use money transfer service begins by completing an intuitive registration. Customers are required to enter a telephone number, create an 8-12-character password using a combination of alpha-numeric characters including uppercase/lowercase letters. 

Next, customers are required to input personal information such as name, last name, date of birth, address, postcode, city, country, and email. Once this information has been checked for accuracy, simply click the ‘Submit’ button. Paysend will then send a registration code to the mobile number provided. Once this has been entered, your account is effectively ready for money transfers. 

Making a transaction is easy. Each payment processing method is subject to a transfer limit. This limit can be increased subject to the approval of Paysend. Once you enter the amount you wish to send to the recipient and the receiving currency, you will see the fee per transaction, the exchange rate, and the delivery time listed. It is necessary to provide the recipient’s details in the blocks provided. This includes the card number, expiry date, recipient’s last name, and recipient’s name. The sender’s address must be input, including the city, street, house number, and card information. 

Various security protocols are in place to ensure that it is in fact you authorizing this payment from your account to the recipient’s account. A code will be sent to your smartphone. This needs to be input to finalize the transaction. Simply click the green ‘Confirm’ button to send the money. That’s precisely how Paysend online money transfers work. Your payment method (card) can be saved to your account, so that you won’t have to re-enter the information a second time. By navigating to the ‘History’ tab, you will be able to see all of the transfers made under your account. 

How much does it cost to use Paysend?

Paysend makes it clear that it is a low-cost international money transfer provider. If you’re sending money from the UK, the cost is just £1. It doesn’t matter how much money you’re sending – that is a fixed cost leveled on all money transfers. If you’re sending money from the Eurozone, the cost to use Paysend is €1.50. Any money transfers made from the USA will cost $2. Naturally, many users are outside of these three areas and a full listing of costs is provided for added convenience. The exchange rate provided by Paysend is competitive, and readily displayed before you click the submit button and make the transfer. The rates are close to the mid-market exchange rate, helping senders to get the best value for money.

Transfer Speed

One of the reasons why Paysend is so popular is the transfer speed associated with online money transfers. Since Paysend has partnered with China UnionPay, MasterCard Worldwide, and VISA Inc, customers can enjoy instant money transfers. Sophisticated payment processing ensures that all transactions are easily tracked, and customers know exactly what is going on with their online money transfers. For the sender, funds are debited from your card immediately. The recipient will receive the funds within a few minutes. For customers in certain countries, it can take up to 3 business days for the funds to become available. 

Sending and Receiving Options 

Once you’re ready to send money to a recipient, simply click on the ‘Send’ button. Enter the amount you wish to send, the recipient’s details, and take a picture of the card that will be used for the transfer. Your card has a CVV/CVC number – enter that. Next, input the 5-digit security code and confirm the transaction. It is important to point out that you need to enter your Paysend card’s details as well as the recipient’s Paysend card details to process transactions. It is possible to transfer funds to bank accounts too.

Is Paysend Safe and Reliable?

As far as safety and security goes, Paysend is a fully regulated online money transfer service. It boasts FCA (Financial Conduct Authority) licensing from the UK. Further, the integrity of all account information is safeguarded at all times, courtesy of PCI DSS level compliance (Level #1), as well as other security measures such as antifraud protocols, 3D Secure protection, and card verification protocols. The added security benefits provided by Visa and MasterCard ensure the safety, reliability, and integrity of Paysend transactions.

Why use Paysend?

There are certainly many reputable online money transfer service providers to choose from, but Paysend ranks among the best of them for several reasons:

  • International money transfers via Paysend cost as little as £1/$2/€1.5 regardless of the amount you are sending. The midmarket spreads are competitive enough to guarantee best value for money. Plus, IMTs (International Money Transfers) are available across 80 countries.
  • Transactions are processed instantly for the most part. The sender’s card will be debited immediately, and the recipient typically receives their funds within minutes. Occasionally, it can take up to 3 days depending on where the recipient is based
  • Paysend offers responsive customer support and service with a wide range of contact options including FAQs, chat functionality, social media pages on Facebook, Instagram, YouTube, LinkedIn, etcetera. The support representatives are readily available to chat, any time of day or night.

Overall, Paysend is really easy to use and the hassle-free approach to sending money abroad, with low costs and quick verification makes this a must-use money transfer service.

Which Countries Can I Send Money from with Paysend?

The Paysend list of eligible countries spans dozens of options including the following supported countries:

  • Africa: Bangladesh, Kenya, Malawi, Morocco, Mozambique, Nigeria, Rwanda, Senegal, South Africa, Uganda, Zambia, and Zimbabwe.
  • Americas: Guatemala.
  • Asia: Armenia, China, Ghana, Hong Kong, India, Indonesia, Japan, Kazakhstan, Kyrgyzstan, Malaysia, Mexico, Nepal, Pakistan, Philippines, Russia, Singapore, South Korea, Tajikistan, Tanzania, Thailand, Uzbekistan and Vietnam. 
  • Europe: Albania, Andorra, Austria, Azerbaijan, Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Montenegro, Netherlands, Norway, Poland, San Marino, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine and United Kingdom.
  • Middle East: Israel, Lebanon, Turkey, UAE and Egypt.

With Paysend you can send money online to 80+ countries

Registration & Onboarding

The signup page is where it all begins. You simply enter your telephone number, starting with the country code already input. Next, click the purple ‘Continue’ button. The registration process requires customers to go through each of the steps listed earlier, inputting name, last name, address, verification codes, and so forth. You can easily see how much money you will be paying and how much the recipient will be receiving, given the mid-market exchange rate. The rate that you will be charged is not the same as the official exchange rate – it is less favorable with all international money transfer providers and commercial banks. Depending on your transferring country, the fees will either be £1, $2, or €1.50 (irrespective of the amount of money you’re sending). 

Once you have completed the registration process, it’s a simple matter of going through the steps to ensure that you enter your card information, and the recipient’s information prior to sending money. Verification checks are in place to ensure the safety and integrity of all international money transfers. The onboarding process is easy to follow. Customers can simply download the app for on-the-go money transfers (Google Play Store and the App Store), and make the money transfers quickly and easily. There are several delivery methods available for each country, and these will be listed for your convenience. The actual processes that need to be completed are easy to follow, thanks to instructive video tutorials, FAQs, and 24/7 customer support.

Customer Support

The customer support function at Paysend is comprehensive. They generally do a fine job of responding to customer queries as quickly as possible. To contact support, simply click on the chat bubble on the bottom right of the screen, or click to send an email to Help@Paysend.com, or use callback. These options will connect you with a customer support representative. You can attach screenshots, files, or images with your message, as you wait for a support representative to get in touch. They are generally knowledgeable about all aspects of international money transfers, and can assist with registration, payment processing methods, and other questions. If you wish to follow the latest news from Paysend on social media, you can easily connect with them on Facebook, Instagram, YouTube, or LinkedIn.

Bottom Line

Paysend certainly qualifies as one of the most user-friendly international money transfer services on the market. It simplifies the entire process, from inception to delivery. All that’s needed is a quick and easy registration by the sender, verification of the transfer request, and the submission of the payment. The recipient in the foreign country is identified by way of name, address, and account number. 

Once the international money transfer has been validated and processed (typically done within minutes) the recipient will have access to their funds. Paysend has partnered with reputable providers in VISA, MasterCard, and China UnionPay, ensuring the safety, transparency, and credibility of transactions processing.

If this is your first time sending money abroad, forget banks – Paysend offers cut-rate costs (£1, $2, €1.5) on all transfers, at mid-market rates on currency cross pairs. For the most part, your transactions can be completed within minutes, and you can even send money to the bank account of the recipient abroad. Highly recommended as a low-cost, low stress, reliable money transfer service.

Pros

  • Paysend is cost-effective with fixed fees for sending any amount of money ($2, €1.5, £1), at mid-market rates 
  • Paysend is operational across 80+ countries globally, with several options for sending money abroad
  • Paysend is really easy to use, thanks to a user-friendly onboarding process 
  • Lots of useful information available to customers on dedicated social media pages on YouTube, Facebook, Instagram, and LinkedIn.

Cons

  • Paysend USA was non operational at the time of the review
  • Paysend customer support options can take a few minutes to respond 
  • Once you incorrectly click send, you cannot cancel the transaction (but Paysend will try to help)