Paysend : Full Review, Testing, and Presentation (2024)

What is Paysend?

Paysend is a great service that offers unique ways to send money: card-to-card transfers, direct transfers to digital wallets, and PaySendlink. You can always choose to send money to a bank account (the usual way, cheaper!).

With Paysend card-to-card transfers, you can send money directly to a debit or credit card abroad - all you need is the recipient's name, card number, and expiration date.

Paysend Link is a unique way to receive funds without having to provide bank details. No account numbers, sorting codes, or SWIFT details are required; all you need is a phone number. Transfers cost €1.

Card to card transfers and the Paysend link cost €1 and are almost instant, and bank transfers are free of charge.

Paysend also offers a cash withdrawal option if your recipients are more comfortable withdrawing cash directly.

Paysend has low overall fees (including advertised fixed prices and exchange rate margin). However, I would like to see more transparency around margin added to exchange rates.

The fees and the exchange rate are listed right away, so you know what you're agreeing to. However, as a customer, it's up to you to determine what you're actually paying for, or you should rely on a thorough analysis like this.

Paysend adds a markup of around 1% to its exchange rates, which is still much less than banks, but less than Paysend alternatives like CurrencyFair and Wise.

How does Paysend work?

Sending money with Paysend, step by step:

First, create an account. Enter a strong password and your phone number. Make sure it's a mobile number that you can access. Enter your personal details, including

• Country and city of residence
• Valid address with street number
• Name as it appears on your card and ID
• Email address

You will receive a 5-digit security code from Paysend to validate your phone number. Enter the code on their site.

Now you can enter the details to begin your first transfer.

• Indicate the amount you want to send OR
• The amount you want the beneficiary to receive.

The fees, exchange rate, and delivery time are displayed.

Enter payee details. This includes how they will receive the money. Receiving options are detailed below. You will also need their full name.

Enter payment details, including your credit/debit card number and expiration date. Your card details will be saved for future transfers. You will also need to re-enter your address, including street and house number as well as city.

If you are happy with the transfer, click send. You will receive a verification code on your phone. Enter the code and the transfer will be verified after clicking confirm.

Paysend will send the money to your payee within the delivery time that has been displayed. If you want to verify a transfer, your previous transactions are displayed in the Paysend history tab.

Receiving methods

Are you wondering how to receive money with Paysend? There are several methods that a beneficiary can benefit from.

Card payments

The card payment option is easy and convenient for beneficiaries. The funds are available on the beneficiary's card. They can then withdraw cash from an ATM or use it to buy items right away.

Bank account

The second option is to send to the beneficiary's bank account. This works for professional as well as personal peer-to-peer payments. SEPA is also available for European bank accounts.

Paysend Link

The Paysend Link option is an option that makes sending money as easy as entering a phone number. The beneficiary will see the transfer on their phone. He can then choose how to receive the money. He can withdraw it to a bank account or to a Visa, MasterCard or UnionPay card.

Checking

As noted above, verification is part of the Paysend process. You will need to provide the company with certain information, especially when sending large amounts of money. This includes certain documents and your identification.

So how do you check with Paysend to be able to send money transfers?

First, send your documents.

ID and proof of address can be sent by email to kyc@paysend.com. You can also download the documents from the website. The address is paysend.com/auth/main.action.

Documents that Paysend accepts for verification

Include one item from each of the lists below:

To check personal data:

• National identity card
• Driver's license
• Passport
• Residence permit with an international passport

To check the address:

• Bank or credit card statement
• Tax notice
• Proof of ownership or lease
• Pension document with address
• Utility bill
• Driver's license

Paysend accepts utility bills and statements that are no older than three months. Note that you cannot use a driver's license to verify both identity and address.

How long does it take for Paysend to be verified?

Paysend claims that identity verification only takes a few minutes. When submitting additional documents, it normally takes a few hours and up to a maximum of 3 days before approval. If you have pending transfers, they will be processed as soon as your documents are validated.

Mobile application

In addition to the web browser experience, Paysend also offers money transfer apps on all major platforms — Apple iOS and Google Play (Android). An application is also available in the Huawei AppGallery.

The Android app is rated 4.6/5 based on 57,505 customer reviews.

The Paysend iOS app is rated 4.8/5 based on 1500 customer reviews.

The Google Play Store and Huawei AppGalley show that the Paysend app has been installed over a million times.

Customer service

You need to say to yourself, “How is Paysend customer service in real life?”

Don't worry! I also put it to the test.

I contacted customer service on three different occasions using the live chat function to ask questions about their money transfer service.

A real person answered me in 2 or 3 minutes, and they answered my questions in all cases. Good thing I didn't need to talk to a robot before: +1 to Paysend.

It's sometimes frustrating, because conversational AI still has a long way to go, and not all businesses have understood yet!

I haven't tried email support because I generally prefer online chat to email.

security

Paysend is absolutely safe and legit. Paysend is registered in the UK and regulated by the FCA (UK), which means that if Paysend should go bankrupt, your money is safe as it is not considered Paysend's asset.

Paysend also has an integrated fraud prevention system with ports and website access points encrypted with corporate SSL.

All 3D-Secure card transfers with Paysend are authorized by an online security code or password set by the user's bank.

Paysend is also authorized and regulated by CBOF (Central Bank of Russia) and ACB (Asia Credit Bank).

In addition, Paysend offers other elements to reassure you:

• Level 1 PCI DSS certified card processing system directly connected to Visa, Mastercard, and UPI
• Mastercard Issuing Member and Principal Acquirer
• Visa International Principal Acquiring Member
• UnionPay International Principal Acquiring Member
• Member of the European Payments Council, registered participant in the SEPA bank transfer
• Passported to all EEA member states
• Direct settlement with partner banks worldwide

Fresh

Paysend's transfer fees are fixed, which is good news for those who want to know the fees in advance. Fees vary depending on where you send your money from. If you use the transfer option on their website, the fees are listed upfront. So you won't have any surprises later.

For example, if you send money from these locations, here's what you'll pay:

• Sending with Paysend from Canada: $3.00.
• Sending with Paysend from the United States: $2.00
• Shipping with Paysend from the UK: £1.00
• Sending with Paysend from Europe: €1.50. 

Alternatives to Paysend

1. Traditional banks

If you're looking for an alternative to Paysend, you might have thought of a bank first. They are traditional and considered safe.

However, more often than not, sending international money transfers with a bank is the most expensive option. Your recipient should also have a bank account. Additionally, bank transfers can take time. This includes both the time it takes for the transfer to arrive, and the time you need to spend to get to a branch.

2. Other money transfer services

Services such as MoneyGram, Ria or Western Union may be another alternative to Paysend. They have numerous agencies, often in very convenient locations. However, when it comes to fees and exchange rates, they are a very expensive option. In that sense, they are almost as bad as using a bank.

However, they generally have very fast shipping options. In addition, your beneficiary probably has a branch nearby.

3. Transferwise

The Transferwise service is the best option for a lot of online money transfers. Its main advantage is that it uses the mid-market exchange rate. In fact, in order to keep an eye on the rate, he offers a tool called the “rate alert tracker”.

Recipients don't need to have a Transferwise account. Its transfer fees are low and transparent. However, while these fees are low, Transferwise does not charge fixed fees like Paysend.

It is also not available in all countries and does not offer card payments.

4. Remitbee

Remitbee is a well-reviewed online money transfer service.

It allows you to send money to over 45 countries at a competitive exchange rate and fees.

Pickup options are flexible, and include cash pickup, delivery, bank account, or mobile wallet. However, this service is only available to shippers in Canada.

How to send money abroad with Paysend

Step 1. Check the exchange rates. Go to the Paysend site and choose your currency pair.

Enter the amount you want to send. The calculator updates in real time, showing you the exact amount you're sending and the converted amount your recipient will receive.

You'll also see the applicable fees, today's rate, and how long the transfer will take. Click Get Started. You can also choose to click on the Register option to go directly to the registration step.

Step 2. Create a free Paysend account. Provide your phone number and continue entering your first name, last name, and birth date. Then provide your address. Click on Continue.

Step 3. Checking. Please enter your email address. In the next step, you will receive a verification SMS on your mobile phone. Enter your Paysend invitation code (01jr0j) in the next step to have your offer applied.

Step 4. Organize your transfer. Once logged in, click Send Money to initiate your first money transfer with Paysend.

Step 5. Provide recipient details. Now you need to provide your overseas recipient's account details based on the receiving method you've chosen. Bank details for bank transfers, card details for card-to-card transfers, mobile phone number for transfers via PAYSendlink.

Step 6. Pay for your transfer Then, choose the payment method and pay Paysend to initiate your transfer.

Audit process

Being regulated by the FCA in the UK, like any other money transfer company, Paysend will require you to provide certain documents and information about yourself - including your personal details, the purpose of the transfer, and information about your recipient.

To ensure a high level of security and to avoid potential fraud, Paysend must ensure that an authorized person is using your card. To do this, she asks you to send a selfie with the card.

When you take this selfie, Paysend explains that you're only showing the cardholder's name, the first six and the last four digits of the card number. Thus, you are not sending the image containing your entire card number but you are still showing that you are the authorized cardholder.

How long does it take for Paysend to transfer money abroad?

Paysend's transfer time for international remittances is typically a few seconds - as Paysend mentions on its website, “75% of our money transfers with Paysend reach their destination in 20 seconds or less. The only thing that normally slows us down is if the recipient's bank isn't as fast as we are!”

Paysend uses standard money sending technologies that allow money to be sent to the recipient's bank in real time.

Some banks still don't support this technology and are taking longer to process transactions. If your transaction falls into this category, the transfer time depends on the recipient's bank but, in any case, should not exceed three business days.

Supported countries

Paysend operates its money transfer service in over 170 countries.

You can send money from over 60 countries and receive money in over 110 countries.

There are four different ways to send money to these countries with Paysend.

• Card to card transfers
• Direct bank transfer
• Link with Paysend
• Digital wallet

FAQs

Is Paysend a bank account?

Paysend offers a global account that offers you a multi-currency wallet that allows you to hold 7 currencies, and link them to your Paysend Mastercard to send and spend your money from the Paysend Global Account app (including global money transfers to over 100 countries).

At the time of writing this guide, Paysend Global Account is available in the following countries: Germany, Austria, Bulgaria, Croatia, Cyprus, Denmark, Spain, Estonia, Finland, France, Greece, Hungary, Ireland, Iceland, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Netherlands, Poland, Portugal, Czech Republic, Romania, Slovakia, Slovenia, Sweden, and the United Kingdom.

If you look from a mobile application perspective, currently the global money transfer application is separate from the global account application for Paysend. But the global account application also integrates the money transfer function. Eventually, the separate money transfer application will be removed (confirmed by the Paysend support team).

Is the Paysend card free?

The Paysend virtual card is FREE. If you choose to get the physical card, the card itself is still free but you have to pay for the delivery costs.

Delivering the physical card will cost you £4.99 in the UK and €5.99 in the EU.

How much does that cost?

Card transfers and the cash pickup service will cost you €1/€1.5/$2 (depending on the currency you're converting), and bank transfers are FREE. In addition, Paysend adds an average of 1% margin to exchange rates. Learn more.

Final opinion

Learn about Paysend's in-depth review and all the details you need to consider for your international money transfers.

Paysend offers a comprehensive competitive and technological offering that can rival Wise and Revolut. If you're looking for unique features like the Paysend link, or if you want to send money from card to card hassle-free, Paysend is for you.

However, it is important to note that middle market exchange rates are increased by more than one euro, in addition to the £1 fee. As for the app, Paysend Global Account is their latest update with all features combined, including global money transfers.

Considering the overall offer and the competitive rates, Paysend is an interesting solution.

Use our link to sign up for a free account now.