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What is PaySend?
PaySend is an international FinTech company that allows users to safely transfer money cross-border, request money from over 50 countries, as well open global accounts to receive money in 7 currencies on to your PaySend account. The mission of this global online money transfer firm is to change how money is moved around the planet. In addition to sending money, you can pay anywhere with the PaySend MasterCard. Businesses can use the PaySend API to automate their cash flow.
In this unbiased Paysend review, you will find in-depth information about this global money transfer service to help you understand it before you can start using it.
Company information and credibility
PaySend is a growing financial technology company that focuses on building a customer-centric global Fintech hub. It is authorized and regulated by the Financial Conduct Authority (FCA) and HMRC. This definitely means it is a legitimate company offering a secure option to transfer money internationally.
Since its 2017 incorporation, PaySend has grown enormously and is currently serving over 3.5 million customers in more than 90 countries. PaySend is certainly proud of its growing influence and seeks to offer the best payment solutions worldwide. It has offices in London, Scotland, Canada, Russia, and CIS.
This global money transfer company has partnered with many leading payment providers like MasterCard, VISA, UnionPay, Verve, Troy, and HUMO, in an effort to ensure a faster, simple, and affordable means of transferring money to bank accounts and credit cards. PaySend continues to disrupt the FinTech industry with creativity, simplicity, innovation, and a seamless ecosystem that allows users to hold, spend and send money across the globe.
How PaySend works
Sending money and making payments via PaySend is relatively simple and convenient. Here are the steps you need to follow.
- Open an account: To open a PaySend account, you first need to visit the PaySend website or download the mobile app, available in Google Play, Huawei AppGallery, and Apple App Store. The system will prompt you to provide personal details, including full name, DOB, residential address, valid email address, and phone number, after which you will access your account immediately.
- Provide recipient details: PaySend will ask you to enter details of your recipient information. You will also be required to your residential address before you can send the money.
- Set up your transfer: In this step, you input the amount you want to transfer and how you will pay for the transfer.
- Pay for your transfer: Press send and let PaySend do the rest (it will convert your money into recipients currency and send via selected payout option).
How much does it cost to use PaySend?
PaySend is not integrated yet into CompareTransfer.
Like other global online money transfer services, PaySend charges transaction fees to cater to administration costs and make profits.
PaySend charges a fixed rate, irrespective of the amount of money you are transferring. The transfer fees are paid by the sender and vary depending on the currency route. For example, sending money from the UK, the US, and Canada costs £1, $2, and C$3, respectively. Money transfers made from the Eurozone will cost you €1.50.
Considering that there are many users outside these regions, the transfer widget of PaySend’s website or mobile app will display the exact amount you will pay for your transfer.
Note: PaySend charges 0% exchange rate margin. Also, they don’t charge any hidden costs.
Is PaySend safe and reliable?
PaySend is licensed by FCA and authorized to carry on various activities involving money transactions. The company is also governed by other bodies like HMRC and MSB. This guarantees safety and security to all users.
Thanks to PCI DSS Level 1 standard compliance, PaySend ensures all user personal data and transactions are encrypted and safeguarded throughout.
Partnerships with ‘MasterCard MoneySend’ and ‘Visa Direct’ provide an additional layer of safety, reliability, and integrity of the transactions.
- Global coverage
- PaySend promises top-notch security payments
- It is cost-effective with low fixed fees
- Variety of transfer methods
- It is user-friendly
- PaySend offers 24/7 customer support globally
- Not all countries are covered
- Occasional delays
- The company takes longer to clear accounts.
PaySend is one of the most reliable and user-friendly global money transfer services out there. The low fixed fee and 0% exchange rate margin make it appealing among its competitors. Overall, it is a great option for people who want to transfer money cross-border, considering that it has advantageous currency routes.