Paysend Global Account Review

Company information

Paysend is a UK-based global fintech company founded in 2017 with the mission to transform the way money moves around the world. It is authorised and regulated by the Financial Conduct Authority.

Paysend’s new Global Account allows you to spend money in over 80 countries. Paysend Global Account customers can use their Paysend Mastercard abroad with no extra charges.

According to its CMO, Alberto Macciani, millions of people travel each day across the globe and struggle with the cost and complexity of conventional products and services. An innovative product that can overcome these monetary struggles is a must. Paysend’s Global Account is that new innovative product that allows its customers to manage their money efficiently no matter which part of the world they travel to.

The Paysend Global Account is an international mobile money account. It is devised to help consumers save at least £2 billion in currency conversions when spending money abroad or on overseas websites. According to Paysend’s analysis, consumers can save up to £966 million when buying from foreign websites every year and £125 billion in fees when they spend their money abroad.

According to Business Head for Paysend Global Account, Abhishek Tripathi, the company has worked hard to ensure that the best Paysend technology is used to deliver an “amazing product experience.” He goes on to say that the Global Account has made it easier for people to hold, pay, or spend their money globally – making this a truly innovative product. Paysend’s multi-currency wallet transforms the “Paysend Mastercard” into a local currency card anywhere in the world that a customer might be.

Pros and cons

Pros:

• Pay, hold, or spend your money – no matter where you go abroad.
• Multi-currency wallet that consists of the world’s top six currencies (including the Chinese Yuan).
• Pay in local currency.
• Switch value between currencies using the mid-market exchange rate.
• Fixed, transparent and low fees.
• No additional charges or hidden fees.
• Hold up to six currencies in your wallet at any time.
• Pay in the local currency wherever Mastercard is accepted, with no fees.

Cons

• As of now, the app supports only iPhones and iPads with iOS 11 or above, and Android-based mobile phones that are 5.0 or newer.
• It is not possible to make cash deposits or cheques.
• There is a limit of withdrawing up to £2,200 annually from ATMs, and you can spend/withdraw only £900 at a time.

Who is it for?

Global Account is an excellent choice for anyone over the age of 18. It is especially beneficial for those who will be travelling overseas on holiday or for a business trip, or those who make regular trips abroad. It can also be used by those who need to make one or more purchases on a foreign website or need to transfer money overseas.

Onboarding process

Paysend’s Global Account is a mobile application that is available for iOS and Android devices.

The first step is to download the Global Account app from Google Play or the Apple App Store.

Once you download the app, you will be asked for your personal details to open an account. You will be required to provide details like your full name, phone number, date of birth, email and residential address.

Once you fill in all this information, you can start using your account straight away.

Plans

The Global Account does not consist of any plans.

Key feature

1. Multi-currency wallet consisting of six of the top world currencies.
2. New payment features.
3. PayLater feature with up to £200 credit for purchases and interest-free repayment within two weeks.
4. Supported device for the app includes all iPhone and iPads of iOS 11 and new, and all android mobile phones with Android 5.0 and newer.

Bottom line

Paysend Global Account is a boon for those who travel abroad. The international fee-free mobile money account with a multi-currency wallet is perfect for those who travel overseas regularly or make regular purchases on foreign websites.