Paysend Global Transfers Review

Company information

Paysend is a global fintech company that has changed the way money is transferred around the world. Founded in 2017, Paysend aims to provide efficient, cheaper and faster money transfer services, with greater security and privacy than ever before.

The company says its goal is to offer customers a seamless experience, the best value for money, and to “make people feel better connected with friends and family, no matter how many borders separate them.” Paysend has over 1.7 million customers, and this number continues to grow every day. Its offices are located in London, Edinburgh and Moscow – the hotspots of global fintech innovation.

Through Paysend Global Transfer, customers can transfer money online to more than 80 countries for a minimum charge of £1 (this amount differs depending on the country you send the money from). The Paysend Link app for mobile users is available for both Android and iOS devices.

Customers can use the app to keep an eye on incoming funds and direct those funds to their Mastercard, UnionPay card, or Visa card. The funds can then immediately be used or withdrawn as cash at any ATM.

Pros and cons

Pros:

• Set up an account in a few minutes.
• Send money quickly and directly to credit/debit cards or bank accounts.
• Transfer money abroad to over 80 countries.
• Pay a low fixed fee irrespective of the amount you transfer.
• Get global support 24/7.
• No hidden fees or costs.
• Supports P2P (person-to-person) transfers and B2B (business-to-business) transfers.
• Get information on bank balance, fee charges, exchange rates and the amount transferred when you make each transaction.
• With the new mobile app, Paysend Link, customers can send money to any part of the world with only the recipient’s mobile phone number.

Cons:

• A very lengthy review process, even though it takes just a few minutes to set up an account.
• Customers can send money only from 48 countries. Most of these countries are based in Europe and North America.
• Although the website claims instant transfers, some customers have reported delays in transfers.
• Your bank might charge additional processing fees when you pay for your transfer.
• The recipient might incur other charges such as intermediary fees and landing fees that Paysend has no control over.
• Paysend has maximum transfer amounts that can be increased if you provide extra verification of your identity. The higher the transfer limit, the more proof will be required.
• A physical card costs £4.99.

Who is it for?

Anyone over the age of 18 can open a Paysend account. Paysend works for individuals who want to transfer money to other individuals and for B2B transactions.

Onboarding process

To open an account with Paysend:

Download the app from Google Play Store or Apple App Store. Provide the necessary information such as your name, phone number, email, date of birth, and residential address. Paysend will send you a 5-digit security code on the phone number you provide. Fill in the code, and you can start accessing your account straight away.

Plans

(Withdrawal options)

Recipients have three options to receive funds:

Card-to-card transfers: Funds are sent directly to the recipient’s card that can be withdrawn from an ATM, or used directly to shop.

Bank deposits: Funds are transferred to a recipient’s bank account. Available for P2P and B2B payments.

Paysend Link: The sender transfers money using the Paysend Link app. The recipient can direct the incoming funds to their bank account, cards, or can withdraw the amount from an ATM.

Key feature

1. Fast, simple and safe app.
2. Transfer via Paysend Link - No exchange of sensitive or personal recipient information is required.
3. Speedy card-to-card transfers.
4. Visibility of exchange rates, transfer fees and the amount that will be received before you transfer money.

Bottom line

Paysend is a fantastic option for quick global P2P and B2B transfers. This especially works well if the fund transfer amount is less than £1,000 every six months. No matter how much you transfer, you only pay a nominal fee of £1.