According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- 170 countries
- No
Currencies:
- Most currencies
cryptocurrencies:
- No
Our Evaluation of Paysend
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Brief Look at Paysend
Paysend is a global money transfer service launched in 2017. It is a relatively young UK-based fintech company working to actively expand its coverage. The company operates in 170 countries. Paysend review shows that the fixed fee is the key feature of the service. Regardless of the amount of your transfer and the country of the recipient, the fee is always EUR 1.5, GBP 1, USD 2 or CAD 3 depending on the region. Currency is automatically converted at the rate that is closest to the market.
- the service is well-known for its quick transfers. 95% of transfers are processed instantly, but transfers to accounts may take up to 5 days (due to the specific nature of banks’ operation);
- a fixed fee of EUR 1.5, GBP 1, USD 2 or CAD 3 makes large transfers very beneficial. Regardless of whether you transfer EUR 500, EUR 5,000 or EUR 15,000, you still pay the standard fee without any mark-up;
- Transfers can be made using various methods: to a bank card, bank account, electronic wallet, by phone number, or to a cash point. The method does not affect the fee or other conditions of transfer;
- Integrated conversion feature performs automatic currency exchange. You know the exchange rate in advance, before you make the transfer. The money is converted at a rate that is very close to the market price;
- Paysend review shows that the money transfer service meets international functionality and security standards. User data and funds are well protected;
- Paysend provides exclusive convenience of transfers thanks to simple functionality and excellent optimization of the app. You can understand how everything works within a couple of minutes.
- despite impressive coverage of 170 countries, transfers to some regions are either unavailable or limited;
- Paysend does not offer advanced features. For example the money transfer service does not provide investment programs or analytics for clients’ assets;
- the fixed fee of EUR 1.5, GBP 1, USD 2 or CAD 3 is not always beneficial. If you are transferring a small amount, the fee may turn out to be higher than the fee charged by other money transfer systems.
TU Expert Advice
Author, Financial Expert at Traders Union
Paysend offers a versatile global money transfer service that operates in 170 countries, providing a variety of account types, including personal and business accounts. The platform supports most currencies, employing fixed minimal fees for transfers. Users enjoy fast transfers, with 95% processed instantly, and an automatic currency conversion feature. Transfers can be made to a bank card, a bank account, e-wallet, or via phone number, ensuring diverse and convenient transaction options.
On the downside, Paysend’s services may not suit those interested in advanced financial features, such as investment programs. Additionally, the fixed transfer fee can be less beneficial for small transactions compared to other systems. While offering excellent core features, Paysend may not fit experienced traders seeking extensive financial tools but remains ideal for clients prioritizing ease and low-cost large transactions.
Paysend Summary
Via Paysend's secure website. Your capital is at risk.
| 💼 Main types of accounts: | Personal and Business |
|---|---|
| 💱 Multi-currency account: | Most currencies |
| Deposit terms and conditions: | Card, account, electronic wallet, phone number |
| Loan terms and conditions: | Bank card, bank account, electronic wallet, phone number, cash point or personal delivery |
| ☂ Deposit insurance: | Fixed at EUR 1.5, GBP 1, USD 2 or CAD 3 |
| 👛️ Savings options: | Savings accounts |
| Types of payment: | No |
| ➕ Additional features: | Partnership program, currency converter |
The company works continuously to improve its operation, expanding geographic coverage and adding transfer options, although almost all known options are already available. 95% of transfers to a card take a couple of seconds. Transfers to a bank account could take several days due to the specific nature of banking system operation. However, it is never longer than 5 days (excluding weekends). It is not something specific to Paysend; all money transfer services work longer with accounts than with cards or other payment options.
Paysend review showed that the service offers the same conditions to all users. The service does not have plans or additional options (both free and paid). This is a great advantage, as clients don’t have to consider which plan is most suitable or pay extra for certain features. On the other hand, Paysend does not have interesting features that could be connected for a fee. The company provides quick and convenient money transfers at minimum fees. Focusing on one task, Paysend service ensures its high quality.
As for the Paysend app, it is appreciated by experts and users. Constructive analysis along with stress testing showed no weaknesses or vulnerabilities. The app does not have glitches and does not lag. It can be installed on a mobile device running on any operating system. In the end, you get a stable transfer service you can use to send money to another country from card to card in just a few clicks. A stable app is a conceptual advantage of any service in the age of smartphones.
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Paysend Commissions & Fees
The Paysend money transfer service charges only one fee, the transfer fee. The fixed fee is EUR 1.5, GBP 1, USD 2 or CAD 3, depending on your area of residence. Note that the fee does not change under any circumstances. It does not matter which currency you want to make the transfer with and which currency you want to convert it into. The transfer amount also does not affect the fee, or the type of transfer, for example to a card or account.
At the moment, only a few services have the same fee schedule. Usually, the fee comprises two components: a certain fixed amount plus a percentage of the transfer amount. For example, €1.5 (or an equivalent) + 1% of the transfer amount. You don’t need an in-depth analysis to understand that Paysend’s conditions are much better. Many countries do not have another service like this in terms of the fee.
However, users need to consider that other parties to the transaction may charge additional fees. This primarily applies to banks. The money transfer service cannot influence the policy of banks. If your bank charges a fee for sending or receiving money in currency, you will have to pay it in addition to the Paysend fee. This fee is not specified in the service, because it is not related to the service. Paysend does not have any other charges, but the fixed fee. You can contact your bank for details about the transfer fees in order to avoid misunderstandings.
The Traders Union also compared Paysend’s fees with similar types of fees on other e-payment systems.
| PayPal | Remitly | Paysend | |
| Payment commission | $0.49 | $2.99 | €1.5 |
| Deposit commission | No fee | No fee | No fee |
| Withdrawal commission | 1.5% | $2.99 + 0.5% of the amount for Economy or 1.5% of the amount for the Express option | Fixed at EUR 1.5, GBP 1, USD 2 or CAD 3 |
| Commission for international transfers | Depend on the transaction type and region | Depends on the transaction type and region | Depends on the transaction type and region |
However, users need to consider that other parties to the transaction may charge additional fees. This primarily applies to banks. The money transfer service cannot influence the policy of banks. If your bank charges a fee for sending or receiving money in currency, you will have to pay it in addition to the Paysend fee. This fee is not specified in the service, because it is not related to the service. Paysend does not have any other charges, but the fixed fee. You can contact your bank for details about the transfer fees in order to avoid misunderstandings.
Paysend review performed by TU experts confirms what most user feedback says. It is a simple and easy-to-use international money transfer service that offers unique conditions: only one fixed fee. Each transfer is charged with EUR 1.5, GBP 1, USD 2 or CAD 3. Transfers are mostly instant or take mere seconds, with the exception of transfers to a bank account, which takes longer to process. There is also a partnership program that could bring a good amount of extra income provided you are quite active on social media.
Investment Options
Paysend review shows that the money transfer service does not offer investment options. The only option users can use to make extra cash is the partnership program. Cash bonuses are paid for inviting new clients. The bonuses can be higher, if a user is active on social media, but they still won’t be a great contribution to a person's income.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Contacts
| Foundation date | 2017 |
|---|---|
| Regulation | Bank of Spain |
Comparison of Paysend with other e-payment systems
| Paysend | Volet.com | Payeer | Skrill | Payoneer | Neteller | |
| Supported Countries | 170 countries | 150 countries | 127 countries | 200 countries | All countries | 180 countries |
| Supported Currencies | Most currencies | 9 currencies (USD, EUR, GBP, RUB, BRL, TRY, UAH, KZT, VND) | 3 fiat currencies (USD, EUR, and RUB) and most cryptocurrencies | 40 currencies | 7 currencies – USD, CAD, EUR, GBP, MXN, AUD, JPY | 28 currencies |
| Support for cryptocurrencies | No | Yes | Yes | Yes (deposit) | No | Yes |
| Subscription fee | No | No, only transaction fees | No, transaction fees only | No, only transaction fees | No, only transaction fees | 2.5% |
| Payment acceptance equipment | EUR 1.5, GBP 1, USD 2 or CAD 3 | No, only software | No, online only | No, only online | No, only online | Yes, Net+ Cards |
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