Last Updated on October, 2024
Paysend money transfer service is less popular than other providers like Wise, MoneyGram, Western Union, and PayPal for international transfers.
But it has some great features, and many users love its outstanding service.
WHAT? Yes,
- Paysend has a digital wallet service.
- You transfer fees through cards and bank accounts.
- Supports businesses with different currencies to make a money transfer(s).
There is a lot more to know. I’ll cover them one by one.
Contents
About Paysend
Paysend money transfer platform is a modern money service business that SIMPLIFIES online transactions for individuals and companies. It facilitates easy and secure money transfers across borders, allowing users to send funds worldwide in any currency.
With a user-friendly interface, Paysend ensures a stress-free experience, making it convenient for personal and business purposes. (Next time, there is no stress if you want to transfer money to a family member.)
The platform’s integrated ecosystem supports various payment methods, allowing users to choose how they receive and send money.
Overall, Paysend is a next-generation solution that offers a seamless and efficient way to make international payments, enhancing the accessibility and convenience of global financial transactions.
How Does Paysend Work?
To use the Paysend money transfer service, you must create an account on their platform or mobile app. Provide the recipient’s bank details and the amount you want to send.
Paysend converts your money into the recipient’s currency at a competitive exchange rate. The amount is transferred directly to the recipient’s bank account or card.
GUESS WHAT? You can track the transfer in real-time through the app. (This is how I followed my first transfer – simple and quick.)
Paysend aims to provide a quick, secure, and cost-effective way to deposit money globally, reducing traditional banking fees and offering transparent exchange rates.
I’ll explain this in detail. (Keep reading.)
How to Send Money With Paysend?
I’ll tell you directly. If you want to use the Paysend money transfer platform for sending money, follow these steps:
Understood? And here’s how you send money with Paysend App:
It’s as simple as that!
How to Receive Money From Paysend?
Beneficiaries can receive their amount through various methods:
Paysend Account Verification
To verify your identity with Paysend:
For address, bank/credit card statement, tax notice, property ownership, proof/lease, pension document, utility bill, or driving license (not for both ID and address):
Remember! Following these steps, you can easily use the Paysend money transfer service to send and receive money securely.
Can I Use Paysend in the USA? And Which Countries Can I Send to?
Yes. You can use Paysend in the USA. Even though Paysend is headquartered in the UK, it allows users in the USA to make transfers.
Do you know? Paysend enables transfers to over 100 countries worldwide, including:
What are Paysend’s Fees and Exchange Rates?
When you use Paysend to send money globally, it’s essential to consider both the exchange rates and the upfront fees involved. Clear? Because Paysend claims to offer competitive exchange rates close to the mid-market rate, which is considered fair.
The mid-market exchange rate is also known as the interbank rate. It’s registered as one of the fairest rates available.
However, Paysend, like the other providers, may add a small margin to the exchange rate to profit from the transfer.
While this allows the company to earn money, it also increases your overall cost.
In addition to the exchange rates, Paysend has fixed money transfer fees that vary depending on the location you’re transferring money from.
The good news is that these fees are transparent and shown upfront on their website. For Example:
Note: TRUST ME. Knowing these fees earlier can help you avoid surprises and make informed decisions when using Paysend for international money transfers.
How Much Does Paysend Charge for Transfers?
Did you know that sending money abroad with Paysend is not a big deal when it comes to fees?
However, listen. You’ll be charged a fixed, flat fee of $2 per transfer, regardless of where you’re sending money or how much you’re sending.
The fee applies to all transfers (including bank transfers) where the recipient receives the money in their local currency.
That’s it!
Paysend Transaction Duration and Limits
Paysend transfers are usually fast and can be sent instantly, but sometimes, it might take up to 3 working days.
Transaction limits in Paysend are categorized into tiers.
However, most new users typically fall into Tier 1, but you can contact Paysend to know your specific limits. If necessary, you can also ask Paysend to increase your transaction limits.
Is Paysend Safe and Legit?
As discussed, Paysend is a licensed money transmitter in the US, following government rules. They prioritize security in a few ways:
They prioritize security in a few ways:
Plus, Paysend has received positive reviews on Trustpilot, scoring 4.3 out of 5, based on over 32,000 customer testimonials. I’m telling you this: people using Paysend have had a good experience with their services.
I’ll discuss customer testimonials in more detail in the following section.
Keep reading…
Paysend Customer Testimonials
Paysend has gained mixed reviews on Trustpilot, reflecting diverse customer experiences.
Among the Paysend reviews, many users praise Paysend by giving excellent reviews for its quick and efficient international money transfer services, highlighting the platform’s competitive exchange rates and low Paysend fees as significant advantages.
The user-friendly interface and ease of use also receive positive mentions.
However, some customers express concerns about occasional delays in transaction processing and the responsiveness of the customer support team.
A few users report dissatisfaction with the verification process, citing difficulties verifying their identity.
Despite these criticisms, Paysend generally maintains a respectable rating on Trustpilot, suggesting that most customers have had satisfactory experiences with the platform.
As with any financial service, individual experiences may vary, and prospective users should consider both positive and negative reviews to make correct decisions.
I’ve attached some random customer reviews I came across in Trustpilot. Check them for a better idea.
- Customer Testimonial 01:
My favorite app to send money. Do that for a while now to different countries. Never have problems. The fastest service, receiver get money almost immediately. Low commission. Rates to convert currencies – are okey.
Elizabeth has shared her satisfaction with a 5-star rating. She has said that Paysend is her favorite app to send money to different countries as she didn’t face any issues, and in the meantime, she’s impressed with their service.
- Customer Testimonial 02:
Well, you never know sometimes its hard to send money and if it happens to get thru it takes forever for the reciever to get money but sometimes its dam quick. My daughter at the University in Istanbul and I have to support her so it works as an option pretty good sometimes, comparing to other big companies like moneygram and western union, the process made much easier.
Johnny’s 4-star review is the second one I came across. He says he uses Paysend to transfer money to his daughter studying at a foreign University. He says that sometimes the process is more accessible (fastest method) and sometimes not.
However, he prefers Paysend over financial services like MoneyGram and Western Union.
- Customer Testimonial 03:
Paysend is a scam app. They spoiled my money and reputation. I sent money request, however, they got the money from clients but didn’t deliver it to me.
Avoid this scammers.
Ulvi is highly disappointed with Paysend and has given a 1-star rating. He says Paysend is a scam app as he didn’t receive the money even though the app has received the money from the client (bad customer service).
The ultimate goal of every money transfer service is to provide UNIQUE and the best service. However, there are pros and cons, no matter what. That’s why I’ve some alternatives for you.
I’ll discuss the ALTERNATIVES in the following section.
Alternatives to Paysend
WHAT NOW? Do you think the alternatives I’ve added here will satisfy you? Don’t worry; I’ve picked the best ones after thorough research.
Now, your part is to trust me and keep reading.
1. Wise
Wise is my favorite choice. It stands out for its transparent and low-cost international money transfer services. What sets Wise apart is its real exchange rate, which is the mid-market rate without any hidden fees.
Users appreciate the easy transfer fee structure, making it easy to understand the costs associated with their transactions.
Plus, Wise offers multi-currency accounts, allowing users to hold and manage money in various currencies and providing flexibility for frequent travelers or businesses operating globally.
Here’s the complete review of Wise platform. Read it here.
2. Revolut
Revolut is famous for its innovative financial services, which combine banking and international currency exchange into one app. Beyond simple money transfers, Revolut offers features like budgeting, cryptocurrency trading, and spending abroad without hidden fees.
The app’s user-friendly interface and extensive range of financial tools make it an all-in-one solution for individuals seeking a modern and comprehensive approach to managing their finances.
Here’s the complete review of Revolut platform. Read it here.
3. Currensea
Currensea sets itself apart by integrating seamlessly with existing bank accounts. As a travel-focused alternative, Currensea provides a UNIQUE debit card linked directly to the user’s bank account, offering competitive exchange rates with no additional markups.
The simplicity of its approach, acting as an overlay on existing bank accounts, appeals to those who prefer an excellent international spending solution without needing a separate account.
Here’s the complete review Currensea platform. Read it here.
4. Remitly
Remitly is renowned for prioritizing speed and convenience in international money transfers.
Focusing on serving the needs of expatriates and immigrants, Remitly offers various delivery options, including express transfers that can arrive within minutes.
The service’s accessibility and user-friendly interface cater to individuals prioritizing quick and reliable cross-border transactions.
Here’s the complete review of Remitly platform. Read it here.
5. Cash App
Cash App stands out for its broader financial services, including peer-to-peer payments, investment opportunities, and even Bitcoin transactions.
Its user-friendly interface and integration of various financial features make it an appealing choice for individuals seeking a flexible and convenient financial app.
Cash App’s ability to combine everyday spending with investment options provides a UNIQUE proposition for those looking for an all-in-one financial platform.
Other online bank reviews:
Paysend Review: Conclusion
What’s your opinion about Paysend?
There are many OPTIONS to send money online. But, every service provider has its uniqueness, benefits, and drawbacks.
However, it would be best if you had concerns about the following before choosing a provider:
That’s all. Keeping this in mind, decide which service is suitable for you.
FAQs
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