Paysend card: fees, features and more

If you’re thinking of sending money or spending internationally, you’re likely to have come across Paysend.

The London-based financial technology company offers a suite of products for international transactions. This includes a multi-currency account, which comes with its own debit card.

But what exactly is the Paysend card and how does it work? In this guide, we’ll look at all the features and benefits of the card. And of course, the fees and exchange rates you can expect when you use it overseas.

We’ll also show you an alternative, the Wise card, and see how it compares to Paysend.

What is Paysend?

Paysend describes itself as a “next-generation money transfer platform.”¹

You can use it to make online transfers to over 150 countries¹ worldwide, 24 hours a day. There’s also a dedicated Paysend mobile app, so you can manage your transfers on the move if you prefer.

Paysend also has a couple of accounts, along with its money transfer service. This includes the Paysend multi-currency account, and the Paysend Plus subscription plan for making regular transfers.

The Paysend multi-currency account

The Paysend multi-currency account is free to open, and can be managed through the Paysend mobile app. It offers the following features:²

• Hold up to 8 currencies at once
• Convert between currencies at competitive exchange rates
• Spend in 8 currencies when abroad
• Get local bank account details for your GBP and EUR accounts
• International transfers worldwide.

And of course, one of the main benefits of the account is an international debit card. You can use the Paysend debit Mastercard to spend in one of your currency balances.

Paysend card features

When you open a Paysend multi-currency account, you’ll get a virtual Paysend Mastercard for free.² This is accessed through the Paysend app. You can use it to spend online, or you can add it to a digital wallet like Apple Pay or Google Pay for spending in person.

You can also get a physical (plastic) Paysend Mastercard for a one-time fee of £5.² This can be used for ATM cash withdrawals, as well as spending wherever Mastercard is accepted.

The card is linked to your Paysend multi-currency account, and you can only spend your currency balances. This means you’ll need to top up before you spend.

What currencies are supported?

You can hold up to 8 currencies at once in your Paysend multi-currency account. This means you can spend in the same number using your linked Paysend card.

Here are the currencies Paysend supports at present:²

• British Pounds (GBP)
• Euros (EUR)
• United States Dollars (USD)
• Bulgarian Lev (BGN)
• Chinese Yuan (CNY)
• Czech Koruna (CZK)
• Danish Krone (DKK)
• Hungarian Forint (HUF)
• Norwegian Krone (NOK)
• Polish Zloty (PLN)
• Romanian Leu (RON)
• Swedish Krona (SEK)
• Swiss Franc (CHF)

You can choose which currencies you add to your account. It’s also worth noting that Paysend plans to add more currencies in the future. So if the one you want isn’t in the list above, it might be at some point soon.

ATM withdrawals

If you’ve ordered a plastic Paysend Mastercard, you’ll be able to withdraw cash at foreign ATMs around the world.

It’s worth noting a couple of things about this though. There’s a fee-free withdrawal limit of £200 (or the currency equivalent) - bear in mind that ATM operators may charge their own fees.

Once you reach this limit, you’ll pay a fee of 2% on any subsequent ATM withdrawals.

How much does the Paysend card cost?

Now it’s time to look at the fees and rates for having and using a Paysend card. The good news is that there’s no charge to open a Paysend multi-currency account, or to get an instant virtual card.

However, fees will apply for other things - such as getting a physical card, foreign transactions and using your card abroad.

Fees

Here’s a quick look at the fees you need to know about for the Paysend card:³

Transaction type	Paysend fee
Card purchases in foreign currency	2%
ATM withdrawals above fee-free limit	2%
Get a plastic Paysend Mastercard	£5

Exchange rates

Exchange rates can make a big difference to the cost of using a card abroad, or spending in different currencies.

If you spend on your Paysend card in a currency balance you hold in your account, you won’t have to worry too much about exchange rates.

But if you spend in a different currency, the Mastercard exchange rate will apply - along with a 2% fee.³

This may be competitive, but it’s unlikely to be the mid-market exchange rate. This is a margin-free rate, known as one of the fairest you can get. Providers often add a margin to it, in order to profit from the transaction.

Wise - a cost-effective alternative for travel spending

Want more currencies and better exchange rates? Check out the Wise multi-currency account, which lets you manage your money in 50 currencies.

You’ll also get margin-free exchange rates, and access to the Wise card for spending in 174 countries worldwide.

The Wise card automatically converts your money to the local currency when you spend. You don’t need to pre-load it in your account, although you can if you want to.

Best of all, there are no foreign transaction fees to worry about, and you can withdraw up to £200 a month from overseas ATMs with no fee (although ATM operators may charge their own fees).

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

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And that’s it - everything you need to know about the Paysend card, including fees, features and much more.

You should be all set to compare options for international spending and find the best (and cheapest) option for you.

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Sources used:

1. Paysend - What is Paysend
2. Paysend - Multi-currency Account
3. Paysend - Terms of Service

Sources last checked on date: 11-May-2023