Sending money across countries is a common practice among a lot of people, including expats. Whether it’s to support their dear families, lend a hand to...
Looking to send money abroad from the UK? There are lots of ways to do it, including using your bank. But for a faster, more convenient and cheaper way to make an international payment, there are other options out there.
Online money transfer services such as Paysend are becoming increasingly popular. They let you set up and send transfers online, in just a few clicks - and you can send all over the world.
In this guide, we’ll be taking a close look at what Paysend has to offer. This includes how to set up a payment, transfer times, fees and exchange rates.
We’ll also do a quick comparison with another alternative, one that could potentially save you money. You can send money worldwide with Wise for low fees and fair exchange rates.
But for now, let’s focus on Paysend.
The London-based e-money service 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.
It’s pretty simple to send a transfer, once you’ve signed up for an account. You can even see fees and exchange rates upfront, along with the predicted transfer time - all before hitting ‘send’.
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. We’ll look at these in more detail later on.
Before you can send a transfer with Paysend, you’ll need to create a new account. It’s relatively quick and easy to do, and costs nothing. All you’ll need to do is provide some basic details about yourself, such as your name, home address, date of birth and mobile number.²
Signed up for your Paysend account? You’re nearly ready to make your first transfer. You’ll have a choice of ways to do it, including:
- Online at https://paysend.com/
- On the Paysend mobile app - available from the App Store and Google Play.
If you’d like to use the app, you’ll need to download it first and set up your account just as we’ve described above.
To send a new international transfer with Paysend, you’ll need to follow these steps:²
- Click the ‘New Transfer’ button
- Select a transfer method (we’ll run through your choices later in this guide)
- Enter the amount you’d like to send
- Provide payment details for yourself and the person you’re sending to
- Double-check all the details, including the fee and exchange rate.
- When you’re happy, confirm the transaction.
And that’s it - your transfer will be on its way to the lucky recipient.
If you have a need for speed, there’s good news. Paysend transfers tend to be pretty quick, so your recipient won’t be waiting long.
Paysend transfers are sent in real time, and some arrive within a matter of minutes. However, your recipient’s bank could have longer processing times, which could slow things down to around 3 business days.²
With Paysend, you can pay for your transfer with either your bank account or a debit/credit card.³ You’ll also have a choice of different delivery methods, such as:⁴
- Direct delivery to Visa or Mastercard cards
- Direct to bank accounts
- Paysend link - enter the recipient’s mobile number and they’ll receive a message asking them to choose how their money is delivered.
Bear in mind though that some of the above delivery methods vary in availability from country to country. So, it might depend on where you’re sending your transfer to.
Paysend supports transfers to over 170 countries worldwide. Its huge list includes:⁴
- New Zealand
- South Africa
You will usually pay an upfront transfer fee with Paysend. But the excellent news is that these are fixed and transparent, which means no nasty surprises.
The fixed fee for sending international transfers from the UK is just £1 for cross-currency payments. If you send to a bank account, there’s no fee.⁴
However, it’s not all about the fee. When comparing costs between money transfer providers, you also need to look closely at the exchange rate you’re offered.
Even when the transfer fee is low, you should always check the exchange rate. It can make a huge difference to the amount the recipient actually receives, and how much the transfer has cost you overall.
Some providers add a markup or margin to something called the mid-market exchange rate. Also called the interbank rate, this is generally considered to be the fairest rate you can get.
Paysend is likely to add such a margin to the exchange rate when converting currency for your transfer.
To give you a true idea of the difference this can make, let’s run a quick hypothetical transfer.
Let’s imagine you want to send £500 in GBP to a friend in Belgium (EUR). Here’s how much it’ll cost with Paysend compared to Wise, which only ever uses the mid-market rate with no margins added on top.
For this example, we’ll include the fees for using a debit card as your payment method.
|Provider||Transfer fee||Exchange rate||Recipient receives|
|Paysend (card to card transfer)⁴||£1||1.1351||566.42 EUR|
|Wise (card to bank transfer)⁵||£4.43||1.14962 - mid-market rate||569.72 EUR|
So as you can see, it’s all about that exchange rate. In this example, Wise is the cheaper option even when Paysend has a lower fee.
Your money goes further and your recipient gets more when you get a better exchange rate, as less is lost in currency conversion.
Paysend says it uses bank-level security, so you can be confident that your money is safe. All of its transfers are certified by Visa, Mastercard, China UnionPay, the FCA, and are PCI DSS certified.⁴
There’s also a 24/7 support team⁴ on hand should anything go wrong, or you need help with a transfer.
There’s another product available at Paysend that you should know about, other than its online money transfer service.
Paysend also has its own multi-currency account. This offers the following features:
- Hold up to 8 currencies at once
- Convert between currencies at competitive exchange rates
- Spend in 8 currencies when abroad using a linked Paysend Mastercard
- Get local bank account details for your GBP and EUR accounts
- International transfers worldwide.
The account is free to open, and can be managed through the Paysend mobile app.
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.
Lastly, there’s Paysend Plus. This is a subscription plan, costing £3.50 a month. It’s a good option for people who use Paysend regularly, as it offers lots of features including:⁷
- Unlimited fee-free transfers
- Savings on daily purchases from 100+ retailers
- Build your credit score.
And of course, it’s all managed on the Paysend mobile app. So if you use Paysend a lot, the monthly fee could work out to be better value than paying the upfront transfer fee each time (even if it’s only £1).
And that’s pretty much it - our comprehensive Paysend UK review, covering everything you need to know about the money transfer specialist.
We’ve looked at everything from how it works to how much it costs, along with exchange rates, supported countries, payment and delivery methods. And of course, the Paysend multi-currency account, card and Paysend Plus subscription plan.
You should have all the info you need to decide whether Paysend is the right choice for you. Just remember to compare a few different options, looking closely at both fees and exchange rates for any international transactions.
- Paysend - What is Paysend
- Paysend - Home
- Finder - Paysend money transfers
- Paysend - Send money from UK to Belgium
- Wise - Send Money
- Paysend - Multi-currency Account
- Paysend - Paysend Plus
Sources last checked on date: 10-May-2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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