Paysend review (2024): Fees, Features, Safety & More

Need to pay someone in another country? You could use your bank, but it could be faster and cheaper with an online transfer service.

One option available in the US is Paysend. If you’re new to the UK-based fintech firm, read on. We’ve put together a full review of Paysend, covering everything you need to know. This includes features, fees, security and more

We’ll also look at an alternative - Wise. You can send money worldwide with Wise, for low fees and great exchange rates.

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What is Paysend and how does it work?

Launched in 2017, Paysend is a financial technology company based in the UK - although it operates in many countries worldwide. It has around 7 million customers. ¹

It’s an online international transfer platform, designed to make it easy for people and businesses to send money between countries.

There’s also a Paysend app, available from the Google Play and Apple App store for compatible devices. This lets you send and track transfers on the move.

Once you’ve signed up for a free Paysend account, you can send your first transfer in just a few clicks or taps. We’ll run through how to do it, along with the information you’ll need, a little later in this guide.

Can I use Paysend in the USA? And which countries can I send to?

Even though Paysend is headquartered in the UK, you can use it in the USA. It offers transfers to over 100 countries around the world.¹

This includes:¹

• Australia
• Europe - including Austria, Belgium, Czech Republic, France, Germany, Greece, Italy, Poland, Spain, Sweden and the Netherlands
• Canada
• China
• India
• Pakistan
• Japan
• The United Kingdom
• Singapore
• New Zealand
• South Africa
• Thailand
• Vietnam
• Zambia
• Saudi Arabia.

Paysend features

Paysend’s main service is international transfers, but it also has a handful of other features you should know about.

This includes:

• Fixed, transparent fees - with transfer fees, exchange rates and receivable amounts displayed upfront
• Choice of simple transfer methods
• Fast transfers - many arriving instantly
• Global 24/7 support.

How much does Paysend charge for transfers?

Now we come to the important question - how much does it cost you to send money with Paysend?

Paysend fees are really easy to get to grips with, as the service only charges a fixed, flat fee of $2 per transfer.² This is for all transfers where the recipient gets their money in the local currency, no matter the destination or how much you’re sending.

What exchange rates does Paysend use?

Alongside the upfront fee, it’s always a good idea to check out exchange rates for currency conversion when you’re sending money overseas.

Paysend claims that its exchange rates are “extremely competitive”³, and as close as possible to the mid-market exchange rate. Also known as the interbank rate, this is considered to be one of the fairest you can get.

However, it’s likely that similar to some other providers, Paysend will add its own small margin to the exchange rate. This enables the company to make a profit on the transfer.

Unfortunately though, it makes the transfer more expensive for you. We’ll show you how much it’ll add to the cost in just a moment.

Looking for an alternative to Paysend? Try Wise

If you want excellent exchange rates with no margin on top, use Wise to send money internationally. It’s a great alternative to Paysend, and could even work out cheaper.

Wise is a money service business, offering a multi-currency account, international money transfer services and a debit card.

Open a Wise Account online and you’ll get all these fantastic benefits:

• Bank details in 10 currencies
• The option to hold, send, spend and convert 40+ currencies at once
• Send money overseas with low and transparent fees,
• Order a Wise card for a one time fee of just $9 - for use in 150+ countries
• Mid-market exchange rates on all transactions.

It’s quick, easy and free to open a Wise Account online. And there’s even a handy Wise app, so you can manage everything from your phone.

Get a Wise Account today

Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

A quick price comparison - Wise vs. Paysend

To give you a better idea of how much the exchange rate can affect the overall cost of an international transfer, let’s run through a quick hypothetical transfer.

Let’s imagine you want to send $1,000 to a friend or family member living in Germany. Here’s how much it’ll cost with both Paysend and Wise, when you factor in both the transfer fee and exchange rate for each:

Provider	Transfer fee	Exchange rate	Recipient receives
Wise⁴	$6.82 USD	0.910900 - mid-market rate	€904.69 EUR
Paysend⁵	$2 USD	1.1144	$895.57 EUR

(Fees as of 09/08/2023 - Payment method is ACH.)

How to send money with Paysend

Ready to send your first transfer with Paysend? There are two ways to do it - online, or in the Paysend app.

To send money online with Paysend, follow these steps:

1. Go to Paysend.com and register or login
2. In the Transfers/Activity section, click the ‘Send’ button
3. Choose the recipient’s country and the currency they’ll be receiving the payment in
4. Select the receiving method (varies by country)
5. Enter the recipient’s details
6. Enter the amount to send (or the amount you’d like the person to receive)
7. Choose your preferred payment method
8. Check the details and click ‘Confirm and Send’.

And here’s how to send a payment through the Paysend app:

1. Download the app, and register or login
2. On the home page, look for the ‘Transfers/Activity’ screen
3. Tap the ‘Send’ button
4. Choose the recipient’s country and currency
5. Select the receiving method
6. Enter the recipient’s details
7. Tap in the amount you’d like to send (or the amount you’d like the recipient to receive)
8. Choose your payment method
9. Check the details, then ‘Confirm transfer’ to send.

How long do Paysend transfers take?

In many cases, Paysend transfers are processed and delivered to the recipient instantly.

However, it can potentially take up to 3 working days for transfers to arrive.⁶

Are there any limits with Paysend?

Paysend does have some transaction limits, which are divided by tiers:²

• Tier 1 (basic) - send a maximum of $999 a day or $10,000 a month
• Tier 2 (advance) - send a maximum of $5,000 a day or $20,000 a month
• Tier 3 (ultimate) - send a maximum of $10,000 a day or $50,000 a month.

Most new users are likely to be Tier 1, although you can contact Paysend to find out your personal transaction limits or request for your limit to be increased.

Is Paysend safe and legit?

So, is Paysend a trusted company? And what security measures does it have in place to protect your money and your transfers?

The first thing to know is that Paysend is a licensed money transmitter in the US, with the regulatory agency varying depending on the state.

It offers the following security features:

• Compliance with the highest Anti-Money Laundering standards
• Money is transferred through major card payment networks
• All sensitive data is encrypted, so it can’t be accessed or misused by anyone else
• Access to the Paysend app is secured by passcodes or biometric login.

Paysend reviews on TrustPilot are also pretty positive, as it has an ‘Excellent’ score of 4.3 out of over 32,000 customer reviews.⁷

Bottom line

And that’s it - everything you need to know about Paysend. We’ve covered it all, from features and fees to supported countries and transfer times. You should now have all the info you need to decide if it’s the right choice for you.

Just make sure to compare alternatives before hitting ‘send’ on that transfer, looking at exchange rates as well as upfront fees. As we’ve seen here, alternatives such as Wise may work out cheaper thanks to a better exchange rate.

Learn more about Wise

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Sources used for this article:

1. Paysend - Home
2. Paysend - Terms of Service
3. Paysend help - Exchange rates
4. Wise - Send money
5. Paysend - Send Money from US to Germany
6. Paysend - Help - Delivery time
7. TrustPilot - Paysend

Sources checked on 09-Aug-2023.