PaySend Review
1. What is PaySend (Really)?
Paysend is a cross-border money transfer and digital wallet service. It was founded in 2017 as a money transfer service and has since also grown into a significant player in the digital-only bank market.
Paysend still primarily markets itself as a money transfer service. Its unique features like rapid payment processing and low fees have enabled it to gain a solid user base.
You can send payments to any Mastercard, UnionPay or Visa card directly in more than 100 countries using the Paysend platform.
Paysend, through its feature-rich and user-friendly app, removes the nuisance of visiting stores or banks to send money.
What are some important features of PaySend?
- Fixed fee global transfers: You can transfer currency of your choice to anywhere in the world by just paying a fixed fee.
- Multiple methods of transfer: You can send payments using your bank account and card, or send a Paysend link to any mobile number.
- Bank Security: Paysend has partnered with the Central Bank of Kansas City to provide bank-level security to all of its customers.
- Near real-time payment processing: Paysend sends your payments in real-time. The recipient bank could cause sometimes a delay of up to 3-days.
- 24/7 Customer Support: Paysend provides global 24/7 support. You can ask for help at any time.
2. Is PaySend Right for You? (And When It’s Not)
To save you from the hassle of researching, we’ve analyzed all of the features carefully so that you know when Paysend is the right option for you and when it’s not.
When PaySend IS Right for You
- If you want to send money to a debit or credit card
- You’re looking for a way to send money to a mobile number
- You want a digital wallet
When PaySend IS Not Right for You
- You want to transfer cash
- You want to use Paysend for business activities
2.1 PaySend is Right for You When
- You want to send money to a debit or credit card using your bank account or card. Paysend supports all of the major card operators.
- If you want to send money to different countries around the world, then Paysend is an excellent option for you.
- Paysend also allows you to send money to a mobile number inside the US or internationally using the Paysend link option.
- Paysend can also act as a digital wallet that you can use during travelling.
2.2 When it’s Not Right For You
- Paysend is not for you if you want to send or use cash. It’s completely a cashless service.
- US customers cannot use Paysend for business activities like paying salaries or business-to-business transactions for settlement. The service can only be used for family, personal or household expenses.
3. How Much Does it Cost to Use PaySend?
PaySend deducts fees at the funding source level. Domestic and international transfers have different fees.
If your transaction requires a currency conversion, Paysend provides appealing exchange rates that generally have a %1 margin above the mid-market exchange rate.
The process is completely transparent, Paysend shows you all the details and mandates you to agree before proceeding with the payment.
Paysend imposes certain transaction limits on its customers. These limits are based on the level of verification you provide. More information you give to Paysend, the more money you can send.
| Level | Transaction Limit |
|---|---|
| Basic (Tier 1) | Up to $999 cumulative money transfers or 5 number of transactions (All) |
| Advanced (Tier 2) | Up to $4999 cumulative money transfers (monthly) |
| Ultimate (Tier 3) | Up to $9999 cumulative money transfers (monthly) |
3.1 What are the Fees?
These fees are Paysend fees only. Your recipient bank can apply additional fees that could vary from bank to bank. We advise you to check the fee charged (if any) by your bank before initiating any transfer.
| Type of Transaction | Fee |
|---|---|
| International transfer in local currency | $2 |
| International transfers in US dollars | $2 for up to $200 1% for more than $200 |
| Domestic transfers within the US | $2 for up to $200 1% for more than $200 |
4. How to Sign Up and Tips to Use PaySend?
To sign up with Paysend, you need to be a citizen of the US or have a resident alien status. If you satisfy this condition then head over to the Paysend website or install its app on your mobile and press the purple ‘Sign Up’ icon.
You need the following personal information to complete the signup process.
- Your mobile phone number with US country code
- First and last name. Email and Date of Birth
- Residential address inside the US
- A 5-digit verification code sent to your mobile phone in a text message
- A social security number (mandatory after your cumulative transaction limit reaches $999 or you make five transactions)
As an extra layer of security, you should create the 4-digit security passcode inside the Paysend app. After its creation, you’ll have to provide it every time you access the app so make sure it’s something you remember.
When sending the money in local currency always click on “View rate first” inside the Paysend mobile app when it asks you to specify the amount you want to send and verify the exchange rate by entering a trial amount.
5. What do PaySend Customers Say (Including Negative Reviews)?
Paysend enjoys excellent ratings on all of the major platforms.
Trustpilot is considered the world’s best review platform. Paysend has a 4.5/5 score on Trustpilot with more than 29500 reviews. The overwhelming majority of 87% of reviewers have rated it ‘Excellent’.
On Google Play Store, Paysend has 3.9/5 stars after more than 92,000 reviews. Meanwhile, on App Store, it has a 4.2/5 rating with 1800 reviews.
We have analyzed all of these reviews – including the negative reviews – in detail and summarized the results in the following table.
In short, we can confidently say that Paysend has excellent overall reviews from its customers.
The Good
Paysend customers like
- Quick and reliable money transfers
- Convenient and user-friendly operation
- Good customer service
Here’s what a user, Randy Aguas, said about Paysend:
“I was very skeptical in using Paysend, but were surprised by the easiness in using the App, reliability and quickness in handling my transfer. It is also the cheapest way of sending funds that I’ve see so far. For that, I am giving you a 5 Stars! Great Job! I’m a very satisfied customer.”
The Bad
Complaints were mostly about
- Transfer delays
- Refused transfers
A frustrated customer wrote:
“Very disappointed !! I have been using this app for some time but recently it is not working properly as it was before. Transfer refused without any clear explanation (bank account had sufficient amount of money so it was not that kind of problem). And then, when you need a help, there is no clear way on where to find “Contact us”, don’t even try to find it on the app it doesn’t exist.”
As you can see, all in all, the service has excellent reviews. One recurring problem we noticed was that users kept confusing the ability to send money with being eligible for a Paysend account. Paysend allows you to send money to some countries but their residents cannot sign up. So that is definitely something that Paysend should address.
6. Is PaySend Safe?
Paysend is completely safe. In the US it has partnered with the Central Bank of Kansas City so it satisfies all of the anti-money laundering regulations. Paysend has also partnered with Asia Credit Bank (ACB).
Originally, Paysend is a UK-based company with its headquarters in London. It is registered in the UK as a financial service and regulated by UK Financial Conduct Authority (FCA).
In Canada, Paysend is regulated by FINTRAC. They also comply with all of the stringent fraud detection and monitoring security system regulations of major card operators such as Mastercard, UnionPay and Visa.
The integrity of data is safeguarded using the PCI DSS security standards. The platform also undergoes periodic security audits to ensure the overall health of the infrastructure.
Mobile apps and website follow industry-standard security protocols and that is why they have never been compromised.
7. Verdict
Paysend is a very good option for users in the US who want to send money. The platform is built with user experience in mind and that is why you can send money with just a few clicks without any hassle.
Paysend supports card-to-card transfers. You can also send money to other accounts or even to a mobile number.
The fee structure is simple and transparent. You can see what you are being charged and verify easily that there are no hidden fees involved.
Paysend does have transaction limits which can be raised by providing the required personal information to customer support. The app and website clearly mention the steps one needs to take to upgrade.
Paysend can also be a great option for travellers. They can benefit from safe cashless digital spending.
Paysend can certainly be recommended as a reliable international money transfer service but if you are still not convinced, then check out our other reviews.