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Paysend review

Paysend offers speedy money transfers to 70+ countries — but is it available in Canada?

Must read: Paysend is not available for Canadian senders

Currently, you can’t send money from Canada using Paysend. Customers can send and receive Canadian dollars, but they must be living in a country where Paysend operates. However, that doesn’t rule out the possibility that Paysend will come to Canada in the future.

Paysend is a UK-based money transfer company. It’s not a bank, rather it offers transfers to multiple countries around the world — and is continually adding more. But, because Paysend only works online, customers can’t pay in cash or have cash delivered to their recipients, regardless of the location.

Advantages of using Paysend

  • Straightforward fee structure. When sending from the US, the fee is always $2.
  • Speed. Paysend has an estimated delivery time of just minutes for most transfers.
  • 24/7/365 support. Contact Paysend anytime through chat or email for assistance.

What to watch out for

  • Account verification can take a while. Creating an account is fast, but verifying an account to get a higher transfer limit can take up to 1 business week or more.
  • Exchange rate markups. Paysend makes money by offering less-than-ideal exchange rates on transfers.
  • Restricted sending options. Paysend doesn’t accept cash payments or allow cash deliveries.

Paysend exchange rates and fees

Paysend’s fees and exchange rates are fairly straightforward when sending money from the US, regardless of the payment method.

Paysend fees

Paysend fees are always a flat rate that depends on what country you’re sending from:

  • US: $2
  • UK: £1
  • EU: €1.5

Paysend exchange rates

Paysend doesn’t offer the mid-market exchange rate, which is the best possible rate you can get for a currency pair. Instead, Paysend adds a margin onto the exchange rate to make money. The table below provides an idea of the margins Paysend might charge on its exchange rates. Note that, the higher the margin, the less money recipients will get.

When we checked on January 12, 2021, Paysend’s exchange rates were as follows:
Note: Paysend updates its rates daily, so these numbers are just an indication.

TransferPaysend rateMid-market rateMargin
CAD to MXN15.448915.59450.93%
CAD to BDT65.594766.60691.52%
CAD to PHP37.056937.72471.77%
CAD to CNY5.00305.07771.47%
CAD to JPY79.996681.62652.00%

How long does a Paysend money transfer take?

According to Paysend, most transfers happen in a few minutes or less. However, there are some factors that may influence the time it takes for transfers to arrive:

  • Bank accounts: instant or up to 5 business days. Paying by, or sending to, a bank account may delay a transfer by a few business days depending on the bank’s processing times.
  • Debit and credit cards: typically instant. Card transfers through Paysend typically process and are delivered within a few minutes at most.

What currencies can customers send with Paysend?

Paysend offers transfers to more than 35 currencies, including:

  • Bangladesh: Bangladesh taka (BDT)
  • China: Chinese yuan (CNY)
  • Costa Rica: Costa rican colon (CRC)
  • Europe: Euro (EUR)
  • India: Indian rupee (INR)
  • Japan: Japanese yen (JPY)
  • Mexico: Mexican peso (MXN)
  • New Zealand: New Zealand dollar (NZD)
  • Philippines: Philippine peso (PHP)
  • Russia: Russian ruble (RUB)

Paysend reviews

Overall, Paysend reviews are positive, with a Trustpilot score of 4.7 out of 5 stars when we checked on January 12, 2021. Paysend has more than 17,000 Trustpilot reviews, with 89% of those rated Excellent.

Also, Paysend has manually invited more than 6,000 people to leave a review on Trustpilot, which may encourage higher reviews. Paysend has responded to 95% of the negative reviews on Trustpilot, typically within two days.

Is Paysend safe?

Paysend complies with all US-based KYC (know your customer) and AML (anti-money laundering) protocols. In addition to this, Paysend is a licensed money transfer company in the UK, and is registered with the FCA (Financial Conduct Authority). To keep customers’ money safe, Paysend uses:

  • Bank-level security: All money transferred through Paysend uses the same security as major banks.
  • 24/7 customer service: If customers ever have a problem, they can contact Paysend at any time.
  • 2FA: Two-factor authentication helps keep customers’ accounts even safer by preventing them from logging in unless they have access to their phones.

What payment methods does Paysend accept?

Paysend allows payment in several ways:

  • Credit card
  • Debit card — Mastercard or Visa
  • Bank account

There are no additional fees from Paysend depending on how customers pay. Customers should double check with their bank or credit card company, though, as fees may apply on their end.

What delivery methods does Paysend offer?

Transfer methods through Paysend are a bit limited:

  • Delivery to bank account
  • Delivery to bank debit card

The availability of these methods varies depending on what country you’re sending to.

What customers need to send money online through Paysend?

Customers will need to provide the following to send their first payment through Paysend:

  • Phone number
  • Address
  • Legal name
  • Email
  • Payment method

Paysend sending limits

Paysend limits accounts until customers provide verification. Here are the limits:

  • Basic: Send up to a total of USD $999 or 5 transfers
  • Advanced: Send up to USD $5,000 per month
  • Ultimate: Send up to USD $10,000 per month

Upgrading a customer account requires identity verification, which may include submitting proof of identification, a US Social Security number and income details.

How to make a first-time transfer with Paysend

Signing up with Paysend can be done online or through the mobile app:

  1. Provide a phone number
  2. Enter a name and date of birth
  3. Enter a home address, including apartment or suite numbers
  4. Provide an email
  5. Agree to Terms and Conditions
  6. Verify the email and phone number provided
  7. Start sending money
Blue icon of forms

My experience with signing up

I signed up for Paysend in about 3 minutes. At first I tried to sign in using a VoIP number app, but Paysend doesn’t allow VoIP. I had to use my real phone number instead.

Creating an account was mostly painless, with the largest chunk of time spent waiting for the verification email to send. (Hint, my verification email went to my “Promotions” inbox, so be sure to look around if it isn’t arriving right away).

  • Did I have to interact with customer service? Nope, everything was automated.
  • How long did it take? About 3 minutes, but it could have been quicker if I’d found my confirmation email sooner.
  • What was unexpected? VoIP numbers aren’t accepted, so if you rely on VoIP number services instead of mobile provider numbers you might have issues signing up.

How to track a Paysend transfer

To track a Paysend transfer, customers either need to log in to the website or open the mobile app. Afterwards, they should:

  1. Navigate to the History section
  2. Look at the symbol next to their transfer
    1. Green circle = successful transfer
    2. Black clock = in transit
    3. Red “X” = failed transfer
  3. For transfers that are in transit, customers should allow up to 3 business days for the transaction to complete before contacting customer service.

Is there a Paysend app?

Paysend app screenshot

Yes, Paysend has an app on both Google Play and the App Store. The app makes it possible to:

  • Log in using biometrics. Both face and fingerprint recognition can be used to log in.
  • Check exchange rates on the go. Up-to-date currency exchange rates and fees can be found in the app.
  • Track transfer. Customers can see the status of their transfers and contact customer support with any questions.
Ratings collected on January 12, 2021
Google Play Store4.7 out of 5, based on 30,009 customer reviews
Apple App Store4.3 out of 5, based on 612 customer reviews

More on the best money transfer apps

How does Paysend compare to other services?

Quickly compare how much your transfer rates stack up to competitors by entering the amount of money you want to send, selecting the destination and clicking Calculate.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 Same day CAD 0.00 0.803 USD
4,014
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
CAD 10 Within an hour CAD 1.99 0.798 USD
3,988
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
CAD 1 1 - 2 days CAD 45.00 0.807 USD
3,998
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Bottom line

Overall, Paysend is a fairly straightforward way to send money internationally. With flat fees, competitive exchange rates and typically quick transfer speeds, Paysend users can send money with ease. However, Paysend doesn’t send everywhere in the world and could have better rates, so be sure to compare money transfer companies before settling down with one.

Frequently asked questions

Is Paysend’s app safe?

Paysend’s mobile app uses the same security for transfers as the website does. In addition to this, features like 2FA and biometric login can further protect customers’ accounts on the Paysend app (when enabled).

Does Paysend allow refunds?

It is possible to cancel and refund a Paysend transaction as long as it hasn’t been delivered. To do so, customers should contact customer support, and request a refund. The status of a transfer can be checked in Paysend’s app or online under account history.

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