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.
Paysend’s fees and exchange rates are fairly straightforward when sending money from the US, regardless of the payment method.
Paysend fees are always a flat rate that depends on what country you’re sending from:
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.
CAD to MXN
CAD to BDT
CAD to PHP
CAD to CNY
CAD to JPY
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)
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:
Debit card — Mastercard or Visa
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:
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:
Provide a phone number
Enter a name and date of birth
Enter a home address, including apartment or suite numbers
Provide an email
Agree to Terms and Conditions
Verify the email and phone number provided
Start sending money
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:
Navigate to the History section
Look at the symbol next to their transfer
Green circle = successful transfer
Black clock = in transit
Red “X” = failed transfer
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?
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.
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.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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.
Zak Killermann is a writer at Finder. He’s ghostwritten hundreds of articles on fintech, finding his love for publication at St. Cloud State University. Traveling internationally for nearly half his life — and getting burned once by an OTC money exchange — Zak's vowed not to settle for anything short of the mid-market rate again.
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