Paysend is an online only money transfer specialist that lets you move money to more than 170 countries around the world. There’s a simple flat fee structure and you’ll always know how much your recipient will get before you proceed. That said, there are markups to the exchange rates, which can add to costs.
Although sign up is fast, if you want to raise your limits, verification can take up to 5 business days or more. You also won’t be able to pay in cash or send cash pickups as Paysend has no physical locations. The big plus is that Paysend estimates delivery within minutes for most transfers.
Paysend’s fees and exchange rates are fairly straightforward when sending money from the US, no matter how you pay for your transfer.
Paysend fees are always a flat rate that depends on what country you’re sending from:
Paysend doesn’t offer the mid-market exchange rate, which is the best possible rate for your exchange. Instead, Paysend adds a margin onto the exchange rate to make money. To help read the table below, the higher the margin, the less money your receiver will get.
When we checked on November 2, 2020, Paysend’s exchange rates were as follows:
Note: Paysend updates its rates daily, so these numbers are just an indication.
| Transfer | Paysend rate | Mid-market rate | Margin |
|---|---|---|---|
| USD to MXN | 21.1547 | 21.4898 | 1.56% |
| USD to BDT | 83.5562 | 84.8296 | 1.50% |
| USD to PHP | 47.4278 | 48.4342 | 2.08% |
| USD to CNY | 6.5577 | 6.6906 | 1.99% |
| USD to JPY | 102.7203 | 104.799 | 1.98% |
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 your money to arrive:
Paysend offers transfers to more than 35 currencies, including:
Overall, Paysend reviews are positive, with a Trustpilot score of 4.7 out of 5 stars when we checked on November 2, 2020. Paysend has more than 14,000 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, and typically do so within two days.
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 your money safe, Paysend uses:
Paysend allows you to pay in a few ways:
There are no additional fees from Paysend depending on how you pay. Double check with your bank or credit card company, though, as fees may apply on their end.
Transfer methods through Paysend are a bit limited:
The availability of these methods varies depending on what country you’re sending to.
To send your first payment through Paysend you’ll need to provide:
Paysend limits your account until you verify, here are the limits:
Upgrading your account requires verifying your identity, which may include submitting proof of identification, your Social Security number and details on your income.
Signing up with Paysend can be done online or through the mobile app:
I signed up for Paysend in about three minutes. At first I tried to sign up using my Google Voice number, but Paysend doesn’t allow VoIP, so 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).
To track your Paysend transfer, you’ll either need to log in to the website or open the mobile app. After that, you’ll:
Yes, Paysend has an app on both Google Play and the App Store. The app makes it possible to:
| Ratings collected on November 2, 2020 | |
|---|---|
| Google Play Store | 4.7 out of 5, based on 23,799 customer reviews |
| Apple App Store | 4.8 out of 5, based on 361 customer reviews |
More on the best money transfer apps
Overall, Paysend is a fairly straightforward way to send money internationally. With flat fees, competitive exchange rates and typically quick transfer speeds you 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.
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 your Paysend app when enabled.
It is possible to cancel and refund a Paysend transaction as long as it hasn’t been delivered. To do so, contact customer support and tell them your request. You can check if your transfer has been delivered in the app or online in your account history.
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