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Paysend review

Speedy money transfers to 70+ countries but pay attention to the offered exchange rates.

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Our Verdict

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.

Why should I consider Paysend?

  • Straightforward fee structure. When sending from the US the fee will always be $2.
  • Speed. Paysend estimates delivery within minutes for most transfers.
  • 24/7/365 support. Contact Paysend anytime through chat or email when you need help.

What to watch out for

  • Account verification can take a while. Creating your account is fast, but verifying your account to raise your limits can take up to a business week or more.
  • Exchange rate markups. Paysend makes money by offering less-than-ideal exchange rates on transfers.
  • Restricted sending options. You can’t pay in cash or have cash delivered for pickup.

Paysend exchange rates and fees

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

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 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.

TransferPaysend rateMid-market rateMargin
USD to MXN21.154721.48981.56%
USD to BDT83.556284.82961.50%
USD to PHP47.427848.43422.08%
USD to CNY6.55776.69061.99%
USD to JPY102.7203104.7991.98%

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 your money to arrive:

  • Bank accounts: instant or up to five business days. Paying by or sending to a bank account may delay your 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 I 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 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.

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 your money safe, Paysend uses:

  • Bank-level security: All money transferred through Paysend uses the same security as your bank.
  • 24/7 customer service: If you ever have a problem you can contact Paysend at any time.
  • 2FA: Two-factor authentication helps keep your account even safer by preventing logins without access to your phone number.

What payment methods does Paysend accept?

Paysend allows you to pay in a few ways:

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

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.

What are the ways I can send money with Paysend?

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 do I need to send money online through Paysend?

To send your first payment through Paysend you’ll need to provide:

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

Paysend sending limits

Paysend limits your account until you verify, here are the limits:

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

Upgrading your account requires verifying your identity, which may include submitting proof of identification, your Social Security number and details on your income.

How to make my first transfer with Paysend

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

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

My experience with signing up

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).

  • Did I have to interact with customer service? Nope, everything was automated.
  • How long did it take? About three minutes, but it could have been quicker if I’d found my confirmation email sooner.
  • What was unexpected? VoIP numbers aren’t accepted, so Google Voice users may have difficulty signing up if they don’t have alternative numbers to use.

How to track a Paysend transfer

To track your Paysend transfer, you’ll either need to log in to the website or open the mobile app. After that, you’ll:

  1. Navigate to the History section
  2. Look at the symbol next to your transfer
    1. Green circle = successful transfer
    2. Black clock = in transit
    3. Red “X” = failed transfer
  3. If your transfer is in transit, allow up to three business days for it to complete before contacting customer service.

Is there a Paysend app?

Screenshot of Paysend mobile 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.See what stage your transfer is in and contact customer support with any questions.
Ratings collected on November 2, 2020
Google Play Store4.7 out of 5, based on 23,799 customer reviews
Apple App Store4.8 out of 5, based on 361 customer reviews

More on the best money transfer apps

How does Paysend compare to other services?

Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
1 - 14 of 14
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Within minutes
After spending $15k in your first 90 days, receive a one-time $500 bonus that will automatically be credited to your account on any FX conversion.
Airwallex can help you make business payments to 150+ countries in 60+ currencies.
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Cash App
Within minutes
From $0
With this peer-to-peer payment app make payments to your friends and family with no transfer fees within the US or from the US to the UK or EU.
24 hours
From 0%
New Instarem customers will get a special FX rate and zero-fees on their first transfer.
Instarem offers offers rewards on every transaction.
Within minutes
From $0
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Western Union
Within minutes
From $0
Enjoy $0 fee on your first online transfer. Western Union makes money from currency exchange. Not valid on credit cards or sends to Cuba.
Western Union sends money online to friends and family in 200+ countries and territories around the world.
OFX International Money Transfers (Business)
24 hours
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
CurrencyTransfer for Business
24 hours
Increase business efficiency with zero transaction fees and same-day transfers.
24 hours
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Xe Money Transfer for Business
24 hours
Save your time and money with Xe Money Transfer for business.
Currencies Direct (business)
24 hours
Minimizes costs of international transactions and offers custom solutions for business clients. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.
Within minutes
Xe has fast transfers with low fees and a range of foreign currency tools.
24 hours
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Currencies Direct
24 hours
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Currencies Direct may call you to confirm your transfer, so be prepared for a phone call shortly after initiating a transfer.

Bottom line

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.

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 your Paysend app when enabled.

Can you refund a Paysend transaction?

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.