In this guide

  • Our verdict
  • Details
    • Product overview
  • Your reviews

Payset review

  • Rachel Wait's headshot
Account fee
Interest (AER)
0% AER

Our verdict

Payset’s multi-currency account could suit businesses or individuals looking for an efficient way to send funds abroad.

If you’re a business or an individual who regularly carries out overseas transactions, applying for a multi-currency account from Payset could prove valuable. The payment platform enables cross-border transactions in multiple currencies, while its prepaid card makes spending abroad easy, too.

However, there are a lot of fees to contend with if you’re interested in this account. As well as transaction fees, you’ll need to fork out a hefty registration fee, plus a monthly fee on top. For this reason, it’s well worth comparing other multi-currency accounts on the market before making your decision.


  • Multi-currency account
  • Range of payment networks available
  • Prepaid card can be used around the world
  • FCA regulated
  • Free payments to other Payset users


  • Hefty fees for opening and maintaining your account
  • Fees also apply to bank transfers and currency conversion
  • No mobile app

In this guide

  • Our verdict
  • Details
    • Product overview
  • Your reviews


Product overview

Account fee £0

If you’re a business that regularly pays staff or suppliers overseas or an individual with family living abroad, Payset’s multi-currency account aims to streamline cross-border transactions and make life a little easier.

What is Payset?

Payset is an online payments platform based in London. It provides a variety of payment solutions for both individuals and companies and aims to help simplify international trading activity.

Payset offers a multi-currency account to enable users to send and receive funds both internationally and locally. Account holders can receive money in 34 different currencies and send money in up to 38 currencies, all within the same account. Funds can be deposited and withdrawn from the account for a small fee.

Payset operates completely online and is designed to help international businesses pay staff or freelancers in their own currency, make instant low-fee foreign exchange transfers and accept payments worldwide. It could also help individuals who regularly need to transfer money to family overseas.

How does Payset work?

If you register with Payset, you can open a business or personal multi-currency account within 72 hours. You’ll be given your own multi-currency IBAN, and you can then give your account information to any clients, friends or family you have across the globe, enabling them to transfer funds to your account.

The key features of Payset are outlined below:

  • Multi-currency account. This allows you to receive money in 34 currencies and send money in up to 38 currencies, all within the one account.
  • Currency exchange. You can convert currencies at competitive exchange rates and hold your chosen currencies to capitalise on market movements. You can also track and manage your funds in your online portal.
  • International transfers. Pay suppliers, staff, friends or family across the globe in their chosen currency.
  • Range of payment networks. You can use SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS and CHAPS.
  • Prepaid card. Payset offers a virtual and plastic prepaid card, which can be loaded in multiple currencies and used in-store, online or at ATMs around the world.

Before applying for this account, it’s important to know the fees that come with it. Fees will apply when you send payments both locally and internationally, although sending payments to another Payset account is free. You’ll also be required to pay a fee for opening the account, and there’s a monthly fee to pay on top.

Is Payset safe?

Payset is an Electronic Money Institution, which is authorised by the Financial Conduct Authority (FCA). Under the UK Electronic Money Regulations 2011, Payset must protect clients’ funds through safeguarding. This essentially means it must separate your funds from its own funds used for operating the business. But your funds won’t be protected by the Financial Services Compensation Scheme (FSCS).

Payset’s prepaid cards feature secure chip and PIN protection features, and it stores your funds in a separate multi-currency account.

Payset customer reviews

Payset is highly rated on review site Trustpilot. It scores 4.6 out of 5 from almost 100 reviews (updated January 2024), giving it an “Excellent” rating.

Positive comments have focused on the “quick and smooth onboarding process” and professional customer service team. However, those customers who gave Payset a lower score commented on difficulties with the registration process.

There are currently no customer reviews on the App Store or Google Play.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

Your reviews

No reviews yet. Write a review
Go to site