Paysend review: rates, fees, limits and more | finder.com

Paysend review

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

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

Paysend is a UK-based money transfer company. It offers transfers to multiple countries around the world, and is continually adding more. But because Paysend works only online, you can’t pay in cash or have cash delivered when sending money, regardless of your location.

Why should I consider Paysend?

  • Straightforward fee structure. When sending from the UK the fee will always be £1.
  • 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 UK, 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:

  • UK: £1
  • US: $2
  • 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, it adds a margin onto the exchange rate to make money. To help read the table below, the higher the margin, the less money your recipient will get.

When we checked on 27 January 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
GBP to EUR1.1151.131.34%
GBP to CNY8.7758.891.31%
GBP to INR99.549100.190.64%
GBP to HKD10.54310.651.01%
GBP to KES149.732151.371.09%

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)
  • Europe: Euro (EUR)
  • Hong Kong: Hong Kong Dollar (HKD)
  • India: Indian rupee (INR)
  • Japan: Japanese yen (JPY)
  • Kenya: Kenyan shilling (KES)
  • 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 27 January 2021. Paysend has more than 17,700 Trustpilot reviews, with 89% of those rated Excellent.

Also, Paysend has manually invited more than 7,000 people to leave a review on Trustpilot, which may encourage higher reviews. It has responded to 95% of the negative reviews on Trustpilot, and typically does so within two days.

Is Paysend safe?

Paysend is registered with the FCA (Financial Conduct Authority) in the UK. 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 so you can only send up to £800 per six-month period until you verify. Upgrading your account will require ID verification, which may include submitting proof of identification, such as your passport 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

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 27 January 2021
Google Play Store4.6 out of 5, based on 31,800 customer reviews
Apple App Store4.8 out of 5, based on 1,000 customer reviews

More on the best money transfer apps

How does Paysend compare to other services?

Table: sorted by promoted deals first
Our table below lets you compare the services you can use to send money abroad. Choose if you want to send under or over £10,000, and you’ll be shown a list of services that can help you.
Data updated regularly
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
Wise (TransferWise) for large transfers
Within an hour
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
TorFX
24 hours
£0

View details
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Central FX
24 hours
£0

View details
CentralFX's dedicated team will guide you or your business from first call to final payment.
SpartanFX
24 hours
£0

View details
SpartanFX has fee-free transfers, a best exchange rate guarantee and personalised one-to-one support for every customer.
Currencies Direct
Within an hour
£0

View details
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates.
CurrencyTransfer
24 hours
£0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
XE Money Transfers
24 hours
£2
SPECIAL OFFER ✓ £25 Amazon voucher when you refer a friend

View details
XE has fast transfers with no fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From £3.75

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Azimo
Within minutes
From £0.99
SPECIAL OFFER ✓ First two transfers free for new customers.

View details
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
CurrencyFair
24 hours
€3
SPECIAL OFFER ✓ Zero fees on your first 10 transfers

View details
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Remitly
Within minutes
From £1.49
SPECIAL OFFER ✓ Free transfers and better exchange rates for new customers

View details
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From £1.99
SPECIAL OFFER ✓ Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.

View details
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
loading

Compare up to 4 providers

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 I cancel a Paysend transaction?

It is possible to cancel and refund a Paysend transaction as long as it hasn’t been delivered. Contact customer support as soon as possible on support@paysend.com. You can check if your transfer has been delivered in the app or online in your account history.

More guides on Finder

  • Best shares to buy now

    We’ve compiled the top trending stocks from leading investment platforms to see which stocks people are buying today.

  • List of countries using Western Union money transfers

    Which countries does Western Union let you send money to? See the list of 200+ countries with Western Union money transfers.

  • Loans for small businesses affected by coronavirus

    Learn about government support and alternative options for businesses needing finance to help deal with the impact of coronavirus.

  • Why it pays to be a patient investor

    One way to develop healthy investing habits is to make regular contributions to your investment pot over a period of time, instead of investing a large lump sum. This is called “pound-cost averaging”. It’s a way of investing without trying to time the market.

  • Best shares to buy now

    We’ve compiled the top trending stocks from leading investment platforms to see which stocks people are buying today.

  • Interactive Brokers review

    Find out what we thought of Interactive Brokers, some key features, information about its platforms and how much Interactive Brokers costs.

  • How we rate budgeting apps

    This is how we come up with the star ratings and “best for” picks that you see for budgeting apps and their features.

  • gohenry promo codes for April 2021

    New to gohenry? See if you can keep some more money in your pocket with our promo codes and special offers.

  • Auction finance: Compare bridging loan rates

    Everything you need to know about auction finance, including why it can be a good alternative to a mortgage, its downsides and where to go to get the best deal.

  • thimbl. credit card review 2021

    thimbl. offers a straightforward credit builder card for those with good and bad credit.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site