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.
What's in this review?
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.
| Transfer | Paysend rate | Mid-market rate | Margin |
|---|---|---|---|
| GBP to EUR | 1.115 | 1.13 | 1.34% |
| GBP to CNY | 8.775 | 8.89 | 1.31% |
| GBP to INR | 99.549 | 100.19 | 0.64% |
| GBP to HKD | 10.543 | 10.65 | 1.01% |
| GBP to KES | 149.732 | 151.37 | 1.09% |
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
- 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:
- Provide your phone number
- Enter your name and date of birth
- Enter your home address, including apartment or suite numbers
- Provide an email
- Agree to terms and conditions
- Verify your email and phone number
- 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:
- Navigate to the History section
- Look at the symbol next to your transfer
- Green circle = successful transfer
- Black clock = in transit
- Red “X” = failed transfer
- 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?
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 Store | 4.6 out of 5, based on 31,800 customer reviews |
| Apple App Store | 4.8 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.
{"niche":"UKFMT"}
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