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 Funds can be deposited and withdrawn from the account for a small fee.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.
Pros and cons of Payset
- 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
Our verdict: Is an account with Payset worth it?
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.
Frequently asked questions
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