If you\u2019re a business that regularly pays staff or suppliers overseas or an individual with family living abroad, Payset\u2019s multi-currency account aims to streamline cross-border transactions and make life a little easier.<\/p>
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. <\/p>
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 Funds can be deposited and withdrawn from the account for a small fee. <\/p>
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.<\/p>
If you register with Payset, you can open a business or personal multi-currency account within 72 hours. You\u2019ll 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. <\/p>
The key features of Payset are outlined below:<\/p>
Before applying for this account, it\u2019s 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\u2019ll also be required to pay a monthly access fee. <\/p>
Note that Payset doesn\u2019t currently offer a debit card, but has plans to launch one in the future. <\/p>
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\u2019 funds through safeguarding. This essentially means it must separate your funds from its own funds used for operating the business. But your funds won\u2019t be protected by the Financial Services Compensation Scheme<\/a> (FSCS).<\/p> Payset is highly rated on review site Trustpilot. It scores 4.5 out of 5 from 185 reviews (updated November 2025), giving it an \u201cExcellent\u201d rating. <\/p> Positive comments have focused on the \u201cquick and smooth onboarding process\u201d and professional customer service team. However, those customers who gave Payset a lower score commented on difficulties with the registration process.<\/p> There are currently no customer reviews on the App Store or Google Play.<\/p>Payset customer reviews<\/h3>
How does it compare with other popular banking apps?<\/h3>