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Paysend Money Transfer: Review & Comprehensive Guide

Updated on October 17, 2023 01:24 am
Paysend

Money transfers aren’t always a simple process. Money transfer services have become an integral part of our lives, offering convenience and efficiency. But it can be tricky to find the right service for you. Paysend, a prominent player in the money transfer industry, has gained widespread attention for its user-friendly interface, competitive rates, and secure transactions. This comprehensive review and guide will delve into the features, benefits, and step-by-step process of using Paysend for your money transfer needs. 

What is Paysend Money Transfer?

Paysend is a global money transfer platform that enables users to send money to over 70 countries worldwide. With a focus on simplicity and speed, Paysend aims to make international money transfers hassle-free for individuals and businesses alike. Whether you need to support family members overseas, pay for services, or conduct business transactions, Paysend offers a convenient solution.

Paysend proudly allows customers to transfer money to over 170 countries. 

Countries serviced by Paysend include: 

  • Australia
  • Bangladesh
  • China
  • Egypt 
  • France 
  • Germany 
  • Greece 
  • Hong Kong 
  • India 
  • Italy 
  • Japan
  • Mexico
  • Morocco
  • Nepal 
  • New Zealand 
  • Pakistan 
  • Philippines
  • Qatar
  • Singapore
  • Spain 
  • Sri Lanka 
  • Switzerland 
  • Turkey
  • UAE
  • United Kingdom
  • Vietnam
  • And More. . . 

To view a complete list of countries that Paysend serves, navigate to the home page. There you will find the money transfer calculation tool. Select the drop down menu for the receiving country and you will be shown all the countries you can send money to! Another way to check the complete list is to scroll down on the home page and view the large list of countries they allow remittances to. 

How Much Does Paysend Money Transfer Cost? 

Paysend charges a flat fee for their transfers. For every transfer, Paysend displays the currency exchange rate, transfer fee and receivable amount before you make the transfer. This can either be accessed once you secure your Paysend login and initiate the transfer or it can be seen by filling out the money transfer calculation tool. 

The Paysend fee is 2 USD for each transfer. 

How Much Money Can I Send Using Paysend? 

Paysend’s limits for transfers from the United States are based on a tier system. 

Tier 1 is the basic tier. You will automatically be in this tier when you create your login. The limits for Tier 1 are listed below: 

To qualify for Paysend’s Tier 2 (Advance) sending limits, you will need to successfully verify your SSN/ITIN number and personal data. 

To qualify for Paysend’s Tier 3 (Ultimate) sending limits, you will need to successfully verify the source of income. 

Here are some of the identity verification items that Paysend may ask from you: 

  • Full name
  • Phone number in the international format
  • Address
  • Date of birth
  • And/or other documents to confirm your identity. 

How Long Does Paysend Take to Send Money? 

The speed of your transfer depends on various factors: the provider’s processing time, the recipient's bank efficiency, destination procedures, paperwork, payment methods, and even the time of day you initiate the transfer.

Accessible 24/7 from your smartphone or laptop, Paysend ensures your money arrives within minutes, sometimes even seconds. No queues, no waiting – just swift, hassle-free transfers. 

To accelerate your transfers, opt for a provider that checks these boxes:

  • A simple, user-friendly transfer platform
  • Swift processing and settling times
  • 24/7 availability
  • A vast network of global banking partners
  • Extensive global reach, covering numerous countries

Your funds usually arrive within minutes, sometimes even seconds, while the slowest cases might take up to three days due to the recipient's bank. 

Is Paysend Safe? 

Yes, Paysend takes significant measures to ensure the safety and security of its users' transactions. The company employs robust encryption and security protocols to safeguard sensitive data, including personal and financial information. 

Additionally, Paysend is regulated and authorized by financial authorities in various countries, which adds an extra layer of credibility and accountability to their services. 

Regardless, it's always advisable to follow best practices, such as using strong, unique passwords and keeping your account information confidential, to enhance your online security when using any financial platform, including Paysend.

How to Send Money With Paysend? 

Now for the biggest question you must have: how does Paysend work?

Luckily, using Paysend for your international money transfers is relatively straightforward. Here's a step-by-step guide:

  • Sign Up: Users can create an account on the PaySend website or mobile app by providing basic information and verifying their identity.
  • Add Funds: To initiate a transfer, users can link their bank account or credit/debit card to their PaySend account.
  • Select Recipient: Users need to provide the recipient's details, including name, country, and contact information.
  • Enter Amount: Specify the amount to be transferred and select the desired currency.
  • Review and Confirm: Double-check the transaction details and confirm the transfer. Users will receive a confirmation once the transfer is initiated.
  • Track Transfer: PaySend provides tracking features, allowing users to monitor the status of their transfer in real-time.

How to Contact Paysend? 

Paysend offers various ways to contact their customer support team for assistance or inquiries.

To get a frequently asked question answered, visit their Help Centre. Here, you will also find their chat bot, allowing you to ask live questions should you have any organic or follow up questions. 

You can also provide feedback or submit a question by contacting the Paysend customer support team via their email: [email protected]

Pros of Paysend Money Transfer

Based on our research of customer reviews and comparison to other remittance providers, the pros of the Paysend money transfer service are:

  • Speed: Pay Send offers swift money transfers, often completing transactions within minutes, making it a great option for emergencies or time-sensitive transactions.
  • Global Reach: Pay Send supports transactions to more than 170 countries, making it a versatile choice for international remittances.
  • Competitive Exchange Rates: Pay Send provides competitive exchange rates, ensuring that users get good value for their money.
  • User-Friendly Interface: The platform is easy to use, even for those new to online money transfers.
  • Refer a Friend Program: Inviting your friends allows you to earn rewards to apply to your next transfer

Cons of Paysend Money Transfer Service

Based on our research of customer reviews and comparison to other remittance providers, the cons of the Paysend service are:

  • Recipient's Bank Processing Time: The speed of the transfer can also depend on the recipient's bank processing time, which is beyond Paysend's control.
  • Transaction Limits: Paysend imposes certain transaction limits, which might be a drawback for users looking to send large sums of money, especially for business or significant transactions.
  • Customer Support Availability: Paysend (at the time of writing this article) does not seem to have a phone number you can call for customer support. 

Paysend Money Transfer Service: Best Feature

Paysend's standout feature, undoubtedly, is its inviting and rewarding refer-a-friend program. Here's how it works: within your Paysend profile, you can discover your unique invite code on the Paysend Bonus page. Share this code with your friends, and when they complete their first transfer using your invite code, the magic happens. You stand to earn up to £12, 18€, or $24 in bonuses for each of your friends. What's even more impressive is that these bonuses keep coming! You can receive £1, 1.50€, or $2 for each of the 12 successful transfers made by your referred friends, within the first 12 months. 

These bonuses are versatile and don't discriminate based on the frequency or destination of your friends' transfers; local or international, Paysend rewards them all. It's a win-win situation - your friends benefit too! They'll enjoy a fee waiver on their first successful transfer, access to instant transfers at favorable exchange rates, and the opportunity to pay it forward by inviting their friends and reaping Paysend bonuses. As for spending your well-earned bonuses, they can be seamlessly transferred to a bank card in pounds, euros, dollars, or your respective registered currency. The minimum transfer amount is just £5, 5€, or $5. So, refer your friends, share the benefits, and reap the rewards - all within the Paysend ecosystem.

Please note that this enticing program is open to all Paysend customers, with the exception of customers from specific countries

Paysend Money Transfer Service Alternatives

If you’re looking for an alternative to Paysend’s remittance service, here are some top remittance providers we recommend that offers low fees, excellent exchange rates, and are easy to use: 

Paysend Reviews

Need more assurance about Paysend? Is Paysend legit? Let’s see what users of Paysend have to say. Sourced from multiple platforms, customer reviews of Paysend are: 

Paysend scores an “Excellent” rating on TrustPilot with a TrustScore of 4.3 out of 5. 

The best money transfer ever. Very easy to setup the account, and worked excellent and fast…and basically free. Absolutely nothing negative about it.” - User on TrustPilot

“Honestly? Life-saving experience. If there would be a plus next to five stars, would give it without hesitation. Trustworthy, reliable, fast, affordable smooth service.” - Ilja Kabanen on Trust Pilot

Negative reviews pertain to issues with identity verification and transfer delays. 

 

Do We Recommend Paysend?

PaySend stands out as a reliable and convenient option for international money transfers. With its user-friendly interface, competitive rates, and commitment to security, PaySend provides a seamless experience for users looking to send money across borders. Whether you're supporting family members, conducting business, or making payments, PaySend offers a trustworthy platform to meet your financial needs.

We invite you to compare remittance providers using CompareRemit’s comparison tool today to find the best rates, lowest fees, and fastest turnaround times for your specific destination and transfer amount.

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Green Bank Wire Transfer Button
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An international wire transfer is the best option if you ever want to send or receive big sums of money over an international border fast. Due to their high transfer limits, they are frequently used to make large payments like paying business invoices or sending money to family members who live abroad.You most likely would have looked up wire transfer limits imposed by your bank, money transfer service providers, or any other central agencies like the IRS (Internal Revenue Service).In this article, we cover what is a wire transfer, the wire transfer limits placed by major U.S. banks and money transfer companies that offer high transmit limits on international money transfers, and other topics. What Is a Wire Transfer?Wire transfer is an electronic transfer of funds from one bank account to another bank account. There is no physical exchange of funds. 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The money gets delivered within 24 hours or on the same day or even within minutes, depending on how you pay for the transfer.Funding by bank account is the cheapest while it is slower than debit card or credit card payments. SkrillSkrill allows U.S. customers to make international money transfers to 18 different countries. The great thing about Skrill is that you can use your Skrill's digital wallet to send money to a bank account overseas for free. Skrill offers international money transfers to over 180 countries in 40 currencies to a bank account, mobile wallet, email address, and phone number.Knect, the Skrill Loyalty Program lets you earn points with nearly all your transactions. You can redeem those points with rewards and more. Signing up for a Skrill account is free. You can do it on the Skrill website or on the app. You can fund your transfer from your personal bank account or a debit or credit card, or local payments. For expats looking for low-cost digital money transfer services, Skrill Money Transfer is an alternative solution to other expensive options.InstaremInstarem is one of the low-cost international money transfer service providers to send money from the U.S.A. to the UK.Like Wise, the exchange rates are sourced from Google. The fees are upfront and there are no hidden charges. The exchange rates are very competitive. They apply a small margin on the rates and a nominal fee. Check Instarem's rates and fees anytime on their website calculator. Enter the transfer amount and select the send and receive countries to see the exchange rates and fees for the chosen pair of currency, in this case, USD to GBP.You can pay with a bank account, wire transfer, or debit/credit card.Sign up online or on the app using your email address or your Facebook or Google account and earn InstaPoints instantly.  You also can earn InstaPoints with every transfer and redeem these points in your next transfer.PandaRemitPandaRemit is an online money transfer service based in Hong Kong. It has now expanded to international markets including North America, Asia, and Europe, and offers remittance services to over 30 countries now.PandaRemit and its subsidiaries are regulated by the Australian Transaction Reports and Analysis Center (AUSTRAC).Your first transfer comes with zero fees and the recipient has the option to receive the money in multiple ways- a digital wallet, bank cards, or cash pick-up. The money is delivered as fast as 2 minutes. There are no hidden fees and exchange rates are competitive. They also offer a 100% money transfer guarantee or get your money back. You can fund your transfer via bank transfer or card payments. Bank transfers carry no charge. Sign up using your phone number or email address online or on the app to start sending money.PaysendPaysend is regulated by the Financial Conduct Authority in the U.K. So your money is safe and protected. Paysend delivers money to 150+ countries worldwide. Paysend is the first Fintech company to introduce global cards to card transfers connecting 12 billion cards issued by Mastercard, Visa, China Union Pay, and local card schemes. Paysend provides 40+ payment methods for online SMEs and serves 17,000 SMEsOne of the best ways to send money to the U.K from the U.S. is using Paysend which is offering fee-free transfers to bank accounts until June 1, 2022. You can transfer online to Visa, Mastercard, or bank accounts. The fee for sending GBP directly to Visa or Mastercard cards is just $2. There is no fee for direct transfers to bank accounts till June 1. The money is transferred on the same day.The exchange rates are shown upfront before you make your transfer. Sign up online or get the Paysend app on the App Store, Google Play, or AppGallery to send money today. ConclusionAs you can see, there are multiple options at your disposal when sending money from the U.S. to the U.K. Selecting a money transfer company to send money abroad requires research and comparing the service providers to find the best way to send money to the U.K. based on your transfer needs.International money transfer continues to evolve with new emerging technologies. The newest innovation is the bitcoin or cryptocurrencies that have the potential to change the money transfer landscape in the coming future once adopted on a large scale.

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