Paysend Review: Exchange Rates, Safety, Alternatives, and Monito's Verdict

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Yes. As of September 2020, Paysend's mobile app and website have been fully available to US residents for international card transfers from the US dollar to over 110 countries across the globe.

Yes, you can trust Paysend. Moving more than US$3.2 billion across borders for around 3.7 million customers every year, Paysend is a trustworthy service that offers institutional-grade security and preventative measures, such as two-factor login and verification procedures. What's more, Paysend holds its clients’ funds completely separately from their own business accounts, as per FCA requirements, meaning that should the company have any financial difficulties, your money will remain safe.

Paysend is an international card payment platform. It works by debiting money from the credit or debit card of your choice and crediting the amount (minus the fees) into your beneficiary's bank account, card, Paysend wallet, or by making cash available for your recipient to pick up at an agent location. To sign up with Paysend, you can use their clean, user-friendly website or mobile app. You'll need your mobile phone number to begin with, and later you'll be required to validate your identity.

Yes. Paysend is among several dozen international money transfer operators authorised by the Central Bank of Nigeria (CBN) to send money to Nigeria. However, following a November 2020 decision by the central bank, money transfers into Nigeria are only permitted in US dollars, meaning you'll only be allowed to send money to Nigeria with Paysend in that currency and no longer in Nigerian naira.

Once you've completed the signup process, sending money over Paysend is remarkably simple. You will be required to input your destination currency, the amount you'd like to send, your pay-out method, your beneficiary's banking details (or equivalent for other transfer types), and finally, your own credit or debit card details. What we found most impressive about the transfer process was that all of the steps are completed on a single page, allowing for a quick and seamless customer experience.

As a recipient of a Paysend transfer, you'll be able to receive money directly into your bank account as a deposit. You'll also have the option of having the money credited to your card, or as a Paysend link into your Paysend wallet. Finally, in some countries, you'll also have the option of physically picking up your money transfer in cash from one of Paysend's partnered agent locations.

Yes, Paysend does accept prepaid cards, and you'll be able to use them on Paysend's mobile app or website just as you would an ordinary debit or credit card. However, bear in mind the limits your prepaid card may impose, as there may be maximum transfer amounts or a lower balance relevant to your card issuer or service. Find out more about sending money through Paysend using a prepaid card here.

No, Paysend's terms of service do not include buyer protections. This means Paysend will not intervene in disputes between buyers and sellers to rectify potential issues in the same way that eBay or PayPal would, for example. Instead, Paysend recommends in the event customers have disputes with merchants that they "settle these with the recipients [of the transactions]," adding that the company is "not responsible for any obligation and/or commitment provided or made by the recipient of your payment made".

Yes. As of June 2020, Paysend's mobile app and website have been fully available to Canadian residents for international card transfers from the Canadian dollar to over 110 countries across the globe.

No, as of May 2021, it's not yet possible to open a Paysend account in India. However, it is possible to use Paysend to send money to India from abroad.

No, as of May 2021, it's not yet possible to open a Paysend account in Ukraine. However, it is possible to use Paysend to send money to Ukraine from abroad.

Yes and no. It's possible to send money through Paysend using an American Express card, but it's not possible to receive money on one. Currently, the only card issuers supported for receiving transfers at Paysend are Visa, Mastercard, UnionPay, Humo, and Verve.

Yes, Paysend is legit indeed. Moving more than US$3.2 billion across borders for around 3.7 million customers every year, Paysend is a completely legitimate service that offers institutional-grade security and preventative measures, such as two-factor login and verification procedures. What's more, Paysend holds its clients’ funds completely separately from their own business accounts, as per FCA requirements, meaning that should the company have any financial difficulties, your money will remain safe.

For Paysend transfers to cards or for cash pickup, the funds normally become available within a matter of seconds or minutes. Transfers to bank accounts, on the other hand, tend to take slightly longer to arrive. According to Paysend, these transfers typically around one business day, although they can be as long as three business days at the extreme.

To close a Paysend Global Account, you'll need to contact Paysend via email or over WhatsApp and provide them with your full name, date of birth, mobile phone number, and either the last four digits of your Paysend card or the amount of your last top-up. Find out more about how to get the job done here.

Paysend is based out of London, UK, where it is organized and headquartered. The company also has offices in the UK in Edinburgh and in Moscow, Russia.

Paysend is wholly owned by the Paysend Group Limited, an Edinburgh-based financial technology company that was incorporated in April 2017.

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