Paysend started in April 2017 and is now a big name in digital finance. It’s based in London and has grown fast, serving over 9 million users worldwide. These users trust Paysend for their international transfers.
Paysend is known for being affordable. It has a flat transfer fee that’s very low. Payments are often made in just minutes. The app lets you send money to over 170 countries, making it easy for both personal and business use.
Paysend has a great rating of 4.5 stars from over 110,000 reviews. About 85% of users on Trustpilot say it’s ‘excellent’. They love how fast and good the foreign exchange rates are. But, some users have had issues with delays and customer support, showing areas for improvement.
Paysend Overview and Features
The Paysend app makes easy money transfer simple and clear. It lets users send money to over 170 countries, perfect for global payments. The app shows all fees upfront, starting at just $1.99 or £1, depending on the method and where you send it.
Paysend offers fast and cost-effective transfer options. Transactions can be done in minutes. You can send money to bank accounts, cards, mobile wallets, or for cash pickup, meeting the recipient’s needs.
Paysend gets great reviews, with 4.8 out of 5 on Apple Store and 4.6 out of 5 on Google Play. This shows users are happy. The app is secure with two-factor authentication, making users trust it. Plus, there’s a bonus program for inviting friends, giving users more benefits. For more tips on making the most of your money transfers, check out this essential guide.
Review of Paysend for Foreign Exchange and Transferring Money Internationally
Paysend is a big name in sending money across borders. It’s known for fast transfers to over 110 countries. Users love how quickly their money gets to the other side, making their experience better.
In this Paysend review, we look at the exchange rates. Paysend offers good rates, but some users wish for even better deals. The rates change based on the currency pair, but most users find them fair.
Paysend is seen as trustworthy, with a high Trustpilot score of 4.2 out of 5. Over 33,000 reviews show that 85% are very happy. The app also gets high marks on Google Play and the Apple Store, proving its reliability in money transfers.
Yet, some users have concerns about service reliability. They worry about knowing the status of their transactions and getting help when needed. Paysend could work on these areas to meet everyone’s needs for smooth international money transfers.
| Feature | Details |
|---|---|
| Countries Supported | Over 110 countries |
| Transaction Limits |
|
| Trustpilot Score | 4.2 out of 5 (33,000+ reviews) |
| Exchange Rate Markup | 0.82% – 1.76% |
| Transfer Methods | Bank account or bank debit card delivery |
| App Ratings | 4.6 on Google Play, 4.7 on Apple Store |
Costs and Fees Associated with Paysend
Paysend is known for its low costs on international transactions. It uses a fixed fee model, making it great for those who want to save money. This model is attractive to users looking to manage their costs well.
The standard costs for Paysend include a flat fee of about $1.99 or £1. This depends on the transfer method and where you’re sending the money. It’s a good deal for sending money to over 170 countries, saving a lot compared to banks.
Also, Paysend has a bonus program. Users can get rewards by inviting friends to use the service. They can earn up to £1, €1.50, or $2 for each friend’s first year of transfers. This shows Paysend’s effort to add value beyond just fees.
It’s important to look at the exchange rates too. Some users say Paysend’s rates could be better than Wise and Currencies Direct. Knowing this is key when comparing fees, as it affects the total cost of the transfer.
The table below gives a quick look at Paysend’s costs and features. It also compares them to other money transfer services:
| Service | Transfer Fee | Exchange Rate Margin | Average Transfer Time | Countries Supported |
|---|---|---|---|---|
| Paysend | $1.99 or £1 | Variable, not the best | 2.26 days | 170+ |
| Wise | Varies by amount | Often more favorable | 1-3 days | 70+ |
| Currencies Direct | Varies by amount | Often competitive | 1-5 days | More than 30 |
Paysend also focuses on security. It uses two-factor authentication and follows PCI DSS standards for safe payments. With 24/7 support through chat and email, users can get help anytime. This makes the service reliable and trustworthy.
Customer Feedback and Competitor Comparison
Paysend customer feedback shows a mix of good and bad experiences. Many users like how fast it is, with 90% of transfers arriving in 15 seconds. But, some are unhappy with the service’s reliability. About 85% of users gave Paysend 5 stars, but there are concerns about customer support and failed transactions.
When comparing Paysend to Wise and Currencies Direct, we see their strengths and weaknesses. Wise is known for its fair exchange rates, which can save users money. For example, sending 1000 USD to Canada costs less with Wise than with Paysend. This is why Wise often gets praised for being transparent and reliable.
Customer satisfaction ratings also show differences. PayPal has a low rating of 1.3 on Trustpilot Canada, while Paysend averages 4.1. While some users have had issues with Paysend, the company often helps fix these problems. When choosing a money transfer service, it’s important to look at all aspects, including user reviews, reliability, and costs.
