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In the 2024 review: Paysend is a cross-border money transfer service that allows sending money to people in over 170 countries, provided they have Visa, Mastercard, or UnionPay cards. In the 2024 review: The service has 8.5 million users and numerous industry awards. In this article, we will explain what attracts users to Paysend, what its limits and fees are, as well as how to send money to Ukraine using Paysend and how much it costs.
Paysend in Brief.
Paysend is a mobile money transfer app that stands out among similar services for its low fees, high speed, and intuitive mobile app. The company is headquartered in London (United Kingdom) and holds all necessary authorizations from local regulators (FCA and HMRC). In addition, Paysend holds money transfer licenses in many other jurisdictions, including the European Union, Canada, and 48 US states, and is certified by Visa Direct and MasterCard MoneySend.
In the 2024 review: Paysend is regularly used by 1.6 million people who annually transfer over $5 billion to 170 countries. The service is highly regarded for its transfer speed, with 95% of transactions processed instantly. However, due to acquiring bank processing, some transactions may take up to 5 days.
Paysend statistics and reviews. Source — Paysend.com
Key Features of Paysend.
Money Transfers
In the 2024 review: Paysend provides an extensive network covering 170 destination countries where you can receive an international money transfer and 49 countries from which you can send money abroad. Transactions can be made via the website or mobile app (compatible with Android and iOS). You can find out the transfer cost without registering using a dedicated calculator on the Paysend website.
Paysend website overview. Source — Paysend.com
If both the sender and recipient are registered with Paysend, they can use the Paysend Link feature. This is a special link used to request a transfer to your account or send money to the link's recipient using only a phone number. To use this service, select “Paysend Link” when entering transfer details (located next to “To Card” and “To Account”).
If you send money via Paysend Link, the recipient will need to follow the link to claim the money or register with the service to receive funds into their internal account.
If you send a payment request via Paysend Link, following the link will allow the user to make a transfer with the parameters you pre-set.
Multi-Currency Account
In the 2024 review: You can also open an account on Paysend that allows holding and exchanging money in 33 currencies. However, this service is only available in certain countries, and you can hold up to £450 / €500 per year in the account. Paysend does not charge a fee to top up your account (though your bank may charge its own fees). Funds in the account can be used for online shopping, card top-ups, and international transfers.
It is important to note that funds stored in the Paysend digital wallet are not protected by bank deposit insurance schemes in the UK, European Union, US, or other countries.
MasterCard or Visa Card
A virtual Paysend card is activated instantly upon opening an account (the service is no longer available to UK and EEA customers registered after June 8, 2023). A plastic card can be ordered by paying the delivery fee (£4.99 in the UK, €5.99 in EEA countries). Both card types can be used for ATM cash withdrawals as well as online and in-store purchases. Based on rates from the 2024 review: ATM withdrawals up to £200 or €220 per month are free of charge, but amounts above this limit incur a 2% fee.
Transfers to Ukraine with Paysend.
You can send money to Ukraine via Paysend using the following methods:
To a Card:
Card transfers via Paysend are processed instantly. Based on rates from the 2024 review: the transfer fee depends on the sender's country (£1 from the UK, €1.50 from the EU, $2 from the US). Based on rates from the 2024 review: currency conversion fees range from 1% to 5% depending on the currency pair. You can also make a free transfer via Paysend Link.
To a Bank Account:
Such a transfer usually completes within one day, but delays on the acquiring bank's side can extend this to up to 5 days. Based on rates from the 2024 review: the transfer fee is the same as for card transfers, but currency conversion markups are usually higher — from 3% to 10%.
SWIFT Transfers:
If you are sending money within the Eurozone, it is better to use SEPA (Single Euro Payments Area), as Paysend charges no fee for SEPA transfers. In other cases, use SWIFT. Based on rates from the 2024 review: fees depend on the currency, and delivery takes 1–5 days.
Paysend Fees and Limits.
The cost of sending money via Paysend depends on the sending country. Based on rates from the 2024 review: for example, if sending from Australia, the fee is AUD 2. From Canada — CAD 3, the European Union — EUR 1.50, the US — USD 2, the UK — GBP 1. The platform also charges a currency conversion margin. You can check the exact transfer cost and exchange rate in the calculator on the Paysend website and mobile app.
Limits also depend on the sender's country. For example, in the UK and the EU, you can send £800 or €1,000 within a 6-month period. For the US, this is $999 or 5 transfers, whichever comes first. These limits can be increased by submitting additional identity verification details to Paysend.
Conclusion.
Paysend is a decent option if you need to send a small amount of money without deep identity checks. The service has good country coverage, low fees, and offers a plastic card. However, for transfers to Ukraine, it may not be the best option, as Paysend ended all concessions for Ukrainians, whereas other services (such as TransferGo) still offer them.