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Paysend Overview
International money transfers are very much in demand among those who have moved to live and work in another country. In Europe, where the demand for this service is quite high and the market for financial services is broad and diverse, there are several systems, and Paysend is one of them.
What is Paysend?
Paysend is a British fintech company founded in 2017. Its main activity is online money transfers. As part of the service, there is also an offer for legal entities that can create a business account.
Paysend's product line includes two applications for sending money: one with the same name and with the Link add-on, which makes payments by phone number, and another for issuing a virtual card. Transfers are also sent from the company's official website.
Countries of presence
The geography of the service includes 100+ countries: almost all countries in Europe and Asia, several countries in Latin America, as well as Canada and Australia. One of the most popular directions of online-service is remittances to Russia and Ukraine.
Migrant workers from these countries are the most obvious consumers of online money transfer services. And they are primarily interested in remittances inexpensive and easy to arrange and receive. Let us find out how the considered payment system meets these needs.
Money transfers
The British company feels itself on the market of international transfers quite confidently, despite the fact that the product itself exists only five years. Among its advantages, it highlights the possibility of Paysend transfers between cards and to a bank account (IBAN), as well as fixed commission rates for the service, which differ depending on the sending country.
Mobile app
Paysend is available for download on the App Store and Google Play and is rated 4.5-4.8 out of 5. According to the company's website, it has already been downloaded more than 5 million times.
You can charge money in the app from a debit or credit card, as well as from cards added to Apple Pay or Google Pay.
The maximum Paysend transfer amount is determined by the sending country, card-issuing bank regulations, user status, etc.
How to transfer Paysend money
To transfer money through the described system, you need to select the destination country and the sending option (depending on the country), then specify the amount and currency.
Calculate the amount of transfer in Paysend at the exchange rate set in the service, you can in advance by clicking on the appropriate tooltip.
paysending
In the next steps it is necessary to enter the data of the sender's card and beneficiary card/account. When all the details are filled in, the money can be sent.
How to get a Paysend transfer
According to the company's website, "95% of Paysend money transfers are delivered instantly," and it can take up to five business days to deliver funds to bank accounts.
Money sent through the service can be received
- to bank cards Visa, Mastercard, Maestro, Mir, China UnionPay, other national cards;
- to a bank account;
- to a virtual card created in the system.
Receiving Paysend transfer in cash in Europe and CIS countries is impossible.
Transfer limits
European Paysend users don't have to provide the service with any documentation as long as they transfer a total of no more than €1,000 in six months. Here's how the company's website puts it:
"You can send up to £800 or €1,000 in a six-month period without providing any additional documentation. These limits may be increased upon submission of the necessary documentation, including (but not limited to) proof of identity and proof of address."
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