Paid for by Paysend
Transferring money to friends and family in different countries can be a pain at times. Whether you’ve got issues with charges, processing times, exchange rates, bank queues, or transactions being blocked altogether, it’s a process that often feels outdated at best.
The good news is that there is another option for people wanting to transfer money securely to Visa, Mastercard, and UnionPay cards and that’s Paysend.
Paysend is a modern money transfer platform that allows you to send money to people in over 70 countries if they have a Visa, Mastercard, or UnionPay card. They’ve got plenty of great features that put them at the top of the list for international money transfers.
Benefits of Paysend
One of the first things that stands out about Paysend is that the platform is available to use 24/7. International money transfers can be tricky and sometimes require you to go into a bank branch. Of course, this means you may be hindered by bank opening hours and potential queues to speak to a customer service advisor. With Paysend, you won’t have this issue and simply need to know the name of the person you want to transfer money to and their 16-digit card number. The rest of the process can be completed by the comfort of your own home.
As a bonus, you can register online through the Paysend website or mobile app and be ready to start transferring funds quickly. Speaking of speed, Paysend’s transfer time is equally impressive. Most international money transfers arrive in your recipient’s bank within minutes because Paysend have partnerships with Visa, Mastercard, and UnionPay. Of course, there are certain instances where it might take up to 3 days for your recipient to receive their funds, but this is due to the processing times of banks in individual countries.
One of the most important things to think about when sending money to someone in a different country is the actual cost to do it. A major benefit of Paysend is the low cost, fixed fee required to make a transfer. Paysend charge £1 for transfers from the United Kingdom, €1.50 from Eurozone, and $2 from the United States. There are no hidden fees and you can see how much local currency your recipient will receive through competitive exchange rates before you decide whether to confirm the transfer.
Of course, the worry for most people when sending money through any platform is whether the process is secure. The good news here is that Paysend is regulated by the Financial Conduct Authority and authorised in the UK. They’re certified by Visa and Mastercard and all transactions and customer data are protected to the highest standards. Advanced security features help to keep you secure throughout the whole process.
How Paysend Works
Once you’ve signed up for a Paysend account through the website or mobile app, you’re ready to make small transfers. For some larger transfers, you may be asked to provide additional documents to confirm your identity and/or address. But don’t worry, this is a simple process.
Sending money to your friends and family couldn’t be easier. Here’s the step-by-step process for clarity:
- Select the amount of money you’d like to send to someone and the country you’ll be sending it to. You can do this by using the calculator on the front page of the website.
- Check the exchange rate you’ll receive and make sure you’re happy before you go any further. If this is the case, press ‘Get Started’.
- Enter your mobile number and choose a password.
- Check and confirm then amount of money you want to send and which country it will be going to.
- Enter the 16-digit card number of the person you want to send the money to.
- Enter your card details. This is where the money you’re sending will be taken from. Once you’ve done this, click ‘Confirm’.
- Your money has been sent and you can go about your day.
To check the current status of your transfer you can log in to your account through the website or mobile app and click ‘History’. A green check box next to the transfer means it has been successful. A red check box next to the transfer means it has failed. Don’t forget that it could take up to 3 business days for your transfer to be displayed.
Paysend Link is a great feature that makes transferring money even easier if both people are registered with Paysend.
Once this is the case, you can transfer money to that person using only their phone number. When you make a transfer to them, they’ll be notified about it in a text message and will then be able to select which of their cards they’d like the money sent to. Likewise, you’ll be able to receive a money transfer in the same way and will be able to direct your funds to the appropriate account.
All in all, Paysend is a fantastic option for anyone who wants to make money transfers to friends and family across over 70+ countries. The benefits listed above all make for positive reading but some of the most beneficial perks include the fact that Paysend offer a 24/7 service with low cost fixed fees and speedy transaction times.
The fact that you can send money so easily with just a phone number when using the Paysend Link option means you’ll likely save a lot of time and effort for transfers that you might usually have to visit a brick banking branch to complete. Being able to see the exchange rate you’ll receive in advance of confirming the transfer also means you won’t be left disappointed by your friend or family member telling you they’ve not received as much as they’d expected. Of course, competitive exchange rates help with this in a big way, too. Overall, a big thumbs up.