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Despite how many options customers have, money transfer companies are popping up daily. New entrants aren’t afraid to compete against well-known players like Western Union, MoneyGram, PayPal, and traditional banks. In 2015, PaySend entered the market, the same year as Revolut, and a few years after TransferWise and Remitly (2011).
PaySend is a global financial tech company on a mission to change how money moves around the world. Its customers transact via card-to-card from 40 countries to over 60 countries. What does card-to-card mean? Instead of sending money to someone’s bank account, you would send funds to the recipient’s Visa or Mastercard. You can also send transfers to UnionPay cards for China. Transfers to bank accounts are available for specific destinations.
How to Make a Transfer with PaySend
- Enter the amount and applicable countries on the homepage.
- Click on “Get Started.”
- Enter your mobile number and choose a password.
- Confirm the amount and destination country.
- Enter the recipient’s 16-digit card number.
- Add your card details.
- Click “Confirm.”
PaySend Exchange Rates
The mid-market, spot, or Google rate is the best rate you can get. PaySend states, “We use a mid-market exchange rate cutting out all intermediaries and providing the best possible value for our customers.” However, its rates don’t match those found on Google. Instead, PaySend marks up rates by 1 percent or more. For example, one euro to Mexican peso was quoted at 22.83 on Google and 22.51 on PaySend for a difference of 1.4 percent.
PaySend charges a fixed fee per transaction, for instance, from Australia to another country would cost 2 AUD regardless of the amount sent. Costs vary from country to country.
PaySend Versus TransferWise
TransferWise is a top-rated money transfer company and the service I use. It has financial services for people who travel, live, and work abroad. Sending money overseas with TransferWise is up to eight times cheaper than banks, and its borderless account allows users to hold, manage, and spend money in 28 different currencies. It provides the “easiest way to manage your money internationally.”
TransferWise exchanges currencies at mid-market rates without markups, which is better than PaySend.
PaySend charges fixed fees compared to TransferWise’s combination of percentage-based and fixed fees. Therefore, outcomes will differ depending on the amounts and destinations involved.
PaySend and TransferWise enable customers to send and receive money from a wide variety of countries.
Single Currency Transactions
PaySend supports single currency transactions. For example, someone in Germany can send euros to someone in France. TransferWise only supports currency conversions.
Millions of people send money online for various reasons including remittance. The top three remittance destinations are China, India, and the Philippines. Let’s compare the results of sending 100 and 1,000 USD to those destinations alongside converting U.S. dollars to euros.
|PaySend||674||7 047||5 126||84.95|
PaySend and TransferWise are split. PaySend is better for sending money to China and the Philippines whereas TransferWise is better for India and the European Union.
|PaySend||6 867||71 760||52 198||865|
PaySend is still better for China, but an increase in the amount yielded a three to one victory for TransferWise.
PaySend is legit and offers an innovative method to transfer money, that is, card-to-card transfers. Users can send and receive money via Visa, Mastercard, and UnionPay in China. Its processes differ from most providers because it doesn’t require banks to be a part of transactions. On the other hand, PaySend isn’t that unique. Azimo, Remitly, Xoom, and other providers charge low fixed fees as well.
PaySend is slightly misleading about its exchange rates. On the help page, one line reads, “Our rates are as close as possible to the mid-market exchange rate – giving you more and saving your hard-earned money.” On the same page, another line reads, “We use a mid-market exchange rate cutting out all intermediaries and providing the best possible value for our customers.” Either you transact at mid-market rates or you don’t (PaySend does not).
PaySend has some advantageous currency routes, but I’m not compelled to sign up or use its service. It is working on a card to hold, move, and spend money globally. However, Revolut already offers something similar, and TransferWise offers a debit Mastercard. I’ll continue to use TransferWise until a competitor allows me to transact at mid-market rates at no cost. Until then, TransferWise’s transparency, mid-market rates, and low fees make them one of the best companies for sending money online.