Paysera provides a feature-packed borderless account solution. Reasonable rates and the ability to add a debit card, make it an attractive option for individuals and business.
|Transfer speed:||3-5 days|
|Our score:||3 stars|
What we like
- A debit card can be linked to your account
- No maximum transfer limit
- Well designed mobile app
What we don’t
- Unexpected charges from the SWIFT network
- Monthly account fees for business
Paysera has been around since the beginning of online payments but didn’t establish itself as a major player until a few years ago. Now, after a revamp of its online platform, the service is well and truly open for business.
Its mission is ambitious: to create a world where electronic payments have no boundaries. But does Paysera offer enough for power users, and still get the simple things right?
To learn more about this service and see if it’s right for you, read on for our in-depth Paysera review.
Affiliate disclosure: If you sign up with a money transfer service after being referred from our website, we might earn a referral fee. Learn more.
What is Paysera all about? Let’s begin our Paysera review with some general information about the service.
Paysera was established in 2004 under a temporary working name, Elektroniniai Verslo Projektai, by three Lithuanian founders, Kostas Noreika, Audrius Lučiūna and Šarūnas Brog. Despite starting out on their own, by 2013 the company had grown to over 50 employees under the second iteration of its name, EVP International. It wasn’t until 2014, that the service took its final and most well-known name, Paysera.
Since then, the service has grown to encompass well over 100 employees, as it develops its proprietary technology, including an online platform and mobile app. The service has also been recognised by a range of established banking institutions, such as the SEPA instant payment system, and its product now incorporates the issuance of IBAN numbers and debit cards. The service now claims to process over €3.6 billion worth of transfers annually.
Since 2015, Paysera’s daily operations have been managed by Vytenis Morkūnas as CEO. He is joined by a board of directors that consist of the three original founders and Rolandas Razma. Sarunas Krivickas plays an important role of Chief Information Security Officer, while Tomas Suslovas is Head of Business Development.
Paysera bank address (Head office)
Paysera bank address and headquarters is as follows:
Mėnulio g. 7
Paysera has established local offices in the following countries:
Supported countries and currencies
Paysera supports the transfer of funds to approximately 174 countries. For the most part, the service facilitates its transfers using the SWIFT network, which allows it to deliver funds to all corners of the globe. The downside to this network is that there may be additional charges incurred by the recipient. However, Paysera does provide you with some control over the allocation of these costs.
Paysera has a minimum transfer value of £1, which is excellent news if you only need to transfer a small amount. There is no maximum transfer value, which means that the service is suitable for individuals as well as businesses of all sizes. However, it is worth noting that the service may impose additional limits subject to satisfying its identity verification process.
Paysera fees and exchange rates
What are Paysera fees and exchange rates? It will take a few minutes to explore the foreign exchange market, so we can properly consider this question.
How the foreign exchange market works
Let’s begin with how the foreign exchange market works. Banks and other money transfer services will buy foreign currency at a price very close to the mid-market rate. They will then sell this currency to you, the customer, for a higher rate than they bought it for, taking a margin in between – known as “the spread”.
The spread is essentially a hidden cost that is not disclosed to you during the transaction. Then, in addition to the spread, some services will charge a transaction fee on top – which is typically the fee quoted to you. In any case, the total cost of a transfer for you, the customer, is the combination of the two; the spread + transaction fee.
Q. Does the Paysera rate include a spread?
A. Yes, there is a spread.
Q. What about Paysera fees?
A. Yes, there is a transaction fee. The size of the fee depends on the amount being transferred.
But for the moment, don’t pay too much attention to the details. Rather, for the purpose of our Paysera review, let’s consider the overall cost.
Why focus on overall cost?
If you focus on the spread or transaction fee in isolation, it is easy to become lost in marketing gimmicks. Instead, it is more helpful to consider the overall cost when these factors are combined. For example, a typical bank will charge up to 5% of the overall transfer value in spread and transaction fee to complete a transfer on your behalf. Not great.
But what about Paysera? To determine its overall cost we need to compare a transfer with a benchmark, the mid-market rate, which in theory has no cost. Practically speaking, it is unlikely that you will ever receive the equivalent of the mid-market rate, however, your goal should be to get as close as possible.
If you can achieve a total cost of less than 1% of the overall transaction value then you are on the right track. However, it really depends on what your needs are and if you are willing to pay a little bit extra for additional features, advice, or research. To find out the mid-market rate of any currency pairing, use this calculator at xe.com.
What is the cost of Paysera?
Paysera has an average overall cost of 0.97%. To calculate this figure, we received three quotes to exchange British Pounds (GBP) into Australian Dollars (AUD) – for low, medium, and high values. The overall cost of each transaction was then compared against the mid-market rate and represented as a percentage of the transfer value.
Here is the calculation:
|Transfer value||Overall cost|
An average cost of 0.97% means that for every £1,000 sent, on average £9.70 will be lost in spread + fees. By using this figure, we aim to make a fair representation of Paysera across a range of transfer values. Of course, it is not a perfect measure for all situations, but it is helpful for comparative purposes.
Important note on SWIFT: You should be aware that any transfer conducted via the SWIFT network may incur additional hidden charges by correspondent banks; the exact cost depending on the amount of the transfer and the recipient bank. In my experience, these fees can be as high as £25 per transaction.
Paysera review: Market comparison
So, how does Paysera compare to other services in the market? To help you determine its relative competitiveness, we have prepared a chart. Beside the name of each service, we have listed its average cost, speed of transfer, receiving countries, and our review score – sorted from highest to lowest.
To sort this chart by column, click its respective heading. If you are reading on mobile, you may need to scroll horizontally to view all fields.
|wdt_ID||Service||£ 1,000||£ 10,000||£ 100,000||Ave. Cost||Review|
|1||Mid-market rate||1,779||17,791||177,910||0.00 %|
If you would like to learn more about the rationale of our Paysera review, take a look at our review methodology.
A typical transfer with Paysera takes 3-5 business days. The exact duration will depend on a few factors, including the currency pairings involved, the transfer value, as well as the particular systems of the sending and receiving bank.
Key payment features
How do payment features affect our Paysera review? Let’s take a look at its capabilities.
A spot contract consists of a single payment from one currency to another at the currently available exchange rate. If you need to send money right away, simply login to the Paysera app or website and with a couple of clicks a transfer can be arranged.
A recurring payment is the easiest way to transfer money to the same recipient on a regular basis. A recurring payment allows any future payments to be direct debited automatically, providing a convenient solution to make better use of your time.
Paysera bank multi-currency account
A multi-currency account allows you to send and receive payments in various currency denominations. It is useful for individuals and businesses who would like the flexibility of transacting in more than one country at a time. For many, it is a suitable alternative to opening a foreign bank account.
Paysera customer service and phone number
Paysera customer service can be contacted by phone or email. Here are the contact details for its English speaking office:
+44 20 8099 6963 (United Kingdom)
In our experience, we found Paysera customer service to be friendly and helpful. We did not have to wait too long to speak with someone on the phone, and our queries by email have been answered in a prompt and professional manner.
Is Paysera safe?
As a customer, is Paysera safe to use? Let’s take a look at some of its security measures.
Paysera is regulated by the Bank of Lithuania is licenced as an e-money institution to conduct payment services in the European Union.
Customer funds are held in trust
In accordance with the standards imposed by government regulators, the funds of Paysera customers are held in segregated accounts and are kept apart from the company’s own operating accounts. This ensures the security of customer funds, should Paysera encounter financial difficulty.
Website is securely protected
The Paysera website is protected with TLS encryption, which prevents sensitive data from being intercepted during your visit. You can confirm that this is in place by recognising a green padlock next to the website’s URL on your browser. Paysera has also implemented two-factor authentication.
Does Paysera scam? A look at its reputation
Does Paysera scam – or is this a silly question? Let’s take a look at its reputation.
As of publication, Paysera has received over 1,000 reviews on Trustpilot with an average rating of 4 out of 5 stars; representing a positive experience in 76 percent of interactions with its customers.
Here are our observations of the feedback posted:
- Compares well against traditional banks
- Useful for managing business transfers
- Well-designed mobile app
- Customer service representatives are not native English speakers
- Fees deducted from account balance each month
- Funds were frozen and accounts closed without explanation
Upon viewing the Facebook and Twitter feeds of Paysera, we can see a range of interactions between the service and its customers. It appears that any queries raised by customers are addressed promptly, which is good to see.
The social media posts of Paysera focus mostly on keeping its customers up to date with news, rather than providing foreign exchange market commentary.
The mainstream media reporting of Paysera is generally positive, however, much of it is not in the English language. If you wish to read about the service, you might need to use some translation software.
Paysera increases authorized capital and prepares to become a bank.15.min.lt
Paysera begins to participate in the gold trade.Verslo žinios
Deep into the woods of banking: Paysera issues a payment card.Verslo žinios
Paysera payment gateway experience
How does product design affect our Paysera review? Let’s take a look at its user experience.
Paysera payment gateway
The Paysera website has been designed thoughtfully, with special attention being paid to user experience and functionality. It is available in 8 languages; English, Bulgarian, German, Latvian, Lithuanian, Polish, Russian, and Spanish.
A Paysera app has been developed for Apple and Android devices. By using the Paysera app, you can access your account at any time and use its various features; such as initiating new payments or tracking the status of in-progress transfers.
The registration process takes around 5 minutes, and is relatively straight-forward. You begin by entering your email, a password, and selecting the type of account that you would like, before providing essential contact information such as your name and phone number.
Before you can commence transferring funds with Paysera, you will first need to verify your identity. This will typically require providing two types of documents:
- Photo identification, such as a passport or drivers licence
- Proof of address, such as a bank or utility statement
Additionally, as a part of the verification process, you may need to attend a short video interview over Skype.
How does Paysera work?
As a part of our Paysera review, we will take you through an example transaction. If you would like some guidance in navigating your own account, you can follow along below.
Step 1 – Sign up and login
Visit paysera.com, sign up and login. To begin a transfer, you’ll first need to register a balance by clicking Add Funds.
Step 2 – Add funds to account
To make a deposit into your account, choose the country you are sending from and the currency denomination. Click Update Instructions.
Step 3 – Enter deposit amount
Enter the deposit amount and click Get Instructions.
Step 4 – Pay into local account
You are provided with instructions to proceed with your part of the payment. Now is the time to transfer your funds into the local bank account of Paysera.
Step 5 – Review initial balance
Once your funds have been received by Paysera, your account balance will be updated.
Step 6 – Exchange into desired currency
To exchange your funds into the desired currency, enter an amount and click Continue.
Step 7 – Confirm exchange
The terms of your exchange are presented. When you are happy to proceed, click Confirm.
Step 8 – Review new balance
Back on the main dashboard, your account balance will be updated. You are now ready to send these funds to your recipient. Click Transfer to a Bank.
Step 9 – Transfer to recipient
Enter the personal information of your recipient, including their bank details.
Step 10 – Confirm payment
A summary of the transaction is presented. Once you are happy to proceed, click the on-screen prompt.
Step 11 – Track payment
As your funds are sent to your recipient, you can track its status online or with the Paysera app. You will also receive email updates throughout the process.
Finally, once the transfer is complete its status will be updated accordingly. The funds should arrive in your recipient’s bank account shortly.
In our experience, Paysera was simple to use and we were satisfied with the instructions provided along the way. The entire process took 4 business days. However, because Paysera uses the SWIFT network, our transaction incurred a short payment of $9. Not ideal.
Paysera Review: Final thoughts
Paysera provides an attractive method of banking for those conducting cross-border transactions. While it is certainly suitable for use by individuals, the core of its product is targeted at business. It offers useful payment features and a multi-currency account with a debit card.
However, for all its promise, Paysera does have some downsides. Its pricing structure is more complicated than it needs to be, and its fees can be higher than its competitors. If you’re looking to reduce costs, you may prefer CurrencyFair or TransferWise. Otherwise, other strong alternatives for business include WorldFirst and OFX.
If you have any questions or feedback about our Paysera review, let us know in the comments below.