Since the last few years, Paysera has gained quite a lot of traction in the online payment industry and has cemented itself as a significant player. After building their very own online platform and experimenting with their name iterations, Paysera is all set to compete and dominate.
Their goal to eradicate the boundaries of online payment is quite ambitious, but they are determined to achieve it. Paysera is aware of the fact that it is the little things that matter in achieving their ambition. It promises to the world a faster and more accessible money transfer service at very competitive prices.
But there are so many similar platforms available on the internet, does Paysera deliver? To have an in-depth and transparent review of the service, read on further.
Paysera Benefits
- Easy to transfer through Paysera’s app or web application
- You can link your debit card to your account which is a feature that is not widely available
- Feature-packed and well designed mobile app
- Maximum transfer limit is lifted once identity verification is complete
- Quick transfer deliveries. Most of the time, the recipient will be notified in minutes. Even their slowest delivery is faster than other competitors
- Low to free transfer fees. Transfers between Paysera accounts are free. Charges for transfer to other accounts are lower than most competitors
- Paysera checkout allows you to manage business revenue. Over 5,000 e-shops use checkout method by Paysera
Paysera Disadvantages
- There were several instances when our account got shut down. They follow the rules and regulations of Lithuania even if your business operates in another country they won’t respect the rules of your country
- In most instances this won’t be an issue, it’s just good to know
- As with all SWIFT related transactions, unexpected charges may be incurred
- Business accounts charge monthly account management fees
- Not the most competitive exchange rates
- Transfer options are limited. You can only send money between Paysera accounts or bank account
- Uses SWIFT payment network
Paysera Review
So, let’s dig in!
Paysera has numerous features that make it stand out from the rest; here are three of its features that I find exceptional.
1. Multi-Currency Account
Paysera provides an option for people who do not want to be limited by boundaries and want an electronic payment platform that supports various denominations. Particularly for business owners and online enterprises, the ability to accept currencies from across the globe is indispensable. Paysera eliminates the need for a foreign bank and acts as your virtual global bank account.
2. Recurring Payment
Do you transfer funds regularly? Paysera offers an option where users can schedule a future payment in the form of a regular recurring transaction. All future payments are automated and debited at the scheduled time. This frees up a lot of time for you to focus on other important matters. Paysera is easily one of the most convenient and user-friendly electronic payment platforms out there.
3. Spot Contract
This is basically a contract in which a single transfer in one currency to a different one is made at the presently available exchange rate. For sending money, all you have to do is log in to Paysera’s app or website, and with a few clicks, a transfer will be arranged. It’s straightforward to understand even for newbies and eliminates the need for filling forms or clicking buttons.
Supported Currencies
Paysera currently supports 30 currencies which means you can service approximately 180 countries. The company carries out its transfer through the widely acclaimed SWIFT network, which makes it possible to transfer funds to a selection of key locations. However, a vital con of this network is that the recipient often has to pay extra charges over which Paysera has very little control.
Paysera is a good choice for start-ups and freelancers as it maintains no minimum transfer value. It is well equipped to handle transfers of virtually any size; restrictions may be imposed on some users. Depending on the settings that you have applied, an aggregate limit may be set up in your account for the maximum amount of transfer you can carry out in a single day, month, or year. However, if you wish to lift these limits, you will need to undergo an additional verification process.
Transfer Speed
The transfer speed depends on a series of factors like the currency you wish to transfer, the size of the transaction, and the bank you will use. Excluding the time necessary to transfer to Paysera’s account, most operations typically require 3-5 days to reach the recipient’s account. The transfer speed is the same or a tad bit faster than their competitors.
Security
One of the most important questions that users have regarding any money transfer platforms is whether it is safe. Of course, when it comes to transaction, safety is the top-most criteria everyone looks for. Here is a number of regulations and security features the company has undertaken to ensure complete security.
1. Website
The website is well guarded with TLS encryption which provides protection from sensitive info being intercepted when you visit their site. You will know that this protection is authentic and activated when you see the padlock before the websites URL, as indicated in the image below.
2. Government-regulated
Based in Lithuania, Paysera is a fully licensed electronic money institution holding the rights to carry out activities related to payment services provision and issuing of e-money across the European Union. The Bank of Lithuania issued this license to Paysera, making them legitimate and authorized.
3. Customer Security
Keeping in line with the regulations prescribed by government regulators, Paysera customer funds are kept in separate accounts which are completely segregated from the company’s operating accounts. This allows Paysera to ensure the security of its customers’ funds in the event of a financial difficulty.
Reputation
Paysera has been very well received globally. Based on Trustpilot, one of the world’s most powerful review platforms, the company currently holds a 3.9 out of five-star rating based on 362 reviews and counting. An overwhelming majority of people find the platform very convenient and trustworthy.
The company’s Facebook and Twitter accounts show that there aren’t that many questions being asked, and when they are, it is promptly answered. Most of Paysera’s posts are related to promotion and general news.
User Experience
Design: The website is simple and user-friendly. You can access Paysera’s site in eight languages, including Spanish, Russian, Polish, Lithuanian, Latvian, German, Bulgarian, and English. If you are someone that is glued to your smartphone and predominantly uses it for transactions, then Paysera also has efficient apps for IOS and Android as well. The mobile wallet on play store currently has an impressive score of 4.8 stars.
1. Registration Process
If you want to register, the process is straightforward. At first, you just have to fill in your email, your personal password, and the type of account you want to have. After that, you have to provide some essential data like your name and contact number. At most, the entire process will take up barely five minutes of your time. It is a no-issue process.
2. Identification
To ensure security, you will have to furnish your identification proof before you can set up your Paysera account for the transaction. I recommend you to provide your passport or driving license as it is widely accepted. They also entertain other photographic IDs. You will be allowed a transfer limit of 69000 Euro in the aggregate per month. If you want to remove the gap on your transfers, you will have to go through another verification process through skype call.
Customer Service
For customers in English, Russian, Latvian, and Lithuanian, they have a customer support branch at the headquarters in Lithuania. They also maintain an office in Bulgaria which serves its clients in Spanish, English, Polish, and Bulgarian. If you have any query or issues, you can contact their customer support either through phone or email.
Email:support@paysera.com
Phone no: +442080996963 (United Kingdom)
From personal experience, I find their customer support highly satisfactory. I didn’t have to wait for hours to speak to a representative, and my email queries were replied promptly and efficiently. Customer care is at the heart of this company.
Paysera Exchange Rates and Fees
Before you commit yourself to an e-money transfer platform, you must be familiar with their business ethics and model. Companies like Paysera generally accumulate their revenue in two ways: they charge a fee for every transaction, or they acquire a margin based on the exchange rate they provide to their clients.
If you compare Paysera’s pricing with that of traditional banks, this one performs relatively better. Generally, banks impose a substantial transaction fee and around 5% margin on the transfers total value.
Paysera, on the other hand, charges up 7 Euro as fee and offers an exchange rate that is slightly lower than traditional banks.
If you compare it to other similar currency transfer services, the result is not as impressive. Money transfer platforms such as CurrencyFair, and TransferWise don’t ask for a margin on the value of the transfer. Instead, their customers get a mid-market rate and to compensate they charge a more significant fee approximating 0.50% of the transfer value. That said, when compared to Moneygram and Western Union, Paysera is more affordable.
Here is a comparison between Paysera and its competitors when transferring GBP (British Pounds) to AUD (Australian Dollars)
The table clearly shows Paysera holds some advantage over its competitors. Its flexible payment arrangements feature across Europe, and some select countries make it a very viable option. However keep in mind that for every transaction carried through SWIFT network, there will be hidden charges incurred by the correspondent banks.
How Do You Use Paysera?
To familiarize with the Paysera service, let me walk you throughout the process of making a transaction.
First Step: Visit their website paysera.com and log in. After you have entered their website, you will see a dashboard. In order to start transferring, you will have to register a balance by selecting ‘Add Funds’
Second Step: To transfer into your account, select the country from which you’ll be sending funds from. Once you have decided how much you want to deposit, Paysera’s local bank account details will be furnished so that you can send funds to them.
Third Step: After the deposit has been made, a record of your new balance will be made in your Paysera dashboard in a day or two. You can transfer these funds to recipients by selecting Transfer To A Bank.
Fourth Step: Now that you know how to make a transfer, you will need to exchange your original currency into the currency you want.
Fifth Step: Once you are sure that you want to carry out the transaction, select ‘Confirm.’
Sixth Step: After that, you will have to furnish your recipient’s data, including their bank account details and then affirm the transaction.
Seventh Step: After you have approved the transaction, you’ll be directed to a summary of your latest transactions. Through this, you can see every detail of your transactions like the amount, date, and the fee charged.
Eighth Step: After you have transferred the fund to your recipients, you can track the progress online.
That’s all! As soon as the transfer has been completed, your status will be updated, and the transfer will reflect in your recipient’s account promptly.
The Paysera service is pretty straightforward, and I am particularly impressed by the updates they provide routinely. The whole process should take about four days.
Paysera Review Verdict
Paysera is an excellent option for people who need to carry out transactions across borders.
While it may be suitable for individual use, the main uses of Paysera services are targeted towards business owners and entrepreneurs. It offers a combination of useful and interesting features, bringing about a multi-currency approach along with a debit card and money transfer services.
However, there are some drawbacks to Paysera. The pricing structure they offer for businesses and entrepreneurs is confusing, and the exchange rate they charge is not as appealing as some of their competitors.
That said, Paysera is absolutely free to sign up so you can simply signup, check out the services they offer, and at the time of money transfer decide on which platform provides the best rate and fastest speed.
In case you are looking for other alternatives, feel free to check the attached URL with other digital banks.
