Blog • 07 December, 2018

Why sending money should not cost the earth

Sending money overseas used to be quite a hassle. After all it’s always been about distances, intermediaries, multiple parties involved – and sure thing all of them wanted to have their cut. So think twice if you are still using your bank to send money overseas as they are still running an antiquated correspondent banking system which in many ways reminds a black hole from space. Simply put it sucks in your money and you never know how much will come out at the other end.

Consider this example - a typical charge for a bank transfer would be around £25, euros or dollars. In this scenario you will be paying this hefty commission to a sending bank which will direct your transfer to a foreign land. However they would never tell you the exact amount your recipient will receive overseas, not to mention the wait. At this point an intermediary bank will readily jump in and take its cut for routing your transaction and the recipient’s bank will apply additional charges and commissions in its turn. Why would they do this? Because this system has been built in prehistoric times by banks for banks – with the idea that you will pay a premium for their services which never have been transparent or customer friendly. Fees for sending the money, fees to convert the original amount to a foreign currency, correspondent banks’ fees, fees to credit your recipient’s account, fees to withdraw cash, etc. Because of these fees your beneficiary would never receive the intended amount – so at the end it would be both of you paying to the banks on the sending and the receiving side. So if you would send a £100 from the UK to China and pay £25 for the service (with a total cost to you of £125) your recipient would be lucky to receive £80 (less all those fees lost on the way in the form of hidden commissions and unfavorable exchange rates).

We are flying drones and sending humans to Mars but this system is still emptying our pockets and making us worse off day in and day out. That’s why PaySend got on a mission to disrupt this monopoly and give money back to the people. Money eaten up by a banking system can help send kids to school in Nigeria, support elderly back in Ukraine or simply make somebody’s day in India. Our idea was to offer affordable, fast and easy international money transfer services. So you can send money for a flat fee regardless of the amount and have peace of mind from the start – knowing how much you pay, what is the exact exchange rate and how much to the penny your beneficiary will receive in the destination country. We like this transparency and hope that you appreciate it too. There is nothing murky or dodgy – we are honest and upfront and charge a fixed fee of £1, €1.5 or $2 depending on the country you send money from. All this information is clearly displayed on the front page of or in our mobile app. You can change the amount, select another country or currency – the good thing it will be the same low fee regardless of how much or where you’d like to send. So if you already use PaySend feel free to recommend us to your friends or if you are only thinking about it – put us to the test and save big versus high street banks or other providers. Once you try us you’d never go back, guaranteed.