Review: All you need to know about Paysera Bank, to transfer money online (2022)

Paysera Bank: With Paysera you can easily transfer money to another Paysera user for free, and even earn 1% cash back when you shop using the Paysera Visa card at points of sale and online stores around the world.

Paysera is Eastern Europe's answer to borderless accounts. Despite its potential, however, there are cheaper services.

In this article, we offer you a complete file for all about Paysera Bank, its offers, Cards and service fees, things to know before creating a new account.

Everything you need to know about Paysera Bank, to transfer money online (2022)

Paysera Wiki

Denomination	Paysera Ltd
Other Names	Paysera Bank, Paysera
CEO	Vytenis Morkunas
Head office	Bulgaria
Address	Mėnulio g. 7 Vilnius 04326 Lithuania
Customer Service	+44 20 8099 6963 (UK) support@paysera.com
Transfer speed	3 - 5 days
Currencies	30
Website	Visit Paysera
Mobile app	Android, iOS

Article updated in February 2022

Writing Reviews.tn

The Paysera company: History & Presentation

Founded in 2004 in Lithuania, Paysera provides payment services in 184 countries and has a network of 50 partner banks. In addition to money transfers, Paysera also offers services to help businesses manage money and receive payments online around the world.

Since then the service has grown and now has more than 100 employees, as it continued to develop its own technology, including an online platform and a mobile application. The service has also been recognized by a number of established banking institutions, such as the SEPA Instant Payment System, and its product now includes the issuance of IBAN numbers and debit cards.

The service itself, which today represents 3,6 billion euros in transfers per year, is nearing completion.

Since 2015, Paysera's day-to-day operations have been managed by Vytenis Morkūnas as CEO. It is joined by a board of directors made up of the three original founders as well as Rolandas Razma. Within the management team, Rūta Šeštokaitė is responsible for marketing and Sarunas Krivickas plays the important role of Chief Information Security Officer. Martynas Dabulisa has also been with the service for some time and is now Head of Sales (Business).

Paysera operates in more than 180 countries: 48 in Europe, 55 in Asia and Oceania, 47 in Africa and 34 in the Americas.

Customers seem to love and hate Paysera. Many complaints relate to accounts frozen or banned for no apparent reason, followed by a lack of customer support.

Some even go so far as to call the company a “scam”. However, 53% of TrustPilot reviews are 5 stars, with reviews calling it "trustworthy" and praising its customer support.

The very experienced company offers a comprehensive portfolio of electronic money services. These services include:

• Foreign currency accounts for daily banking transactions
• A debit card (prepaid) for daily payments
• Fast and inexpensive international bank transfers
• Particularly favorable exchange rate (31 major currencies supported)
• A payment gateway for online stores
• Electronic payment service for points of sale (actual retail stores)

To discover also: All about Revolut, bank card and account used by millions of people

How to send Paysera money?

First of all, you need to register to get a free Paysera account online or via his application mobile. You will need to provide your country of residence, email address, name and phone number.

Once you have an account, you enter the amount you want to send and fill in your recipient's bank account or personal Paysera account.

Sending money with Paysera is quick and easy.

You can fund your transfer through a bank account or by paying with one of the Paysera POS partners worldwide. Your recipient will receive the funds within minutes to three business days, depending on the details of your transaction.

How to apply for a Paysera Visa card?

To apply for a Paysera visa card, simply follow the following steps:

1. Log on to the Paysera website and go to the page Payera Visa
2. The visa card application page is displayed, click on Order a Card, at the end of the page
3. Complete the visa card application form, and choose the type of delivery (postage costs: € 2, or rapid postage € 4) and confirm the form.
4. The last step is to review the data and confirm or modify the information.

PLEASE NOTE Make sure to fill in the address field in English, otherwise the company will not confirm your request.

What types of transfers can I send through Paysera?

You can make transfers occasional with Paysera. Paysera also offers payment options for international businesses for e-shops and mobile point-of-sale systems.

• Personal money transfers
  • Occasional transfers
• Professional accounts
  • Payments via mobile point-of-sale and online store systems: Use Paysera's convenient payment system for mobile and physical point-of-sale with the Paysera Visa card.
  • Event ticketing: Sell tickets for an event. Create, manage and edit your event anytime.
  • Bulk Payments: Make real-time bulk payments with the Paysera API.

Paysera is most suitable for:

• Paysera transfers: Transfers between Paysera users are free.
• business e-shop: Receive payments from your customers online.
• Event ticketing: Sell ​​tickets to an event. Create, manage and edit your event anytime.

You can also exchange the following currencies with Paysera:

• USD (US Dollar)
• RUB (Russian ruble)
• DKK (Danish krone)
• PLN (Polish Zloty)
• NOK (Norwegian krone)
• GBP (British Pound)
• SEK (Swedish krona)
• CZK (Czech Republic, crown)
• AUD (Australian Dollar)
• CHF (Swiss Franc)
• JPY (Japanese Yen)
• CAD (Canadian dollar)
• HUF (Hungarian Forint)
• RON (Romanian Leu)
• BGN (Bulgarian Lev)
• GEL (Georgian Lari)
• TRY (Turkish Lira)
• HRK (Croatian kuna)
• CNY (Chinese Yuan)
• KZT (Kazakhstani Tenge)
• NZD (New Zealand Dollar)
• HKD (Hong Kong Dollar)
• INR (Indian Rupee)
• ILS (Israeli New Sheqel)
• MXN (Mexican Peso)
• ZAR (South African Rand)
• RSD (Serbian dinar)
• SGD (Singapore Dollar)
• BYN (Belarusian ruble)
• THB (Thai baht)

Limits: How much can I send with Paysera?

Paysera offers four levels of what she calls “identification,” which determines how much you can transfer per day, per month, and per year. You can access the higher levels at any time and for free, but you will need to provide additional information.

• 1 level: Change currencies, make internal Paysera transfers and shop online with your account up to the equivalent of 30 euros per day, 740 euros per month and 2.500 euros per year.
• 2 level: In addition to level 1 services, transfer to banks up to a foreign exchange value of 370 euros per day, 1 euros per month and 110 euros per year.
• 3 level: In addition to level 2 services, add the possibility of opening a Visa Paysera card or a business account, transferring to international accounts and supporting e-commerce up to the equivalent of 1 euros per day, 480 euros per month and 1 euros annually.
• 4 level: Take advantage of the services offered at all levels with no limit to the amount you can send or receive.

PaySera bank account

PaySera offers its users bank accounts within the SEPA system that have an IBAN number.

As Lithuania is an EU country and therefore connected to the SEPA system, all incoming and outgoing transfers to other EU countries are free.

You can therefore use the Paysera account without charge or account maintenance fees if you use it entirely online. It is only when you buy a Paysera credit card, for example, that the fees are actually due, and even then the fees are quite low. For example, the credit card will be sent to the address of your choice for € 3,00 worldwide.

In addition: If you have any difficulties or if you do not have a bank account in your country, for example due to registration with SCHUFA in Germany or otherwise, no problem: with Paysera you get a bank account no problem.

If you have a bank account with Paysera, you have a Lithuanian bank account, which means you are more independent of your country, your country's banks, and your country's access and authorities.

With Paysera, you even have a multi-currency account, which means that you can receive many global currencies in your account and exchange them very cheaply. The fees charged by the virtual bank are much lower than the exchange fees charged by traditional banks or exchange bureaus.

Paysera Bank: Features, Test & Reviews

Exchange rates and service charges

Before committing to use a money transfer service, it is important to understand your business model.

Simply put, a business like Paysera typically generates income in two ways. First of all, she can charge transaction fees for the execution of each transfer.

Second, it can also take a margin on the exchange rate provided to its customers, also called “spread”, which is the difference between the wholesale market exchange rate (ie the interbank rate) and the exchange rate offered to the customer.

If you compare Paysera's prices with those of traditional banks, the company does a little better. Banks usually charge a high transaction fee and a 5% margin on the total value of the transfer. Paysera, on the other hand, invoice a commission of 7 € and offers exchange rates slightly higher than those of traditional banks : on average between 5,41% of the total amount transferred for small values ​​(£ 1), and 000% for higher values ​​(£ 3,24).

When comparing Paysera to other specialist currency transfer services, it looks less impressive. Although companies like TransferWise and CurrencyFair do not take a margin on the value of the transfert and instead provide their customers with the mid-market rate, they charge a higher fee to compensate - about 0,50% of the value of the transfer.

As an example, let's compare Paysera to its competition when transferring from British Pounds (GBP) to Australian Dollars (AUD):

Service	£ 1,000	£ 10,000	Average cost
Usual bank	$ 1,665	$ 16,876	5.52%
TransferWise	$ 1,769	$ 17,714	0.46%
Worldfirst	$ 1,745	$ 17,545	1.48%
Paysera	$ 1,682	$ 17,022	4.32%

Supported currencies

Paysera bank supports the transfer of 30 currencies, which represents a total service of around 180 countries. For the most part, the company facilitates its transfers through the SWIFT banking network, allowing it to channel funds to a selection of key destinations. The downside of this network is that there are often costs incurred by the recipient, over which Paysera has little control.

Paysera does not have a minimum transfer value. Although the company is equipped to make transfers of almost any size, its online platform may impose limits on some users. Depending on the settings applied to your account, an overall limit may apply to the maximum amount that can be transferred each day, month or year. These limits can be lifted by additional identity verification procedures.

Paysera bank transfer speed

The speed of transfer of an average transfer with Paysera depends on several factors, including the currency you are sending, the bank used and the amount of the transaction.

For the majority of currency pairs, it takes between 3 and 5 days for the transferred funds to reach the recipient's account, not including the time it takes to transfer your funds to Paysera's local account.

user experience

Design

The Paysera site has been carefully designed, with special attention to user experience and simplicity. It is available in 8 languages: English, Bulgarian, German, Latvian, Lithuanian, Polish, Russian and Spanish. In addition to its online platform, Paysera has also developed mobile applications for Apple and Android devices.

Registration

The registration process is relatively straightforward. You start by entering your email, password and the type of account you want, before providing essential contact information such as your name and phone number. The whole process takes about 5 minutes.

Login

Before you can start transferring funds, you must first provide proof of identity so that Paysera can verify your account. Photo ID is required, such as a passport or driver's license.

This will allow you to transfer up to € 6 per month in total. If you want to remove the restriction on transfers, whether single or global payments, you need to perform Skype call account verification.

Read also : Everything you need to know about Skrill to send money abroad

Paysera Bank: Verdict & Reviews

Paysera aims to be the alternative method of banking for those doing cross-border transactions. While it is certainly suitable for individual use, the core of its product is aimed at entrepreneurs and professional users.

It combines interesting and useful features, combining a multi-currency account approach with money transfer services and a debit card. There is no doubt that his services will be well received by many, especially in Eastern Europe.

However, for all of its promises, the service comes with some obvious drawbacks. Its pricing structure for companies is probably more complicated than it needs to be, and their exchange rates are quite far from other competitors in this area.

• Advantage:
  • A debit card can be linked to your account
  • No maximum transfer limit (after identity verification)
  • Well-designed mobile app
• Drawbacks
  • Potential for unexpected loads from the SWIFT network
  • Businesses incur monthly management fees for managing their account
  • Exchange rates are not always competitive

If you're looking to maximize the value you get from international transfers, you'll be much better served by checking out CurrencyFair or TransferWise. If you are looking for a multi-currency account, WorldFirst or OFX is probably the solution for you.

Paysera is a safe, inexpensive, and easy way to make payments and send or receive money online. With a Paysera IBAN account, you can transfer money quickly and easily in many different currencies around the world.

Paysera Reviews

For more alternatives to Paysera, we suggest you consult our article comparison of the best online banks in Europe and our full test on Revolut Bank et Postal Bank.

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