The company is useful for making international transfers and receiving cross-border payments at a lower cost than using a bank.
Those looking for multi-currency cards or expense tracking and management should opt for a provider like Wise Business, Airwallex, or Revolut.
Overview
Monthly Fee | Exchange rate | International transfer fees | Multi-currency account |
|---|---|---|---|
£49 / month + £95 signup fee | Agreed after sign up | From 0.55%, min £35 (SWIFT to 180+ countries) | 34 IBAN accounts |
- Payset offers access to IBAN accounts across and utilise both local and international payment options for each
- Accounts come with FX rate reports and alerts, allowing businesses to make decisions based on improving currency risk
- Automated payments to staff, including managing tax obligations, can be done within the account
- The monthly fee and minimum fee per payment make Payset more suitable to businesses with regular, slightly larger transactions
Features | Insight |
|---|---|
Bulk payments | Payset is to release an updated version of the bulk payments system (not batch payments). With bulk payments, you can make multiple payments to anyone with a single transaction with all details uploaded through a CSV. |
Pay invoices | Possible to pay invoices and track payments within Payset at a lower rate than doing so through a bank |
Receive Payments | Payments can be received but are subject to a fee of 0.75%, or £12 as a minimum. This is not the case with most providers |
Marketplace integration | Payments can be withdrawn from marketplaces by adding as an account, but no apps or integrations within Payset itself |
Fees
Payset fees are relatively high bearing in mind they largely just offer cross-border transfers.
A monthly fee starting at £49 vs no monthly fee with Sokin or TorFX, which both have increased features, puts them at a disadvantage in the market.
Service | Price |
|---|---|
Account Opening | From £95 |
Monthly Fee | From £49 |
Receiving Money | Free (local) / International from 0.75% (£12 min) |
Sending Money | Local transfers from 0.45% (£8 min) / International transfers from 0.55% (£35 min) |
Currency Exchange | On request |
Extras | Account reactivation from £250 / Dormant account fee from £100 / Additional accounts from £100 per account |
Eligibility
Business types
Countries
Products offered by Payset
.png)
Signing up for Payset
Start the Registration Process
Visit the Payset website and click on the "Get Started" button on the homepage. From there, select Business account.
Submit Your Information
Fill in your company details, including business type, operating regions, and estimated turnover. Be prepared to upload supporting identity and registration documents as part of the KYC/KYB process.
Complete Onboarding
Use the self-service onboarding system, which typically completes account approval within 48 hours. Payset may request additional information to finalize the process.
Account Setup and Fees
Pay the account setup fee (from £95), which varies based on your company details. Once approved, you'll receive confirmation of your account details from the onboarding team.
.png)
