What is a card to card money transfer?

With 12 billion cards on the planet it is difficult to escape plastic as it has become one of the ubiquitous means of payment in the modern world. 

Convenience, speed of processing and universal acceptance all make cards the first choice when it comes to buying stuff, paying for goods and services and now transferring money overseas as well. Card to card money transfers have been around for a few years and this initiative was pioneered by Visa and MasterCard which both have invested massive amounts of money into their cross-border money transfer infrastructure. 

The idea was that an increasingly mobile global workforce will need a speedy, convenient and secure way to transfer money across multiple countries. The same applies to the gig economy workers who need to be paid for their services by various companies, frequent travelers and simply people living or having their families scattered across the world. 

Applications and reasons for sending money are many but the missing link was a service allowing to offer consumers an easy way to leverage this innovative technology for their everyday benefit.

And this is where PaySend came into play by connecting the state-of-the-art processing capabilities of global payment schemes and a customer need to use a simple interface allowing to transact on the go, from the convenience of a mobile app. Connecting billions of card accounts across many geographies is quite a feat and this is exactly the value that PaySend has managed to unlock and offer to our customers. 

So how card to card money transfer works in real life? When you create an account with us we would ask you to link your debit or credit card to your account. It may be any Visa or MasterCard issued by your local bank in your name. You can also add several cards if you wish and use any of them as a source of funds for your transfer. Now you would be able to send money to another Visa, MasterCard or UnionPay card in over 70 countries. 

All you need to do is to provide your recipient’s name and a 16-digit number on the front of their card. Gone are the times when people were going up the wall looking for IBAN, BIC and other account details collecting tons of paperwork for their bank to make a transfer. 

Once you have added your recipient details you would be able to easily repeat the transfer, change the amount or add other recipients as needed. All of your transfers will be saved in your transaction history, so you would have a full view of your account activities. If say you are based in the UK and want to send money from your card account in British Pounds, Paysend would display the exact amount your beneficiary will receive to their card account in a local currency. 

The exchange rate used is very competitive and very close to the mid-market rate used by the banks to exchange foreign currencies for their own need. You will also be charged a flat low fee for making a transfer – it costs only £1 to send money from the UK, €1.5 from the EU and $2 from the US – and that’s regardless of the amount you wish to send. There are no any other commissions or hidden charges – PaySend pricing is very transparent without sneaky fees or unpleasant surprises.

Once you click Send button we will channel your transaction by using Visa and MasterCard rails to your beneficiary in the destination country. Needless to say, you transfer will be encrypted to the highest security standards adopted by the financial services industry, so your money is always safe. PaySend system processes your request immediately – we will debit your card account for the amount you are sending and forward the instruction to the bank in the receiving country which will authorize your recipient’s card to be credited in local currency. 

So this process involves you as our customer, your bank, us, Visa, MasterCard and a bank of your recipient. Just imagine how many busy bees are working hard behind the scenes to make it all happen in a matter of minutes. 

Once you complete your transaction we will put your worries at ease by sending you a successful transaction confirmation email. And that’s it, lovely-jubbly – your money is on its way and you can also inform your recipient by sending a free text message with all transaction details. 

Sending from desktop, smartphone or a tablet is just a breeze and you can try them all and see what works best for you. It will be the same PaySend account across all devices wherever you are, 24/7. That’s why we take a great pride in what we do as we are constantly looking for the new ways to make it even a more seamless and worry-free experience for you, our dear customer. 

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