Payset

Pricing

• •Instant transfers to another Payset customer are unlimited and free.
• •The monthly access fee is free, but Payset may apply a monthly fee based on a customer's risk factors.
• •Payset's terms and conditions state that a setup fee will be deducted from the first transfer, even though the pricing page lists signup as free.

Limits

• •There are no limits on sending or receiving, no holding limits, and no minimum or maximum for a currency exchange, although higher-volume transactions can trigger an additional compliance review.
• •On local payments Payset warns that transaction limits may apply, and that the sender name shown to the recipient is the bank's, not yours.

Payments & transfers

• •Since 3 January 2024, USD can no longer be received through US local rails (ACH or Fedwire) when the payer or source of funds is in any of 58 countries: the United Arab Emirates, Afghanistan, Antigua and Barbuda, Albania, Angola, Bosnia and Herzegovina, Bangladesh, Burundi, Benin, Bolivia, the Bahamas, Belize, Cameroon, Colombia, Cyprus, Ecuador, Egypt, Eritrea, Ethiopia, Georgia, Ghana, Guatemala, Guinea-Bissau, Honduras, Iraq, Jamaica, Jordan, Kyrgyzstan, Cambodia, Kuwait, the Cayman Islands, Lebanon, Sri Lanka, Liberia, Morocco, Myanmar, Mauritius, Malawi, Mexico, Mozambique, Niger, Nigeria, Pakistan, Paraguay, Serbia, Somalia, El Salvador, Tajikistan, Turkmenistan, Tunisia, Turkey, Trinidad and Tobago, Ukraine, Uganda, Uzbekistan, Yemen, South Africa and Zimbabwe. Receiving USD via SWIFT, and sending USD via ACH, remain unaffected.
• •Local payment rails cannot be used for DKK, EUR, GBP, NOK, or SEK payments when the destination or the payer is in Andorra, Cayman Islands, Cyprus, Gibraltar, Guernsey, Isle of Man, Jersey, Liechtenstein, Malta, or Monaco; SWIFT must be used instead.
• •Payset's own sources disagree on Canadian dollars: the per-currency support table says CAD travels over SWIFT only, while three help articles and the multi-currency page describe a local CAD rail with a local IBAN. Whether a local CAD rail exists is unresolved.
• •Euro local rails reach the EU and EEA over SEPA, SEPA Instant and Target2, with a local euro IBAN issued in the UK or in Malta. They cannot be used when the payer or the destination is in Andorra, the Cayman Islands, Cyprus, Gibraltar, Guernsey, the Isle of Man, Jersey, Liechtenstein, Malta and Monaco: those payments go over SWIFT.
• •US dollars run locally over ACH and Fedwire, on an account with a US account number and routing number.
• •Sterling local rails run inside the UK over Faster Payments, BACS and CHAPS, and every GBP account supports them. As with euro, they cannot be used when the payer or the destination is in Andorra, the Cayman Islands, Cyprus, Gibraltar, Guernsey, the Isle of Man, Jersey, Liechtenstein, Malta and Monaco.

Crypto

• •Crypto companies are accepted as clients, with 'Cryptocurrencies' listed among Payset's permitted industries.
• •Receiving funds from a supported crypto exchange is not guaranteed: not all of Payset's underlying banking providers accept funds coming from a crypto exchange.
• •When sending fiat to a crypto exchange, UK customers can only send to FCA-registered exchanges, while other customers can send to any exchange that passes Payset's compliance checks.

Opening an account

• •Personal onlyPersonal accounts are currently available only to individuals already connected to an onboarded Payset business account, for example as a director, shareholder, or beneficial owner (UBO).

Countries & residency

• •living in USPayment services for US customers are provided through a partner, Airwallex US, LLC, rather than under Payset's own licence, and certain US customers are served via Evolve Bank & Trust (a Member FDIC bank).

Sanctions

• •Payments to or from the Ukrainian regions of Crimea, Donetsk, Kherson, Luhansk, and Zaporizhzhia are not supported.

Licence & regulation

• •Regulated in the UK as an authorised electronic money institution (EMI) by the Financial Conduct Authority (FRN 900920), operating under the legal entity Pay Set Limited.
• •Client funds are safeguarded and held 100% segregated in authorised banks in the UK or EEA.
• •Payment services for US customers are provided by Airwallex US, LLC, and by Evolve Bank & Trust for some customers.