Asma Ahmed
Asma Ahmed
Asma is a fintech writer at AskWallet

Is Paysera really a reliable and features-packed payment partner you can conveniently use?

Paysera LT is an international payment system founded in Lithuania in 2004. It received an official license from the Republic of Lithuania's central bank to carry out activities related to the issuance of electronic money and the provision of payment services in the EU region and other countries. Currently, users in over 180 countries can use this electronic payment network.

6 min read 29.01.2021

What is Paysera LT?

Paysera LT is a financial technology company that offers money transfer services and current accounts to individuals and business users (personal and business accounts). Users can accept and make payments, get their card, and conveniently spend their account balance. Recently, the company brought Apple Pay to its users, a secure and quick method to pay without exchanging their cards or cash or touching any buttons.

 

Paysera LT services

Paysera offers a free multi-currency account, letting users keep their balance in thirty different currencies and quickly transfer funds all over the world or make online purchases. Paysera e-wallet comes with an internal currency exchanger, so users can instantly exchange money within their accounts. It claims to offer favorable exchange rates and low commission. Still, in my opinion, users in the European Union countries will find it attractive than the customers in the CIS countries.

 

The main currency in the Paysera payment system is EUR, so the basic transactions on the account and the card would be cheaper than other currencies. I recommend checking the prices and rates on Paysera’s website. Here, you will find all costs related to account administration, cash operations, business services, currency exchange, local and international transfers, etc. I recommend checking this link for private clients/entrepreneurs collecting payments through Paysera’s payment gateway.

 

I want to highlight that users can send up to 30 EUR denominated transfers to the EU and EEA countries per month for free. In the case of other currencies, the cost of transfer varies depending on the location. Also, Paysera had an affiliate program to help users earn up to 10% of the service commission from attracted referrals; however, it has been temporarily disabled since May 2020.

 

It is worth noting that the service has not applied any limits on maximum transfer value, which is great. Still, users must also know the difference between commissions applied on the same currency (local and standard) and the fee applicable on payment methods (SHA and OUR). I recommend checking the the official site and also information about euro transfers to have an idea of commissions charged on transfers.

 

Paysera offers many solutions for businesses, such as accepting payments on websites, currency exchange, international transfers, selling tickets for various concerts and events, etc.

 

Registration process

The registration process is simple and straightforward. You need to visit the website to sign up for a personal or corporate account. For business clients, I highly recommend checking this link for account management and identity verification.

 

While individuals must select a “Personal account” to register, Paysera has a different rule for corporate clients. Instead of registering for a “Business account,” the first thing a corporate client/authorized manager should do is sign up for a “Personal account” with Paysera. Only after that, a business can register a “Corporate account” with Paysera. The official site has a separate section for client identification, and the rules are mentioned there.

 

Paysera Payment Card

One of the main benefits of the Paysera payment system is the ability to get a payment card issued to you for profitably withdrawing funds or pay within the EU region. This card can be used anywhere, but since the card’s currency is EUR, EU users will find it more profitable. The tariffs for using the card can be viewed here.

 

Only identified Paysera users (from 16 years of age) can order the Paysera debit card; they are allowed to order up to five cards each. The validity of these cards is four years, and only users from the EEA countries can order the card. You may check the card related charges here.

 

Is Paysera Safe?

As far as the safety standards are concerned, Paysera is structured similar to other online banks- data security, the website with SSL encryption, and so forth. Its official website also provides information related to safety processes and data protection. The company is a regulated financial institution and is required to follow identity checks according to the KYC laws. It is also subjected to regular assessments and audits by the Bank of Lithuania. The payment card is verified by VISA making your online payments more secure. I could not find any information regarding the insurance of clients’ funds, so I am unsure your money will be protected if Paysera goes bankrupt.

Pros & Cons

  • Features-packed borderless account for individuals and businesses
  • Reasonable rates for users in the EU
  • Well-designed mobile application
  • No maximum transfer value
  • Contactless VISA card and POS tools
  • Limit on daily ATM cash out: 600 EUR
  • Only users in the EEA region can order the card
  • Charges from the SWIFT network
  • Forex surcharge in the case for withdrawal in some non-EURO currencies (excluding GBP)

Conclusion

The Paysera payment system is secure, reliable, and fast, and it is very favorable for the users in the EU countries. Our AW users have experienced that its platform is simple to use, and they were pleased with the instructions offered along the way. However, the service uses the SWIFT network, so your transaction will incur additional charges, which is not ideal.

 

Besides this, I find it an attractive banking method for your cross-border transactions. I also discovered its payment card and multi-currency account features useful; they are suitable for individuals and businesses. Still, it has some downsides, in my opinion.

 

FAQ

How to add money to Paysera account with credit card?

Unfortunately, you can’t add funds to your Paysera account with a credit card. To know the available funding methods, select the account for top-up, and choose the currency and country from which you are going to add funds, and update your instructions from the “Account and Cards” menu.

Choose any method to get instructions about adding funds to that Paysera account. If you are wondering how to add EUR to Paysera account or send funds by bank to Paysera, you may contact their support here.

Why does Paysera only allow Visa and Mastercard from the EU?

Currently Paysera only delivers MasterCard and Visa cards within the EU. All identified Paysera visa card holders can freely use the card worldwide where Visa is accepted. You can also contact Paysera support for more details about any business or personal Paysera card in general or Paysera MasterCard in particular.

How to check if Paysera Visa card is blocked?

If your Paysera Visa card is blocked, your card provider will promptly notify you on your registered email ID in such cases. Apart from that, you will not be able to perform online transactions. You will also receive a notification on your registered mobile number regarding the initiation of card blockage. Lastly, check your Paysera account to know the status of your card.

How to transfer money from Paysera to a bank account?

To transfer funds from Paysera to a bank account, you need to select “Bank Transfer” from the “Transfer” menu. Enter the details such as the receiver’s bank account number, and the necessary fields will be generated to fill in more information.

How to create Paysera project ID?

In order to do so, you need to create a project (payment collection project) first. You need to login to your account, navigate to the settings menu, and follow the instructions here. After you successfully create a project, you can find the project id under “My Projects” in the “Projects and Activities” tab.

How to add money to Paysera account with credit card?

Unfortunately, you can’t add funds to your Paysera account with a credit card. To know the available funding methods, select the account for top-up, and choose the currency and country from which you are going to add funds, and update your instructions from the “Account and Cards” menu.

Choose any method to get instructions about adding funds to that Paysera account. If you are wondering how to add EUR to Paysera account or send funds by bank to Paysera, you may contact their support here.

How to transfer money from Paysera to a bank account?

To transfer funds from Paysera to a bank account, you need to select “Bank Transfer” from the “Transfer” menu. Enter the details such as the receiver’s bank account number, and the necessary fields will be generated to fill in more information.

Why does Paysera only allow Visa and Mastercard from the EU?

Currently Paysera only delivers MasterCard and Visa cards within the EU. All identified Paysera visa card holders can freely use the card worldwide where Visa is accepted. You can also contact Paysera support for more details about any business or personal Paysera card in general or Paysera MasterCard in particular.

How to create Paysera project ID?

In order to do so, you need to create a project (payment collection project) first. You need to login to your account, navigate to the settings menu, and follow the instructions here. After you successfully create a project, you can find the project id under “My Projects” in the “Projects and Activities” tab.

How to check if Paysera Visa card is blocked?

If your Paysera Visa card is blocked, your card provider will promptly notify you on your registered email ID in such cases. Apart from that, you will not be able to perform online transactions. You will also receive a notification on your registered mobile number regarding the initiation of card blockage. Lastly, check your Paysera account to know the status of your card.

Questions & answers

Asma Ahmed

Paysera’s transfer options are limited; users can only send funds via bank account or transfer between Paysera accounts. Do you plan to add more options in future?

Aleksas Rozentalis, Communications project manager

There are no such limitations. Paysera customers send money to Paysera and non-Paysera customers to 130 countries. We support all types of transfers in euro (SEPA, SEPA Instant, Target2), and transfers of additional 20 currencies.

What is more important, we offer value-added services, such as currency conversion, and trade in gold bars and coins via an app. Also, we have started gradually diverting from the concept of the mobile wallet, which was introduced in 2014 and was exclusively related to payments, into the super-app concept.

Asma Ahmed

Is it possible to link Paysera Visa card to PayPal?

Aleksas Rozentalis, Communications project manager

Yes, a Paysera Visa card can be linked to PayPal. The amount on your Paysera Visa card should be at least 1.50 Eur, which will be charged during the confirmation of the card and later will be returned. There is a tutorial on how to link the Paysera Visa with PayPal.

Asma Ahmed

Can you transfer funds from the PayPal balance to that card?

Aleksas Rozentalis, Communications project manager

Yes, it is available.

Asma Ahmed

Can Paysera business accounts be integrated with accounting software? Could you give us some names?

Aleksas Rozentalis, Communications project manager

Yes, integration with accounting software is available. One of the best examples is integration with Lithuanian accounting services platform https://www.b1.lt/en

 
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Asma Ahmed
Asma Ahmed
As a fintech researcher and writer, she enriches AskWallet website with new posts and articles. Asma is an MBA graduate from IoBM, Karachi and has been working in the financial services industry since 2013. She loves traveling, listening to music, and watching Netflix.