Can we discuss payset.io ?

[mytoofood]

I see them advertise here on the forum, wonder what your thoughts are about them, can we trust the company ?

Virtual IBAN Account Provider | Dedicated IBANs | Payset

Start trading globally & save money with Payset's secure IBAN, multi-currency pre-paid cards & currency exchange solutions.

www.payset.io

 

[Fred]

We approached Payset in OCT 2022 (not as DLS Dubai to get neutral and objective Feedback) based on there promising advertisment for Dubai Companies.

We figuered out that they run on a similar partner "bank" /EMI network like Emerald24 and Multipass - in the case of Dubai Companies it's Banking Circle.

They do work with Banking Circle, Currency Cloud and ClearBank - while Currency Cloud doesn't deal with Dubai Companies at all ClearBank would have been the Partner for GBP Faster/CHAPS Payment and Banking Circle for EUR/GBP/USD SWIFT payments.

However along the line it turned out that Banking Circle is in general fine with Dubai Companies - they are not fine with Consulting Companies which again they said they consider CSP's to be part of.

Call it unlucky but what was left from the initial impression was EUR/GBP SEPA/SWIFT/FASTER/CHAPS through ClearBank at a Account Opening of 1XX and 1XX per month pricing and a 0.X% pricing for INCOMING and OUGOING Transactions even for SEPA .

You get the same thing re-selled with other EMI's at NO Account opening cost, NO monthly cost and a fixed pricing SEPA 3-5 EUR per Transfer and SWIFT at 25 EUR per Transfer.

It comes down to USD again - not stable or not at all and therefore the same product like every UK EMI can provide you and most Lithuanian EMI's as well but with a generic high pricing like you would be a high risk gambling, casino, adult industry client.

They do a great job within there possibilities but are like every other EMI dependant on there underlaying Bank / EMI.

 

[James Spader]

Thank you @Fred for your honest review, much appreciated.

 

[CCC Ltd]

Could be possible that somebody knows the price for opening an account with Payset in United Kingdom?
Regards in advance

 

[kabdulladxb]

We approached Payset in OCT 2022 (not as DLS Dubai to get neutral and objective Feedback) based on there promising advertisment for Dubai Companies.

We figuered out that they run on a similar partner "bank" /EMI network like Emerald24 and Multipass - in the case of Dubai Companies it's Banking Circle.

They do work with Banking Circle, Currency Cloud and ClearBank - while Currency Cloud doesn't deal with Dubai Companies at all ClearBank would have been the Partner for GBP Faster/CHAPS Payment and Banking Circle for EUR/GBP/USD SWIFT payments.

However along the line it turned out that Banking Circle is in general fine with Dubai Companies - they are not fine with Consulting Companies which again they said they consider CSP's to be part of.

Call it unlucky but what was left from the initial impression was EUR/GBP SEPA/SWIFT/FASTER/CHAPS through ClearBank at a Account Opening of 1XX and 1XX per month pricing and a 0.X% pricing for INCOMING and OUGOING Transactions even for SEPA .

You get the same thing re-selled with other EMI's at NO Account opening cost, NO monthly cost and a fixed pricing SEPA 3-5 EUR per Transfer and SWIFT at 25 EUR per Transfer.

It comes down to USD again - not stable or not at all and therefore the same product like every UK EMI can provide you and most Lithuanian EMI's as well but with a generic high pricing like you would be a high risk gambling, casino, adult industry client.

They do a great job within there possibilities but are like every other EMI dependant on there underlaying Bank / EMI.

@Fred could you recommend a multi currency virtual bank for a RAK offshore company. Its a consultancy and would like a service where the account is the company name.

I tried Interpolitan money and CBI , both gave accounts not directly in company name.

Thanks

 

[Fred]

@Fred could you recommend a multi currency virtual bank for a RAK offshore company. Its a consultancy and would like a service where the account is the company name.

I tried Interpolitan money and CBI , both gave accounts not directly in company name.

Thanks

Unfortunately no - as you can see even the official recommendations from RAKICC are not working well.

3S Money can give you EUR but no USD for Consulting Business (they run USD through Banking Circle and did lost recently USD dedicated Accounts with ClearBank as they did pushed too much USD through ClearBank to Russia) however they are looking for significant FX Volume same like Ebury Partners they got recently bought by Santander Bank and since then the Compliance is awful + again they look for at least 1m+ in FX per year to keep your account.

Honest recommendation - guess you figuered this already yourself - go for what we provide with a Dubai Residence Visa and you have access to the local UAE Banks.

Beside there is only ABC Banking Corporation in Mauritius but again Compliance over Compliance and almost impossible to run a serious day to day business.

 

[Lincoln Burrows]

They require an invoice for every incoming and outgoing transfer, they state it could take up to 72 hours until reviewed.

Sending money starts from .4% (UK/SEPA) with 6 GBP as a minimum, which is very expensive in my opinion.

 

[Fred]

They require an invoice for every incoming and outgoing transfer, they state it could take up to 72 hours until reviewed.

Sending money starts from .4% (UK/SEPA) with 6 GBP as a minimum, which is very expensive in my opinion.

Exactly - .4% for SEPA tells everything you need to know about the targeted client base.