Paydek is a UK-based company that offers international mass wire transfers, merchant accounts, virtual USD and EUR accounts supporting IBAN, SEPA and ACH payments, and local bank transfer to over 120 countries and 60 currencies. You can open both personal and individual accounts.
Are you working with US and EU companies? If you are a company or an individual that works with US and EU companies, you probably know how hard it is to get paid by them if you are based overseas. Paydek has the solution. Just ask your employer to send your payments directly to your US or EU account, which is connected to your Paydek Payment Account. There is no requirement for your employer to open a Paydek Account if they do not want to.
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How to Sign up for a Paydek Account
Paydek account opening is easy and straightforward. You must be at least 18 years old to open an account with Paydek. All you need to do is go to the sign up page, provide the required information and upload the necessary identity verification documents. You cannot send or receive money before you verify your identity (identity verification takes less than 48 hours to complete).
Paydek offers multicurrency Payment Accounts in EUR, USD, CAD, AUD, HKD, GBP, DKK, NOK, SEK, CHF, JPY, NZD, ZAR, and SGD. It offers both personal and business accounts.
- Personal Accounts. Individual clients get a dedicated IBAN EUR or/and a dedicated USA ACH account, they can accept payments for their work via credit cards, they can access multiple withdrawal methods, and they can create instant virtual debit cards for online purchases. Personal accounts are also subject to lower fees.
- Business Accounts. Business clients receive a dedicated IBAN EUR and/or a dedicated USA ACH account, businesses can send and receive payments, accept credit card payments on their websites, reduce their payout costs, and they get access to mass payout solutions to their clients worldwide.
Paydek Services
Paydek offers a wide range of services to both personal and business clients including money transfers, physical and virtual debit cards, mass payouts, and merchant account services.
International Money Transfer
Paydek offers multiple ways through which clients can transfer funds.
- Wire Transfers. Paydek’s network of banking partners enables you to transfer funds to more than 200 countries in more than 200 currencies. Wire transfers may take up to 3 days for funds to show up on your account.
- Local Bank Transfers. Paydek’s local bank transfers are available in over 120 countries in local currencies. Local bank transfers are cheaper compared to bank transfers through the SWIFT network. Local bank transfers take less than 24 hours.
- Pay with any Card. You can send funds to any Visa, MasterCard or Union Pay Card. If these cards are issued by your local bank, you can also withdraw funds directly to your card.
Receive Payments
Paydek provides multiple methods to receive payments into your Paydek Payment Account in 6 currencies including AUD, EUR, USD, GBP, RON, and CAD.
- Wire Transfers. You can fund your Payment Account by sending a wire from your bank account held in your name. The funds will show up in your account in 48 hours or less.
- P2P Transfers. You can also receive instant transfers from other Paydek users. It is the fastest and cheapest method to receive funds.
- Credit Card. If you want to receive funds from somebody that does not have a Paydek account, they can send the money via a credit card. You will only have to generate a payment link and send it to the payer. Once the payer pays the invoice, funds will be available in your account immediately.
- SEPA. SEPA payments are ideal for clients who work with EU companies that can only pay to EU based bank accounts.
- ACH. ACH payments are ideal for clients who work with USA companies that can only pay to USA based bank accounts.
Mass Payout Services
The Paydek mass payout service targets corporate clients who need to make payments to large number of clients such as suppliers, contractors and international employees. With a business account, you can simplify your global payouts with Paydek mass payout solution. You only need to upload a CSV file or automate the process via Paydek API. Transfer methods that can be used for mass payouts are transfer to other Paydek account, wire transfer, EFT (local bank transfer), Visa,/Mastercard/Union pay card with another bank.
Merchant Account Services
With its extensive network of banking partners, Paydek helps high-risk business owners get fast approval (within 24-48 hours) for merchant accounts at the best rates (fees start from as low as 3.99%). Paydek provides merchant accounts in 14 currencies: EUR, CAD, USD, DKK, HKD, NOK, GBP, SGD, NZD, SEK, AUD, CHF, JPY, and ZAR. Paydek merchants accounts are only available to companies registered in the EU.
Paydek Cards
- Paydek Debit Card. The Paydek debit card is available in USD and EUR and you can use it to make purchases online or at local stores. The card is also used to withdraw funds from ATMs worldwide. It is only available to European Union customers.
- Paydek Virtual Card. The instant virtual cards come in handy when you need a card for online purchases. They are issued instantly in USD or EUR currencies. Funding from your Paydek Payment Account is instantaneous.
One of the interesting features of Paydek card is that you can use the card for PayPal verification.
Paydek Fees
Paydek offers low fees for both of its personal and business account services. A comprehensive outline of fees charged is available on their website. However, you can expect the following:
Paydek Personal Account Fees
| Paydek Pricing | |
|---|---|
| Account Maintenance | Free if used at least once within past 6 months and $5.00 if not used at least once within past 6 months |
| EUR IBAN Account for incoming WIRES and SEPA transfers | Free |
| Factoring service fee per claim | $0.25 per claim |
| Paydek Prepaid Card issue | Free |
| Paydek Prepaid Card annual fee | $44.95 |
| Replacement Card | $44.95 |
| Chargeback |
Paydek Business Account Fees
| Paydek Pricing | |
|---|---|
| Account Maintenance | Free if used at least once within past 6 months and $5.00 if not used at least once within past 6 months |
| EUR IBAN Account for incoming Wires and SEPA transfers | Free |
| Factoring service fee per claim | $1.00 per claim |
| Paydek Prepaid Card issue | Free |
| Paydek Prepaid Card yearly fee | $44.95 |
| Replacement Card | $44.95 |
| Direct Merchant Account (daily volume 10,000) | 5.99% |
| Chargeback |
See the full price list for merchant accounts here.
Paydek Supported Countries and Currencies
Paydek offers international money transfer services worldwide to over 120 countries. These include Antigua and Barbuda, Austria, Brazil, Bolivia, China, Ecuador, Canada, Chile, Cyprus, Egypt, Denmark, Colombia, El Salvador, France, Greece, Guyana, India, Israel, Malta, Mexico, Kenya, Peru, Finland, South Africa, Sweden, United Kingdom, Togo, United States, Switzerland, Spain, Portugal, Peru, Nigeria, Monaco, Malta, Latvia, and more.
Paydek supports transfers in many different currencies including EUR, USD, GBP, NOK, AUD, CAD, DKK, JPY, ILS, RON, CHF, VND, SEK, ZAR, RUB, NGN, HUF, CZK, ARS, XOF, BGN, CNY, and more.
Paydek Customer Support
Paydek has a reliable customer support system. You can reach their support team via phone +44 (160) 430-0044 or through email support@paydek.com. Alternatively, you can check out their FAQs page in case you need something clarified.
Is it Safe to Use Paydek?
Yes. Paydek is authorized by the Financial Conduct Authority under the Payment Service Directive to provide payment services. Additionally, client information is transmitted to Paydek servers using a secure connection. All clients’ personal data is stored encrypted and only limited personnel have access to it. Also, all payment transactions must be digitally signed by a secure code which is sent to a client’s phone number. All these measures add to the platform’s security.
Paydek Alternatives
Paydek competitors that you can look into include the following.
Final Thoughts on Paydek Review
Paydek’s ability to offer services in many countries, its support for multicurrencies, mass payouts, SEPA transfers, EUR IBAN accounts, low fees, high levels of security, etc., makes it an ideal company for your personal account or business account.
