What Is Paysafecard?
Run by UK payments giant Paysafe Group, Paysafecard is an online payment method that allows users to make purchases over the internet using pre-paid vouchers purchased from sales outlets available in around 40 countries globally.
Paysafecard is, in essence, a type of voucher purchased in-store for online use. It's commonly used in the UK, although it's also widely available across the EU/EEA, the US, Canada, Australia, New Zealand, Turkey, Mexico, Brazil, and other countries.
Balance is loaded onto a Paysafecard voucher in any one of around 28 world currencies and can be for online purchases using a 16-digit PIN code. Paysafecard is a widely integrated payment method on many e-commerce stores and is particularly common among the gaming, entertainment, gambling, and online dating industries.
Paysafecard is also an available fund-in method for international money transfers with Skrill, a Paysafe-owned cross-border mobile wallet.
How To Use Paysafecard
Paysafecard and relatively simple to use, requiring users to purchase a physical voucher (resembling a receipt) from any one of around 650 thousand sales outlets worldwide. These include supermarkets, petrol stations, and other types of in-store vendors.
Paysafecard vouchers are available in £10.00, £25.00, £40.00, £50.00, £75.00, and £100.00 (or currency equivalent) denominations, and multiple can be used to foot the bill on a single purchase online. Similarly, if the online purchase is less than the value of the voucher, the remaining balance is still available for future use, meaning that the same voucher can be used to fund multiple purchases. Paysendcard charges a £3.00 (or equivalent) maintenance fee per month after the seventh month for any unused balance remaining in a voucher.
To use a voucher, customers need to select the Paysafecard option at online checkout and enter the 16-digit PIN code associated with the voucher.
On an ordinary Paysafecard voucher, the maximum limit per transaction is £40.00 (or currency equivalent). However, this limit can be raised by using a my paysafecard account, a rechargeable online pre-paid account that allows users to pay for Paysafecard transactions using a username and password rather than a PIN.
Paysafecard Exchange Rates
While Paysafecard offers convenient online payment services, using vouchers to pay in a foreign currency is comparatively expensive.
To convert currencies, Paysafe charges an exchange rate margin (i.e. the difference between the mid-market exchange rate that the commercial exchange rate offered to consumers) that frequently goes as high as 6.00% of the entire transaction value. While the margins between major currencies such as the British pound, Euro, and the US dollar tend to be in the region of 2.50% to 5.00%, these fees are nonetheless very steep and on par with the most expensive currency exchange services analysed on Monito, such as on offer at PayPal and high-street banks.
Avoid Paysafecard For Currency Exchange
As a result of its very pricey exchange rate margins, we recommend against using Paysafecard to pay online in a foreign currency.
If you'd like to explore a flexible and low-cost alternative to paying online in multiple currencies, we recommend Wise's Multi-Currency Account instead.
The Monito Glossary
When it comes to moving money, don't let yourself be bogged down by all the jargon. Explore The Monito Glossary to get up to speed with everything you need to know about money transfers.
Other Popular Money Transfer Definitions
Why Trust Monito?
You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.
Monito is trusted by 15+ million users across the globe.
Monito's experts spend hours researching and testing services so that you don't have to.
Our recommendations are always unbiased and independent.