What Is Paysafecash?
Paysafecash is an online payment method that allows users to make secure digital payments using cash. Run by UK payments corporation Paysafe Group, Paysafecash allows customers to scan barcodes obtained online to settle e-commerce purchases in-store
Available to users in the UK, EU/EEA, US, Mexico, and Canada, Paysafecash is supported as a payment option in several major online retailers, including Amazon UK. Furthermore, because they fall under the Paysafe Group umbrella, Paysafecash is also available on Neteller and as a fund-in method for international money transfers with Skrill. Moreover, Paysafecash is also easily accessible to users of my paysafecard, an online prepaid account that allows for more convenient Paysafecard payments.
When paying online using Paysafecash, customers obtain a barcode as a PDF via email, SMS, or the Paysafecash mobile app. The barcode can then be scanned at a payment point at any sales outlet worldwide (e.g. a supermarket or post office) and paid for in cash.
In some countries, Paysendcash charges a service fee for each transaction. For example, in the US, the service fee is US$2.50. In Canada, the fee is C$3.50. No service fee is levied on transactions in the UK.
In this way, Paysafecash qualifies as an "e-cash" payment method, aiming to blend the privacy and security of cash payments with the convenience of online payments.
Paysafecash Exchange Rates
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 is usually 3.00% but sometimes goes as high as 6.00% of the transaction value.
For example, if a customer in France were to buy the equivalent of £100.00 in goods from a UK-based online shop and paid in Euros, they would pay a 3.00% or £3.00 exchange rate margin fee, meaning they'd pay €119.99 through Paysafecash at the prevailing exchange rates.
While the margins between major currencies such as the British pound, Euro, and the US dollar tend to be fixed at 3.00%, these fees can nonetheless be higher still and on par with the most expensive currency exchange services analysed on Monito, such as those on offer at PayPal and high-street banks.
Avoid Paysafecash For Currency Exchange
As a result of its very pricey exchange rate margins, we recommend against using Paysafecash to pay online in a foreign currency.
If spending online without using a card is an option for you, and if you'd like to explore a flexible and low-cost alternative to paying online in multiple currencies, then we recommend Wise's Multi-Currency Account instead.
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