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As GuavaPay Halts Service to UK Clients, Payset Offers an Alternative Payment Solution

News and announcements

Sep 25, 2025

4 min. read

Michael Dalton

Author

After an FCA ruling, GuavaPay has announced a UK-wide service halt, affecting countless customers. If you’re affected by the outage, Payset offers an excellent alternative to meet your payment needs.

GuavaPay, a popular payment platform, announced a temporary UK service suspension on September 19 that will continue indefinitely.

The company says it is “unable to accept new funds into its MyGuava App and MyGuava Business platform with immediate effect until further notice.”

According to the notice, this means that:

GuavaPay users in the UK cannot deposit funds
UK users cannot receive funds
UK users cannot create new cards

Account holders can continue to transfer and withdraw funds until their balance reaches zero, though the company says some users are experiencing interruptions. Users can also view their account and transaction history.

Why Did the Service Halt Happen?

GuavaPay named two factors that have led it to “effectively suspend” its business in the UK: concerns around fraudulent transfers, which it claims are largely resolved, and company growth that has outpaced regulatory thresholds.

The firm halted services in agreement with the UK Financial Conduct Authority (FCA) and said it is cooperating with the regulator as it makes improvements.

The FCA’s own announcement further indicates that GuavaPay cannot onboard new customers alongside the other restrictions.

Looking for a New Payment Platform?

It’s unclear if or when GuavaPay will restore UK services. But in the meantime, other payment platforms provide a convenient alternative.

Clear benefits to choosing Payset include free signup and fast online onboarding, allowing you to get started faster than most banks or other payment providers.

With Payset, you’ll get comparable and superior features to GuavaPay, including:

Multi-currency IBAN accounts that support 34 currencies, including EUR, GBP, USD, DKK, and more

Global support across more than 180 countries
Mobile and web access to your Payset account
Zero setup fees on all personal and business accounts
Real-time FX conversions with transparent rates and fees

Crypto-friendly inbound transfers, allowing you to transfer fiat currency from supported exchanges to your Payset account
Personal support from our customer care team

Fast online sign-up — usually ending in acceptance within 72 hours

Want to learn more? See a complete overview on our GuavaPay comparison page.

Payset Serves the UK (But Not Just the UK!)

GuavaPay’s service halt only impacts users in the United Kingdom. As a London-based company, Payset hopes to extend a helping hand to affected local customers by offering an easy transition to our platform.

However, you can sign up for Payset even if you’re based elsewhere. See our full list of supported regions or reach out to us if you have questions.

A UK multi-currency account can streamline how you manage your finances. Whether for business or personal use, a multi-currency account provides you with added freedom and flexibility and removes barriers to payments and transfer methods.

Here is everything you need to know about UK multi-currency accounts.

A Payset UK multi-currency account is a single account with which you can hold, send, and receive funds in up to 38 currencies. This allows business or personal account holders to save endless time and money on foreign exchange, and money transfers, which from a traditional bank account would be far more expensive and slow.

From your personal UK-based IBAN account, you can transfer money to bank accounts around the world as well as send and receive free and instant transfers to and from other Payset clients. You can send funds using a diverse network of payment networks, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.

When you exchange funds from one currency to another, there are no margins added to our exchange rates and the fees are clearly displayed before you click send. If you, for example, work with multiple currencies, make purchases in other countries, travel frequently, invest in foreign currencies, pay staff in other countries, or receive payments in other currencies, a multi-currency account can save you time, money, and work compared to a traditional bank account.

There are lots of banking institutions and financial services that will aid you in opening a multi-currency account. Often they can allow you to convert and transfer a considerable number of currencies.

Before you open a UK multi-currency account with any platform or service, make sure you have explored all of the different options available to you and have found the best type of account to suit your financial needs.

How Does a UK Multi-Currency Account Work?

A UK multi-currency account works in the same way as a standard bank account or electronic wallet. Although the services provided will change depending on where you choose to open your account and who you choose to open the account with, all multi-currency accounts should allow you to:

Withdraw money

Send and receive payments in multiple currencies internationally

Access your funds for electronic transfers

Earn interest on your account total

In the same way that fees can occur with a standard bank account you may run into additional charges with a UK multi-currency account.

You could be charged for a number of actions including; making withdrawals, account opening and closure fees, transfer fees, and more.

The frequency or amount of these charges will often vary and if you ask your banking agency they will usually be able to tell you exactly how much you will be charged and which services you will be charged for before you open your account.

Alternative Options to Consider Before Opening a UK Multi-Currency Account

There are many alternatives to opening a UK multi-currency account. For example, there are also money transfer services and online electronic wallets such as Payset that allow you to send your money in over 34 currencies without the need for a UK multi-currency account. You can start sending money across the globe or in person today using your existing bank account.

Frequently asked questions

What is a UK multi-currency account/IBAN?

Are there limits to the amount of money I can send and receive with a UK multi currency account?

Which currencies can I send and receive in my UK multi currency account?

How do I add money to my UK multi currency account?

Types of UK Multi-Currency Accounts

Multi-currency IBAN accounts
Personal multi-currency accounts
Multi-currency accounts for business
Multi-currency cash passports
Multi-currency wallets

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.