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New features: Use your Payset ID to easily transact with other Payset clients and more!

News and announcements

Sep 23, 2024

4 min. read

James Irwin

Author

At Payset, we’re adding numerous new features to our platform. You can now use a Payset ID to perform free and instant transactions with other Payset users. You can also manage multiple accounts from a single dashboard and take advantage of the many other improvements of the new Payset.

Key takeaways

Payset has launched a new platform with a variety of new features and improvements
Using unique Payset IDs, users can now quickly send and receive funds between Payset account holders instantly and for free
With multiple account management features, you can swap between business and personal accounts or assign unique permissions to members of your team
Other improvements include beneficiary management, improved transaction monitoring, greater exchange rate transparency, and more

Quickly Pay and Get Paid Using a Payset ID

Payset has introduced a new feature, the Payset ID, allowing our users to send and receive payments more easily than ever before.

When you share your Payset ID with another user, they can quickly send funds to your account for free and vice versa. You only need to share ID numbers; no other information is required.

Here’s what you should know about the new feature.

Payments Between Payset Accounts Are Free and Instant

You can pay any other Payset user by using the Payset ID. When you transact with other users with the Payset ID, transfers are free and processed instantly.

If you own or operate a business, you can make the most of Payset ID benefits by arranging for employees, suppliers, sub-contractors, and others to sign up for a Payset account. This strategy can save your company time and money on cross-border transfers, as you won’t need to pay transaction fees that would otherwise be attached to your transaction.

Keep in mind that the Payset ID and its benefits only apply when you’re sending and receiving funds to other parties who have a Payset account. Payset charges fees and rates on most other outgoing transactions; see our full list of fees for more details.

How to Use the Payset ID

Sharing your Payset ID is easy. All you need to do is:

Open the account tab in your dashboard
Find your Payset ID under your name
Share the ID with the sender
Wait for your transaction partner to send a payment

Sending funds is just as easy. Simply:

Request the recipient’s Payset ID
Add a new beneficiary by choosing the “Payset Client” option
Enter the recipient’s Payset ID
Continue and finalize the transaction
Use the saved ID for faster future transactions to the same recipient

Manage Multiple Accounts from a Single Dashboard

We’ve also updated our platform to include another new feature: the ability to manage multiple accounts from a single online dashboard.

This feature is useful if you have a company account and a personal account and need to use each at different times, or if you work with accounts that are tied to multiple companies.

You can quickly switch between profiles or manage separate accounts from within your user dashboard.

Creating More User Profiles

If you’re a business owner or operator, you can also use Payset’s member settings feature to create profiles for individual company members and employees.

You can set permissions for each user. For instance, you can allow individuals to view account information, execute payouts, exchange funds, or manage other members — or you can set any combination of those permissions to define a precise role for that user.

The New Payset Is Dramatically Improved

Payset’s new platform includes numerous other features and improvements, including:

Improved beneficiary management

‍‍You can now add and save account IDs that you regularly send money to for future reference.

Improved transaction tracking

You can monitor the status of your transaction at every step to find out how close it is to completion.

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Live exchange rate updates & transparent margins

During a currency exchange, you’ll see the rate updated every ten seconds. Additionally, foreign asset conversions display Payset’s margin or markup alongside the live exchange rate.

Easily retrieve account and transaction details

You can now view, download, and share your account and transaction details through new tools.

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Improved security

‍Our security model includes enhanced network security, data protection, and multi-factor-authentication.

Instant support within the platform

We now offer instant support and a new live chat feature within the platform.

Mobile access‍

The new Payset platform is optimized for mobile device browsers for use on the go.

Sign up for Payset

If you’re not already a Payset client, sign up now to take advantage of our features. We offer support for more than 180 countries, allow users to exchange 38 currency pairs, and send/receive up to 34 currencies in their multi-currency IBAN account.

We support transfers via top global payment networks all at competitive rates and with full regulatory compliance and advanced security features.

If you’d like to know what Payset can do for your business, contact us today.

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.