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PayDo: How Does It Compare to Payset?

Uncategorized, Fintech and banking

Apr 7, 2026

4 min. read

Michael Dalton

Author

PayDo is a comprehensive payments platform. With a broad service area and licensing in the UK and Canada, it’s a compelling option for businesses and individuals. But in our view, it has substantial monthly business fees, long onboarding times, and limited US access. Is it right for you — and how does Payset stack up as a PayDo competitor?

Key Takeaways

PayDo is a payments company that serves individuals and businesses.
It aims to solve payment fragmentation with comprehensive services, including multi-currency IBANs, payment cards, and checkout tools.
In our view, PayDo has certain weaknesses, including sizable monthly fees for business accounts (100 EUR) and variable merchant fees.
At Payset, we aim to compete on affordability and access alike.

PayDo is a comprehensive payment service aimed at individual and business users, operating with the tagline “Online Payment Solutions in One Platform.”

Founder and CEO Serhii Zakharov launched the company around 2017, intending to address payment fragmentation, or the need to use multiple services.

Zakharov’s experience extends beyond PayDo. He became one of the youngest fintech CEOs at 25, and apart from PayDo, he’s the founder and executive at other technology firms, including WhiteTech, KYCB, and OwnCompare.

That background makes PayDo a youth‑driven, tech‑native payments option — but is it right for you? Let’s take a closer look at the company’s offerings.

Why Choose PayDo?

PayDo began with one focused offering, a digital wallet, but soon branched out to offer business-to-business (B2B) and business-to-consumer (B2C) services.

Today, its product line includes personal accounts, business accounts, merchant accounts (i.e. checkout tools), mass payment tools, and corporate payment cards.

The company says that it is set apart from traditional banks because it offers digital-first solutions, including neo-banking, international money transfers, merchant services, and mass payments, all in one platform.

PayDo appears to have a strong user base: on-site statistics say it covers 100 business customers, 150 countries, and over 50,000 regular payers.

That makes it a strong payment option, especially for business users. But it’s important to take into account whether its services meet your needs.

Core Products and Offerings

PayDo offers various services and features, including:

Global service coverage: PayDo supports payments in over 150 countries and serves a wide range of regions, except prohibited jurisdictions, which include some restrictions in the United States.
Multi-currency IBAN accounts: PayDo offers multi-currency IBAN accounts with international and local account details, supporting 19 to 35 currencies or more across nine different payment schemes.
Payment schemes: PayDo supports cross-border payments, SEPA and SEPA Instant, TARGET 2, Fedwire, FPS, BACS, CHAPS, and Kronos2.

Payment cards: PayDo offers Visa-powered payment cards for businesses and individuals, including physical and virtual cards, plus support for ATM withdrawals and integration with Apple Pay and Google Pay.
Checkout: PayDo provides an online checkout platform for merchants, tied closely to its multi-currency account infrastructure.
Personal accounts: PayDo offers individual accounts that may vary from the above in fees, regions, payment schemes, and supported currencies.

Pricing and Fees

PayDo has multiple pricing models and displays its minimum pricing on-site. As of March 2026, the minimum fees are as follows:

Business accounts

Opening: Free setup and 100 EUR monthly maintenance fee
Incoming bank transfers: 0.1% plus flat fees; varies by method
Outgoing bank transfers: 0.1-0.2% plus flat fees; varies by method

Currency conversion fees: 1%
Transfers from other PayDo accounts: Free
Transfers to other PayDo accounts: 0.1% + 1 EUR
Other card fees and checkout pricing

Personal accounts

Free transfers to and from PayDo users
Opening: Free opening and no monthly IBAN fee
Incoming transfers: Free on non-card payment methods
Outgoing transactions: 0.1-0.5%; varies by method
Incoming/outgoing transfers via Visa/Mastercard: 3.4%+0.2 EUR
Currency conversion fees: 1%

Target Audiences

PayDo targets several sectors with its payment solutions. Below, we’ll look at key features and case studies across a few of those industries.

IT & Software

PayDo says that IT companies can benefit from its offerings, highlighting its use in contractor settlements and team payouts, secure payments, and online billing.

One recent case study features Payperless, a digital finance hub linking cryptocurrency and traditional finance. By adopting PayDo, Payperless has reportedly improved operational efficiency through automation, created a smoother user experience, and scaled up its compliance capabilities.

iGaming and Gambling

PayDo also caters to the iGaming sector, emphasizing settlements and momentary payouts, chargeback prevention, and rolling reserves.

Recent case studies include uPlatform, SOFTSWISS, and Melbet. These iGaming companies have variously claimed improvements in transaction speed, better user experience, and greater system stability.

Marketplaces and E-commerce

For marketplaces and e-commerce, PayDo advertises a comprehensive merchant solution with checkout tools and mass payment features.

One case study is Difmark, a marketplace for game keys, gift cards, and software licenses. Thanks to PayDo, Difmark now supports 350 payment methods, offers real-time currency conversion, and reports more completed transactions.

Other Industries

PayDo also caters to numerous other industries, including affiliate marketers, advertising agencies,forex, imports and exports, holding companies, professional services, legal consultants, and others listed on its website.

Compliance and Supported Countries

PayDo is regulated in three locations: the UK, Canada, and Malta.

That includes authorisation under the United Kingdom’s Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI) and registration with Canada’s FINTRAC as a Money Services Business (MSB).

The company also serves clients in many other jurisdictions globally, with the exception of several prohibited jurisdictions.

PayDo by default excludes the US and Taiwan as supported locations for company incorporation and Ultimate Beneficial Owner (UBOs), but supports sending and collecting bank transfers to and from both countries.

User Deposit Protections

Like most Electronic Money Institutions (EMIs), PayDo does not insure user funds through the UK’s Financial Services Compensation Scheme (FSCS).

Instead, it safeguards users’ funds in compliance with FCA regulations for EMIs. This means that user funds are held in segregated accounts at authorised credit institutions, separate from PayDo’s own funds. The company says it provides real-time protection and that it checks balances on a daily basis.

What Are PayDo’s Biggest Limitations?

Paydo is a strong option, but we see several potential weak points.

Geographic limitations: Though widely available, we consider PayDo’s US limitations and list of prohibited countries a shortcoming.

Businesses pay sizable monthly fees: Businesses pay a 100 EUR monthly maintenance fee, while personal accounts have zero monthly fees.
Prices may be higher than stated: PayDo’s pricing page generally displays minimum pricing — requiring potential customers to input their industry, country, and other details for more precise rates.
Significant onboarding times: Though faster than traditional bank onboarding, PayDo onboarding may take 3 to 5 business days.

Unclear mobile support: PayDo does not advertise a mobile app, though third-party reviews suggest its web app works on mobile devices.
Moderate industry restrictions: PayDo names several prohibited activities, including certain financial activities, high-value goods, regulated substances, and adult entertainment — but it has a crypto-friendly stance.

How Does PayDo Compare to Payset?

Personal accounts: No monthly fees as of April 2026 (*may be a limited-time offer)	PayDo
Web access and an upcoming mobile app	Web and mobile access
Business accounts: No monthly fees as of April 2026 (*may be a limited time offer)	Business accounts: 100 EUR monthly
Personal accounts: No monthly fees as of April 2026 (*may be a limited time offer)	Personal accounts: No monthly fees
Free sign-up	Free sign-up
Transact in 180+ countries and operate from 70+ countries	Transact in 150 countries and operate from non-prohibited countries
Hold, send, and receive 34+ currencies	Supports 19 to 35 currencies (or more)
Payment cards coming in 2026	Payment cards available
Bulk payments (see details)	Bulk payments advertised in some cases
Team management (see details)	Team management
No transfer limits once compliance requirements are met (see details)	PayDo may determine payment and withdrawal limits, per terms of service
Regulated in the UK as an EMI and able to serve customers in other regions	Regulated in UK as EMI; licensed in Canada as MSB; Malta licensing
1-3 business day onboarding	3-5 business day onboarding
UK safeguarding policy	UK safeguarding policy
Friendly to crypto and many other sectors; mainly prohibits adult content and illegal activity	Crypto-friendly, with moderate industry restrictions elsewhere

The Bottom Line

PayDo is a strong choice for users who need a complete payment service, especially if you fall within its key service areas and target industries.

However, we see certain weaknesses — especially its monthly maintenance fees for businesses and potential variations in other pricing.

At Payset, we aim to provide competitive and affordable cross-border payment services. Business users and personal users can get zero sign-up fees and free monthly rates for a limited time. That makes us a highly affordable choice.

With Payset, you’ll also get access from 70+ countries, the ability to transact in 180+ countries and 34+ currencies, and a built-in FX exchange.

Disclaimer: Pricing, features, and details on this page are based on competing websites at the time of writing (April 2026). Details may change over time, vary by region, and do not cover all service options offered by competitors. Users should verify details with competitors. Payset does not endorse or represent any competitor, nor have competitors endorsed the above content. Payset and related parties disclaim liability for any errors or actions taken based on this content. Information is for general purposes only and offered at the user’s own risk.

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.