Payset Will Introduce an Improved Bulk Payments Feature This Month!

News and announcements

Aug 14, 2024

4 min. read

James Irwin

Author

With the upcoming upgrade to our bulk payments service, Payset users will be able to upload their pending transactions in bulk and the system will automatically sort, analyze, and initiate all outgoing transactions at once.

Key Takeaways

Bulk payments allow Payset clients to pay all their staff, suppliers, or sub-contractors in multiple currencies with a single click
Payset clients will be able to upload CSV and XLSX files containing transaction lists and the system will automatically process them
Using bulk payments can save time, money, and effort

Automated Bulk Payments

Payset is preparing to integrate an improved bulk payments feature into its new client app, a feature that allows senders to pay multiple recipients in assorted currencies in one easy step.

Starting at the end of August, you’ll be able to upload files containing pending transaction data, and our system will automatically sort it and check for errors.

Once you review and confirm the transactions, the system will all the transfers in multiple currencies with a single click.

This feature is useful if you need to pay staff, suppliers, subcontractors, and other groups — especially if you need to pay a large number of individuals.

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How to Use Payset’s Bulk Payments Feature

Here’s how to use the feature:

Log in to the Payset app
Upload a CVC or XLSX file with fields for recipients, transaction amounts, and currency
The Payset system will automatically sort and process the data and notify you of errors
Review and edit the data if necessary
Click to confirm and initiate the payments
Monitor the status of each transaction in your dashboard

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The Benefits of Bulk Payments

Bulk payments, also known as mass payments, allow you to pay several recipients at once through our online dashboard. Bulk transactions can save time and effort by eliminating the need to initiate each transaction manually.

Bulk transactions are a convenient alternative to single digital transfers. They’re also an alternative to traditional mass payment methods, such as cheque distributions.

Bulk payments are quicker, less labour-intensive, and more cost-effective than one-time transfers.

By using Payset’s bulk payments tool, you’ll spend less time organizing your scheduled payments. You’ll also benefit from Payet’s competitive fees and exchange rates.

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

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