Paxum is a payment service to send and receive money worldwide. Its objective is to facilitate payments for individuals and companies. This company is registered in Canada as “Money Service Business.”
Is Paxum a reliable service? In this review of Paxum Payment Service we will see the main points about this company. Keep reading!
|Account Fee||Free (If you use it)|
|Account Fee||$5 (If you don't use it for 6 months)|
|EUR IBAN Account||Free|
|Sending/Receiving Money by Wire (3rd party)||USD 1% - EUR 0.5%|
|Sending/Receiving Money From Paxum Users||$0.25|
|Sending/Receiving Money by SEPA transfer||OWN Account $5 - 3rd Party 0.5%|
|Sending/Receiving Money by Wire from your own account||USD $50 - EUR $10|
|Sending Money to your Credit Card||$6.00 + 2.95%|
|Sending Money to CC of another person||$6.00 + 5%|
Paxum rates are moderate. In the case of account maintenance, it is free if you keep the account active. If you don’t carry out any transaction for more than six months, you will be charged account maintenance of $ 5.
Additionally, the maintenance of the virtual accounts in USD and EUR are also free.
The rates to send and receive money depend on the payment method, but usually range between 0.5% and 1%. There are some fixed amounts a bit high for some specific transfers. You can always check the full list of rates from their official website.
On the other hand, they have some differential rates if you ship inside or outside the UK, but it is not a big difference with the rest of the world.
Virtual USA and EU Accounts
One of the benefits of opening an account in Paxum is that they provide you with a virtual bank account in the USA and Europe to receive payments from international companies. For example, if you are an affiliate of Amazon Germany and do not reside in that country, you can use this bank account to receive the money.
So it’s beneficial for those who don’t reside in Europe or the USA since you don’t have to open a local bank account.
Once you receive the money in your Paxum account, you can withdraw it to your local bank account, on your own credit card, or use the Paxum Prepaid card. We will talk about this card in the next point.
Paxum Prepaid Card
The Paxum Prepaid card is an alternative way to withdraw your money from Paxum.
This prepaid card can be used to withdraw money at ATMs, or else, use it to buy at physical stores or online.
This card can be very useful for those who wish to use their money quickly after receiving the deposit.
In the case that you choose to withdraw money at an ATM, it costs $ 2 + the cost that the local bank applies. On the other hand, if you buy with the card in dollars or pounds, it’s free while it is in the same currency.
The issuance of the card has no cost but has annual maintenance of $ 44.95.
Transfer and Withdrawal Methods
- EFT Transfers: With Paxum, you can withdraw your balance directly at your local bank. Today it is available in more than 50 countries on more than 20 currencies.
Depending on the country you are from, you can receive this money in USD / EUR or your local currency. You can check the complete list from its official website.
- Fund VISA / MasterCard / UnionPay Card: If you have a card from a local bank, you can directly transfer the money to your 24-hour card.
- P2P Transfer: This type of transfer enables you to send money to another Paxum user.
- Wire Transfers: With bank transfers, you can send to more than 200 countries and 14 different currencies. It is usually the type of payment most used by companies.
Benefits for Individuals
If you are a freelancer, publisher, or freelance worker, you have many benefits to use the Paxum payment service.
- You can receive payments for your work.
- You have a dedicated account in EUR and USD to receive international payments.
- Use the Paxum Prepaid card to withdraw money at ATMs or buy at local stores or online.
- Send money to other users.
- Moderate rates for transfers and withdrawals.
Benefits for Business
If you are a small or medium business, you also have many benefits to open a business account in Paxum. With this account you can:
- Send payments to your customers with Paxum.
- Mass Wire / EFT Transfers to customers.
- Account in EUR or USD for payments.
- Reduce transfer and payment costs.
How to open an account?
Opening an account in Paxum is free for both individuals and businesses. To open one, you must follow the following steps:
- Register in Paxum with your real data.
- Upload your documents (they will ask for some identification in your name). This step is to confirm your identity and secure your account. It can take up to 7 business days.
- Ready, you already have your account to send and receive payments worldwide.
Paxum Payment Service Review: Should you go for it?
The Paxum payment service can be a great option if you are a freelancer or publisher. With the virtual account in USD and EUR, you can receive payments from international companies. You can also choose to purchase the Paxum prepaid card to use your money.
If you are a company, Paxum can also be a great option to pay your customers via this medium. The rates are competitive, and your customers will be satisfied.
Therefore, Paxum seems to be an excellent option to send and receive payments worldwide.
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