Payset Review: The Best Business Account for International Payments?

Managing global payments efficiently is critical. This is especially important when nearly 56% of small businesses are not being paid on time according to 2025 Intuit data.¹

If you’re exploring international business banking options, this review breaks down Payset’s features, fees, and user feedback. This guide will help you decide if it’s the right fit or if there are alternatives better suited for your needs.

Key Takeaways

• Payset offers multi-currency accounts and virtual IBANs. It caters to international business needs.
• Fees and transparency are critical; understanding costs and how FX markups can impact your bottom line.
• Wise Business provides a robust alternative with local account details and transparent fees.

Payset Review: Quick Overview

Is Payset a Good Business Account?

Payset offers a solid set of features for businesses that operate internationally. With access to virtual IBANs, support for over 30 currencies, and relatively competitive FX markups, it can be a convenient option. It's especially suitable for small and mid-sized companies managing cross-border payments.

Its API support and prepaid cards also make it appealing for more tech-savvy teams. It can also be useful for platforms automating their payment flows.

That said, Payset’s £29 monthly fee² and relatively limited ecosystem compared to larger financial platforms might not suit every business. Smaller companies with low transaction volumes may find it less cost-effective. It can also be limiting for those who need integration with broader accounting tools. Customer feedback is generally positive. Ease of onboarding and speed of transfers are often mentioned. However, some users cite delays in customer support and limitations when scaling.

Ultimately, whether Payset is a good account comes down to your priorities. If you need quick, reliable international payments without opening multiple bank accounts, Payset may serve you well. But if you're seeking full-service banking with loans, credit, and investment tools, it may fall short.

Features and Services of Payset

Payset is designed with international business in mind. It offers a range of tools to simplify global payments and currency management.

Key features include:

• Multi-Currency Accounts: Businesses can hold, send, and receive payments in over 30 currencies. This helps reduce the need for multiple foreign bank accounts.
• Virtual IBANs: Payset provides dedicated virtual IBANs. This allows you to receive payments under your business name across different currencies.
• Prepaid Debit Cards: Issue cards to employees or contractors for easier expense tracking and international purchases.
• Currency Exchange: Competitive foreign exchange rates are offered. However, exchange rates and margins may vary depending on the currencies and volume of the transaction.
• API Access: Tech-savvy businesses can automate transactions. It's also possible to integrate Payset with internal systems via API.
• Bulk Payments: Send payments to multiple recipients in a single transaction. This feature is particularly useful for payroll or supplier payments.

Payset Account Types and Options

Payset offers a streamlined selection of account types tailored primarily for business use. Their focus is on supporting companies with international needs. They are not directly designed to cater to individuals or freelancers.

Here’s what you can expect:

• Business Account: This is Payset’s primary offering. It’s designed for companies operating across borders. It gives access to multi-currency accounts, international payments, and virtual IBANs. You’ll need to provide standard KYC (Know Your Customer) documentation. This includes proof of business registration and identity verification for owners or directors.
• Corporate Account: For larger businesses or enterprises that require higher transaction volumes, advanced compliance support, and dedicated account management. These accounts are typically customized based on business needs and may come with higher monthly fees or setup costs.
• Merchant Services Add-On: While not a full merchant account, Payset partners with external providers to offer payment gateway solutions for businesses that want to accept online payments from customers around the world.

User Experience and Customer Support

Ease of Use

Payset offers a clean, professional interface for managing multi-currency business accounts. The dashboard is relatively intuitive, allowing users to:

• Monitor account balances in multiple currencies
• Send and receive international payments.
• Manage permissions for team members.

However, Payset’s user interface may feel more “traditional” and less mobile-friendly. There’s currently no mobile app, which can be a drawback. The onboarding process also tends to be slower, with stricter compliance checks.

Customer Feedback and Reviews

On Trustpilot, Payset currently holds a rating of 4.3 out of 5 stars.

How Does Payset Compare to Other Banks?

Payset positions itself as a specialized solution for cross-border business transactions. It is not a bank, but a UK-regulated Electronic Money Institution (EMI). It supports over 30 currencies and offers international payments with dedicated IBANs. However, Payset does not currently offer a mobile app or debit card, which limits its flexibility for everyday use compared to a full bank account.

Payset’s onboarding process is also more manual and Know Your Customer (KYC)-intensive. This is the process they use to verify a client's identity and assess their risk to prevent fraud, money laundering, and terrorist financing. In terms of customer support, Payset provides assistance via email and phone. Additionally, users have reported that Payset’s transfer times can take up to 1–2 days.

Overall, Payset is best suited for enterprise-level clients or businesses making high-volume international payments who value having a dedicated account manager, and have a seperate business account to manage their buisness finances overall.

Final Verdict on Payset

Payset offers a functional solution for various businesses. It's especially suitable for companies with a need for multi-currency accounts. It caters to businesses that make international payments, especially those in high-volume or niche markets. Additionally, it supports over 30 currencies and offers dedicated IBANs.

This, along with access to foreign exchange services, can be a major advantage for cross-border commerce. However, it lacks some of the modern convenience features that many competitors now consider standard. This includes a mobile app, debit card, or instant transfers.

Discover Wise: A Smarter Way to Manage International Business Payments

Whether you're sending payments overseas or getting paid by clients around the world, Wise Business makes international payments simple, fast, and affordable.

Wise can help you ensure you are accessing the mid-market exchange rate. It also makes it easy to obtain Euro and Turkish Lira IBAN details to receive payments without hassle. You can simply open an account online for free, and pay a one-time fee to get IBAN and account details for multiple currenices.

Find out more about Wise Business

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 140+ countries.

	Editor & Business Expert:
	Panna is an expert in US business finance, covering topics from invoicing to international expansion. She creates guides and reviews to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

Sources:

1. small-business-late-payments-report-2025
2. Payset
3. Payset Limited Reviews
   Sources checked January 2026.