Overview
Payset, at a glance.
Payset is an e-money institution headquartered in the United Kingdom, regulated by FCA. The business account has no monthly fee. Opening an account takes a few days. Non-residents are accepted: owners and directors do not need to live in the country where the company is registered.
Client funds are held in segregated safeguarding accounts at authorised UK or EEA banks. Not covered by FSCS deposit insurance.
Why businesses pick Payset
- Free to open and no monthly fee for most accounts
- 35 currencies on SEPA, Faster Payments, SWIFT, ACH and Fedwire
- Accepts regulated gambling, crypto and licensed forex businesses
- Companies from 50 countries, including the US, UAE, BVI and Seychelles
Watch out for
- No debit cards
- Account details can be pooled, so Payset's name may show on your payments
- Higher-risk businesses may be charged a setup or monthly fee
- No deposit insurance; funds are safeguarded instead
Business fit
Will Payset accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Payset's published rules
Likely fit
Payset lists both United Kingdom companies and Affiliates as accepted.
Payset does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Payset publishes about the businesses it takes on.
Who Payset serves
- E-commerce
- Marketplaces
- Import and export
- Holding companies
- iGaming
- Crypto
- Forex
- Affiliate marketing
- Travel
All 111 industries on Payset's accepted list
- Affiliates
- Antiques
- Apparel
- Auto Rental
- Aviation Services
- Back Office Outsourced Services
- Bidding Fee Auctions
- Calling Cards
- Car Parts
- Casinos, Betting Houses, and Internet Gambling (regulated by EEA or the United Kingdom).
- CBD Products
- Cleaning services
- Coins, Collectible Currency, or Autographed Collectibles
- Collection Agencies
- Construction
- Consulting - Business Consulting Services
- Consulting - Financial Services
- Consulting - Personal Consulting Services
- Cosmetics
- Cryptocurrencies
- Customer Support Center Services (call center)
- Cyberlocker (Hosting and File Services)
- Cyber Security
- Direct Sales
- E-books (Copyrighted Material)
- E-commerce
- Education Courses (for forex education courses, we only accept companies incorporated over one year ago)
- Electronic Cigarettes
- Electronics
- Entertainment
- ESports
- Fantasy Sports
- Finance Brokers
- Food Products
- Forex (Licensed only)
- Furniture Sellers
- Gaming
- Gift Cards
- Giveaways, Bonus Items, and Contests
- Health & Wellness Products
- Healthcare
- Hemp Oil
- Holding Company
- Horoscopes, Astrology or Psychic Services, Fortunetellers
- Hospitality
- Hypnotists or Self-Hypnosis Services
- Immigration Services
- Import/Export
- In-game Virtual Items (Buying & Selling)
- Insurance
- Investments & advisory
- IPTV (Internet Protocol TV) services
- Jewelry
- Legal Services
- Life Coaching
- Lingerie Sales
- Logistics
- Lotteries or Sweepstakes
- Machinery
- Magazine Sales
- Manufacturing
- Marketplaces
- Media
- Modeling or Talent Agencies
- Money Remittance
- Music, Movies
- Non-profit Organisations and Charities
- Nutraceuticals
- Offshore Corporation Establishment Services
- Online Marketing
- Outbound Telemarketing
- Pawn Shops
- Payday Loans (Regulated)
- Payment Facilitators
- Pharmaceutical
- Precious Metals and Stones
- Production and/or Trading of Art & Antiques
- Real Estate
- Recruitment and Employment Services
- Recycling and Waste Management Services
- Renewable Energy
- Retail
- Shipping
- Skill Games
- Smartphones – Sale, Resale & Spare Parts
- Social Networking Sites
- Sports Booking
- Sports Forecasting or Odds-making/betting
- Streaming Services
- Subscription/Free trials/Introductory Promotion
- Tabaco / Tobacco
- Tangible
- Tax Services
- Technical support
- Technology
- Telecommunications
- The Alcoholic Beverages Industry
- Ticketing Agencies
- Timeshares – Rentals, Leases, and Sales
- Tour Operators
- Translation Services
- Transportation
- Trusts and Foundations
- Utilities
- Vacation Rentals and Packages
- Vapor Products
- Venture Capitalists
- Vitamin and Health Supplement Sales
- VoIP
- VPN
- Web-based telephony & SMS providers
Not supported
Industries and countries Payset does not accept, from its own published lists.
Industries
- Adult dating websites and pornography
- Any illegal activity
Countries
- Afghanistan · owners
- Belarus · owners
- Burkina Faso · owners
- Cuba · owners
- Iran · owners
- Iraq · owners
- Libya · owners
- Myanmar (Burma) · owners
- North Korea · owners
- Russia · owners
- Somalia · owners
- South Sudan · owners
- Sudan · owners
- Syria · owners
- Venezuela · owners
- Yemen · owners
Coverage
Where can you use Payset?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
35 currencies
- EUR
- USD
- GBP
- CHF
- CAD
- AUD
- JPY
- AED
- BHD
- CNH
- CZK
- DKK
- HKD
- HUF
- IDR
- ILS
- INR
- KES
- KWD
- MXN
- MYR
- NOK
- NZD
- OMR
- PHP
- PLN
- QAR
- RON
- SAR
- SEK
- SGD
- THB
- TRY
- UGX
- ZAR
Payment reach
180+ countries
Payments to and from these countries, by local rails or SWIFT.
Who can apply
Company incorporation countries50 countries · show list
- Austria
- Belgium
- Denmark
- Finland
- France
- Germany
- Greenland
- Iceland
- Ireland
- Italy
- Luxembourg
- Netherlands
- Norway
- Portugal
- Spain
- Sweden
- United Kingdom
- Bulgaria
- Croatia
- Cyprus
- Czechia
- Estonia
- Greece
- Hungary
- Latvia
- Lithuania
- North Macedonia
- Malta
- Poland
- Romania
- Slovakia
- Slovenia
- Switzerland
- Australia
- Canada
- Hong Kong SAR China
- Israel
- Singapore
- South Africa
- Argentina
- Belize
- British Virgin Islands
- Cayman Islands
- Gibraltar
- Marshall Islands
- Monaco
- Seychelles
- Ukraine
- United Arab Emirates
- United States
Owner nationality and residency121 countries · show list
- Albania
- Algeria
- Andorra
- Argentina
- Armenia
- Aruba
- Australia
- Austria
- Azerbaijan
- Barbados
- Belgium
- Belize
- Benin
- Bermuda
- Bolivia
- Bosnia & Herzegovina
- Brazil
- Brunei
- Bulgaria
- Canada
- Chile
- China
- Colombia
- Comoros
- Costa Rica
- Croatia
- Curaçao
- Cyprus
- Czechia
- Denmark
- Dominican Republic
- Ecuador
- Egypt
- Estonia
- Faroe Islands
- Finland
- France
- Georgia
- Germany
- Gibraltar
- Greece
- Greenland
- Guernsey
- Honduras
- Hong Kong SAR China
- Hungary
- Iceland
- India
- Indonesia
- Ireland
- Isle of Man
- Israel
- Italy
- Jamaica
- Japan
- Jersey
- Jordan
- Kazakhstan
- Kenya
- Kosovo
- Kuwait
- Kyrgyzstan
- Latvia
- Lebanon
- Liberia
- Liechtenstein
- Lithuania
- Luxembourg
- Macao SAR China
- North Macedonia
- Malaysia
- Maldives
- Mali
- Malta
- Marshall Islands
- Mauritius
- Mexico
- Moldova
- Monaco
- Montenegro
- Morocco
- Nepal
- Netherlands
- New Zealand
- Nicaragua
- Nigeria
- Norway
- Oman
- Pakistan
- Panama
- Philippines
- Poland
- Portugal
- Puerto Rico
- Qatar
- Romania
- St. Vincent & Grenadines
- San Marino
- Saudi Arabia
- Serbia
- Seychelles
- Singapore
- Slovakia
- Slovenia
- South Africa
- South Korea
- Spain
- Sweden
- Switzerland
- Taiwan
- Thailand
- Trinidad & Tobago
- Tunisia
- Türkiye
- Ukraine
- United Arab Emirates
- United Kingdom
- United States
- Uruguay
- Uzbekistan
- Vietnam
Company types
Not publishedPricing
What does Payset cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
Free
Business account
£0 per month
£0 setup · £0 in year one
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Incoming | ||
| SEPA | From £2 | Fixed fee |
| Faster Payments (GBP) | From £2 | Fixed fee |
| SWIFT / international | From £10 | Fixed fee |
| ACH / local USD | From £2 | Fixed fee |
| Outgoing | ||
| SEPA | Up to 0.22% | Percentage of the amount |
| Faster Payments (GBP) | Up to 0.22% | Percentage of the amount |
| CHAPS (GBP) | £15 | Fixed fee |
| SWIFT / international | Up to 0.3% | Percentage of the amount |
| ACH / local USD | Up to 0.22% | Percentage of the amount |
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | Up to 0.9% | Percentage of the amount · 0.9% up to €300k converted in 90 days, 0.35% up to €900k, 0.3% up to €6M, 0.09% above |
Onboarding
From application to live account.
Payset says most businesses can start using their account within a few days.
- 1
Online application
Company details, with your phone and email verified.
- 2
Company documents
Upload registration, ownership and address documents.
- 3
Identity checks
ID and a selfie check for directors and owners.
- 4
Account live
Your account details are issued once the review is passed.
Documents you need
- Certificate of incorporation
- Company register extract
- Shareholder or ownership certificate
- Proof of business address
- Proof of an existing bank account
- Government ID for directors, shareholders and owners
- Proof of home address for directors and owners
FAQ
Your questions, answered.
Is Payset regulated?
Yes. Pay Set Limited is authorised by the UK FCA as an e-money institution, reference number 900920.
How much does a Payset business account cost?
Opening the account and the monthly fee are free for most businesses. Receiving a local payment costs from £2, sending one costs up to 0.22%, and international transfers cost up to 0.3%. Currency conversion costs 0.9% on the first €300,000 converted in 90 days, falling in steps to 0.09% above €6 million.
Which countries does Payset accept companies from?
Payset publishes a list of 50 countries, including the UK, most of Europe, the US, UAE, Hong Kong, Singapore, BVI, Cayman Islands and Seychelles. Companies registered elsewhere are not accepted.
Does Payset accept high-risk industries?
Yes. Its published list includes gambling regulated in the UK or EEA, cryptocurrencies, licensed forex, CBD products and money remittance. Adult dating and pornography are not accepted.
Does Payset offer debit cards?
No. Payset does not offer cards yet.
How long does it take to open a Payset account?
Payset says most businesses can start using their account within a few days of applying.
Alternatives
How Payset compares.
If Payset is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 PaysetThis pageE-money institution |  | 35 currenciesHigh-risk industries |
 PayDoE-money institution |   | Dedicated IBANHigh-risk industries |
 WorldFirstE-money institution |  | Marketplace sellersTrade payments |
 Equals MoneyE-money institution | | Multi-currencyCards |
 Wise BusinessE-money institution |  | Low FX costsStandard businesses |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.