PanPay review

PanPay charges a monthly fee of €5. The fee-free accounts in this comparison charge €0 at Plazo ES, €0 at Skrill and $0 at PayPal Colombia. On monthly fee, PanPay sits at 453 of 500.

A standard outgoing wire (SHA) costs €15. Enhanced and additional wires are charged a percentage of the amount with a higher minimum, so larger payments cost more than the flat standard fee. Incoming international wires are charged at a lower standard rate with a percentage on top.

Deposits carry protection of FDIC up to USD 250,000. The account is provided by Shanghai PanPay Information Services Co., Ltd., a company based in China and founded in 2017. The limit matters most to a business that parks a working balance with the provider rather than moving it on immediately.

PanPay holds a Money Services Business registration in the United States, an Electronic Money Institution licence in the United Kingdom, and a Money Service Operator licence in Hong Kong. Those licences cover the business account, which pays out to bank and wallet and is aimed at a business audience.

The account covers 20 currencies on one balance, and PanPay ranks 53 of 379 brands on that measure. Local account details are offered, so a business can be paid in the currency of the market it trades in instead of converting every invoice.

CNY settlement withdrawals arrive the same day on the standard route and in real time on the instant route. The account is digital only and run by Shanghai PanPay Information Services Co., Ltd. in China, so speed comes from the settlement option you pick rather than from branch cut-offs. A business paying Chinese suppliers can plan around the faster route.

Support runs on email, phone and chat, so the team is reachable by phone, chat or email, with a help centre for common questions. Because the account is digital only, most questions get sorted in the app rather than in person, and the phone line covers the harder cases.

Local account details are available, so a business can invoice clients in the currency of their market. Getting money out runs to bank and wallet, so plan on a bank transfer or a wallet rather than collecting cash. The monthly fee of €5 is the trade for that convenience.