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FAQ
BESTPAY – a service that allows you to send money abroad quickly, reliably, conveniently, and securely. The international money transfer can be made and picked up in cash at one of the more than 100,000 BESTPAY contact points.
001 Unit 1. Registration in the system and opening an account
You will need to enter your details and follow these steps to send money transfer :
- Confirm mobile phone
- Fill in personal details
- Enter ID number
International money transfers are controlling and regulating by state and financial organizations, that issue a license to work in this sphere,for example by Czech national bank.
One of the requirement of legal work, which allows you to protect your money and avoid legitimization of illegal earning – it is account verification for money transfer . To confirm an identity and residence address , you need to make a selfie and provide an additional documents. Verification is working online and takes a few minutes. After that you will have an access to all functions of BESTPAY service.
You can change your details after registration. To do this, you need to select “Personal details” section. But to change your first name, last name or date of birth you need to contact our support team, its for keeping your details and payments safe.
No, you can register only one personal account.
001 International money transfers
It is necessary to come in person to one of the company's contact points if you want to send cash. Moreover, you will need to provide your ID, recipient's full name, contact point where the recipient picks up cash, transfer's purpose and the funds' origin and where appropriate, additional data if necessary for the execution of the transfer. The transfer will be immediately available for payment.
There are some limits for security reasons, but are set high enough. However for higher amounts we might need to ask you for more information or documents to meet our legal duties.
In general, most cash transfers are available for payment within 1.35 minutes of sending. In some cases, however, cash may be available for payment later. Factors that reduce the payout time:
- holidays and weekends;
- payout in less common currencies - due to complications with the exchange of money.
Our system allows you to send money in more than 130 countries. You can choose receivers country from drop-down list, in « money transfer » section
Cash transfer can be withdrawn at one of the 100,000 contact points. To receive a transfer, you must provide proof of identity and provide a money transfer control code. If everything is all right the money is then immediately available for payment.
If the funds have not yet been paid out, the transfer can be cancelled. Contact an authorized representative as soon as possible and ask them to check the status of the transfer.
Refunds are usually processed immediately, provided the money has not been paid out yet.
002 Currency conversion
Our system receives information directly from world markets in real-time, so exchange rates are updated continuously, even when country markets are closed.
The current exchange rate and the fee will be communicated to you by an authorized representative when creating the transfer. You will also see it when making the payment on the payment order you are signing. Once the payment is confirmed, the fee and exchange rate will no longer change during the transfer or payment.
BESTPAY allows you to send money to more than 130 countries. The conversion can be done to one of the official currencies of these countries.
003 What to do if…
Contact BESTPAY customer support as soon as possible.
004 Security of the money transfer system
BESTPAY s.r.o. is a payment institution that is authorized and subject to the supervision of the Czech National Bank; registration certificate Ref. No.: 2019/136082/CNB/570, Folder: S-Sp-2017/00927/CNB/571. In 2020, BESTPAY also received the Bisnode TOP Rating certificate, which confirms its high financial stability.
The protection of your data is essential to us, and we always guarantee their security. Details of our privacy policy can be found here.
BESTPAY is a money transfer service that lets legal entities open up an account in one or multiple currencies and receive settlement and cash services at the best rates
001 Opening an account
In order to open an account, you will have to fill an online form which takes approximately 10 minutes to complete. After that you will be contacted by one of our managers that will guide you through the whole process of establishing an account.
The list of documents is specified individually for every company and largely depends on the company’s profile and other aspects. In general, the list of documents consists of:
- Copy of identity document (ID card, passport) of a member of the statutory body (CEO, executive director, owner, etc.)
- Utility bill (covered by active contracts and invoices)
- Information about the beneficiary’s sources of income
- Information about the sources of income of the company
- Information regarding the structure of the company and its shareholders
- Extract from Commercial Register or similar valid official confirmation of existence of the company
- Articles of Association if applicable.
An account opening timeframe usually depends on how fast you can collect the list of required documents. The review, generally takes up to 2 business days. Please, take into account that you only pay for opening an account but not the review, as is common practice of some providers.
You will gain access to your online account right after the account setup. You will also have the rights to grant additional accesses to your trusted employees.
002 Conducting payments
From the moment of setting up the current account you will be assigned a personal manager who will assist you with gathering all necessary documents and will answer on all your questions regarding the transactions with your counterparty.
You can make payments with counterparties whose accounts are open at any local or international bank; the conversion into the required currency will take place automatically according to the interbank exchange rate.
There are 2 options for sending payments in our service that differ in charge: on the next business day and on the same day. The timeframe of receipt to the account of the counterparty depends on the currency of the transfer and the bank. For example, if you are making a transfer in Euros to a bank account registered with SEPA (Single Euro Payments Area), it can take up to 2 business days. If the beneficiary's bank supports the SEPA instant credit transfer system, the transfer will take only a few minutes.
003 Opening an account
A charge for incoming transactions is 1.2% of the transaction. If counterparty makes a transaction from his account in BESTPAY, then there will be no charge for the sender and the receiver.
There are no amount restrictions for incoming transactions to business accounts. It may happen that we might require more information and documents before sending some transfers. In that case, our manager will contact you shortly.
004 Currency conversion
Our system receives information directly from world markets in real time, so exchange rates are constantly updated, even when country markets are closed. For currencies that are not regularly traded, we use the most up-to-date data available.
For transfers in our service, we use the average market rates obtained as the middle between the buy and sell rates on the global currency markets. Our service always indicates the average rate.
Use the conversion service in your current account. Select the currencies and you will see how much will be received after conversion. Confirm the exchange afterwards.
When transferring money to accounts in other currencies, the conversion is done automatically at a favorable interbank exchange rate. You can find the rate online in your account or gain from your personal manager.
005 Security of transfers
BESTPAY uses combination of the best available measures to ensure the safety of the company and its customers including fulfilling regulatory requirements. The company also received the Bisnode TOP Rating certificate, which confirms the financial stability of our company and guarantees the safety of your funds.
In addition, to ensure the safety of work in the system, we offer:
- two-step authentication to enter online-banking,
- the ability to track and cancel the transfers,
- in accordance with the requirements of the GDPR, we encrypt all user data using the HTTPS protocol,
- we do not save CVC and CVV codes of cards,
- the support service is ready to answer your questions.
The protection of your personal data is of dire importance to us, which is why we guarantee its safety. You can learn more here.
Our customer support works around the clock. Feedback form.