Hyperwallet is a global payout platform aimed at simplifying the process of business payments. Offering versatile payment options, cost-effective rates and robust security measures, it is a go-to solution for UK businesses involved in cross-border transactions.
This article aims to provide an in-depth analysis of Hyperwallet’s offerings to help businesses understand whether it is the right fit for them.
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Headline numbers
- Over 200 countries and territories supported
- Over 100 currencies available for payments
- $1 billion in annual payouts
- More than 8 million active users
- Acquired by PayPal in 2018 for $400 million
Key information
| Feature | Detail |
|---|---|
| Founded | 2000, Vancouver, Canada |
| Website URL | www.hyperwallet.com |
| Phone number | +1 604 900 2318 |
| FSCS protected? | No |
| FCA regulated? | Yes |
Pros and cons of Hyperwallet
Pros
- Wide range of payment methods
- Robust security protocols
- Cost-effective for large volume transactions
- Flexible API for seamless integration
- Global reach
- FCA authorised via parent company PayPal
Cons
- Not FSCS protected
- Complex fee structure for small businesses
- Limited customer service hours
- Conversion rates can be less competitive
Hyperwallet products and services
Hyperwallet offers a versatile range of products and services tailored to meet the diverse needs of businesses. Below, you’ll find a detailed breakdown of the key offerings.
Bank transfer
This is a straightforward bank transfer service that allows businesses to send funds directly to bank accounts across the globe.
- Supported in over 90 countries
- Supports more than 40 currencies
Costs and fees
- Flat fee of $5 per transfer
- Additional currency conversion fees may apply
Prepaid card
Hyperwallet offers a prepaid Mastercard® that can be utilised globally. It is particularly handy for employees or contractors who need immediate access to their funds.
- Available in over 150 countries
- You can load up to $20,000 per day on the card
Costs and fees
- $2 fee for domestic ATM withdrawal
- 2% foreign transaction fee
PayPal integration
Given that Hyperwallet was acquired by PayPal, it’s no surprise that the service allows seamless integration with PayPal accounts.
- Compatible with PayPal’s global network
- Offers a unified payment interface
Costs and fees
- 1% fee for transferring funds to a PayPal account
- Standard PayPal fees apply thereafter
Mobile wallet
Hyperwallet offers a mobile wallet feature, allowing for swift payments directly to recipients’ mobile wallets like Apple Pay and Google Pay.
- Available in select countries
- No maximum limit disclosed
Costs and fees
- Flat fee of $1 for transferring to a mobile wallet
- No additional currency conversion fees
Payment through local bank network
This feature utilises local bank networks to expedite the transaction process, which can be much quicker compared to traditional international wire transfers.
- Available in over 50 countries
- Supported in local currencies for those countries
Costs and fees
- Variable fees based on the country and the local banking system
- Currency conversion fees may apply
Check payments
For those preferring a traditional method, Hyperwallet offers check payments which can be mailed to recipients.
- Available in select countries – currently USA and Canada only
- Typically takes longer to process
Costs and fees
- $3 per check issued
- No additional fees for currency conversion if issued in the recipient’s local currency
The suite of products and services offered by Hyperwallet is designed to cater to various business needs and sizes.
Whether you’re looking to make mass payments to global contractors or simply wish to offer multiple payment methods, Hyperwallet provides flexibility and convenience.
However, it’s essential to weigh these features against the costs and other considerations like lack of FSCS protection.
Hyperwallet reviews
| Source | Rating |
|---|---|
| TrustPilot | 3.7/5 |
| Google Reviews | 4.1/5 |
| Reviews.io | 3.5/5 |
| Average | 3.76/5 |
Alternatives to Hyperwallet
- PayPal – Global reach but higher fees
- Wise (Formerly TransferWise) – Competitive exchange rates but fewer payment methods
- Payoneer – Similar services but less robust API
- Skrill – Lower fees but fewer supported countries
Additional considerations
- Despite being FCA authorised through its parent company, PayPal, funds held in Hyperwallet are not protected by the FSCS.
- The potential cost savings for large volume transactions
- The risk associated with non-FSCS protected funds
Being FCA authorised certainly adds a layer of trust and regulatory oversight to Hyperwallet’s services, making it an even more appealing option for UK businesses. However, businesses should still consider the lack of FSCS protection and other factors when making a decision.
Hyperwallet company history
Founded in 2000 in Vancouver, Canada, Hyperwallet began as a solution for simplifying global payments.
It experienced consistent growth and was eventually acquired by PayPal in 2018 for $400 million, giving it an even broader global reach.
FAQ
No, funds held in Hyperwallet are not protected by the FSCS.
Hyperwallet supports payments in over 100 currencies, offering flexibility for international business transactions.
Hyperwallet offers a variety of payment methods including bank transfer, prepaid cards, and mobile wallets.
Fees vary based on payment methods and transaction volume. Generally, a flat fee is charged for each transaction, with additional fees for currency conversion.
Yes, Hyperwallet uses robust security measures including encryption and fraud detection to protect transactions.
Yes, Hyperwallet offers a flexible API for seamless integration with your business systems.
Processing times vary but most transactions are completed within 1-2 business days.
Yes, but customer service hours are limited and may not align with UK time zones.
Yes, Hyperwallet supports batch payments, making it easier for businesses to handle large volumes of transactions.
Yes, Hyperwallet offers a mobile app for convenient account management and transactions.
Hyperwallet does not specify a minimum transaction amount, but fees may make smaller transactions less cost-effective.
Hyperwallet can be used by businesses of all sizes, but its fee structure may be less favourable for small volume transactions.
Yes, Hyperwallet is commonly used for paying freelancers and contractors globally.
Hyperwallet applies a currency conversion fee, which can vary depending on the currencies involved.
Hyperwallet does have some restrictions related to regulatory compliance. Businesses should consult Hyperwallet’s terms of service for details.
Yes, Hyperwallet offers real-time tracking features for all transactions.
In the event of a transaction failure, funds are returned to the sender’s Hyperwallet account. Additional fees may apply.
Cancellation policies vary depending on the payment method. It is advisable to consult Hyperwallet’s terms and conditions.
Hyperwallet offers many features beneficial to UK-based businesses, but it’s important to consider the lack of FSCS protection.
The information in this article serves as a guide for UK business owners to make informed decisions when considering using Hyperwallet for their global payment needs. As always, it is advisable to consult financial and legal experts for tailored advice.