Hyperwallet – Services, pricing, comparisons and reviews

Last updated on 26 September 2023

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.

Compare options for taking card payments

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.

Video: Card readers and payment machines explained

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

FeatureDetail
Founded2000, Vancouver, Canada
Website URLwww.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.

Explore business banking

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up to 3.5% Cashback
Pricing Trial period Contact

ANNA Money
✓ Apply in 10 minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
Pricing Trial period Contact

Co-Op Business Banking
✓ Business Current Account
✓ Online, App & High Street Banking
✓ Quick & Easy Application Process
Pricing Trial period Contact

HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact
  • 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

SourceRating
TrustPilot3.7/5
Google Reviews4.1/5
Reviews.io3.5/5
Average3.76/5
Hyperwallet reviews and ratings

Alternatives to Hyperwallet

  1. PayPal – Global reach but higher fees
  2. Wise (Formerly TransferWise) – Competitive exchange rates but fewer payment methods
  3. Payoneer – Similar services but less robust API
  4. 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

Does Hyperwallet offer FSCS protection?

No, funds held in Hyperwallet are not protected by the FSCS.

How does Hyperwallet handle multiple currencies?

Hyperwallet supports payments in over 100 currencies, offering flexibility for international business transactions.

What payment methods does Hyperwallet offer?

Hyperwallet offers a variety of payment methods including bank transfer, prepaid cards, and mobile wallets.

What are the fees associated with using Hyperwallet?

Fees vary based on payment methods and transaction volume. Generally, a flat fee is charged for each transaction, with additional fees for currency conversion.

Is Hyperwallet secure for businesses to use?

Yes, Hyperwallet uses robust security measures including encryption and fraud detection to protect transactions.

Can Hyperwallet be integrated into my existing business software?

Yes, Hyperwallet offers a flexible API for seamless integration with your business systems.

How quickly are payments processed through Hyperwallet?

Processing times vary but most transactions are completed within 1-2 business days.

Does Hyperwallet offer customer support?

Yes, but customer service hours are limited and may not align with UK time zones.

Can I make bulk payments using Hyperwallet?

Yes, Hyperwallet supports batch payments, making it easier for businesses to handle large volumes of transactions.

Does Hyperwallet have mobile accessibility?

Yes, Hyperwallet offers a mobile app for convenient account management and transactions.

What is the minimum transaction amount on Hyperwallet?

Hyperwallet does not specify a minimum transaction amount, but fees may make smaller transactions less cost-effective.

Is Hyperwallet suitable for small businesses?

Hyperwallet can be used by businesses of all sizes, but its fee structure may be less favourable for small volume transactions.

Does Hyperwallet support freelance or contractor payments?

Yes, Hyperwallet is commonly used for paying freelancers and contractors globally.

How does Hyperwallet manage currency conversion?

Hyperwallet applies a currency conversion fee, which can vary depending on the currencies involved.

Are there any restrictions on the types of businesses that can use Hyperwallet?

Hyperwallet does have some restrictions related to regulatory compliance. Businesses should consult Hyperwallet’s terms of service for details.

Can I track payments in real-time with Hyperwallet?

Yes, Hyperwallet offers real-time tracking features for all transactions.

What happens if a transaction fails in Hyperwallet?

In the event of a transaction failure, funds are returned to the sender’s Hyperwallet account. Additional fees may apply.

Can I cancel a transaction once initiated through Hyperwallet?

Cancellation policies vary depending on the payment method. It is advisable to consult Hyperwallet’s terms and conditions.

Is Hyperwallet a good fit for UK-based companies?

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.

Compare ⓘ

Reviewed by , Managing Director

Important

Business Financed provides general information, but not financial advice. Always speak to a qualified expert to get personalised advice for your business.

Advertising disclosure

We may be paid a commission by our FCA-regulated partners when you click on the links in our articles. This does not affect our independent journalism.

Learn more

You can learn more about how this website operates by clicking here.