Paypenny is making some noise in the market, especially in Europe market. The company is based in Canada and provides a way to transfer money to your home country, India.

Paypenny is an app that allows you to send money from Europe to India with a higher exchange rate than other competitors, such as Wise. According to some users on Reddit, Paypenny is able to offer such a good deal because they specialize in India and they make money on the other end of the transfer from INR to a more stable currency. However, this also means that they have some limitations and drawbacks, such as low transfer limits, no support for NRI accounts, and slow processing times.

I have been using paypenny app for a while to send money from Europe to India, and I find it reliable and convenient. However, there are some drawbacks and limitations that you should be aware of before using it.

Where does it excels?

• The app offers a higher exchange rate than other competitors, such as Wise. You can save some money by using paypenny app.
• The app does not charge any fee for transferring money. You only pay the amount you want to send.
• The app has a friendly and helpful customer service team that you can contact via WhatsApp chat. They are quick to respond and resolve any issues you may have.

Where does it falls short?

• The app has a low limit for adding and sending money. You can only add up to 4000 euros per transaction to your paypenny wallet, and you can only send up to 1000 euros per transaction to India. Moreover, you cannot send the same amount twice, so you have to vary the amounts slightly. This can be annoying and time-consuming if you want to send a large amount of money.
• The app does not support NRI accounts, so you can only transfer money to your regular savings accounts in India.
• The app takes 2-4 working days to process the transfers. This can be a problem if you need the money urgently or if there are any delays or errors in the process.

Overall, I would recommend paypenny app to anyone who wants to send money from Europe to India with a good exchange rate and no fee. However, you should be careful not to keep too much money in your paypenny wallet, and be prepared to deal with some operational hassles and delays. If you have some patience and flexibility, paypenny app is a good option for you.

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