Placid Review

Placid Review Summary

Placid Express is a money transfer service that allows you to send money to anyone in the world from your bank account. You can use the service to send money to anyone within the United States, UK, Canada, or Australia. It's quick and easy to use and requires a little bit of information. Placid Express accepts payments in cash and to bank accounts. You can also transfer money via credit or debit card. Once you've created an account, you can pay for your transaction and begin using the service. This service has a variety of payment options, including credit cards and bank deposits. The company supports Visa and MasterCard credit cards, and they also support bank deposits.

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Placid Features

Placid Year Established

1895

Placid International Clients

Placid accepts international clients.

Placid Age requirement

18 years

Placid Currencies Offered

10 online

Placid Minimum Transfer

none

Placid Transfer Fees

none

Placid Office Locations

Headquarters in US, with subsidiary offices and certified agents literally across the globe.

Placid Employees

250

Placid Turnover

20,000,000 USD

Placid Regulation

authorized by United States Department of Treasury and banking departments

Placid Fees

Placid transfer fees are none.

Fees with Placid may vary per transfer, depending on method of sending, currencies and amount. Based on World Bank statistics, the fixed fee can be as high as 19 Pounds for 120 Pound transfer to Ethiopia (source).

Additionally to the fixed fees taken by Placid, the World Bank Statistics reveal that an additional markup of between 1 and 4 per cent is incurred.

Placid Client Rating

Placid has a rating of 3.

Number of Placid customers

500000

Placid Website

https://moneyaccounts.com/vs/torfx-vs-rabobank/

Placid Supported Languages

Month Savings
January $100
February $80

Placid Review

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Pros and Cons of Transferring Money with Placid

Most of the time money transfers with Placid will be smooth. Each money transfer service have their own benefits and isses, so always weigh the pros and cons of sending money with Placid money prior to submitting an application to Placid.

Can you easily afford the Placid fees, are the exchange rate costs reasonable with Placid?

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Placid Advantages

  • Placid has been in business over 4 years
  • Placid is availble in many international countries.
  • Placid offers a wide range of money transfer currency options.
  • Placid offers phone support.
  • Placid offers email support.
  • Placid offers an Apple iOS mobile application.
  • Placid offers an Android Google Play Store mobile app.

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Placid Disadvantages

  • Placid does not offer PayPal as a payment method
  • Placid does not offer Neteller as a payment method
  • Placid does not offer Skrill as a payment method
  • Placid does not offer a mobile wallet.
  • Placid does not offer Home delivery for money transfers.
  • Placid does not offer Cash pickups for money transfers.
  • Placid does not offer Money orders.
  • Placid does not offer Livechat support.

What Is Placid?

Placid is a financial service company, that offers its clients money transfer services.

Placid was founded in 1895 by Marcy Miller, and has offices in New York, US.

Placid provides money transfer services to its 500000 customers who are from all over the world including worldwide.

The New York, US Placid business was founded in 1895 to deliver money orders locally and internationally.

Do Placid Offer Money Transfer?

Money transfer businesses, or other financial corporations use EFT (electronic funds transfer) to send money across distances, large or small. That is to say that it is not actual money being sent, it is rather data that represents the amount being sent that the recipient can withdraw whenever they wish.

Is Placid Trusted And Established?

Placid is among the most recognized and reputable money transfer platforms. It has an exceptional track record and offers reasonable rates.

Placid was established in 1895 in New York, US, and has been in operation for around 129 years Placid have a head office in New York, US.

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How much does it cost to send a Placid Transfer?

Placid money transfer exchange rates are quite minimal compared to banks and other money transfer providers. A minimal percentage is charged on top of the exchange rate as standard practice. Placid only charges none, when compared to other money transfer service providers.

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How much can I send with Placid?

The maximum transfer amount with Placid is up to 2900 USD/day, 7000 USD/month, 20000 USD/3 months (or its currency equivalent) online.

While Placid charges a small percent of transfer fees, the brand offers reasonable exchange rates.

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Placid Money Transfer Terms and Conditions

When transferring money with Placid, it is crucial to keep tabs on the following:

  1. Placid Speediness. Often the need to money transfer may be urgent and time critical.
  2. Placid Reliability and reputation. The safety of money and personal information can be a concern for those wanting to use international money transfer services to send money.
  3. Placid Transaction charges. Transaction charges are important as the majority of customers wish to send money overseas without having to worry about paying excessive charges.
  4. Placid Ease of use, and convenience. Your money transfer platform should be flexible and offer a good range of options and features, making it more convenient for customers to send money overseas.
  5. Placid Customer service. Because one can often run into problems when transferring money. A money transfer platform with excellent customer service could solve a lot of problems. Placid customer service should respond to your queries quickly and work with you to resolve any issues that you have.

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How Placid Compares To Other Money Transfer Companies

NamePlacidXE Money TransferWise Multi-Currency Account
Usedby50000028000000011000000
Transfer Timewithin 1 hour1-4 business days1-2 business days
Min TransfernoneUS$1.001 USD
Max Transfer2900 USD/day, 7000 USD/month, 20000 USD/3 monthsUS$500,000.00 (or equivalent)1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
Payment Methodsdebit ard, credit card, placid expressBank transfer, credit card, debit cardBank transfer, debit card, credit card, SOFORT transfer
iOS Appyesyesyes
Android Appyesyesyes

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Placid Risk Warning

Any taxes or charges are payable in the destination country. costs may exist that are not paid through Placid or imposed by Placid. Your Placid money transfer transaction may be cancelled if it is demmed to be connected with prohibited activities including all applicable laws regarding anti money laundering or counter terrorism financing laws. or the transaction is actioned through unauthorised use of your Placid account.

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Placid Fees & Exchange Rates

Several money transfer platforms like Placid charge money for every money transfer a customer makes through their platforms. Other than that, every time an individual exchanges money from one particular currency to another, the money transfer operator in this case Placid may charge for a currency exchange.

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Placid Transfer Fees

A transfer fee is the sum of money that a money transfer operator like Placid charges a customer for transferring money to a recipient. The amount charged depends on the operator charging it.

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Placid Exchange Rate Margins

Exchange rate margins are how Placid, banks and other financial corporations make profit off their services instead of charging customers with commission fees.

When a bank or a money transfer service like Placid quotes an exchange rate to a customer, they usually take the interbank rate and add an amount known as a margin rate. Check with Placid to see what their exchange rate margin is.

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Placid Methods to Transfer Funds

A Placid fund transfer is when someone sends money from their account to another person's account. Money can be transferred using different methods, e.g. online, via the phone, or a mobile app.

The methods to transfer funds are:

  • Manual EFT
  • Automatic EFT
  • Bill payment
  • Correction

Placid enables users to transfer money using bank transfer, via none.

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Placid Currencies Supported

Money transfer operators that offer more currency options are beneficial because they make for reduced conversion fees. This way customers do not have to pay exorbitant conversion fees when transferring money.

Placid offers every available world currency to its customers. We list the major Placid supported currencies below.

Placid Money Transfer Currencies
NameCurrencies
BDT, INR, IDR, NPR, PKR, LKR, PHP, VND, EUR, FIM
AED, BDT, BHD, BTN, HKD, IDR, ILS, INR, JOD, JPY, KWD, LKR, MYR, NPR, OMR, PHP, PKR, QAR, RUB, SGD, THB, TRY, TWD, VND, BAM, BGN, CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, PLN, RON, RSD, SEK, BBD, CAD, CRC, DOP, GTQ, HNL, JMD, MXN, TTD, USD, XCD, AUD, FJD, NZD, TOP, WST, ETB, GHS, GMD, GNF, KES, MAD, MUR, MZN, RWF, SLL, TND, TZS, UGX, ZAR, ARS, BOB, CLP, COP, GYD, PEN, PYG, UYU
AED, ARS, AUD, BDT, BGN, BWP, CAD, CHF, CLP, CNY, CRC, CZK, DKK, EGP, EUR, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW
ALL, ARS, EUR, BSD, BDT, XOF, BOB, BRL, BGN, BIF, USD, XAF, CLP, CNY, COP, KMF, CRC, HRK, CZK, DOP, EGP, ETB, FJD, GMD, GHS, GTQ, GNF, GYD, HNL, HUF, INR, IDR, JMD, JPY, JOD, KES, MGA, MWK, MYR, MXN, MAD, NPR, NGN, PKR, PYG, PEN, PHP, PLN, RON, RUB, RWF, SLL, ZAR, KRW, LKR, TSZ, THB, TND, TRY, UGX, UYU, VND, ZMW
AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD, ARS, BDT, BWP, CLP, CNY, COP, CRC, EGP, GEL, GHS, ILS, KES, KRW, LKR, MAD, MXN, NGN, NPR, PHP, PKR, RUB, THB, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AED, EUR, PLN, AUD, GBP, SEK, CAD, HKD, SGD, CHF, HUF, USD, CZK, NOK, ZAR, DKK, NZD
AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, UYU, VND, XOF, ZAR, ZMW
AUS, SGD, HKD, INR, MYR, EUR, GBP, USD, CAD, JPY, NZD
USD, AUD, CHF, EUR, HKD, JPY, BBD, BMD, BSD, DKK, GYD, INR, JMD, KYD, MXN, NOK, NZD, SAR, SEK, SGD, TTD, ZAR, GBP
AUD, BGN, CAD, HRK, CZK, DKK, EUR, HKD, HUF, INR, ILS, JPY, JOD, MYR, MAD, NZD, NOK, OMR, PLN, GBP, QAR, RON, SAR, RSD, SGD, ZAR, KRW, SEK, CHF, THB, TRY, AED, USD
AED, AUD, BND, CAD, CHF, CZK, DKK, EUR, FJD, HKD, HUF, IDR, ILS, INR, IRR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NGN, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SCR, SDG, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XOF, XPF, ZAR
EUR, GBP, USD, CAD

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Placid Transfer Options

Placid offers the following transfer options:

Placid Money Transfer Options Compared
NameTransfer Options
Bank deposit
Bank deposit
Bank deposit, mobile wallet deposit
Bank deposit, cash pick-up, home delivery, mobile wallet deposit.
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, mobile wallet deposit
Bank deposit, cash pick-up (Philippines)
bank deposit, cheque, wire transfer, debit card, credit card
Bank deposit, cash pick-up, VISA & MasterCard, ATMs, mobile wallet deposit (depending on country)
Bank deposit
Bank deposit, cash pick-up , door-to-door delivery

Single Payments

’Single payments’ is a term used to recognize a one-time money amount from an allowance. For a single payment, the user may use a single credit card (or debit card) and have a single invoice.

Regular Payments

A regular payment is a highly economical and easy way to transfer money with Placid. It is best suited for customers who have to transfer regular smaller amounts (usually three, four, or smaller five-digit amounts).

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Who Placid Services Are Available To

Placid offers services for sixty different currencies across more than one-seventy countries.

The more global a money transfer operator becomes, the more reliable it is for people across the globe.

Placid Country Restrictions

Placid does not operate in the following countries :

  • Afghanistan
  • Aland Islands
  • American Samoa
  • Angola
  • Anguilla
  • Antarctica
  • Antigua and Barbuda
  • Barbados
  • Belize
  • Benin
  • Bhutan
  • Bonaire (including Sint Eustatius and Saba)
  • Bouvet Island
  • British Indian Ocean Territory
  • Burkina Faso
  • Burundi
  • Cape Verde
  • Central African Republic
  • Chad
  • Cocos (Keeling) Islands
  • Comoros
  • Congo
  • Democratic Republic of
  • Congo
  • Republic of
  • Cook Islands
  • Crimea
  • Cuba
  • Curacao
  • Djibouti
  • Equatorial Guinea
  • Eritrea
  • Faroe Islands
  • Fiji
  • French Guyana
  • French Polynesia
  • French Southern Territories
  • Gabon
  • Gambia
  • Greenland
  • Grenada
  • Guadeloupe
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Haiti
  • Heard Island and Mcdonald Islands
  • Holy See (Vatican City State)
  • Iran
  • Iraq
  • Ivory Coast (Cote d'Ivoire)
  • Japan
  • Kiribati
  • Kosovo
  • Kyrgyzstan
  • Lao People’s Democratic Republic
  • Lebanon
  • Liberia
  • Libya
  • Macao
  • Mali
  • Marshall Islands
  • Martinique
  • Mauritania
  • Mayotte
  • Micronesia
  • Federated States of
  • Montserrat
  • Myanmar
  • Namibia
  • Nauru
  • New Caledonia
  • Niger
  • Niue
  • Norfolk Island
  • North Korea
  • Northern Mariana Islands
  • Palau
  • Palestinian Territory
  • Papua New Guinea
  • Reunion
  • Pitcairn
  • Rwanda
  • Saint Barthelemy
  • Saint Helena
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Martin
  • Saint Pierre and Miquelon
  • Saint Vincent and the Grenadines
  • Sao Tome e Principe
  • Seychelles
  • Sierra Leone
  • Sint Maarten
  • Solomon Islands
  • Somalia
  • South Georgia and the South Sandwich Islands
  • Sudan (North and South)
  • Suriname
  • Svalbard and Jan Mayen
  • Syria
  • Tajikistan
  • Timor-Leste
  • Togo
  • Tokelau
  • Tonga
  • Turkey
  • Turkmenistan
  • Turks and Caicos Islands
  • Tuvalu
  • Vanuatu
  • Venezuela
  • Wallis and Futuna
  • Western Sahara
  • Western Samoa
  • Yemen
  • Zimbabwe
  • Crimea
  • Cuba
  • Iran
  • Libya
  • North Korea
  • South Sudan
  • Sudan
  • Syria

Certain countries are restricted because Placid is not allowed to legally operate in those regions or it is not economically viable for Placid to provide money services in these regions.

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Placid International Money Transfers

An International Transfer is when someone sends money from their account in one country to a bank account in another country.

Setting up your Placid money transfer is quick and simple with the modern Placid online platform.

Transferring money internationally used to be a tedious process 10 years ago but advances in software and the internet have made transferring money allot easier.

These days, you can send a money transfer with ease on the Placid website.

The Placid website includes useful and easy-to-access option for those who wish to track their money and monitor when it can be received, providing a safe and accessible option if you'd like to keep an eye on your transfer.

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Placid Minimum Money Transfer

Several money transfer companies do not have a minimum money transfer amount. Making it easy for their users to send small amounts of money. Placid has a minimum transfer amount of none.

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Placid Maximum Money Transfer

Money transfer companies often do not have maximum transfer limits. For example, Placid does not have a maximum transfer limit when the user is paying through phone. There is however, a 2900 USD/day, 7000 USD/month, 20000 USD/3 months limit per transaction for online transfers.

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Placid Money Transfer Fees and Charges

These are the fees charged by Placid and other money transfer companies (or other financial corporations) for transferring money. Several companies however, do not charge their users for transferring money. The only charges there are to pay are currency conversion charges.

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How Long Does It Take to Get a Placid Money Transfer

Placid money transfers do not usually take very long. It normally takes less than 24 hours for a money transfer to complete between two accounts with the same financial corporation. While in the case of money transfers with money transfer services like Placid, it can take a little as a few minutes. If the money is being sent overseas, it can take up to five days for the recipient to receive the money from Placid.

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Placid PLC Status

If a company has the acronym PLC at the end of its name, it means that the business offers its shares to the public and is traded on a public stock exchange. This alone makes the company more reputable. Placid is not a publically listed company. Placid is a privately owned company.

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Placid Money Orders

The charges for issuing money orders with Placid are none.

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Placid Mobile Top Up

Placid offers mobile top ups.Placid mobile top ups are where a user can add credit to a recipient’s mobile phone number. The recipients number has to be local. These are normally processed within minutes, if not seconds.

Placid COVID-19 Help

Some money transfer companies offer COVID-19 financial assistance. This may be in many forms including payment holidays, reduced interest rates and more options to pay. Check with Placid directly to see what they are able to offer if you are adversely affected by COVID-19.

Who are Placid Money Transfers Best For

There may be many reasons you are looking to action a money transfer with Placid. These reasons can include debt consolidation, medical bills, student debt, collection agency debt, wedding costs, holidays, home repairs and repaying friends and family.

Placid money transfers are best for people looking for looking for a reliable fast money transfer service.

Placid Guide for Fast Money Transfer Approval

For Placid to be able to process your money transfer application as quickly as possible make sure you have everything Placid need. If you and Placid need to go back and forth it may delay the Placid application process. Make sure every piece of information you give Placid is accurate.

Please note that you must have at least a minimum of one active bank account for Placid to process your money transfer.

Placid Application Time

Application time refers to the amount of time you have to wait for your Placid registration to be approved. This should not take long, especially if you have nothing which should come up as red flag on the Placid system.

Placid Approval Time

It is the time it takes for Placid money transfer operator to approve the money transfer being made. Depending on the situation this can take up to five days.

Placid Funding Time

It is the amount of time it takes for the recipient to receive the money transfer. Once your Placid money transfer has been approved the money should be in your account within four working days.

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Things to Check Before a Placid Money Transfer

Why more features are useful for modern life’s and why new challenger banks are starting to beat traditional banks.

Here are a number of important things to consider before considering Placid money transfer:

  1. Reliability and safety
  2. Making preparations before the transaction
  3. Convenience
  4. Transfer and conversion rates
  5. The quality of the customer service offered

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Placid Customer Support

Placid support should be there to help customers with their issues which includes answering their queries, guiding them through and difficult processes and issues when transferring money. Placid customer support should troubleshoot any issues with you until you get to a resolution that you are happy with.

When getting a Placid money transfer you will want to speak to a Placid representative in a language that you are comfortable with. All your Money Transfer queries and issues should be resolved quickly.

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Does Placid Offer Live Chat?

Customers can reach out to Placid through live chat to resolve Placid money transfer account issues or difficulties with their Placid account that they can't solve. Live chat, or live support is a real-time live chat feature used by customer support representitives allowing customers to instant message to and receive guidance from a trained agent regarding a your money transfer related query.

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How does Placid Compare with Other Money Transfer Companies?

When deciding upon a money transfer company like Placid you will want to know how Placid compares with other leading online money transfer companies. See how Placid compares below.

  1. Visit Placid alternative XE Money Transfer

    Used By: 280000000
    Currencies Available: 76
    Transfer Fees: none
    Payment Methods: Bank transfer, credit card, debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$500,000.00 (or equivalent)
    Year Founded: 1993

  2. Visit Placid alternative Wise Multi-Currency Account

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  3. Visit Placid alternative Remitly

    Used By: 3000000
    Currencies Available: 63
    Transfer Fees: 0-3.99$
    Payment Methods: Bank transfer, credit/debit card
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$20,000.00
    Year Founded: 2011

  4. Visit Placid alternative Wise

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$1,000,000 (varies based on currency)
    Year Founded: 2011

  5. Visit Placid alternative CurrencyFair

    Used By: 150,000
    Currencies Available: 17
    Transfer Fees: 0.45%
    Payment Methods: Bank transfer, debit card
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: £5.00 (or equivalent)
    Max Transfer: £10,000,000.00 (or equivalent)
    Year Founded: 2009

  6. Visit Placid alternative Wise Business

    Used By: 11000000
    Currencies Available: 55
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: 1 USD
    Max Transfer: 1000000 USD/transaction/day (personal), 3000000 USD/transaction/day (business)
    Year Founded: 2011

  7. Visit Placid alternative InstaReM

    Used By: 130000000
    Currencies Available: 11
    Transfer Fees: 0%-1%
    Payment Methods: bank transfer, POLi payment (Australia), debit card (EU residents), ACH Pull (US residents), FPX (Malaysian residents)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: $1 (minimum sending amounts could differ based on certain currency pairs)
    Max Transfer: No limit (different countries have regulatory limits on outward and inward flow of remittances originating from or to the country)
    Year Founded: 2014

  8. Visit Placid alternative Scotiabank

    Used By: 25,000,000
    Currencies Available: 23
    Transfer Fees: none
    Payment Methods: Bank transfer, debit card, credit card, apple pay, google pay, Scotiabank Saddletone gift cards
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: none
    Max Transfer: 10000 USD
    Year Founded: 1832

  9. Visit Placid alternative Skrill

    Used By: 120,000
    Currencies Available: 33
    Transfer Fees: none
    Payment Methods: Cash, bank transfer, debit card, credit card, e-wallet, cryptocurrency (depending on country)
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$1.00 (varies based on certain currencies)
    Max Transfer: US$2,500.00 / day (weekly and monthly limites also apply)
    Year Founded: 2001

  10. Visit Placid alternative MoneyGram US

    Used By: 150000000
    Currencies Available: 46
    Transfer Fees: 0-1.99$
    Payment Methods: pay by card or directly from your bank account
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 3000 USD
    Year Founded: 1940

  11. Visit Placid alternative Xoom

    Used By: 250000000
    Currencies Available: 4
    Transfer Fees: 0$-40$
    Payment Methods: Bank transfer, debit/credit card, PayPal balance
    iOS App : yes, Android App : yes

    LiveChat: yes
    Min Transfer: US$10.00
    Max Transfer: 2999 USD/day, 6000 USD/month, 9999 USD/3 months
    Year Founded: 2001

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Placid Website and Mobile Apps

Placid has a website available online but it may be useful to manage your Placid account from your mobile device like your tablet or phone.

Placid offers an Android mobile application on the Google Play store.

Placid offers an Apple IOS mobile application for iPhones and iPads allowing Placid to users to check their Placid accounts on their iOS mobile devices.

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Placid Deposit and withdrawal Methods

Placid offers the following Money Transfer payment methods: debit ard, credit card, placid express. All of significant bank systems are all acknowledged with Placid.

Placid offers ACH Payment which is used for direct deposit and debit transfers within the US. It is similar in nature to BACS (for the UK) and EFT (for Canada). Users can pay through bank transfer.

The recipient will receive the money in their bank account and can withdraw it using the method they prefer. They cannot, however, receive the money in the form of cash.

Take note that Placid may charge additional commissions and fees when using certain payment and withdrawal methods. These fees may not necessarily come from Placid.

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Is My Money Safe With Placid?

Placid is a reliable, secure, and trusted option for sending money overseas. Placid are registered and regulated with the authorized by United States Department of Treasury and banking departments.These regulatory licenses have strict rules that are enforced. These regulations safeguard the funds entrusted to them by Placid customers.

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Placid Financial Regulation and Safety of Placid Funds

Every business that wants to send money across borders (in excess of €3 million per month) must be licenced under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, both of which were created by the UK government but executed by the FCA for UK residents.

Consumer credit, in simple terms, is credit offered to individuals so they can purchase goods or cover personal expenses. It does not cover long term investments such as purchasing property. It allows for a properly managed economy to function and further encourages economic growth.

Firms like Placid that offer money transfer to retail customers are legally considered to be offering consumer credit.

A financial regulator ensures that consumers are protected, there is fair competition in the money transfer industry and the integrity of the Financial services industry as a whole is maintained.

Getting a money transfer with a regulated company is essential as it offers an increased level of protection than a money transfer from an unregulated one. This is because regulators are able to enforce strict rules and stop unscrupulous money transfer operators.

Laws differ on who can and cannot offer consumer credit in each country. Credit firms have strict rules that they must follow in order that they are legally allowed to transfer money to consumers. These laws are in place to protect consumers becoming trapped in a money transfer they can never pay off.

Be sure that Placid is fully licenced as a money transfer company.

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Placid Payment Services Regulations and Placid

The Payment Services Regulations Directive, is run by the European Commission in order to govern payment services and their providers across the European Union as well as the European Economic Area.

One of its goals has been to make foreign currency transactions transparent, much like currency payments. This is to protect consumers and businesses from being swindled.

What is the Financial Conduct Authority?

The FCA is a control body meant to license money transfer companies. Companies such as banks, Forex brokers, and money transfer operators are monitored the most. This is because they deal in situations that involve many intricacies, such as transferring money and offering loans, etc.

All reputable money transfer businesses that operate within the United Kingdom by law have to be registered and authorised as a payment institution by the Financial Conduct Authority (FCA) to comply with the Payment Services Regulations that were introduced in 2017.

Check Placid is financially regulated. Placid is regulated by the Financial Conduct Authority (FCA).

This makes sure that your Money Transfer agreement is above board and safe. In Addition, it Usually Means that Placid Possess a responsibility of care to their clients.

Is Placid Registered as a Money Service Business with HM Revenue & Customs

Financial institutions (which do not classify as banks) which convert and transmit money like Placid are known as Money Service Businesses. While they provide services similar to banks, they are still not considered banks. They offer more varied product options to individuals looking to transmit or convert money.

Financial authorities tend to keep tabs on Placid and other Money Service Businesses the most because the type of services they offer can leave them vulnerable to be used in financial crimes like money laundering. This is why it is crucial for them to be registered with the HM Revenue and Customs in the United Kingdom.

Placid Segregation of Client Funds

Placid as part of their regulation are required to segregate client funds from Placid company funds and keep all client funds within a bank that is authorised as a credit institution by the regulator. All client funds should be kept in the most reputable third-party financial institutions such as Barclays or the Bank of America.

Placid regulatory requirements mean that Placid Money Transfer funds and your funds should be totally separate. Placid cannot use any money that is still legally yours to conduct Placid daily business like paying Placid suppliers and costs. Your funds should be kept by Placid in a segregated bank account.

Placid Regulation Checklist

  • Check whether Placid has authorisation to offer consumer credit
  • Check the type of activities that Placid are allowed to conduct with their authorisation
  • Check the contact details, trading names and main business of Placid list on their website and the regulator match.

Placid Fraud Prevention Features

Fraud prevention is highly crucial when transferring money because once the money is gone, it's gone. Scammers most often gravitate towards money transfers. Lack of fraud prevention procedures can lead to loss of funds, or even identity theft.

Placid goes to great lengths to protect your Placid account from fraudulent use. We explain some of Placid anti-fraud features below:

  1. Placid has SSL encryption that protects the customer's private information.
  2. Placid has cutting edge technology that monitors almost everything i.e. from logins to transactions.
  3. The Placid platform has a bespoke monitoring system that helps to detect and prevents fraud.

Automated Transaction Confirmations

Having instant notifications turned on is not only convenient because the user is instantly alerted whenever there is a payment related activity on their Placid account, as you are instantly aware of every Placid transaction these notifications to your phone help you to keep tabs on any suspicious activity.

After conducting a transaction with Placid, the Placid accounts primary contact will receive a transaction confirmation confirming the transaction amount, rate exchange applied, and Placid delivery instructions.

Placid Monitors Your Account for Suspicious Transactions

Placid has systems and controls in place to detect fraudulent activity and protect Placid client accounts from misuse. If Placid detect a questionable transaction on your Placid account, Placid will contact you to verify the transactions legitimacy to ensure your Placid funds are safe.

How Does Placid Make Money?

Placid and other money transfer companies often charge their customers a certain amount of interest fees on every transaction made. The fees depend on the amount of money the customer wishes to transfer. Placid also earn money via foreign exchange rates.

Money transfer companies like Placid and banks need to survive, so they make money on interest from accounts and money transfers.

Placid Frequently Asked Questions

We list some of the most frequently asked Placid questions below.

Is there a limit to how much I can transfer with Placid?

You can transfer up to 2900 USD/day, 7000 USD/month, 20000 USD/3 months at a time.

When will I receive my Placid transfer?

It normally takes 3-5 business days.

Is it possible to cancel my Placid transaction?

If you need to cancel your transaction due to any reason, kindly contact us on this number 1-718-392-3500.

How old do you have to be to sign up to a Placid account

To signup to a Placid account you will need to be at least 18 years old.

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Is Placid a Scam?

Placid have been in operation since 1895 and have over 500000 customers and 250 employees. Placid is not a scam.

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Sending money online with Placid

Sending money with Placid is a single process once you have registered and verified your Placid account and payment methods.

  1. Go to the Placid website
  2. If you have a Placid account you can log in, otherwise you will need to create a new account.
  3. Decide how much you would like to send and where you want to send it to.
  4. Enter all the required information about the beneficiary, this might include their name, address, bank account details, and other personal data.
  5. Tell Placid how the beneficiary wants to get their money. Eg. through a bank transfer, cash pickup, or via some other means.
  6. Agree to the Placid exchange rate and any fees.
  7. Pay for your Placid transfer.
  8. Enter your information and provide and supporting documentation to verify your identity.

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How do I receive money from a Placid money transfer?

Depending on where you are located, you have a few options for how you can receive any money that has been sent to your Placid account. Your options for receiving money depend on the information entered by the sender, the country you are in, the currency you are receiving, and some other factors. Some methods of receiving money may not be available to you.

Receive Placid money directly into a bank account

Bank transfers are useful because not only are they safe, but the whole process is quick, and they offer the kind of flexibility no other method can. Placid allows for a deposit directly into your bank, credit union or other financial account.

Placid Cash Pickup

Some money transfer companies have agents around the world, and you will need to take identity documents to receive cash. Money is typically available within ten minutes of being sent. Placid allows you to pick up money in person at a Placid agent location.

Placid Smart Money and mobile wallets

A mobile wallet virtually stores cash card details on a smartphone. These are quite convenient as they allow for users to make purchases at physical stores without needing to carry money.

Placid Does not support mobile wallets.

Placid Home delivery

It is a way for an individual to receive money without having to leave home. What this means is that any money you send can be received in person at a designated home address. The money is delivered by a local agent. Placid do not offer home delivery money transfers.

When was Placid founded?

Placid was founded in 1895.

Is Placid Any Good?

Placid have a rating of 3 and are financially regulated, Placid can be considered a good money transfer company.

Is it easy to close my Placid account?

Its is easy to close you Placid account. You will have to make sure any outstanding payments and fees due to Placid are paid in full Before Placid will fully close your account. Make sure when closing your account Placid send you an official confirmation that your account is closed and no more monies are due to Placid.

Does it take long to setup a Placid account?

No, setting up a Placid account can take a few minutes. You will need to provide some proof of identity and address. You should definitely be able to access all the features of your Placid account in 1-3 days.

Where are Placid based?

Placid are based in New York, US

Countries where Placid is legal?

Placid is legally allowed to operate in over 26 countries.

How do I track a Placid Money Transfer

You can track a Placid money order by calling Placid or by tracking the order online. Call Placid number on 1-718-392-3500. The Placid automated phone system will take a few details and give you a status update. You can go online to the Placid website and check the status of a money transfer at any time.

If you have a Placid online account, log in and view your transaction history; If you do not have an online account, or if you are the receiver of the Placid transaction, use the Placid payment reference number on the Placid website to check the status of the transfer.

Can I cancel my Placid transfer?

The way that you cancel a Placid transfer depends on how you created and sent the Placid money transfer originally.

You may need to contact Placid by phone on 1-718-392-3500, through their website at www.placid.net or via email [email protected]. Requests are typically processed within 30 days, and you may be charged a cancellation fee by Placid.

If you made the Placid transfer online, then you should log in, find the transaction in your transaction history and then cancel it on the 'Transaction Details' page. If you do not have a Placid account, use the 'Track a Transfer tool to find the transaction and then cancel it on the Transaction Details page.

Double check the terms and conditions for cancelling a Placid transfer on their website.

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