DynaPay Review

Our DynaPay review will explain the pros and cons of using this business-oriented payment provider. We focus on the important aspects like DynaPay’s licensing and regulatory obligations. As well as DynaPay fees and exchange rates. Throughout this DynaPay review we’ll also compare how their service stacks up against other business FX providers.

📝An OK option for business clients but DynaPay is not among our top 10 money transfer companies for October 2021. For private clients and further hedging capabilities see DynaPay recommended alternatives here.
Logo
🏛️ Established2017 (Part of the DYNINNO Group founded in 2004)
🌎 International Clients✓ UK, EU, Hong Kong, Singapore, Canada, UAE, Australia, Switzerland & Israel
💱 Currencies Offered38 Currencies to over 180 Countries
💷 Minimum TransferNo set minimum
📲 Trading viaOnline platform or API
🏢 Offices In

DynaPay – UK only

DYNINNO Group – additional locations

⚖️ Regulation✓ Financial Conduct Authority (UK)
🤯 FeesPayments from EUR account:

  • SEPA = 1 EUR
  • TARGET2 = 15 EUR

Payments from GBP account:

  • Faster Payments = 1 GBP
  • CHAPS = 18 GBP

Payments from USD account:

  • ACH Transfers = 0.15% + 0.6 EUR
  • SWIFT = 0.15% + 35 EUR
Promotional CodeCurrent Offer: Apply by 31 October and receive a 3-month trial with no monthly fee
👨‍👩‍👧‍👦 Client Reviews25 reviews on Trustpilot.com
⭐ Client Rating92% positive
Websitewww.dynapay.co.uk
🏆 AwardsNone to date
👍 Advantages

Personal and caring account management

Professional service

Multiple payment types supported

Opens currency accounts quickly

👎 Disadvantages

Excessive KYC requirements

Very expensive SWIFT & CHAPS fees

Onboarding Fee

Monthly Account Management Fee (though clients are happy with the dedicated support provided)


Our Rating: N/A%

Status: Not In MTC’s Most Recommended List

Read full review

 

Our Top Rated Alternatives

Discover DynaPay competitors offering digital bank accounts below. Try our best-recommended companies offering similar services:
Updated for October 2021

moneycorp
  • Supported Currencies: 120.
  • Clients From: Globally with offices in UK, USA, France, Spain, Ireland, Australia, HK, UAE, Brazil, Gibraltar and Romania.
  • Authorised? Yes, by the FCA.
  • Guidance / Dedicated Dealer: Yes.
  • Online System: Yes, including an app.
  • Strong Point: Credibility, Reputation, Liquidity, Level of Service, Best Credit Rating among Peers.
  • Operating Since 1979 and Maintaining Excellent Reputation Since. An Industry Leader.
  • Rating:
    4.6 /5 on Feefo
    Editorial (Corporate): 99.4%
Currencies Direct Logo
  • Supported Currencies: 59.
  • Clients From: Globally , with the exception of certain U.S states. Offices in UK, EU, USA, Canada, China, South Africa and India.
  • Authorised? Yes, by the FCA.
  • Guidance / Dedicated Dealer: Yes.
  • Online System: Yes, including an app.
  • Strong Point: Superb Service, Experienced Dealers, Batch payments, Forward contracts, Multi-Currency Wallets and Rate Alerts.
  • One of the leading currency brokerages turning over £7.5bn annually.
  • Rating:
    4.8 / 5 on TrustPilot
    Editorial: 97.8%
  • Supported Currencies: 121.
  • Clients From: Only accepts corporate clients & does not accept U.S businesses.
  • Authorised? Yes, by the FCA.
  • Guidance / Dedicated Dealer: Yes.
  • Online System: Yes, including an app.
  • Strong Point: Exchange Rate Margins of 0.25%-0.15% for Large Turnovers.
  • Trading more than $7bn each year.
  • Rating:
    9.8 /10 on Feefo
    Editorial: 91.4%

Read More:

Company Information and Credibility


Company size:

Founded in 2017, DynaPay is a UK based provider of intelligent and flexible FinTech solutions for business (classified as business foreign exchange provider).

DynaPay is part of the DYNINNO Group that provides in-house IT solutions, lead generation and sales to brands operating in more than 50 markets worldwide. Experts in business process optimisation, DYNINNO Group is an international tech company with more than 15 years in continuous development.

DynaPay has a team of young and progressively thinking individuals that follow the ultimate goal of sharing its know-how in the FinTech industry. DynaPay runs efficient risk management and continuous fraud prevention and focuses on an individual approach to business clients. Their payment solution is based on Payment Acceptance Services (via business bank accounts), outbound payments and an open API which allows third parties to create value added services on top of their Legal, Technical and Banking infrastructure.

Product development continues at a fast pace at DynaPay with the firm continually looking at ways to enhance its offering. In 2021 alone, the firm has enhanced its solution by teaming up with CurrencyCloud to launch an additional 30 currency accounts which run under one IBAN based out of the UK and has become a direct member of SWIFT.

Regulated By:

Financial Conduct Authority (UK)

Awards:

N/A


Conclusion:

Recently founded in 2017, DynaPay is still a relatively young payments technology firm. It’s part of a much wider tech group operating in over 50 markets, with over 3,5000 employees and a track record which dates back to 2004. The firm does have other experience in financial services, though this has largely been in the small business loan sector. The group’s move into payments with DynaPay in 2017 is very much its first in the area of transactions and banking.

The firm is regulated by the FCA and is authorised to offer its services in the UK, EU, Hong Kong, Singapore, Canada, UAE, Australia, Switzerland & Israel. A look through the FCA register verifies that DynaPay Limited has been an Authorised Electronic Money Institution since 10/12/2018, though it isn’t clear how DynaPay has licenses in the EU and rest of world.

We get the impression this is indeed a credible payment provider but one thing we don’t like is the ‘100% safeguarded funds’ the firm advertises on its homepage. It looks to be an error in terminology because as they clearly state in their T&C’s, they provide digital bank accounts which are not safeguarded by the financial services compensation scheme. This is in line with FCA procedures and it’s how many companies in this sector provide electronic bank accounts but the correct terminology here is ‘segregated accounts’. Though it might simply be an error, it’s wrong to advertise these accounts as safeguarded as this suggests funds are protected in the case of insolvency.

 

 

Client Feedback


Research:

It’s a very limited sample of reviews with just 25 found on TrustPilot. It’s quite common for firms operating in the B2B space to have less customer reviews but it does make it very hard to recommend the firm from such a small sample.

Of the 25 reviews, two rate the service as ‘bad’, one rates it as ‘great’ and the remaining 22 rate the service as ‘excellent’. Leading to a review score of 4.4 / 5. Which is certainly not bad but is based on such a small sample.


Positive DynaPay reviews had the following to say::

  • Personal and caring account management
  • Professional service
  • Multiple payment types supported
  • Opens currency accounts quickly
Those dissatisfied with DynaPay had the following to say::

  • Excessive KYC requirements
  • Very expensive SWIFT & CHAPS fees
  • Onboarding Fee
  • Monthly Account Management Fee (though clients are happy with the dedicated support provided)

Conclusion:

Conclusion:

Very limited sample of reviews to make a judgement based on existing client experience. One thing that does come out strongly is the quality of the account management provided, there are numerous reviews either specifically highlighting a DynaPay team member who has been meticulous in answering questions or praising the overall level of customer service provided.

One of the negative reviews mentions the long and arduous process to open an account. DynaPay advertise doing this in 24hours or under and in this instance it certainly didn’t seem to be met. But given the firm is FCA regulated is required to compelte the necessary Know Your Customer checks there may be instances where more enhanced due dilligence is required. The account opening is also reliant on strong synergy between both the provider and the applicant provding timely response. It’s not uncommon to see complaints around KYC procedures and every firm in the industry will have at least one complaint relating to this.

 

 

Exchange Rate & Fees


Fees:

DynaPay has a complex fee structure that can be found here. Payment fees are split depending on the account the payment is being made from.

Payments from EUR account:

SEPA = 1 EUR

TARGET2 = 15 EUR

Payments from GBP account:

Faster Payments = 1 GBP

CHAPS = 18 GBP

Payments from USD account:

ACH Transfers = 0.15% + 0.6 EUR

SWIFT = 0.15% + 35 EUR

Other costly fees include a £185 onboarding fee for EU-based companies (UK onboarding is free) and an ongoing monthly fee of £8.90 for UK-based businesses / £45 for EU-based businesses. There are also very expensive fees for requesting a SWIFT proof of payment (25 EUR) and seeking a chaps remediation (£35).

Exchange Rates:

It’s not clear what exchange rate DynaPay provides, though they advertise “currency exchange at wholesale rates” which are determined on a case-by-case basis. I.e the more a client transfers, the better the rate they can negotiate.

Limits:

No reference to minimum or maximum transfer limits.


Conclusion:

A very detailed and precise fee structure that covers payments across a number of different payment networks. Small transfers in GBP that can be processed on the faster payment network and clients happy to use the SEPA network for EUR payments are charged a reasonable £1/€1 fee. The issue is for larger GBP transfers on the CHAPS network which are charged at £18 and SWIFT transfers charged at 35 EUR + 0.15%. This is incredibly expensive, perhaps even more so than banks. For companies who have requirements to send currencies to more remote destinations, SWIFT might be the only transfer option, so it would almost completely rule out DynaPay given the excessive fees charged. For business providers with much cheaper payment fees, see Currencies Direct and WorldFirst. Both provide dedicated account management but do not charge a monthly service fee for this.

 

 

Global Reach & Service


Research:

  • Dedicated Dealer: Yes
  • Offices: London, UK (DYNINNO Group with many more across the globe).
  • Ways to approach: E-mail, telephone
  • Translations: English only
  • Accepts clients: UK, EU, Hong Kong, Singapore, Canada, UAE, Australia, Switzerland & Israel
  • Currencies Handled: 38
  • Client reviews: 92% positive, 4.4/5 TrustScore per TrustPilot.com (just 25 reviews)

Conclusion:

By DynaPay’s own admission, they are a predominantly UK & European payment solution. They provide local bank accounts in the UK (GBP), Europe (EUR) and USA (USD). The remaining 30 currency accounts are run out of the UK, meaning transfers to these accounts are likely to be international if your customers are based in other countries (for example a customer sending AUD from Australia to an AUD currency account in London). This could still work for UK-based businesses but businesses from Hong Kong, Singapore and Canada etc are likely to be much more hindered by currency accounts based out of London. Providers such as WorldFirst offer less currencies (10) but each currency account is held locally in the country it represents. Making it much easier to do business as a local.

 

 

Additional Functionalities

Currency accounts and both local and international transfers are DynaPay’s bread & butter. This is the core focus of the firm and there are little additional functions added on top of this. The main thing to highlight is the DynaPay API.

API

DynaPay’s API allows third parties to create value added services on top of their Legal, Technical and Banking infrastructure. As an added service, DynaPay provides API clients with bulk payments functionality.

Conclusion:

DynaPay is a business account specialist. Three local accounts can be opened in GBP, EUR & USD. The remaining currency accounts are run out of one single IBAN in London. This can help to keep invoices and account settlement simple but could cause issues for payments received from outside of the UK. Very little offered in terms of FX hedging solutions provided by the likes of Currencies Direct and Global Reach, or any of our most recommended currency brokers.

DynaPay Review

Bottom Line

DynaPay is a growing payment technology firm with a primary focus on the UK & Europe. Fees for SEPA transfers and transfers made on the UK faster payments network are very reasonable. However fees for ACH transfers are excessive, as are those for payments made over CHAPS and SWIFT. In many cases, fees are as expensive as, if not more, than banks. There are many money transfer companies offering lower fees. And if it’s specifically multi currency accounts that are the requirement, there are a number of providers not charging monthly management fees which also hold a greater number of local bank accounts, making it easier to do business internationally. DynaPay looks like a growing company which offers a very tailored service to each business customer but what it offers is not unique. There are a number of more established providers offering dedicated account management and lower fees.