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Is Elevate Pay Safe for International Payments? My Test Result

Elevate Pay has recently launched in Pakistan and has gained significant recognition across the region. As a freelancer, I wanted to ensure this app is as reliable as it claims. So, I tried receiving international payment through it. 

During the verification process, It asked me to provide various personal details, which naturally raised security concerns for many. So, is Elevate Pay safe to use? This blog reveals my personal experience.

is elevate pay safe

Starting with Account creation on Elevate Pay

Account creation on Elevate Pay is pretty straightforward. You need to provide your email address, name, password, country, and employment information, which is necessary. 

It is crucial to fill out the correct details at every step. The app will ask you to verify details by providing documents like an employment letter, pay slip/bank statement, and utility bills to prove your address and employment status.

persona verification process

Image Source: Persona

After completing the registration process and submitting the documents, I received an email from the Elevate Team that it would take around 24 – 72 hours for them to verify the submission and open the next steps.

Here, I would appreciate the support team of Elevate Pay, who guided me throughout the process. The team is very responsive, and I got the second email after 72 hours. This time, they asked me to verify the Identity.

ID Verification Process - The Real Concern

In this process, I had to verify my ID by uploading front and back images of my National ID Card (NIC) and taking a selfie from every angle. This step is crucial for compliance with Know Your Customer (KYC) regulations, designed to prevent fraud and money laundering.

I got a little curious at this point and decided to do some research. And what I found is that Elevate Pay uses Persona for the ID verification process. Now you might be wondering what is Persona. Let me tell you.

What is Persona?

Persona is a globally recognized solution for identity verification and management. Persona’s platform is trusted by businesses worldwide, like Coursera, Reddit, etc, to securely collect, verify, and analyze user identities and prevent fraud. Which means your information is secure. Also, Elevate Pay claimed to hold your information within Persona for no more than three years.

Persona - compliant and certified to the highest industry standards.

This partnership enhances the safety and trustworthiness of Elevate Pay, making it a dependable choice for freelancers and remote workers managing their finances online. What’s more? 

FDIC-Insured Accounts:

Other than this, I also found that Elevate Pay is the product of Bloom Financial Technologies Inc., which is registered with Gov and partnered with Bangor Savings Bank (FDIC insured).

Elevate provides US-based, FDIC-insured bank accounts to freelancers, protecting deposits up to $250,000. There are no charges for monthly account maintenance or registration fees, and sending money back home is pocket-friendly.

So, did I complete the verification?

The answer is Yes. But I follow steps to go safe. After completing the verification, I got access to the dashboard within an hour. The app has a simple and user-friendly interface. You can easily find the required options in front.

Now, to discuss the most awaited part of receiving money into my account.

I had to receive payment from one of my clients in New York, and this time, I shared with him the account details of the Elevate Pay. These details are easily accessible from the Account Details tab.

receive international payment in Pakistan

This is what my client responded,

I told my client about trying this new method to test out. He is an old buddy and agreed to support in the process. On filling out the details and adding me as a new beneficiary to his bank account, he found that he was being charged 30 USD for the Wire transfer even upon selecting the minimum amount to send.

The transaction fee structure of Elevate Pay is as follows:

  • Inbound ACH Transfers: Free.
  • Inbound Wire Transfers (Domestic/International): $30.
  • Outbound ACH Transfers: Charges are $1 for standard (1-3 business days) and $2 for same-day processing.
  • International Transfers: Fees vary based on the country and currency, with additional fees for FX rate adjustments​ (ElevatePay)​.

The charges may vary, so keep up with the Elevate Pay application. Back to the topic, we proceeded with the Wire Transfer, and I received the payment within five hours in my account with a $30 fee deduction. So, it cut out $30 from the actual payment the client sent me. 

Then, when I transfer the cash to my local bank account in Pakistan, it shows a fee of $1.50 as an Elevate fee for sending money to local bank accounts, which is comparatively lower than other methods but $30 additional for wire transfer is a bit high for both client and freelancers especially if its a US-based bank account and we are receiving payment from another US bank through Wire Transfer. 

Final Words

Overall, I found this application and the process worth trying. The best part is that I can receive money from anywhere in my Elevate account and withdraw it into my local bank account in Pakistan. Elevate offers the best exchange rate.

However, the fee for the client is a bit high, but you can inform the client beforehand. The overall functionality of the Elevate Pay app was smooth, and our information is also completely safe with the Elevate App.

Speaking of the Virtual Debit Card, I am still on the waitlist due to a high number of users. But I will update here once I get it. If you want a review on the use of the card, do let me know in the comment section below.

So, that’s all for this blog. Information shared in this blog is my personal experience with the Elevate Pay. If you have any question or need assistance, reach out to me via contact us.

Stay Safe, and Happy Freelancing!

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