The new product, which has been added to the firms existing card-to-card Global Transfers, will make cross-border payments in euros as easy as national payments and will result in improved convenience and processing times for European consumers.

Ronald Millar, CEO of Paysend, said: “We are excited to launch this new product and offer our valued customers a choice of sending money either to a card or a bank account in any European country. Transfers to bank accounts will allow our customers to make euro payments across Europe as easily and efficiently as they do today within their own countries. Effectively we are eliminating cross-border payments in Europe by making all of them domestic. “

It will be enough to use just one euro bank account for all transfers and payments, no matter where in Europe the recipients may be. PaySend customers will also benefit from PaySend’s ability to send money at a fixed low price without any hidden fees or charges.

Ronald added: “Our customers will be able to transact from the very same PaySend account they use for the card-to-card transfers. Now it’s up to them to decide which payout options suits them best - they can direct funds either to any Visa or MasterCard or to the bank account of their recipient anywhere in Europe.”

The service is available to any registered customer via the company’s website or mobile app.