Cosmo Payment review: a prepaid card for getting paid

How much Cosmo Payment costs

The account costs $3 a month, taken from the balance, and the first plastic card $12.95 with standard shipping. Receiving a payment costs $3 unless the platform absorbs the fee. A card-to-card or card-to-email transfer costs the sender $3, and a bank transfer to your own account $5, taking one to three business days.

An ATM withdrawal costs $3.15, a declined withdrawal $1, and up to 3.5% is added for non-USD transactions. Card purchases are free.

Cosmo Payment card limits

The primary balance is capped at $20,000, and any load above $6,000 goes to an unlimited secondary balance. You can move $6,000 a day back to the primary balance. ATM withdrawals are limited to $600 each and $3,000 per 24 hours. A purchase can reach $20,000, within $80,000 or $90,000 a year depending on the card.

How Cosmo Payment works

Cosmo Payment opens an account in under a minute that receives payouts from a platform, with a virtual or plastic card for online and in-store purchases and ATM withdrawals. Money can also go to another Cosmo card, by email, or to your bank account in select countries.

For businesses, it pays affiliates, vendors and freelancers in one go. It claims 250,000 users, 500 partners, 130 countries and over two decades of experience, and announces its arrival in Latin America.

Who runs Cosmo Payment

Cosmo Payment is the trading name of CP Solutions Limited, an Isle of Man company based in Douglas. The card is issued by Paysafe Financial Services Limited, an electronic money issuer in Cambridge regulated by the FCA under FRN 900015. Funds are safeguarded apart from the issuer’s assets, but not covered by the FSCS.

Strengths and limitations of Cosmo Payment