Overview
Payz is an online payment method that has evolved and changed its shape a few times since the company’s beginnings in the year 2000. The popular e-wallet has been providing payment solutions to individuals and businesses worldwide for years and is one of the longest working e-wallets. Making transactions via Payz is instant, safe and convenient. Over 50 currencies are accepted in numerous countries where this payment option is available in physical or virtual form, users can choose the kind of card they wish to have.
Payz has been recognized as a great payment method and it has even won an award, ‘The Best Prepaid Card Design’ at the Prepaid365 Awards and it has been nominated for ‘Best Payment Solutions’ at the Global Gaming Awards.
The services of the e-wallet are provided by PSI-Pay Ltd, a company registered in the UK which is authorized and regulated by the Financial Conduct Authority under the Electronic Money Regulations to issue electronic money. The company is also licensed to issue other popular payment methods such as Visa cards and Mastercards.
Payz is used at many online casinos due to its availability and security plus it is easy to use and is internationally accepted. Casino players have plenty of gambling sites to choose from if they want to use this payment system for both depositing/funding accounts and making withdrawals.
What Is A Payz Account?
A Payz account is a free e-wallet which can be used to send and receive money. Additionally, it is a place where the account holder can store funds. It is simple and easy to open an account. The signing up process requires you to fill out two sets of information, account information and personal information. Under account information, the person needs to write their email address, username, password, country, language and currency. Under personal information, the person should write first and last name, date of birth, address, town, region, postal code and mobile phone. The whole process lasts just several minutes, or as long as it takes for you to write all of this information.
There are apps for both IOS and Android users. You can make instant transfers between your account and another person’s Payz account. There are multiple kinds of accounts to choose from, Classic account, Silver, Gold and Platinum accounts and VIP accounts.
The physical card can be used to withdraw money from an ATM and for online payments. If you are not a fan of physical cards, you will receive a virtual Mastercard which is available right away. The Mastercards are globally accepted and you can add up to 8 different currencies on your card.
Some of the services you can use online or via the app include freezing and unfreezing your card, setting spending limits, disabling contactless payments, in-store/online transactions and ATM withdrawals, changing your PIN number, keeping track of your transactions with instant push notifications…
Safety
Safety is of utmost importance and that is why the company uses the latest security and fraud solutions with the highest standards of data security and encryption. Any transaction that is made is fully protected so have no worries about any safety troubles. A process known as ‘safeguarding’ is used, it is a regulatory requirement for all e-money institutions. This means that the user’s funds are kept separate from the company’s funds. Your funds can only be used for your own transactions and cannot be used by any company creditors, banking partners or third parties. Requested money is available immediately, subject to the provider’s usual checks. In the unlikely event that the company goes out of business, your funds are going to be given back to you although there may be some costs involved due to the distribution process.
Also, an independent third-party expert checks that all the requirements are fulfilled every year and issues a report based on its research, it is available to the Financial Conduct Authority on request.
The funds that are kept in an account are known as ‘electronic money’ or ‘e-money’. Unlike banks which also keep funds for clients, the creators of Payz do not take your money as a deposit to use for their own purposes or lend it to others and the money is not covered by the Financial Services Compensation Scheme (FSCS). The FSCS makes sure that funds, up to a set limit, are returned to the customer in case of insolvency; however, it may treat multiple accounts as one group and therefore may lead to the loss of funds which are over the limit. PSI-Pay would return all of the funds you have in case of insolvency, not just a part of it, which makes it more secure and reliable compared to some other payment methods.
Personal Accounts
Different accounts have different features so let’s examine what each of them brings:
Registration and update is FREE for all accounts.
When it comes to withdrawal fees, only a Classic account has no fee while Silver, Gold and Platinum accounts have a fee of 5.90-10 euros and a VIP account has a withdrawal fee of 2.90-7 euros. All accounts, except for the Classic one, have the option to withdraw funds to a bank account and up to 4 Mastercards can be added. An FX fee comes with every account and it varies in percentage. Classic and Silver accounts have a fee of 2.99%, Gold and Platinum accounts have a fee of 1.49% and a VIP account has a fee of 1.25%.
Only the Classic account has a total lifetime limit, the rest have no limit. The Classic account doesn’t have the maximum account balance option. For Silver accounts, it is 15,000 euros, for Gold 100,000 euros, for Platinum accounts 120,000 euros and VIP accounts have no limits.
Customer service is available to any account users 24/7.
Fees
Bank wire deposits made via all accounts have a fee of up to 10%. Bank deposit to a virtual IBAN/Account is an option for all accounts apart from the Classic account and the fee is 0,50 EUR/GBP. The fee for credit card deposits is the same for all accounts, 1.69-6.00%+0.25EUR. EcoVoucher deposit has a fee of 2.90% for all accounts and codePayz deposit is the same for all accounts, 3.50EUR. ZestPay deposit is also equal for all accounts, 0.50-2.00%. Alternative currency deposit is free for any account. The Classic account is excluded from services such as bank transfer, bank transfer from virtual IBAN/Account, zestPay transfer, inter-accounts transfer and transfer to another Payz account. If you wish to have these options, you can open one of the following accounts: Silver, Gold, Platinum or VIP. There is a currency conversion fee and an inactive account fee for all accounts.
Silver Account – Bank transfer fee is 5.90-10EUR. Bank transfer from virtual IBAN/Account is 2.50EUR/1GBP. ZestPay transfer costs 1.00% (minimum is 5.90EUR). Inter-accounts transfer and transfer to/from Payz penchant is free. The transfer to another Payz account (sender pays) is 1.50% (minimum is 0.50EUR). Currency conversion costs 2.99% and an inactive account fee is 1.50EUR per month.
Gold Account – Bank transfer fee is 5.90-10EUR. Bank transfer from virtual IBAN/Account is 2.50EUR/1GBP. ZestPay transfer costs 1.00% (minimum is 5.90EUR). Inter-accounts transfer and transfer to/from Payz penchant is free. Unlike in the Silver account, the transfer to another Payz account (sender pays) is free. Currency conversion costs 1.49% and an inactive account fee is 1.50EUR per month.
Platinum Account – Bank transfer fee is 5.90-10EUR. Bank transfer from virtual IBAN/Account is 2.50EUR/1GBP. ZestPay transfer costs 1.00% (minimum is 5.90EUR). Inter-accounts transfer and transfer to/from Payz penchant is free. Unlike in the Silver account, the transfer to another Payz account (sender pays) is free. Currency conversion costs 1.49% and an inactive account fee is 1.50EUR per month.
VIP Account – Bank transfer fee is 2.90-7 EUR. Bank transfer from virtual IBAN/Account is 2.50EUR/1GBP. ZestPay transfer costs 1.00% (minimum is 5.90EUR). Inter-accounts transfer and transfer to/from Payz penchant is free. Unlike in the Silver account, the transfer to another Payz account (sender pays) is free. Currency conversion costs 1.25% and an inactive account fee is 1.50EUR per month.
Business Accounts
The goal of the company is to offer a business account that fits everyone’s needs and that will shorten the time you need to spend on finances. As the owner of such an account, you can pay salaries, commissions and one-off transactions to individuals and companies in various parts of the world and in uo to 50 currencies. You can allocate and track expenses, issue up to 11 physical and virtual debit cards in up to 8 currencies, give your staff access to funds with Payz Business debit cards and online accounts and take control of spending and security all from the same account. Additional perk, every owner of such an account will be given an account manager who will assist if there is an issue.
Payz Mastercard fees
The fees are the same for all accounts, Classic, Gold, Silver and Platinum. Card issue and activation is free. Courier delivery fee (UK) is 10.00GBP and courier delivery (EEA) is 30.00GBP. Cash withdrawal costs 2.00% (minimum charge is 1.50EUR). Cash services are 4.00% (minimum 0.80EUR). Currency conversion is 2.99% and card replacement fee is 12.50EUR. The services which are free include Balance enquiry, account inquiry and statement enquiry, Update of customer details, Card cancellation or redemption, Card renewal, PIN reminder and Transaction processing.
Payz Mastercard Limits
For a minimum single transaction, there is no fee, no matter of the account type. Maximum single contactless transaction is 50 EUR and cumulative contactless transaction amount is 150 EUR. Cumulative number of consecutive contactless transactions is 5. Maximum single cash transaction is 250 EUR for Silver accounts and 500 EUR for Gold, Platinum and VIP. Maximum single purchase transaction for Silver accounts is 4.000 EUR and for Gold, Platinum and VIP is 4.800 EUR. The maximum number of ATM withdrawals per day is 10. The maximum number of PIN retrievals per day is 5 and the card life is 5 years.
Daily limits
Maximum daily (cash transactions) is 750 EUR for Silver accounts and for Gold, Platinum and VIP is 1.000 EUR. Maximum daily (purchase transactions) is 4.000 EUR for Silver and 4.800 EUR for Gold, Platinum and VIP accounts. Max daily (load transactions) is 3.000 EUR for Silver and 6.000 EUR for Gold, Platinum and VIP accounts.
Monthly limits
Maximum monthly (purchase transactions) is 50.000 EUR for Silver accounts and 80.000 EUR for Gold, Platinum and VIP. Maximum monthly (cash transactions) is 20.000 EUR for Silver and 35.000 EUR for Gold, Platinum and VIP accounts. Max monthly (load transactions) is 10.000 EUR for Silver and 20.000 EUR for Gold, Platinum and VIP accounts.
Yearly limits
The maximum yearly (cash transactions) is 100.000 EUR for Silver accounts and for Gold, Platinum and VIP it is 200.000 EUR. Maximum yearly (purchase transactions) is 200.000 EUR for Silver and 270.000 EUR for Gold, Platinum and VIP accounts.
Conclusion
If you seek a payment option that is accepted worldwide and supports many currencies, this may be the right choice for you. Payz has multiple account options and convenient cards that will make any transaction swift and easy. The company that owns Payz has been around for a while and this is one of the oldest e-wallets for a good reason, clearly it has been fulfilling customers’ needs properly.
When it comes to the gaming world, Payz is accepted in plenty of online casinos so you will be able to make deposits/withdrawals with ease. Of course, make sure you examine the fees and conditions attached to the accounts and cards and that you are fine with them.
All in all, this payment method is: safe, globally recognized and constantly upgraded for your convenience.
FAQs
What is EcoPayz?
Owned and operated by the UK-based PSI-Pay Limited, and licensed by the Financial Conduct Authority, it is a commonly used online payment service.
Can it be used for both deposits and withdrawals?
Yes, it is actually one of the few e-wallet services that makes both types of transactions possible.
How long do the withdrawals take?
Usually no longer than 2 to 3 business days.
Which currencies are supported?
More than 40 different currencies, actually, including USD, CND, GBP, AUD, and more.
Are there different types of accounts?
Yes, there are five of them: Classic, Silver, Gold, Platinum, and VIP.