ecoPayz

The ecoPayz platform was first launched in 2000 and came under the regulation of the British Financial Conduct Authority (FCA) in 2008. The FCA is widely trusted by financial market participants for its strict oversight.

Today, ecoPayz offers accounts and cards for users worldwide. But is everything as reliable as it seems? How safe is it to use this service? Is ecoPayz a scam or a reputable payment operator?

Why ecoPayz?

A free multicurrency account with the support of 45 currencies (opportunity to save significantly on currency conversion thanks to the fixed commission from 1.25 to 1.49% depending on the type of account).

• Instant transactions. It takes a few seconds for funds to be credited to the desired account.
• Security. Each user goes through a strict system of verification, each transaction is confirmed by a one-time code and protected by international encryption standards.
• Transparency. All rates and limits are visible even to an unauthorized user.
• Ability to withdraw cash by ordering a plastic card (issued free of charge, for cash withdrawal is charged 2 euros regardless of the account).
• Settlement and cash services for legal entities.
• Download reports in the form of documents.
• Many additional services (ecoVoucher – a coupon for making payments, purchased from the distributor. codePayz – the company’s own application for recharging an account and making purchases for cash, by barcode. Mobile application for Android and iOS, etc.)

Except for difficulties in passing the verification procedure, we did not find any other serious flaws in the system.

EcoPayz for Sports Betting

Among ecoPayz sellers, there are many bookmakers. And the balance of BC through the system is convenient and fast: go to “Payment” (or “Deposit”), specify the amount, choose our payment system, authorize in it, if it is not already done, and confirm the transaction with the button “Send”. Funds will be credited almost instantly.

ecoPayz for Buying/selling Cryptocurrency

Crypto exchanges and exchangers also support ecoPayz because of its speed. The system is on the list of the most popular among users when it comes to foreign sites, where additional conversion into some currencies is required through Cryptocurrencies.

How to Use ecoPayz to Pay for Goods and Services?

Paying for goods and services with ecoPayz can be done in two ways: directly at the merchant’s site and via the Personal Area (on the same principle as private transfers). In the first case it all depends on the sophistication of the resource. Ideally, when you get to the payment stage of the checkout process, you should see an icon of the payment system among the options and, having selected it, enter the account number and confirm the transaction.

But sometimes you have to request a receipt/requests from the merchant and proceed in a second way: go to the “Funds transfer” tab of your ecoPayz account, select the “To private person” tab, specify the name, the recipient’s currency account number/10-digit ecoAccount number, the amount to send and – optionally – leave a comment. Confirmation is the same as for registration (depending on which option you choose).

How to Register in the Payment System ecopayz.com?

To register in the system, go to the questionnaire (the link at the top of the site leads to ecopayz.com) and enter data about yourself: name and surname in Latin letters, e-mail address, mailing address, phone number. Come up with a login (user name) and password, pass the captcha (enter digits from the picture in the special field). Agree to the terms of use of the service and (optional) subscribe to e-mail / SMS notification.

Then the system will ask us to confirm the email by asking for a code (it will come in an email to you) and entering it in a special window. This is the so-called two-step (or two-factor) authentication, which is necessary to protect your account. You can also choose one of the options for additional verification: Google Authenticator (an application downloaded to your phone that sends you one-time passwords every time you sign in and make a transaction) or SMS/Voice Call (a code that is also sent to your phone, but not by the application, but by the provider itself). Accordingly, once you have chosen, you need to confirm the number in the specified way. In our case, it is an SMS, and we ask for another code. We enter it and complete the registration. Now our personal account is open for us.

Account type

In ecoPayz there are 5 types of accounts (accounts), differing in the availability of certain options and some commissions:

• Classic. It has withdrawal limitations (you cannot withdraw to a bank account and another ecoAccount, transfer money between your accounts and via zestPay) and the highest currency conversion fee of 2.99%.
• Silver. Allows all transactions, but for the transfer to another account (ecoAccount) commission of 1.5% is charged. Conversion fee – the same 2.99%.
• Gold. All conditions are the same as in Silver, but the conversion fee is 1.49%, and nothing is charged for transferring to ecoAccount.
• Platinum. No different from the previous one.
• VIP. It has the lowest withdrawal fee to a bank account, ranging from $2.25 to $5.43, depending on the region.

Accounts of different levels are assigned based on the passed checks (verification). So, Silver you “earn” after the next confirmation of your email (no longer by a one-time code, as when registering, but by following the link from the letter from ecoPayz), choosing a control question and sending a scan/picture of ID (at choice).

How Do I Get Verified in ecoPayz?

As already mentioned, verification determines your account level (type). To switch from Classic to Silver, you need to perform 3 actions:

• Confirm your email by following the link in the email from ecoPayz.
• Indicate your control question. A list is offered (favorite subject in school, favorite book as a child, pet’s name, best friend’s name, first car/bicycle brand, first movie you saw in the theater, dream job).
• Confirm identity by uploading scans of passport/driver’s license/ID card (for EU citizens).

Verification takes 1-2 business days. To upgrade to Gold, you have to be a “Silver” user for at least 30 days and make purchases of at least 25,000 EUR (or its equivalent in other cu.u.). To increase the level, a bank (credit/debit) card is already confirmed and a deposit of 2,500 EUR from the card or 5,000 EUR in other ways is made. Accordingly, after spending more than 30 days on Gold, you can send a request for Platinum. Among the prerequisites are an ecoCard and purchases totaling 50,000+ EUR. After 30 days of Platinum, you may apply for VIP level. The total amount of purchases by this time must be at least 250,000 EUR.

Depositing and Withdrawing Funds on ecoPayz

There are a variety of ways to recharge your ecoPayz account through the network:

• From the bank card (credit, debit).
• From the wallet QIWI, Neosurf
• With a deposit through a local bank (internal bank transfer).
• International bank transfer (between banks of different countries – usually related to different currencies).
• Via ecoVoucher.
• Through Interac (Canadian Interbank Network), and EFT (Electronic Interchange of Accounts Network).

The list varies from country to country. To make a transaction, open the “Deposit” section of your personal account, choose the appropriate method, specify the details and confirm the transaction in the way you chose during registration (as you remember, this can be Google Authenticator or SMS/voice message to the phone).

Online withdrawal is available only to a bank account and Western Union transfers. This function is available for Silver and higher accounts and is also available in your account under “Funds Transfer” (tab “Bank Account”). In addition to the above, it is possible to get an ecoCard to make cash deposits and withdrawals from ATMs.

Currency of operations

With ecoPayz, you can make transactions in 45 different currencies, including the euro, American/Australian/Canadian/New Zealand/Singaporean Dollar, Belgian Leo, Swiss Franc, Hungarian Forint, Norwegian/Swedish/Danish/Czech Krone, Indian Rupee, Polish Zloty, Turkish Lira and South American Rand.

Commission

The fee for certain transactions is set based on the type of account. Just in case, let us remind you that there is no rigid tariff – the exact percentage is determined by the region and a specific payment agent (for example, the issuing bank). So, for Classic, the following rates apply:

• Replenishment by bank transfer – up to 8.5%.
• Replenishment by credit card – from 1.69 to 6.00%.
• Refills through ecoVoucher – up to 2.9%.
• Currency conversion – 2.99%.

Not provided: withdrawals to a bank account, to zestPay, transfers between accounts, and to accounts of other ecoPayz users (this includes sellers). In other words, this account is for storage only. For Silver:

• Replenishment by bank transfer – up to 8.5%.
• Replenishment by credit card – from 1.69 to 6.00%
• Refills through ecoVoucher – up to 2.9%.
• Withdrawals to the bank account – from $5 to $8 (fixed commission, not percentage).
• Withdraw zestPay (to mobile) – 1% (but not less than $5).
• Transfer to another ecoAccount – 1.5% (but not less than $1).
• Currency conversion – 2.99%.

For Gold:

• Replenishment by bank transfer – up to 8.5%.
• Replenishment by credit card – from 1.69 to 6.00%.
• Refills through ecoVoucher – up to 2.9%.
• Withdrawals to the bank account – from $5 to $8 (fixed commission, not percentage).
• Withdraw zestPay – 1% (but not less than $5).
• Transferring to another ecoAccount is free of charge.
• Currency conversion – 1.49%.

For Platinum:

• Replenishment by bank transfer – up to 8.5%.
• Replenishment by credit card – from 1.69 to 6.00%.
• Refills through ecoVoucher – up to 2.9%.
• Withdrawals to the bank account – from $5 to $8 (fixed commission, not percentage).
• Withdraw zestPay – 1% (but not less than $5).
• Transferring to another ecoAccount is free of charge.
• Currency conversion – 1.49%.

For VIP:

• Replenishment by bank transfer – up to 8.5%.
• Replenishment by credit card – from 1.69 to 6.00%.
• Refills through ecoVoucher – up to 2.9%.
• Withdrawals to the bank account – from $2 to $6 (fixed commission, not percentage).
• Withdraw zestPay – 1% (but not less than $5).
• Transferring to another ecoAccount is free of charge.
• Currency conversion – 1.25%.

Replenishment in other currencies, ecoPayz deposit, sending money to ecoPayz network member merchants, and all Western Union operations (receiving, sending) are performed without additional fees.

Payment limits

Limits in ecoPayz are also set based on tariff and region. For Classic accounts:

• Top up with a credit/debit card – within the range of $8 to $150 per 1 transaction and not more than $150 per day.
• Deposit in an alternative currency, through ecoVoucher or from a bank account – not less than $8 and no more than $800 per transaction (for ecoVoucher also set a daily maximum: of $800).
• Deposit via Neosurf – from 30.00 EUR/45.00 CAD/25.00 GBP/135.00 RON to 250.00 EUR/365.00 CAD/190.00 GBP/1,125.00 RON (and cash equivalents).
• Deposit via EFT – within $8-40 per transaction, not more than $40 per day, $150 per week and $400 per month.

For Silver:

• Top up with a credit/debit card – within $8-800 per 1 transaction and not more than $2 per day, $4,000 per week, $8,000 per month.
• Deposit in an alternative currency – not less than $8 and not more than $8,000 per transaction.
• Deposit from bank account – not less than $8 and not more than $12,000 per transaction.
• Deposit via ecoVoucher – not less than $8 and not more than $800 per transaction, $12,000 per day, $81,000 per week and $310,000 per month.
• Deposit via Neosurf – from 30.00 EUR / 45.00 CAD / 25.00 GBP / 135.00 RON to 250.00 EUR / 365.00 CAD / 190.00 GBP / 1,125.00 RON (and cash equivalents).
• Deposit via EFT – within $8-80 per transaction, not more than $80 per day, $800 per week, and $1,200 per month.
• Deposit via Interac – not less than $8 and not more than $300 per transaction, up to $470 per week, $1190 per month.
• Transfer to another ecoAccount – up to $1190 per transaction (no minimum limit), $4,000 per week, $8,000 per month.

For Gold:

• Credit/debit card replenishment ranges from $7.76 to $1,163.73 per transaction, with daily limits of $3,879.11, weekly limits of $7,758.22, and monthly limits of $15,516.44.
• Deposit in an alternative currency ranges from $7.76 to $7,758.21 per transaction.
• Deposit from a bank account ranges from $7.76 to $77,582.19 per transaction.
• Deposit via ecoVoucher ranges from $7.76 to $775.82 per transaction, with daily limits of $77,582.19, weekly limits of $201,713.69, and monthly limits of $775,821.87.
• Deposit via EFT ranges from $7.76 to $155.16 per transaction, with daily limits of $155.16, weekly limits of $775.82, and monthly limits of $2,327.47.
• Deposit via Interac ranges from $7.76 to $620.66 per transaction, with weekly limits of $930.99 and monthly limits of $2,327.47.
• Transfer to another ecoAccount allows up to $2,327.47 per transaction, with weekly limits of $7,758.22 and monthly limits of $15,516.44.

For Platinum:

• Credit/debit card deposits range from $7.76 to $1,551.64 per transaction, with daily limits of $4,654.93, weekly limits of $11,637.33, and monthly limits of $23,274.66.
• Deposit in an alternative currency ranges from $7.76 to $7,758.21 per transaction.
• Deposit from a bank account ranges from $7.76 to $93,098.62 per transaction.
• Deposit via ecoVoucher ranges from $7.76 to $775.82 per transaction, with daily limits of $93,098.62, weekly limits of $236,625.67, and monthly limits of $775,821.87.
• Deposit via EFT ranges from $7.76 to $232.75 per transaction, with daily limits of $232.75, weekly limits of $1,163.73, and monthly limits of $3,491.20.
• Deposit via Interac ranges from $7.76 to $931.18 per transaction, with weekly limits of $1,396.48 and monthly limits of $3,491.20.
• Transfer to another ecoAccount allows up to $2,327.47 per transaction, with weekly limits of $11,637.33 and monthly limits of $23,274.66.

For VIP:

• Recharging by credit/debit card ranges from $7.76 to $1,939.55 per transaction, with daily limits of $5,430.75, weekly limits of $15,516.44, and monthly limits of $38,791.09.
• Deposit in an alternative currency ranges from $7.76 to $7,758.21 per transaction.
• Deposit from a bank account ranges from $7.76 to $108,615.06 per transaction.
• Deposit via ecoVoucher ranges from $7.76 to $775.82 per transaction, with daily limits of $108,615.06, weekly limits of $279,295.87, and monthly limits of $775,821.87.
• Deposit via EFT ranges from $7.76 to $387.91 per transaction, with daily limits of $387.91, weekly limits of $1,551.64, and monthly limits of $4,654.93.
• Deposit via Interac ranges from $7.76 to $1,008.57 per transaction, with weekly limits of $2,017.14 and monthly limits of $4,034.27.
• Transfer to another ecoAccount allows up to $3,103.29 per transaction, with weekly limits of $19,395.55 and monthly limits of $38,791.09.

Restrictions on Withdrawals at ecopayz.com

As we have already said, you can withdraw funds from an account opened with ecoPayz to a bank or Western Union (let’s call it WU for short) account, using a virtual ecoVirtualcard (to be reissued for each transaction). And also through ATMs, if the ecoCard is issued. The following restrictions apply here:

• Banking: $3.88–$387,916.93 per transaction and up to $387,916.93 per day, $775,821.87 per week for all account types.
• Western Union (WU):
  • Silver: $7.76–$620.66 per transaction, $620.66 per day, $1,241.32 per week, and $2,327.47 per month.
  • Gold: $7.76–$775.82 per transaction, $1,163.73 per day, $2,327.47 per week, and $3,491.20 per month.
  • Platinum: $7.76–$931.18 per transaction, $1,855.27 per day, $3,710.54 per week, and $4,654.93 per month.
• VIP: $7.76–$1,086.55 per transaction, $2,171.10 per day, $4,654.93 per week, and $5,430.75 per month.
• ecoCard: $265/$1,060 per day via ATM/point of sale for Silver, and $530/$2,650 for Gold, Platinum, and VIP
• ecoVirtualcard: $742 for Silver and Gold, $1,060 for Platinum and VIP.

Bonuses from ecoPayz

Usually, the company-owner of ecoPayz conducts many promotions (prize draws, discounts) and publishes offers from its partners (coupons). However, at the time of writing the review, there were no fresh promos. Anyway, everything related to bonuses is published in the “Promotions and rewards” section of my personal account on the site ecopayz.com – The unauthorized user can’t see it.

Reviews of the ecoPayz Payment System

On international reviewers ecoPayz is rated at an average level: the system is rated about 3.5 out of 5. On the one hand, users praise the provider for high-quality support, fast verification and rich functionality.

On the other hand, there are stories about accounts being blocked without explanation, time delays in processing payments, and fines imposed for lack of activity in the account.

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Regulation and Licensing

Before depositing money to the account of a payment system, it is worth carefully studying not only the reviews about it (they may well be written to order), but also the licensing information. The more reliable the regulator that issued the document to the owners of the service, the more likely it is to get quality support in a controversial situation.

License

ecoPayz is operated by the British company PSI-Pay Limited, which was licensed by the FCA (Financial Conduct Authority) in 2008 under the new EU directive on electronic money circulation.
The regulator is recognized by experts and participants in the global financial market as one of the most reliable.

Check ecoPayz license on the FCA website

Ecopayz.com User Agreement

The user agreement (“Terms of Use of the PSI-Pay User Account”) sets out the rights and obligations of the service owners and their clients to each other. For example, item 7.1 says that only an adult who has provided a valid address, phone number, e-mail and has not previously had violations in the use of ecoAccount can register on the site (this applies to those who re-create an account). Citizens of some countries are not allowed to register.

You provide true, accurate and complete information about yourself and update it as necessary. Otherwise, the company is not responsible for the adverse consequences of your actions. Actions taken from your account are considered to be initiated by you (clause 8.2). You alone are responsible for the safety of your personal login data.

It is not always possible to cancel a payment/purchase. Here everything depends on the specific circumstances and therefore you should be careful when choosing the method. A clear payment deadline can only be guaranteed if you are in the EEA (European Economic Area) and the transaction is made in EUR or GBP (for the UK). Then the provider undertakes to execute it within one business day. In all other cases no assurances are provided (clause 12.6).

You can be denied a transaction if you violate the terms of this agreement, if the action being performed is against the law, or if circumstances arise for which the provider is not responsible. In either case, you will be notified with the reason for refusal. Claims about a transaction that was incorrectly performed due to the provider’s fault will be accepted for 13 months from the date of the transaction.

You agree to hold the company and its partners/contractors harmless from third-party claims related to your use of the service. If you fail to do so, you will be compensated for all costs and losses incurred by them. If you do not log in to your account within 9 months, your account is considered inactive. They will try to contact you, using the contact information in your profile, to arrange a transfer of funds from the inactive balance to your account information. If this is not possible, the funds will be frozen in the company’s account for 6 months, after which they will become its property (clause 23.8).

Customer Service

Support for ecoPayz users is provided in the following ways:

• By phone: +44-130-378-8340 (only a British number is available, which creates difficulties for customers from other countries).
• By sending an email to: [email protected], [email protected].
• Via the feedback form or online chat on the website ecopayz.com.
• In the official Facebook and Twitter communities of the service.

There is also a knowledge base lined up in the format of an FAQ (frequently asked questions).

Is EcoPayz a Scam?

PCI-Pay Limited, the owner of ecoPayz, has a serious legal basis (the company is licensed by the FCA) and sets fairly loyal requirements for users (we have analyzed the provider’s user agreement above). Strict verification requirements, however, speak more about the desire to ensure safety than about attempts to take advantage of customers. Especially because the system does not oblige the latter to deposit funds to the balance before they are verified.

There are also complaints online about account blocking, which also demonstrates the intransigence of the rules, but not the company’s lack of seriousness. However, we did not find any comments about unexecuted transfers. So ecoPayz is not a scam, although there are many bureaucratic moments in the system.

Conclusion

ecoPayz demonstrates strictness and unwavering adherence to legal standards, taking a serious and sometimes overly meticulous approach to user verification and compliance with legal regulations. While some may view this as a drawback, it leaves little room for criticism when it comes to ensuring security.

The service also offers some of the highest transaction limits in the market, competitive fees, and a variety of methods for conducting transactions, including ATMs, barcodes, cashless payments, and partner systems. Additionally, ecoPayz provides a free multi-currency account, helping users reduce conversion fees, along with an intuitive personal dashboard and support for nearly 50 currency pairs. Together, these features make ecoPayz a highly accessible and appealing payment service.