ecoPayz is this a scam? Review and Customers Reviews

The first platform ecoPayz appeared in 2000 and only in 2008 came under the control of the British regulator – FCA (Financial Conduct Authority), which enjoys the special trust of financial market participants.

Today the provider provides accounts and cards all over the world. But is everything as good as it seems, and how safe is it to cooperate with the service? What is ecoPayz – a scam or a worthy payment operator?

Why ecoPayz

Free multicurrency account with 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.)

With the exception of difficulties in passing the verification procedure, we did not find any other serious flaws in the system.

ecoPace 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 rubles 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 the 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 it) 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% (not less than 39.99 rubles or the equivalent of this amount in another currency) 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 fee for withdrawal to a bank account – 231.95-559.87 rubles, 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 ecoPase?

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

• Confirm 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 to 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, Yandex.Money, Neosurf
• With a deposit through a local bank (internal bank transfer).
• International bank transfer (between banks of different countries – usually related to different currencies).
• Mobile payment zestPay (with Beeline, MTS, Megafon).
• Via ecoVoucher.
• At the cash desks and terminals of Evroset and Svyaznoy outlets.
• Through Interac (Canadian Interbank Network), 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: Euro, American/Australian/Canadian/New Zealand/Singaporean Dollar, Belgian Leo, Swiss Franc, Hungarian Forint, Norwegian/Swedish/Danish/Czech Krone, Russian Ruble, 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% plus 20 rubles.
• 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% plus 20 rubles.
• Refills through ecoVoucher – up to 2.9%.
• Withdrawals to the bank account – from 471.89 to 799.82 RUB (fixed commission, not percentage).
• Withdraw zestPay (to mobile) – 1% (but not less than 471.89 RUB).
• Transfer to another ecoAccount – 1.5% (but not less than 39.99 RUB).
• Currency conversion – 2.99%.

For Gold:

• Replenishment by bank transfer – up to 8.5%.
• Replenishment by credit card – from 1.69 to 6.00% plus 20 rubles.
• Refills through ecoVoucher – up to 2.9%.
• Withdrawals to the bank account – from 471.89 to 799.82 RUB (fixed commission, not percentage).
• Withdraw zestPay – 1% (but not less than 471.89 RUB).
• 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% plus 20 rubles.
• Refills through ecoVoucher – up to 2.9%.
• Withdrawals to the bank account – from 471.89 to 799.82 RUB (fixed commission, not percentage).
• Withdraw zestPay – 1% (but not less than 471.89 RUB).
• 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% plus 20 rubles.
• Refills through ecoVoucher – up to 2.9%.
• Withdrawals to the bank account – from 231.95 to 599.87 RUB (fixed commission, not percentage).
• Withdraw zestPay – 1% (but not less than 471.89 RUB).
• Transferring to another ecoAccount is free of charge.
• Currency conversion – 1.25%.

Replenishment in other currencies, codePayz 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 799.82-15 996.33 RUB per 1 transaction and not more than 15 996.33 RUB per day.
• Deposit in an alternative currency, through ecoVoucher or from a bank account – not less than 799.82 RUB and no more than 79,981.64 RUB per transaction (for ecoVoucher also set a daily maximum: 79,981.64 RUB).
• 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 799.82-3999.08 RUB per transaction, not more than 3999.08 RUB per day, 15 996.33 RUB per week and 39 990.82 RUB per month.

For Silver:

• Top up with a credit/debit card – within 799.82-79.981.64 RUB per 1 transaction and not more than 239.944 RUB per day, 399.908.18 RUB per week, 799.816.36 RUB per month.
• Deposit in an alternative currency – not less than 799.82 RUB and not more than 799,815.56 RUB per transaction.
• Deposit from bank account – not less than 799.82 RUB and not more than 1 199 724.54 RUB per transaction.
• Deposit via ecoVoucher – not less than 799.82 RUB and not more than 79 981.64 RUB per transaction, 1 199 724.54 RUB per day, 8 398 071.80 RUB per week and 31 992 654.49 RUB 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 799.82-7998.16 RUB per transaction, not more than 7998.16 RUB per day, 39 990.82 RUB per week and 119 972.45 RUB per month.
• Deposit via Interac – not less than 799.82 RUB and not more than 31 992.65 RUB per transaction, up to 47 988.98 RUB per week, 119 972.45 RUB per month.
• Transfer to another ecoAccount – up to 119,972.45 RUB per transaction (no minimum limit), 399,908.18 RUB per week, 799,816.36 RUB per month.

For Gold:

• Credit/debit card replenishment – within the range 799.82-119 972.45 RUB per 1 transaction and not more than 399 908.18 RUB per day, 799 816.36 RUB per week, 1 599 632.72 RUB per month.
• Deposit in an alternative currency – not less than 799.82 RUB and not more than 799,815.56 RUB per transaction.
• Deposit from bank account – not less than 799.82 RUB and not more than 7 998 163.62 RUB per transaction.
• Deposit via ecoVoucher – not less than 799.82 RUB and not more than 79 981.64 RUB per transaction, 7 998 163.62 RUB per day, 20 795 225.42 RUB per week and 79 981 636.22 RUB 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 – in the range 799.82-15 996.33 RUB per transaction, not more than 15 996.33 RUB per day, 79 981.64 RUB per week and 239 944.91 RUB per month.
• Deposit via Interac – not less than 799.82 RUB and not more than 63 985.31 RUB per transaction, up to 95 977.96 RUB per week, 239 944.91 RUB per month.
• Transfer to another ecoAccount – up to 239,944.91 RUB per transaction (no minimum limit), 799,816.36 RUB per week, 1,599,632.72 RUB per month.

For Platinum:

• Credit/debit card deposits: within the range of 799.82-159,963.27 RUB per transaction and for not more than 479,889.82 RUB per day, 1,199,724.54 RUB per week, 2,399,449.09 RUB per month.
• Deposit in an alternative currency – not less than 799.82 RUB and not more than 799,815.56 RUB per transaction.
• Deposit from bank account – not less than 799.82 RUB and not more than 9 597 796.35 RUB per transaction.
• Deposit via ecoVoucher – not less than 799.82 RUB and not more than 79 981.64 RUB per transaction, 9 597 796.35 RUB per day, 24 394 399.05 RUB per week and 79 981 636.22 RUB 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 799.82-23 994.49 RUB per transaction, not more than 23 994.49 RUB per day, 119 972.45 RUB per week and 359 917.36 RUB per month.
• Deposit via Interac – not less than 799.82 RUB and not more than 95 997.96 RUB per transaction, up to 143 966.95 RUB per week, 359 917.36 RUB per month.
• Transfer to another ecoAccount – up to 239,944.91 RUB per transaction (no minimum limit), 1,199,724,546 RUB per week, 2,399,449.09 RUB per month.

For VIP:

• Recharging by credit/debit card – within the range 799.82-199 954.09 RUB per 1 transaction and not more than 559 871.45 RUB per day, 1 599 632.72 RUB per week, 3 999 081.81 RUB per month.
• Deposit in an alternative currency – not less than 799.82 RUB and not more than 799,815.56 RUB per transaction.
• Deposit from bank account – not less than 799.82 RUB and not more than 11,197,429.07 RUB per 1 transaction.
• Deposit via ecoVoucher – not less than 799.82 RUB and not more than 79 981.64 RUB per transaction, 11 197 429.07 RUB per day, 28 793 389.04 RUB per week and 79 981 636.22 RUB 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 799.82-39 990.82 RUB per transaction, not more than 39 990.82 RUB per day, 159 963.27 RUB per week and 479 889.82 RUB per month.
• Deposit via Interac – not less than 799.82 RUB and not more than 103 976.13 RUB per transaction, up to 207 952.25 RUB per week, 415 904.51 RUB per month.
• Transfer to another ecoAccount – up to 319,926.54 RUB per transaction (no minimum limit), 1,999,540.91 RUB per week, 3,999,081.81 RUB per month.
• Transfers using the ecoVirtualcard (it is issued once per transaction for 1.8 EUR and is linked to your account, so there is no need to credit it) are subject to a 4% (but not less than 0.8 EUR) fee regardless of the type of account.

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. And the following restrictions apply here:

• Banking – 399.91-39 990 818.11 RUB per 1 transaction and up to 39 990 818.11 RUB per day, 79 981 636.22 RUB per week for all account types.
• WU – 799.82-63 985.31 RUB per 1 transaction, 63 985.31 RUB per day, 127 970.62 RUB per week and 239 944.91 RUB per month for Silver, 799.82-79 981.64 RUB per 1 transaction, 119 972.45 RUB per day, 239 944.91 RUB per week and 359 917.36 RUB per month for Gold, 799.82-95 977.96 RUB per transaction, 191 955.93 RUB per day, 383 911.85 RUB per week and 479 889.82 RUB per month for Platinum and 799.82-111 974.29 RUB per transaction, 223 948.58 RUB per day, 479 889.82 RUB per week and 559 871.45 RUB per month for VIP.
• ecoCard – 250/1,000 EUR per day via ATM/point of sale for Silver and 500/2,500 EUR for Gold, Platinum and VIP when used.
• ecoVirtualcard – 700 EUR for Silver and Gold, 1 000 EUR 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 ecoPase 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.

If there are any reviews about ecoPayz system, we will definitely publish the information in social networks. Sign up so you don’t miss anything!

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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, owner ecoPayzIt 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 considering the fact that 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. But 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 shows toughness and intransigence in legal terms, taking a serious and sometimes even overly meticulous approach to verification and legality control of user actions. Many see this as a disadvantage, but as far as security is concerned, it seems to us that there is nothing to complain about.

At the same time, the service provider has one of the highest limits on the market, good commissions and a lot of services for making transactions in different ways: through ATMs, by barcodes, non-cash, through partner systems, etc. Add to this a free multi-currency account, which allows you to reduce losses on conversion fees, easy-to-use personal cabinet and support for almost 50 currency pairs. And you get an accessible and interesting payment service.