EcoPayz is a form of prepaid account that gives its users the ability to make payments online to a wide range of institutions. We’re talking thousands here. This banking option has become extremely popular as it can currently be used in 173 countries and supports close to 50 different currencies. These figures are only likely to increase in the future. The following review will tell you everything that you need to know about this payment method.
When Did ecoPayz Start?
EcoPayz, which used to be known as EcoCard, was created back in 2000 and is operated and powered by PSI-Pay Ltd. This actually makes it one of the first e-Wallets ever produced. It was authorised by the United Kingdom Financial Conduct Authority (FCA) and in 2008 it was made available throughout the European Union.
However, they were not content with just the European market, so in 2010 they made their services available to a number of different countries all over the globe. They are always looking to improve the services that they offer, which is something we will always praise highly. After all, who wants to sign up to a company that is willing to settle for second best?
How Do You Go About Opening An Account?
As you are about to see, opening up an EcoPayz account is something that is relatively easy to do.
You simply have to open up their website and click on “Sign Up”, which can be found at the top right of their home page. Alternatively, you can click on “Open a Free Account”, which is in big capital letters at the bottom of the page.
Once you have done this, you will need to input some financial information so that you will be able to add funds to your account. To do this, you can use a debit card, prepaid card, bank account, or your credit card. As the registration process, this is also a simple procedure.
Now You Need to Verify Your Account
Your account will have restrictions applied to it until you have completed a verification process. We recommend that you complete this process as soon as you have opened an account so that you will not face any interruptions when you want to make use of the account later on.
Thankfully, the verification process is an easy one. We will now take a look at what needs to be done.
Once you have an account and are logged in to it, you need to click the “Upgrade to Silver ecoAccount” option which can be found at the top right of the screen. You will then begin the verification process where you will need to verify your email, address, identity, and set up a security question.
Verifying your email is very easy as you just need to log into your email account, open up the email that you received from ecoPayz, and click on the link that they provide. This is where you will be required to choose a security question and answer.
Now you need to prove your identity. To do this you will have to upload a photo driving licence, passport, or ID card. If you choose the ID card or driving licence, you need to upload photos of the front and back. The images have to be clear and the whole document has to be in the shot.
The next thing on this list is to verify your address. To do this you can use a utility bill or a bank statement. The document chosen cannot be older than 90 days and your address and name must be displayed clearly. Once again, the images need to be clear and the whole document must be in view.
The final thing that you need to do is upload a selfie of your face. Once ecoPayz has verified your account, they will send you an email to let you know.
What Fees Are There for Using ecoPayz?
The fees that a banking method charge is something that everybody wants to know before they make the final decision to open an account. So, what type of fees will you be subjected to if you sign up to ecoPayz?
Well, the fees are actually quite similar to those that are charged by Neteller and Skrill. However, one good thing about ecoPayz is that they will not charge you to send money around the world to your family and friends. With Skrill and Neteller, you need to have a VIP account in order to not pay fees when you transfer money to loved ones.
Let us now take a look at what fees will be incurred for depositing and withdrawing money and for currency conversion.
- Bank wire deposit: You will be charged 0-7%. The exact percentage depends on your country of residence. It is also subjected to different bank fees and expenses for international transfers.
- Credit card deposit: You will be charged anywhere between 1.69% and 6% plus the equivalent of 0.25 euros. Once again, the exact percentage depends on where you are living.
- Bank withdrawal fee: You will be charged the equivalent of 5.90 to 10.00 euros whenever you make a withdrawal.
Currency conversion: Here you will be charged 2.99%. When they need to use a currency conversion to finalise a transaction, PSI will check the current rates and then add the relevant fee.
N.B. This is for the Silver ecoPayz account. The fees decrease slightly for the Gold, Platinum, and VIP accounts, but we are just going to assume that you won’t upgrade from the silver account.
Here Are the Pros and Cons of This Payment Method
- Very safe to use: ecoPayz makes use of some of the best encryption technology available on the market, so you can be certain that your valuable bank details are not going to be stolen by some cybercriminal.
- Signing up is easy: Nobody likes spending a lot of time signing up for something, so it is great that you can create an account in a matter of minutes.
- There is a live chat option: Many banking options do not have a live chat available, but ecoPayz does. This, in our opinion, gives it an edge over some of its competitors as it enables customers to get an answer to their problems as quickly as possible. To add to this, the live chat is available 24/7. There is also an email address and a FAQs section which you can use to solve any issues.
- Not all betting sites accept it: Although it is a very popular payment method, not all sportsbooks accept it. So, if you already know what sportsbook you would like to sign up for, check to see if they accept this method of payment before making an ecoPayz account. Furthermore, many merchants don’t accept it either, but the list is increasing all the time.
- Prepaid card limitations: ecoPayz gives its customers the chance to apply for a prepaid card. This can be very handy, but it is only currently available in three different currencies and in EEA/EU states.
Make Use of the Available App?
With people being glued to their mobile devices, it is always a good idea to create an app that they can download and use on the go. EcoPayz released their mobile app in 2014 and it has been a big hit.
The app allows customers to manage their account and send and receive money at any time and in any location. We downloaded this app to see if it lives up to the hype and we can tell you that it certainly did. It is very easy to use and is pleasing on the eye, which is always an added benefit.
What is our ecoPayz India Verdict?
In our opinion, ecoPayz is just as good a payment option as Skrill or Neteller. Okay, the number of sportsbooks and merchants that accept it as a method of payment isn’t as large as those that accept Skrill or Neteller, but the number is increasing all the time. The fees that they charge are, in our opinion, quite acceptable and their customer service is up there with the best.
Overall, we do not think that you will be disappointed if you opt to use ecoPayz as your preferred method of payment.