Is ecoPayz reliable and secure e-Wallet or just the opposite in practice?
What is ecoPayz?
ecoPayz is among the simplest and most practical digital wallets on the market. Launched in 2000, it is an experienced player in the paperless payment industry. It is operated by UK-based PsiPay Ltd, which is authorized and regulated by the FCA. This means it meets all legality requirements and guarantees its users the security and reliability of transactions.
The best thing about this service is that many bookmakers have partnered with ecoPayz because it ticks all the essential factors- slim to none fees, higher limits, and quick withdrawals.
ecoPayz services
The services provided are: sending and withdrawing funds, online purchases, and making payments on merchant sites. As for the products offered by ecoPayz, they are available in two bank cards. The first, “EcoCard,” is a multi-currency card that lets you control local and foreign spending, like a regular bank card.
Another one is the EcoVirtualCard which allows making payments on merchant sites.
ecoPayz Authentication
ecoPayz is one of the few e-Wallets that has kept a primitive identification process. This means that users do not need to submit a live photo; a regular picture upload will suffice. However, it does not mean that the service is relaxed when paying attention to a user’s transaction. Their managers regularly call a number mentioned in a user profile. Some customers had complained that when they didn’t reply to the call, ecoPayz placed their accounts on hold.
ecoPayz also requires you to confirm income which can be a real problem for poker players, casino players, etc. I will share a life hack to overcome this issue. To pass this procedure without any hassles, you may provide a bank statement showing recent deposits and cashouts.
Is it Safe?
Of course, security is one of ecoPayz's strong points; your identity is protected as well as your fund transfers. It has DSS accreditation to guarantee the safety of users' transactions. All transactions submitted through ecoPayz are carried out anonymously, so the user does not have to provide their banking information. So it can be stated that ecoPayz is a reliable and secure payment method.
Account upgrade options
Like other e-Wallets, customer loyalty levels also apply to ecoPayz. Your ecoAccounthas five levels; each offers specific features and benefits. The higher the level, the more privileges you can enjoy.
Classic: A basic level account assigned to any user immediately after the initial sign-up. The only requirement to obtain this level is to pass the standard registration. It has a lifetime limit on deposits, which is 2500 EUR. Users can not fund between wallets, and they have replenished up to 1000 EUR maximum. However, Classic account users can’t withdraw funds to banks and cards.
Silver: To be able to send money to bank accounts, users need to validate their identity and address to progress to this level. This level comes with higher limits and awards access to all ecoPayz services. Users can also get an EcoCard or EcoVirtualCard, to make online or physical purchases anywhere.
Gold: You can obtain the Gold level once your deposit method is verified. Besides, you must have maintained your Silver status for at least 30 days. Apart from reduced fees and increased available limits, Gold level users can transfer up to 20,000 EUR per day to merchants. The maximum account balance is extended from 15,000 EUR (Silver) to 100,000 EUR, and users can fund their accounts with up to five cards.
Platinum: The Platinum account offers even higher payment limits with international funds transfers. It offers relaxed conditions and better services.
VIP: Users with a turnover of at least 250,000 EUR are awarded this status. It offers the lowest commissions and the highest limits. Customers will also enjoy several bonuses and freebies exclusive to this status.
ecoPayz plastic and virtual cards
The ecoPayz prepaid card allows customers to pay free of charge anywhere in the world and withdraw funds from any ATM where MasterCard is accepted. However, only ecoAccount Silver level holders and above from the UK and EU/EEA member states can currently use the card.
Besides, ecoPayz customers can also get a virtual MasterCard whose balance is tied to their ecoPayz account. This card is useful for online payments only. The virtual cards can be used only once and add an extra security level to your account. This makes it difficult for anyone to steal money from your account as you need to create a new one for another use.
ecoPayz fees
There are different solutions to transfer funds to your ecoPayz wallet. If you transfer money from one ecoPayz account to another with currency in euros from a Gold account, then it costs you nothing at all. Silver account holders will pay 1.50% of the amount transferred. Therefore, to avoid double conversion fees, I recommend opening a EUR account.
The complete schedule of fees you may find here.
ecoPayz rewards
ecoPayz users can also enjoy a range of offers, including rewards when shopping online. Apart from their partners' monthly deals, ecoPayz runs several yearly promotions where users can win many prizes.
The service also notifies its users via email, so they don't miss out on promotions and offers. To view the ongoing promotions or monthly offers, click here.
ecoPayz mobile app
To offer the best and most secure payment service, ecoPayz has launched an app that gives users an enhanced experience. Available on the App Store and Google Play as a free download, the app has all the great features of the ecoPayz website. It allows customers to have full control of their funds wherever they are. The app was redesigned recently and met the service's strict privacy policy and security.
The ecoPayz payment solution is world-famous, and their e-Wallet is widely accepted. Coupled with the Ecocard, the solution becomes complete. Here, I present a comprehensive list of pros and cons of ecoPayz based on real user experience:
Pros
- Free upgrade to the “Gold level”
- Free P2P transfers.
- A very secure and reliable wallet.
- There are no strict requirements to obtain the VIP status as compared to Skrill/Neteller.
- Transactions are instant.
- The exchange fees are reduced from the Gold account.
- Users can obtain a Classic account without verification of identity or creditworthiness.
- No currency conversion fees when you transfer funds between your multi-currency accounts (sub-accounts)
- Russian users can withdraw money from their ecoPayz account to YooMoney and QIWI.
Cons
- You can’t reopen an account using the same user details; if it’s blocked, it’s forever.
- Withdrawal charges and limits are the same for upgraded accounts.
- Nevertheless, Russian users have two additional withdrawal options. But they can only cash out a small amount and pay a very high commission.
FAQ
Users can only create one account with their personal data (including full name). This means if you use the same user’s data to create another account, the system will detect and block that account immediately. Even the ecoPayz payment system does not allow closure of an existing ecoAccount to create a new one.
You need to generate a request for withdrawal; log in to your ecoAccount and select “withdraw funds” from the menu. A withdrawal request will be created, and you need to select the amount. Here is a complete guide on how to perform the steps.
Login and click “ecoPayz cards” from the menu. Then choose “ecoPayz Mastercard” and confirm your decision by clicking on the “get your card” option. A detailed guide on ordering your ecoPayz card can be found here.
ecoPayz is accepted in more than 155 countries and supports around 50 currencies. Additionally, it is the choice of many gambling websites and players as a trusted and secure platform with the lowest commission.
Top up your ecoAccount by using any of these methods:
- International bank transfer
- Debit/credit card
- Local deposit
You need these documents to verify your ecoPayz account:
- Your identity: a clear and valid copy of your national ID card, driving license, or passport. The document should show your full name, photo, and document number.
- Your address: A copy of your certificate of residence, a recent utility bill or bank statement clearly showing your address
- You photo: A clear image of your face, with only you in that picture.
Questions & answers
Tatiana Gomzicova
Can a player withdraw funds from ecoPayz even if he had used a different payment method for deposit?
ecoPayz Representative
There are no restrictions on this from our end, this depends on the merchant.
Tatiana Gomzicova
Can a user send funds from PayPal to ecoPayz?
ecoPayz Representative
No, it's not possible
Tatiana Gomzicova
Do ecoPayz allow players to withdraw the same day they have made the deposit through ecoPayz?
ecoPayz Representative
Yes, the player can request withdrawal the same day. Depending on the country of residence it can take different time on how quickly the funds will arrive in the bank account.
Tatiana Gomzicova
Is it possible to unfreeze basic ecoPayz accounts? What users need to know to avoid account freezing?
ecoPayz Representative
Whenever we "freeze" an account we send an email to the customer right away, telling them what they need to do. Normally we either request some sort of documentation or just some information that we need to verify. If there is no action required from the customer, then there is also nothing that needs to be done. We will review the account and let the customer know once it is unfrozen.
What they might need to know is that it is important to send good quality photos or scans of documents. To make sure the picture is not blurry and is not cropped. If it's an adress proof document then they should make sure that it's in their name, shows the address that's in their ecoPayz account and has been issued within the last 3 months.
Conclusion
EcoPayz is a very simple to use digital wallet; a user can easily understand everything mentioned on the website, open an account, and use it as easily as possible. I appreciate the transparency of the fees list and all the clear answers to FAQs presented on the site- there are no bad surprises.
The use of the ecoPayz e-wallet is still quite limited compared to Skrill and NETELLER, otherwise, it's a very good solution that costs next to nothing. Compared to the VIP statuses of Skrill and VIP bronze pro level of NETELLER, the ecoPayz Gold level offers more benefits and features. It is also a cost-competitive service than Skrill and NETELLER. But when I weigh up the limits for account deposits, these are sufficiently lower than Skrill and NETELLER. It appears like a trade-off between features and account deposit limits, and you should keep this in mind before choosing ecoPayz.
I highly suggest reading the conditions, being well informed, and using the ecoPayz account in the best possible way and at a lower cost. Besides, the reliability and speed of ecoPayz transactions are also very assuring. I would rate it as a first-class service for online financial transactions.