ecoPayz Money Transfers India: Your full guide

Wise
28.06.19
7 minute read

Lots of online money transfer services will talk about their instant and free transfers. But they don’t always explain all the steps and fees along the way. With ecoPayz, this can include having to fill an online wallet first, then requiring your recipient to open an account as well, and paying fees for filling and withdrawing the money. Always make sure to read the fine print and be aware of hidden charges and fees with offers that sound too good to be true.

ecoPayz has come on the scene as a new player for money services. They have built an ecosystem that can send, receive and spend money online with merchants but now with friends and family too. But to use any of these services, you will have to register and fill up your ecoAccount wallet to begin.

ecoPayz has a tiered system- Classic, Silver, Gold, Platinum, and VIP. A Classic account is free and easy to set up. But to send money through ecoPayz, you will need to upgrade your account to at least a Silver account through verifying your identity. This requires uploading 2 documents- one form of photo identification to verify your identity and the other to verify your address¹.

Let’s take a look at how to receive and send money through ecoPayz and if it is a good option for you. Always remember to take a look at Wise’s transparent comparison tool to help you make the right decision for your money transfer needs.

Receive money internationally with ecoPayz

If a sender is sending you money through ecoPayz, you will have to sign up for the service too. You can sign up directly on their website. Remember, you will also need to upgrade to a Silver account on ecoPayz by providing the necessary identity verification documents. ecoPayz requires 2 days for verification of the account once you have submitted the documents².

Sign-up and process to receive money

Here is how to sign up for ecoPayz:³

  1. Go to https://www.ecopayz.com and click 'Sign up' at the top of the site, or 'Open a free account' on the pages.
  2. Enter your account information
  3. Choose a username
    a. This will be used to log in to your account. Your username should be at least 6 characters long, easy to remember but hard to guess.
  4. Enter your email address
  5. Choose a password and re-enter it to confirm.
  6. Choose your country of residence.
  7. Select a preferred contact language
  8. Select a currency (This will be the main currency of your account)
  9. Enter your personal information
    b. Enter your first name, last name, and date of birth.
    c. Enter your full home address.
    d. Enter your mobile phone number including your country code. This is a mandatory field.
  10. Enter the validation code
  11. Read and agree to the terms
  12. Click 'Create account'
  13. Review the details entered and click ‘Create Account’ to proceed with your application.

Once you sign up and the sender does the transaction from their side, the money will be automatically credited to your ecoAccount. You will be notified by email.

Fees and charges to receive money with ecoPayz

Receiving money into your ecoAccount is free of charge. But to withdraw the money from your ecoAccount to your bank account can cost you 5.90-10.00 EUR on top of the corresponding bank and international transfer fees⁴.

How much time does it take

Once you and your sender are all set up, the transfer is instantly deposited in your ecoAccount. Withdrawing the money takes at least 3 days and carries the fees mentioned above⁵.

Want to receive money the easy way and directly into your bank account? Wise is the smarter and cheaper option for transferring money to India. You can get updates on your transfer in real time and the money lands directly in your bank account. No sign up required.

Send money abroad with ecoPayz

ecoPayz money transfer service allows you to send money instantly to friends and family in up to 10 currency accounts. But both you and the recipient will need to have an ecoAccount at the Silver level or higher to use this service.

To make a money transfer, log in to your ecoAccount and follow the simple steps in the 'Transfer money' section or see the details below. You can also refer to the Money Transfer Quick Guide on the ecoPayz website for detailed instructions⁶.

Sign-up and process to send money

You will need to sign up for an ecoPayz account as mentioned earlier in the receive money section of this article. Keep in mind that once you register for the classic account, you will need another 2 days after submitting the upgrade documents to be verified.

Once you and your recipient are upgraded to Silver and you can begin the money transfer process below⁷.

  1. Log in to your ecoAccount.
  2. Select ‘Transfer funds’ from the menu and then the "Individual" tab.
  3. Enter your details: the currency account you wish to send money from and the amount you wish to send.
  4. Enter the beneficiary details: the 10-digit ecoAccount number of the recipient, their name and surname as they are registered in the ecoPayz system.
  5. Add a short message to the recipient if you'd like.
  6. Press ‘Continue’
  7. Review your transfer details and, if they are correct, press ‘Confirm’.

Your money transfer will happen instantly and you will be shown a success message.

ecoPayz Transfer limit

There is no limit for the minimum amount you can send, but there are maximum limits depending on your account⁸.

Classic Silver Gold Platinum VIP
Max single transaction N/A 1,500.00 EUR 3,000.00 EUR 3,500.00 EUR 4,000.00 EUR
Max weekly N/A 5,000.00 EUR 10,000.00 EUR 15,000.00 EUR 25,000.00 EUR
Max monthly N/A 10,000.00 EUR 20,000.00 EUR 30,000.00 EUR 50,000.00 EUR

Charges and fees to send money with ecoPayz

With ecoPayz, sending money to other ecoAccount holders is free of charge starting from the Gold level⁹. At Silver level, you have to pay a money transfer fee of 1.50% with a minimum of 0.50 EUR¹⁰.

There are fees when depositing to your ecoPayz account, currency conversions, withdrawal from ecoPayz to a bank account, and maintaining an account. See the table below for a clear outline of the fees per account- just remember this may change depending on your country of residence and region.

Service Classic Silver Gold Platinum VIP
Registration FREE FREE FREE FREE FREE
Bank wire deposit(electronic funds transfer, instant deposit, local or international bank deposit, local services) 0.00-7.00%/** 0.00-7.00%/** 0.00-7.00%/** 0.00-7.00%/** 0.00-7.00%*/**
Credit card deposit 1.69-2.90%* 1.69-2.90%* 1.69-2.90%* 1.69-2.90%* 1.69-2.90%*
Alternative currency deposit FREE FREE FREE FREE FREE
Receive money via Western Union FREE FREE FREE FREE FREE
Send money via Western Union FREE† FREE† FREE† FREE† FREE†
Withdrawal to bank account** 5.90-10.00 EUR* 5.90-10.00 EUR* 5.90-10.00 EUR* 2.90-7.00 EUR*
Inter-accounts transfer(between own sub accounts) FREE FREE FREE FREE
Transfer to another ecoAccount (sender pays) 1.50% (min 0.50 EUR) FREE FREE FREE
Currency conversion*** 2.99% 2.99% 1.49% 1.49% 1.25%
Account maintenance after inactivity of 12 months 1.50 EUR per month 1.50 EUR per month 1.50 EUR per month 1.50 EUR per month 1.50 EUR per month


*The exact fee depends on the options available in your region and on your country of residence
**Subject to correspondent bank fees and charges for international transfers.
***Whenever a currency conversion is required to complete a transaction, PSI will automatically calculate the currency conversion rates and add a currency conversion fee.
†A conditional fee will be applied by Western Union that will depend on the chosen Western Union delivery service in combination with the country where the transfer of funds is being completed.

How much time it takes

Money transfers between ecoPayz accounts are instant. But it can take 1-4 business days to deposit money to your ecoPayz account wallet to then be able to start a transfer.

Check the status of money transfer

The transfer is done instantaneously so you’ll see it automatically deducted from your wallet and your receiver will receive an email when it happens.

Customer support in case transactions are stuck

ecoPayz has in-depth guides online and a 24/7 customer service. If you see your transaction is stuck you can email their customer service with your payment order and the staff will contact you directly12.

Want an easier way to transfer money with friends and family? Try Wise. There is no wallet to fill up and you can deposit funds directly into a bank account in India. So your receiver can just sit back and see the funds arrive in their local account. Wise is also clear about all fees right up front and uses the mid-market exchange rate to convert your money. So the rate you see on Google is what you get. At Wise we make the money transfer process as easy as can be.

The true cost of international transfers with ecoPayz

On the surface, it may seem that ecoPayz offers free and instant transfers, but it comes with lots of strings- and fees- attached. There is an average of 7.99% in fees to just upload and transfer money between accounts, not taking into account the average charge of 7.95 EUR for withdrawing the amount to a bank account. And this is all done with 2-3 days needed each for account verification, depositing into the wallet and withdrawing to a bank account.

ecoPayz Wise
Fees
  • 1.50% Account to Account Transfer fee
  • 2.99% Conversion fee
  • 3.50% Average of the bank transfer fee to deposit in ecoPayz
  • 7.95 EUR average withdrawal to the bank fee by the recipient
  • 1.50 EUR inactivity charge after 12 months
One fee + real mid-market exchange rate
Time Total process time: 7 days 90% within 24 hours from payment

Want a cheaper, faster and easier way to move money to family and friends in India? With only one fee, a transparent exchange rate and 90% of transfers arriving in India within 24 hours of payment, look no further than Wise.

A cheap, fast and transparent alternative: Wise

There are a lot of online options to choose from to transfer money. Wise is focused on making the process to transfer money as cheap and easy as possible- while being completely honest and transparent with the costs. You can see directly on the homepage what your unique transfer will cost you and how much your recipient will receive in hand. You can pay directly on the site and track the transfer from Wise’s award-winning app or online. You don’t have to waste time and money moving funds to a wallet. All these reasons and more are why over 4 million clients globally choose Wise for all their money transfer needs.

Sources used for this article
1, 5, 11 https://www.ecopayz.com/en/help-support/popular-questions
2 https://www.ecopayz.com/en/help-support/account-levels
3, 7 https://www.ecopayz.com/en/help-support/quick-guides#moneytransfer
4,9,8 https://www.ecopayz.com/en/fees-limits/ecoaccount
6, 10 https://www.ecopayz.com/en/money-transfer
12 https://www.ecopayz.com/en/help-support/manage-account


This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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