EcoPayz is a so-called e-wallet and is a company that has been in the business for quite a long time. Currently owned by PSI-Pay and regulated by the UK Financial Services Authority, EcoPayz has been a popular payment solution, especially for Canadian online casino players, since the year 2000.
EcoPayz actually offers a physical card as part of their services, but it is mainly used for the e-wallet feature. Users can transfer money to other registered users, online merchants, and casinos. This is possible when the user charges their EcoPayz account with money, something that is possible by means of several different payment methods.
If you would like to set up your own EcoPayz account, all you have to do is go to their website and click the ‘Join us’ button. Especially if you are a Canadian resident, setting up your account should only take a few minutes. When you have completed the registration process, you can start using your virtual wallet instantly for transfers, deposits, withdrawals and online purchases. You might need to go through further verification to gain access to some features, but the verification process is rather pain-free in comparison to other e-wallets.
Most users add funds to their balance by using a credit or debit card. To be able to use a card on your account you first need to get it verified via the myEco interface. The verification will start automatically at the time of your first deposit. EcoPayz makes a micro-transaction to your credit or debit card account. You will have to locate the amount on your card statement and enter it on the myEco site to complete the verification process. Deposits made with credit or debit cards are assessed a 2.9% fee.
If you are a Canadian resident, you can make use of EFT to instantly deposit funds from your bank account into your EcoPayz account. This method also needs verification before you can use it without any limits. 50-250 CAD is withdrawn from your bank account by EcoPayz, and the funds become available to you once you check your bank statement and confirm the amount. The instant method comes with a fee of 8.9% and delayed EFT’s get an additional 4.9% fee added to them.
There are other options to choose from depending on your location, such as Local Bank Transfer and Instant Bank Transfer, which both have a longer processing time than cards or EFT. Should you not have any deposit methods available in your area, you should still be able to do a Wire Transfer. The methods are in theory free, but your bank and EcoPayz might add processing fees.
You have several different withdrawal methods to choose from to get money out of your wallet, the ECO Webcard probably being the most popular one. The ECO Webcard is activated after you have verified your identity or completed the verification of a credit/debit card. The ECO Webcard gives you a real MasterCard card number to use for online purchases directly from your account. You can also get an EcoPayz Prepaid Debit MasterCard, a physical card that is sent to your home address via mail. Both the digital and the physical MasterCard uses your EcoPayz balance for purchases and the cards are free to obtain, but there might however still be added some fees to the services that you use.
For actual withdrawals of funds from your EcoPayz account, you are allowed to use Wire Transfer, which means that you will need to provide some bank details. You will need to provide either an IBAN or SWIFT number, and EcoPayz will charge a withdrawal fee of €10 (approx 15 CAD), and your bank might also add transaction fees to the transfer.