Payz Account Fees and Limits

If you are hoping to keep firm control over your finances while retaining a flexible approach to your transaction, opening an Payz Account will let you do both for just a small price. A quick registration process will give you access to worldwide markets on which to spend and exchange money (detailed Payz Review).

Payz Account Fees

Where conventional banks charge a monthly commission fee to maintain a bank account open, your Payz Account has no such troublesome service fee insight. Nevertheless, there remain fees which are incurred over a range and variety of financial practices. Whether you are depositing or withdrawing funds through your Payz Account, any transaction involving money will be subject to a set of fees. These tend to be determined proportionally to the sum of money in question and your status level.

For deposits transferred from your bank to your Payz account, you may expect from 0% to 8.5% charge on your transaction. You may be able to save up by making sure that you are carrying out the majority of your transfers in Euros to make use of efficient and cheap SEPA payments throughout Europe.

You can have a look at the examples of Payz deposit options and fees for a number of countries in the tables given below.

Silver status account holders may transfer funds to other Payz users for a mere 1.5% commission which then vanishes completely when one upgrades to Gold status.

If you are depositing money to certified Payz merchants, absolutely no fee will be incurred by your transaction. This essentially signifies that the greatest worry for your wallet originates from currency conversion charges.

* Note: there can be some restrictions for the residents of UK, Canada and Bangladesh if they want to get Gold status in Payz on special terms.

If your account is operating in Euros and you wish to make a transfer or conversion to a foreign currency, your lowest fee will still sore at 1.25%. If you are a frequent traveller or often exchange with foreign merchants, you may consider opening an Payz Account directly in the foreign currency concerned.

Your Payz Account may be opened in different currencies to give you the ease to carry out transactions away from the standard processing in Euros. Select your preferred currency when registering onto your Payz Account to allow you to freely switch between currencies and save up on foreign exchange charges.

Payz Account Limits

Concerning your Payz Account limits, they are entirely determined by your status. These are most commonly put in place to help ensure the safety and security of your account and any funds held within it. Although there rarely appears any minimum limit, there is a range of caps which have been put in place.

Maximum account balances are capped at €15,000 for a Silver status level but may very efficiently be boosted up to more than six times its value with an upgrade to Gold level. Since limits are determined by the particular financial institution taking care of your funds, they are set based on trust. The more reliable you are in managing your transactions, the higher will the limit is extended. This system is very much the same as what the status upgrades wish to reward. A quick step up to Silver will already increase the transaction caps significantly to one million and half a million Euros for transfers to merchants and bank account withdrawals respectively.

A more detailed breakdown of the transaction restrictions is here forth available for consultation of the benefits of upgrading status levels.

Payz Card fees and limits

Until recently, Payz had been issuing a card – Payz Card. Although this card is still used by those who ordered it before, this card is no longer available for new Payz customers. Card was replaced by Payz MasterCard. Its features are very similar to Payz Card, but there are small differences in card fees and limits. If you are interested in more detailed information about Card, you can find it by following this link.

If the Payz Card holder orders an additional prepaid card, he will receive a new Payz MasterCard, but his old Card will be disabled, and in the future, only Payz MasterCard will be available for ordering.

Payz MasterCard Fees

You can obtain your very own Payz MasterCard through Payz. Your account balance will immediately be available for use through your prepaid card for any type of spending, whether physical or online. It gives you both total control and free access to all the finances of your Payz Account in as many as three different currencies. Operating on either a chip and PIN or contactless system, you can stop by any ATM or merchant to access your money.

If you already have your Payz Account all set up, you will only have to get your home address down correctly to get an Payz Card promptly sent to you within 1 to 2 days. All three of your potential Payz MasterCards are entirely free to order but will nevertheless endure specific additional fees.

Whenever a transaction is carried out with a MasterCard, a certain price rate is applied to every withdrawal or conversion. Luckily, whereas most banks will charge a hefty commission fee to keep your money more or less warm in their institution, your Payz MasterCard is exempt from such charges. Instead, its users’ losses are, for the most part, reduced to a mere 2% cash withdrawal fee which only doubles for other bank services, including foreign exchange and money order.

Payz MasterCard Limits

When it comes to MasterCard limits, these are determined by your status. Where caps are often put in place to help ensure the security of your account and the money it withholds, they can quickly become a nuisance and potentially incur more costs.

Card limits can come in the form of both a cap on the amount of funds retrieved as well as the actual number of withdrawals used to perform the transactions. Although each status level allows for up to ten daily ATM visits, the actual maximum value of each is set at €250 for the most basic Silver status. If you are hoping to transfer larger sums of money efficiently, you will be forced to split these down into the three allocated withdrawals. Where this can become an issue is when one goes back to consider the charges associated with such a transfer. Indeed, any ATM transaction you carry out will be charged a 2% fee, all ten times around.

A straightforward way to avoid losing on such unfavourable grounds is to upgrade your status into the higher Gold, Platinum or VIP. This will help boost your limit up to €1500 and €11,000 for ATM and shops or e-commerce respectively. Not only will you be able to withdraw more than twice the initial amount, but you will also reduce your money loss since you will only have to pay the fee once to carry out your entire transaction. Luckily, there is not necessarily the need to deposit large sums of money to start upgrading your status. By directly connecting to Payz via Baxity, you will instantly unlock a Gold status and be eligible for VIP after just €10,000 deposits.

Once you bridge that crucial gap between Silver and Gold, your ceiling will be much higher and subsequently your fees much lower. The table provides a further reference for the caps system.

* Withdrawals in the ATMs and bank withdrawals
** Store and online purchases

Payz Virtualcard Fees

Payz Virtualcards offer some of the most secure and private online payment systems available. Designed as a single-use virtual card, it will essentially reach its expiration date the moment it has been used. For just a meagre €1.80, your virtual card is issued by Payz to link it directly back to your trusty Payz Account. Whether you are looking to make a payment to a merchant or are testing your luck at a casino, your Payz Virtualcard will never reveal or display any personal information. It will also not ask you to wait for any verification and can be used as soon as it is ordered.

As the name suggests, the use of the Payz Virtualcard is specifically designed for online platforms for worldwide usage. It offers its users optimal flexibility with the option of being set up in the same three currencies as the Payz Card. Although any Silver Payz Account holder may purchase it, a prepaid version is exclusive to Silver level and above.

The Payz Virtualcard has no associated transaction charges, which makes it completely free to use in the same currency as your account. The only expenses which are able to infiltrate themselves are those related to foreign exchange. If you wish to convert money between currencies, a natural currency conversion fee will be applicable.

Payz Virtualcard Limits

Since Payz Virtualcards may only be used in online transactions, the organic transfer limits usually associated with physical cards mostly vanish. Since these function on a single-use basis, the only limit observed is set on the maximum single transaction starting at €700. As always, working on improving your status level is the most effective way to help you maximise your caps.

The most striking difference between the Payz Virtualcard and its physical counterpart the Payz Card Mastercard is undoubtedly the single transaction limit. Where the daily maximum quickly jumped €1,500 in cash transactions for the Payz MasterCard, it remains at €700 for the Payz Virtualcard even when considering the Gold status level onwards.

Nevertheless, this is simply an accurate exemplification of the fundamental way in which these two cards differ. On the one hand, the virtual card provides a user with unparalleled security and anonymity for his most delicate transfers of money. On the other, the Payz Card is designed as an efficient MasterCard to respond to your everyday needs and demands from different merchants.

Ultimately, each one of Payz features holds onto strong benefits, whether it is the Payz Account, Payz MasterCard or Payz Virtualcard. What they do share in common, is their associated limits and fees which should be carefully considered before selecting either one of them.

Luckily, whichever one you do end up choosing, you will be able to benefit from reduced commissions costs and significantly higher caps as long as your account is registered via Baxity. This is a guaranteed way of optimizing every one of your deposits and withdrawals by helping you upgrade your status level and unlock all of their advantages. Additionally, you can learn the comparison of Payz vs NETELLER and choose the best option for you!