At the end of the week Payza issued a couple of important updates, which can be extremely useful for the members and partners of the popular payment processor. First of all, we are pleased to announce as of April 6 Payza will be updating the fee structure in an effort to deliver the best possible value to the members. Particularly the fee for the Bank Wire Withdrawals will be reduced from $25.00 per transaction to $15.00! At the same time, the fee to Add Funds by Bank Wire will be reduced greatly as well, from $20.00 down to just $8.00 per transaction.
As the newsletter says the savings reflect countless hours of hard work from the Payza team to secure lower rates from the providers, in order to pass those savings onto the members. These savings were made possible in part by the recent surge in volume Payza has experienced since the start of 2016. This year has already been an exciting one at Payza, as the daily signups increased by over 400% since the same period last year!
The new lowered fees on one of the most popular deposit and withdrawal method is the way Payza tries to thank all the members, new and old ones. Other fee changes include:
• The fee to Add Funds by Bank Transfer in Euro currency will be reduced from 2.75€ to 2.50€
• The fee to Withdraw by Bank Transfer in Euro currency will be reduced from 3.00€ to 2.75€
• The fee to receive funds and e-wallet payments will increase from 2.50% + $0.25 to 2.90% + $0.30
• The base fee to receive direct credit card payments will also increase from 6.49% + $0.25 to 6.99% + $0.59
Another important update is a good news for the Indian customers first of all, since Payza is excited to announce that localized bank transfer withdrawals are now available for members in India! This new features gives more than 700,000 members in India a convenient way to withdraw Indian Rupees directly to their bank accounts.
Although Indian Rupees cannot be held in your Payza e-wallet, when you set up a Bank Transfer Withdrawal in India, your foreign currency funds will be converted to Rupees before they are sent to your bank account. This will save you any conversion fees your bank would normally charge.
The Bank Transfer Withdrawal fee is just 60 INR, plus a 2.5% conversion fee for any funds converted within your Payza Account.
Before you can set up a Bank Transfer Withdrawal in India, your Payza account must be Verified, and your PAN card must be on file and approved by the Payza team. If you previously verified your account without submitting a copy of your PAN card, you will be asked to submit it before you can use this feature.
You must also connect your bank account, and ensure that it is set up for local currency withdrawals. You can do so within your account by clicking on "Wallet" and then "Bank Accounts". On the Add a Bank Account page, complete the form with the information of the bank account you wish to use.
To set up a Bank Transfer Withdrawal using an Indian bank account, simply follow these steps:
• Log into your Payza account
• Click on the "Withdraw Funds" tab
• Select the "Bank Transfer" option
• Choose the currency balance you would like to withdraw from
• Select your bank account
• Indicate the reason for your withdrawal
• Enter the amount to transfer as well as any additional details and click on “Nextâ€
• Review details and confirm your withdrawal.
