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Payza Updates (Read 12113 times)
moneymarketing
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Re: Payza Updates
Reply #15 - 31st May, 2017 at 11:43pm
 
Very happy with the bank transfer feature (not the bank wire feature) at payza. I requested the funds for the first time ever to be sent to my bank and within less than 24 hours it was sent. It hasn't posted to my account but I assume that will happen over night tonight.

I don't know if my bank and country affected the speed of the transaction (which only cost 50 cents BTW) but I am glad it was this easy.

This looks promising for the future  Smiley
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SolidSnake
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Re: Payza Updates
Reply #16 - 7th Aug, 2017 at 3:53pm
 
I've also tested the bank transfer for the first time.

I requested funds on Thursday and they showed up as processed on Sunday on my bank account..

I had checked on Saturday and it hadn't been processed yet, so to my surprise it did actually happen during the weekend.  Shocked

The withdrawal fee was €2.50 but it's free above $200, that's good to withdraw more than that.

Only fee after that is 2.5% on currency exchange.. which is kinda fair as the service should have some cost.
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Re: Payza Updates
Reply #17 - 7th Aug, 2017 at 9:05pm
 
SolidSnake wrote on 7th Aug, 2017 at 3:53pm:
I've also tested the bank transfer for the first time.

I requested funds on Thursday and they showed up as processed on Sunday on my bank account..

I had checked on Saturday and it hadn't been processed yet, so to my surprise it did actually happen during the weekend.  Shocked

The withdrawal fee was €2.50 but it's free above $200, that's good to withdraw more than that.

Only fee after that is 2.5% on currency exchange.. which is kinda fair as the service should have some cost.


It also seems that once you have done a few transactions, the transfers speed up. They seem to put you into a trust zone since there were no problems the first time
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ruicarlov
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Re: Payza Updates
Reply #18 - 8th Aug, 2017 at 12:08am
 
SolidSnake wrote on 7th Aug, 2017 at 3:53pm:
The withdrawal fee was €2.50 but it's free above $200, that's good to withdraw more than that.

Only fee after that is 2.5% on currency exchange.. which is kinda fair as the service should have some cost.


I'm afraid it's not free to withdraw above $200, unless Greece is a special exception. I've withdrawn a pretty penny from there (see my Neobux cashouts), and those €2.5 were always there.

As for currency exchange, 2.5%? Hah, nice joke.  Roll Eyes
If you go to their exchange page, and convert $ to eur, and back  to usd again, you can see the cost is not that low.
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Re: Payza Updates
Reply #19 - 8th Aug, 2017 at 1:14am
 
ruicarlov wrote on 8th Aug, 2017 at 12:08am:
I'm afraid it's not free to withdraw above $200, unless Greece is a special exception. I've withdrawn a pretty penny from there (see my Neobux cashouts), and those €2.5 were always there.

As for currency exchange, 2.5%? Hah, nice joke.  Roll Eyes
If you go to their exchange page, and convert $ to eur, and back  to usd again, you can see the cost is not that low.

Ok, seems like I confused deposits with withdrawals..

Deposits below €200 -> Fee: €2.50
Deposits from €200 and up -> Fee: FREE
Withdrawals (regardless of amount) -> Fee: €2.50

Foreign exchange **      2.5 %

Quote:
** For currency conversion within a transaction, the foreign exchange rate includes 3.5% over the wholesale exchange rate at which we buy our currencies. For manual currency conversion, the rate includes 2.5% over the wholesale exchange rate. Exchange rates are adjusted regularly.

So.. I'm not entirely sure how much was held in my case.. I withdrew $115 that currently converted to euro equals €97.49 and received €91.13, so the amount deducted was ~€6.36.
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Re: Payza Updates
Reply #20 - 8th Aug, 2017 at 1:31pm
 
I might as well add that the manual currency conversion ends up using a better exchange rate then when doing it via withdrawal. So next time, first convert USD to EUR in their currency exchange page and then withdraw. You save a bit that way.
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Re: Payza Updates
Reply #21 - 8th Aug, 2017 at 4:14pm
 
ruicarlov wrote on 8th Aug, 2017 at 1:31pm:
I might as well add that the manual currency conversion ends up using a better exchange rate then when doing it via withdrawal. So next time, first convert USD to EUR in their currency exchange page and then withdraw. You save a bit that way.

Not sure when I will, but I'll try that for sure next time.. Smiley
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Re: Payza Updates
Reply #22 - 9th Aug, 2017 at 9:13pm
 
Just to be on the safe side, remember to check both rates when the opportunity arises, just in case something's changed in the meantime.
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Re: Payza Updates
Reply #23 - 5th Sep, 2017 at 6:54pm
 
Another interesting update from Payza:

Payza Introduces Cryptocurrency Address Manager for Easy Bitcoin Transfers

Just when I started thinking about using a bitcoin program.. Smiley
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Re: Payza Updates
Reply #24 - 6th Sep, 2017 at 1:20am
 
SolidSnake wrote on 5th Sep, 2017 at 6:54pm:
Another interesting update from Payza:

Payza Introduces Cryptocurrency Address Manager for Easy Bitcoin Transfers

Just when I started thinking about using a bitcoin program.. Smiley


Without having done any serious research on it yet, this looks good. This should help to turn BTC into cash and into the bank account if I ever need to do that in the future. I just need to watch out for the fees.

I think with the cryptos it is good to have two 'escape routes' for your BTC at all times. Two accounts that you can use to funnel your BTC into  and if one is in jeopardy you have the other to fall back on while you develop the next alternate account
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Re: Payza Updates
Reply #25 - 8th Sep, 2017 at 1:21pm
 
So.. I decided to test the new Bitcoin system in Payza and I'm not sure that I did everything right but here's the process I have followed.

This could be labeled "How to use Payza BTC balance to deposit bitcoin to FamilyClix" (or better how NOT to do it... lol)

Firstly I created a bitcoin address for myself to function as a wallet where I'll be able to get paid at.
This went smoothly and I added that address in my personal settings in FamilyClix so I will test it when my next payment gets ready.

Now on the second part of my testing.. I've decided to deposit 50 USD to FamilyClix (to also benefit from the 15% deposit promo).

So firstly I had to transfer money from my USD balance to my BTC balance and for this purpose I exchanged 57.95 USD that I had lying there to 0.01179115 BTC.

The exchange rate at the time was 1 BTC = $4914.70 USD.
Transfer was instant and all went well with it.

And now on to the final part of the process. I had to send 50 USD equivalent BTC amount to FamilyClix.
I went over to the FC site and selected deposit by Bitcoin.
They displayed their Bitcoin address and requested me to send them 0.01073753 BTC.

I went back to my Payza account to find how to do it and figured out that in order to send BTC to external bitcoin wallets I would have to use the withdrawal option and inserted there their provided bitcoin address.

Then a transaction fee popped up.. and that was 0.001 BTC.. which translates to 4.66 USD..  Is this normal? Huh

I guess with every deposit so far it was FamilyClix that was paying the Payza fee, so I went ahead and picked the option "the recipient pays the fee" and completed the transaction as suggested. I'm not sure what I should do but since I was in the middle of it I decided to complete it anyway. Nonetheless there was the 15% deposit bonus that would cover the expense anyway.

But after completed the final step I got this notification:

Quote:
Perfect! We are reviewing your withdrawal and getting it ready to send to your bitcoin wallet.
Expected date: 09/11/2017


At first I thought "Oh,  Censored, I won't make it before the promo ends".. but less than 10 minutes later I received an email from Payza stating that the transaction was completed.

But then another email popped up in my mailbox from coinpayments.net.. stating that there was an incomplete transaction..
The balance remaining showed 0.001 BTC which was the amount of the fee.. so I had to send an additional 0.001 BTC to the given address in order for it to be completed.

I went back to my Payza account to send the additional amount and realized that it would mean another 0.001 BTC fee..
And I had less than 0.002 left in my BTC balance to complete it anyway..   Grin

So.. I now have to wait until the expiration of the confirmation time in order to claim my funds back and re-send them the payment.  Smiley

What have we learnt? Smiley
When it comes to Bitcoin payments through Payza the buyer pays the fee..  Dont know
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« Last Edit: 8th Sep, 2017 at 1:42pm by SolidSnake »  
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Re: Payza Updates
Reply #26 - 8th Sep, 2017 at 1:28pm
 
I forgot to mention that the expiration of the transaction is in 1d 1h 29m 11s so I'lll have to wait it out and see how it goes.

Now regarding the fee it's 4.66 USD when depositing 50 USD which equals to 9.32% of the total amount.. isn't that a bit too high?

Sure the deposit promo will cover it but where's the benefit in that..  I'll only receive  5.68% bonus for my deposit while if I used directly Payza USD balance I would earn a full 10% bonus. And what would happen when they don't run a promo?

Is it just Payza overdoing it like this when it comes to fees or do other options take such a huge advantage of them as well?
Also what happens when we get paid in BTC from FC, do they pay the fees or do we still receive less than we withdraw?

Edited:
Btw, I've opened up a support ticket on FC to ask them in case there's anything else we can do about the incomplete transaction.
Let's see..
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« Last Edit: 8th Sep, 2017 at 1:41pm by SolidSnake »  
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Re: Payza Updates
Reply #27 - 8th Sep, 2017 at 4:16pm
 
I hadn't tested the new platform, but I wouldn't want to, anyway. A little while ago I tried to experiment a bit on their btc conversions and came to the conclusion the fees were too high everytime. I made a small exchange of usd to btc in their internal conversion and simulated a withdraw in BTC and I understood that if the exchange rate was better in one option, then I had the 0.001BTC fee.

It was actually cheaper to just withdraw to my bank account (after converting USD to EUR in the exchange currency page), and then make a SEPA deposit to bitstamp with their automatic conversion of EUR to USD. Their rates are miles better than in Payza.

I had around a 3.5% fee of currency conversion in Payza, and just 0.25% to get USD again in Bitstamp

Any other way I would end up close to those 8-9% you mentioned.
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Re: Payza Updates
Reply #28 - 8th Sep, 2017 at 6:55pm
 
SolidSnake wrote on 8th Sep, 2017 at 1:28pm:
I forgot to mention that the expiration of the transaction is in 1d 1h 29m 11s so I'lll have to wait it out and see how it goes.

Now regarding the fee it's 4.66 USD when depositing 50 USD which equals to 9.32% of the total amount.. isn't that a bit too high?

Sure the deposit promo will cover it but where's the benefit in that..  I'll only receive  5.68% bonus for my deposit while if I used directly Payza USD balance I would earn a full 10% bonus. And what would happen when they don't run a promo?

Is it just Payza overdoing it like this when it comes to fees or do other options take such a huge advantage of them as well?
Also what happens when we get paid in BTC from FC, do they pay the fees or do we still receive less than we withdraw?

Edited:
Btw, I've opened up a support ticket on FC to ask them in case there's anything else we can do about the incomplete transaction.
Let's see..


I've heard transaction fees are that high due to the whole segwit issue. It may be some time before they normalize. This is one reason I'm not using them for PTC transactions at the moment. With the price volatility and the transaction fees, it is just not worth the slippage when there is much more certainty in US dollar payza transactions.

I'd recommend only taking payments in BTC at this time so as to build a stake and do your transactions in payza US$

You might want to check this thread every once in a while to get up to speed on the whole BTC topic

https://www.reddit.com/r/Bitcoin/
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Re: Payza Updates
Reply #29 - 9th Sep, 2017 at 6:17pm
 
moneymarketing wrote on 8th Sep, 2017 at 6:55pm:
I've heard transaction fees are that high due to the whole segwit issue. It may be some time before they normalize. This is one reason I'm not using them for PTC transactions at the moment. With the price volatility and the transaction fees, it is just not worth the slippage when there is much more certainty in US dollar payza transactions.

I'd recommend only taking payments in BTC at this time so as to build a stake and do your transactions in payza US$

You might want to check this thread every once in a while to get up to speed on the whole BTC topic

https://www.reddit.com/r/Bitcoin/


Nope, that test was before the segwit issue. Payza has always been heavy on the fees. Bitcoin is no exception.
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