Payza is one of the most used payment processor in the world next to PayPal. It’s a known fact that PayPal is the best payment processor to send and receive money from the bank account at low fees. But unfortunately, due to its strict terms, PayPal do not approve all the business account that wishes to process more than 10 payment per day. Payza is one of the best options for the companies to replace PayPal as the payment system is accepted almost all over the world and there are no strict terms like Paypal. Coming to India, recently Payza has added a great new feature for Indian freelancers to withdraw money directly to the bank account in Indian currency INR(₹) and Payza is planning to add more features to expand their business in India. Read this full review about Payza India to learn how to make use of its features in India.
Payza India – Review:
- Payza is the second best payment processor in India next to Paypal which is a Payment option almost on all the MMO sites.
- Now it is possible to withdraw money in Indian currency to the local bank account in a very simple way. Previously, we can only send the wire transfer to India(n) bank account which has so many formalities and fees were really higher.
- You can store your money on Payza wallet as long as you want and make use of it for the online purchase.
PayPal India vs Payza India:
- In India, you cannot store your money in PayPal wallet for more than seven days or make a purchase directly using PayPal balance according to Indian reserve bank regulations. In the case of Payza, there are no restrictions in keeping money on Payza wallet and you can make use of it to repurchase products and services.
- For example, if you receive $10 from a PTC site to PayPal, you won’t have full control over the fund and also you cannot use it for upgrading your PTC account or purchasing advertising devices. $10 will be automatically converted into INR and sent to the verified bank account within 7 days from the date of money received.
- In Payza you can store that $10 in the wallet for years and it will not be auto-withdrawn. Moreover, you can use it to purchase services on any other site as per your wish.
- The second factor is withdrawal fees. PayPal will charge no fees if you withdraw above ₹7000 and very little fees if less than ₹7000. Payza will charge you a fixed fees for all the transaction that is explained in later part. This is very bad news for low-end freelancers.
- You can directly pay for a service via PayPal using your Visa/Master debit/credit cards with low fees. But on Payza you have to add funds to your wallet only through wire transfer that charges minimum fees of $8 and you can use the funds added to your Payza wallet to purchase services & products.
- Both Paypal and Payza are very secure. Payza acts bit smart than PayPal, if you sign into your Payza account from a new computer (new IP and MAC address) you have to enter the verification code sent to your email inbox to log in successfully. Anyone can log into your PayPal account if they know the correct user ID and password.
- The important point to be considered is that you can only receive a maximum of $500 inward transaction to regular Indian Paypal account. Payza has no restrictions and you can send or receive unlimited amount through Payza account.
Hope now you’re aware of the pros and cons of PayPal and Payza in India. Now continue reading to learn the usage of Payza.
How to create a Payza account in India and activate it:
- Creating a Payza account is very simple as you do on other sites. Click here to start a Payza account.
- Once you land the homepage of Payza, click sign up and choose to sign up for the personal account. The registration form might look similar to the image given above. Enter your correct name and email address. Set a password to your account and click get started.
- Payza will send an email to verify if you’re the owner of the email ID. You must click the verification link to activate your account.
- Then you will be asked to complete basic profile, where you have to enter your address, employment etc. Now it the time to verify your account.
How to verify and fully activate Indian Payza account:
- To enjoy the features of Payza, your account should be verified by the Payza team. This can be done by adding a scanned copy Indian PAN card and a proof of address.
- Look at the image given above, the screenshot of verification page. I’ve added PAN card copy and Phone bill for proof of address. Bank statement, electricity bill, Ration card are the alternatives. You must enter your PAN number in the box given under photo ID to confirm it and upload the scan copies of documents. Enter the PAN number correctly which cannot be changed later. Click next to review the information you’ve entered.
- Check all the information once again and click confirm to submit the documents. Payza will confirm the document approval within 2 days from the time of submission.
- I’ve received mail after two days that the documents have been approved by Payza. If your documents are not approved just upload a scanned copy of alternatives or contact Payza for support.
- After approval, we have full control over our account. Now we can send, receive funds through Payza without any limitations.
How to link Indian bank account to Payza wallet:
- The next important step to link/add your bank account details to connect it with Payza wallet.
- New users can find “add bank account” button on the sidebar. Click it to add your bank account details.
- Previously, it was possible to withdraw funds from Payza using wire transfer (fees – $15). We must enter Swift – BIC code of beneficiary bank which is a great headache. Getting details from government bank employees will be very hard because most of them are not aware of swift code. Also, we must submit several documents to FOREX department of India, if our account receives inward remittance.
- But, now we can add bank details and receive funds as we do it on internet banking NEFT.
- On add bank account page choose “Withdraw funds in local currency” and choose account type as Personal savings. Enter your first name, last name and remember your name should match exactly to the name mentioned on the bank account.
- Enter bank account number & IFSC code of your bank and click next.
- All the details will be listed again as shown above. Check them more than once and click add bank account.
- The Bank account has been added successfully and it should appear on your wallet – Bank accounts section as shown below.
How to receive funds to your Payza account:
- Receiving funds/payment to your Payza account is a one step process. Give your email ID that you’ve used to sign up for Payza account to the sender or enter it in the payment section of the sender site.
- The sender can now send money to your Payza wallet without any further verification.
- As you can see in the image given above, I’ve received $175.20 to my Payza account. With $5.38 deducted as transaction fees the final amount deposited to my account was $169.82. The transaction fees were 2.90% + $0.30.
- The exact amount added after fee deduction can be found on account transaction history.
How to withdraw funds to your bank account on Payza:
- Unlike Paypal which has auto withdrawal feature that will send money automatically to our bank account without any user action, to withdraw money on Payza there is few step to be followed.
- Click withdraw funds on the menu. The possible withdrawal services will be displayed as shown above. Click bank transfer.
- Now you must select the bank account linked and the reason for withdrawal. If you’ve received fund from freelancers sites, PTC sites etc select the reason as “Trade transaction up to ₹5 lakhs per transaction”.
- Enter details (optional) for future reference on transaction history. Click next to continue.
- Now all the details will be listed as shown above. The currency conversion will be automatically applied and the final amount that you will be receiving in your bank account will be given. Just confirm all the details.
- Enter the transaction PIN and click withdraw. Now this transaction has to be approved by Payza team only for the first time.
- Once the transaction has been approved, the estimated deposit time will be displayed on your account as shown above.
- When the transaction is completed you will receive a mail stating that the transaction has been complete and it might take up to 3 days to see funds on your bank account.
- You will receive an SMS from the bank regarding the credit if not you can check your bank account to see the transaction.
How to add funds from your bank account:
- If you wish to fill your Payza wallet from your bank account to make payments to services/products, you can send the wire transfer to Payza. Payza will charge fixed $8 for each deposit
- Click add funds on the menu to start.
- Select currency, enter the amount to be deposited and click next. Payza will guide you to send a wire transfer.
- Log into your internet banking account and click outward remittance under FOREX menu. Follow the instructions given by Payza to add a new Payee. Now Enter the amount (Currency conversion valid for a certain time) mentioned on Payza and send the amount.
- Once the transaction is complete, the funds will be displayed on your wallet.
Fees – Payza India:
- No fees will be charged for sending funds.
- 2.90% + $0.30 will be charged to receive funds.
- 2.90% + $0.30 + 2.5% [Currency conversion] will be changed to withdraw funds to Indian bank account.
- $8(might vary) + transaction fees will be applied to add funds to Payza wallet.
Advantages of Payza India:
- Trusted legitimate payment processor.
- No restriction or fees applied to store funds on Payza wallet.
- Direct bank account withdrawal in local currency.
- No funds limit.
- Quick transfer.
- Great support.
- Transaction fees are fixed. Dynamic fees structure could be a headache.
Disadvantages of Payza India:
- Transaction fees are higher compared to PayPal.
- $8 for the Wire transfer to add funds in Payza wallet which is bad news for small freelancers. If they have to add $10 to Payza wallet, they have to send $18.
- Currency conversion rate is less than PayPal.
Payza is the best payment processor to send and receive foreign funds. In future, we can expect more features to be added to ease our work. You can make use of Payza without any hesitation as they are legitimate and provide instant world class services.
Tags: Payza India review, How to withdraw funds to Indian bank account from Payza, How to add funds to Payza account from Indian bank, Payza India tutorial.