ePayments Review 2022 – Is it safe to use in India?

Founded in 2011, ePayments provides online payment services for over 1,000,000 freelancers, traders, & gamblers and 1,000 companies.

ePayments is an international payment system that makes sending and receiving money across borders simple and secure. No matter which country they are based in, this platform makes it simple to send money to employees and suppliers. Users can accept payments directly from marketplaces and clients.

ePayments’ cutting edge payment system was created to better further the modernization of business. By streamlining the online payments process, it is now easy and secure for businesses and individuals to operate internationally.

Clients essentially open an online European IBAN account through ePayments without visiting a physical bank. This makes accepting payments from international friends, family, and employers around the globe simpler.

As ePayments is authorized by the UK’s Financial Conduct Authority (FCA) it commits to delivering upon the highest standards. To issue electronic money ePayments must prove that it has sufficient capital to protect clients – even if it encounters unexpected losses. The company must also prove that the digital money that is provided to its clients is tied to real assets. ePayments must show its rigorous processes to prevent and recognize financial crime such as money laundering and terrorism to maintain its license.

For traders looking for a reliable transfer platform ePayments is a decent choice. The protocols required by the FCA ensure that all clients are protected for the full value of the e-wallet. While the support staff will work with you to recover lost money, there is no guarantee that it will be recovered.

ePayments has connections with many different trading platforms around the world. With near-instant transactions between many sites like Olymp Trade its clients have an advantageous arrangement with ePayments. Transfer commissions are waved when sending and receiving money from many trading platforms.

Though it is a perfectly good service to use to execute digital transfers its long sign up process stops traders from being able to use the ePayments to deposit money to or withdraw from a trading platform on the day the account is opened. However, many traders feel the benefits of free and instant deposits and withdrawals on many platforms are worth the wait. The benefits outweigh the cons for traders as they are able to access their money anywhere through the ePayments app.

n India, ePayments deposits are made using credit or debit cards as the payment method (in EUR, RUB, or USD). The card must belong to the account holder and be issued by Visa, Mastercard, or Maestro.

Bank transfers, cryptocurrencies, and Yandex.Money are the other three methods of depositing money into an ePayments account.

Clients will not be able to load funds onto their accounts before it has been verified. The fact that only three currencies are supported leaves a lot to be desired from this payment method. With many other platforms offering 10+ currencies ePayments does not rise above the crowd.

In India people most often use a credit or debit card to withdraw funds; however, withdrawing money from an ATM with a prepaid card is the fastest and most convenient for many clients. Transferring funds from the ePayments e-Wallet to most types of bank cards is available to verified clients.

Since ePayments only operates with EUR, RUB, & USD withdrawing to India even through the platform’s prepaid card will incur exchange fees. For traders in South East Asia depositing and withdrawing from your account will result in paying this fee twice.

ePayments Prepaid card

ePayments’ prepaid Mastercards are available for users to purchase for ease of access to their money. The physical card allows customers to access their money anywhere. Ordering a payment card costs $5.95, with a monthly fee of $2.90, which is only charged from the 3rd month onward. Nevertheless, if your spending through the car exceeds $300 per month, the fee will be waved.

The ePayments Mastercard can be used for online, in-store, and ATM transactions. Essentially, it can do everything a traditional Mastercard can. However, the ePayments e-Wallet and prepaid card do not share the same balance. Funds must be added to the card, to be able to withdraw money from the card or pay for purchases.

A card can be loaded five times within a 24-hour period. The maximum amount that is possibly allowed on the card is $20,000 USD. It cannot be loaded through special terminals or via direct transfers using the card number. The card can only be loaded from your ePayments e-wallet or WebMoney account. Money cannot be transferred directly to the card by using the number.

Loading from ePayments e-Wallet balance

Select the ‘Between your accounts’ section on the ‘Payments and Transfers’ page found in the dashboard area. From the dropdown menu select the applicable titles in the ‘From account’ and ‘To account’ fields and enter the transfer amount. Double-check the information entered before confirming the action. Sending money from your e-wallet and prepaid card are instant and free through the platform or the ePayments app.

Cards are only available in either EUR or USD, therefore transactions and withdrawals in any other currencies will lead to foreign exchange charges.

ePayments Mobile App

All ePayments services can be used through the mobile app just like on the website. Monitor your account balance and keep track of what payments you have received in real-time. Send money directly to your ePayments card, other bank accounts, or e-wallets. Instantly convert between the US dollar, Euro and Russian rubles. View your card balance to stay on top of what is coming in and going out.

To have complete access to your funds with the functionality of the whole platform, download the ePayments mobile app.