Positive Aspects
- Regulated & Secure: Payz is operated by PSI‑Pay Ltd, regulated by the UK Financial Conduct Authority
- Strong Casino Integration: Especially in Canada, Payz is praised for fast, secure transactions and mobile-friendly use at online casinos. Users report deposits are instant and withdrawals quick (often within 24 hours).
- Competitive Fees & VIP Perks: It typically offers lower fees than rivals like Skrill or Neteller. Its tiered VIP program delivers reduced costs, higher limits, cashback, free P2P, and prepaid card access.
User Complaints and Drawbacks
- Mobile App Ratings: On Apple’s App Store, Payz scores just 1.8/5 from 13 ratings, with complaints about verification and transfer issues.
- On Google Play, it’s around 2.9–3.6/5, with criticisms about blocked transfers and poor customer communication.
- Trustpilot & Trust Issues: Trustpilot shows mostly negative reviews—many users report withdrawal delays, blocked transfers, and poor customer service. Payz holds a 2.6-star “Poor” trust rating overall.
- Verification Hurdles: Several user comments point to rigorous verification processes—some say they were forced to provide documents like bills or renter agreements, which they didn’t always have.
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Payz Review – Personal Account Testing
Onboarding & First Impressions
The onboarding process was straightforward, and the mobile app functioned well. Initially, the account came with VIP Diners Club virtual and physical cards, which were unexpectedly cancelled at the end of July 2025. No official explanation was provided, which is not a reassuring sign.
Account Details
IBANs are issued in Ireland by Modular Finance.
Loading Funds & Verification Issues
When testing deposits of under €2,000 and later €5,000, each attempt triggered unnecessary questions, followed by the freezing of both the funds and the account.
A compliance call revealed poor English skills and limited regulatory knowledge. Questions such as “Why are you a taxpayer in one country but a resident in another?” showed a lack of understanding of cross-border life and tax obligations.
Withdrawal Experience
Transferring funds out became a nightmare:
- A €5,000 withdrawal to an account in the same name was refused.
- All transfers were manually reviewed, taking 1–3 days—delays not mentioned in the terms, additional terms forced while requesting payouts
- Transfers were rejected unless proof of account ownership was provided, even for sending money to oneself.
In one case, after declining to provide redundant proof (funds had already been verified when loading the account), support later admitted it wasn’t necessary—but then claimed that sending in funds and withdrawing them constituted a “breach.” The account was frozen again, internal rule not grounded by any compliance reason. Eventually, the withdrawal was processed instantly after much back-and-forth.
Account Closure
Following these issues, we requested account closure.
Conclusions
Our experience aligns with many negative Trustpilot reviews, beyond the slow customer service:
- Processes seem designed to keep funds locked in the account.
- Every incoming transfer from your own account undergoes 100% verification; it’s unclear how complex it would be with third-party or company transfers.
- The business model appears focused on encouraging users to spend via card rather than withdrawing funds—likely because that’s where Payz profits.
Final Recommendation
We do not recommend Payz for individuals. It seems primarily suited to gambling-related usage, where users load a wallet and spend via card. For general use, the restrictive withdrawal practices and overbearing compliance checks outweigh any potential benefits.
Dealing with Locked Funds at Payz
If your funds are locked, follow Payz’s official complaints procedure:
Payz Complaints Policy
- File a Formal Complaint
- Send an email clearly titled “Complaint”.
- Payz is required to respond within 5 business days.
- Escalate if Necessary
- If the issue is not resolved, escalate to the Financial Ombudsman.
- Note: Payz may try to avoid this step, as it incurs costs for them.
- Reference the Terms & Conditions
- In all correspondence, refer directly to Payz’s own terms.
- Insist that all compliance questions and decisions are grounded in those terms.
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