Payza members often ask, “How can we lower our transaction fees?” This post will help answer that question.
Adding funds to your Payza account is always easy but some methods cost you more than others. Many Payza members add funds to their Payza account using credit cards, but that isn’t always your best option. Very often, adding funds by bank account will cost you less, and the more you deposit, the more you save!
The Cost of Convenience: Lower fees or faster transactions?
To help you decide which one is right for you, here’s a list of the pros and cons for each deposit option: Bank Transfer, Bank Wire, or Credit Card. If you’re looking for speed, then adding funds by credit card is for you. If you’re looking for the least expensive option, then adding funds from your bank account is usually the better choice.
The two most important differences between the deposit options are the fees you’ll be charged and the time it takes to process the transaction. Unfortunately, not all of the methods listed above are available in all countries. You can visit our Local Payments Options page to find out which deposit options are available in your country.
How you can avoid paying higher fees on larger deposits
Let’s take a closer look at how much money you can save by adding funds from your bank account instead of your credit card. Consider the examples of depositing $100 and $1000 USD to your Payza account and a comparison the exact fees for each transaction.
Fees to deposit a relatively small amount of $100 USD range from $2.00 to $8.00, but a sizable deposit of $1000 USD incur fees that range substantially, from no fees at all to a significant $50-charge for a credit card deposit.
Although bank transactions take two to five business days to process, which takes more time than credit card deposits, bank transfers are the best method to minimize or even eliminate deposit fees. As a general rule, it’s a good idea to consider alternatives to credit cards for large deposits into your Payza account.
Before making a transaction, it is worth taking the time to consider more affordable deposit methods and decide whether the speed and convenience of credit card deposits are worth the fees. Other deposit methods are more affordable—sometimes even free! —especially since Payza recently reduced transaction fees for bank wires and bank transfers.