Originally Syndicated on June 12, 2023 @ 7:35 am
PaysTree Ltd is a payment system based in the United Kingdom that offers electronic financial services to clients throughout Europe and the CIS. Many customers have companied about The main offices are in London.
The electronic payment system accepts SEPA and SWIFT payments and offers purchasing services. Paystree claims to be committed to simplifying financial transactions worldwide. As a result, each client and business is assigned a personal private banker.
However, numerous customers have complained that the company uses fraudulent strategies to trick innocent individuals. Customers have said that the company never offers correct information regarding charges and that they threaten them when the consumer refuses to pay.
What Users Say About PaysTree?
The worst payment provider ever!
According to a PaysTree user, the service interface is designed so that no one tells you or informs you that registering a payment system costs 500 euros. If you ask them a question, they will not correctly answer it, and then they will force you to pay for services that have helped you nothing, and you must pay, even though their services are useless and you do not want their terrible services.
The user also shared his experience, stating that after all of this, they opened an account with a minus 500 euro balance. He said, “These guys are extortionists and scammers, and I had a horrible experience!” They are the absolute worst payment provider ever!
About PaysTree
It has been an FCA-regulated e-money provider since August 2018. It was founded in December 2017 by Latvian Mihails “Mike” Safro (shown left), who was initially registered as a director and controlling person at UK Companies House. In the summer, he left PaysTree to launch Xpate Ltd, another FCA-regulated EMI.
The company is currently controlled by Swiss citizen Anselm Schmucki. Stanislavs Caikovskis, Evija Meimane, and Guntars Reidzans are the directors. According to LinkedIn contacts, the company had 21 workers in 2020, with the majority of them based in Latvia.
The company is registered in England and Wales and is regulated by the Financial Conduct Authority (Firm Reference 900900). PaysTree offers e-money services and passports to all EU and EEA nations on a business-to-consumer (B2C) and business-to-business (B2B) basis.
The company’s business model is based on classic banking services supported by IT technologies for more efficient payments than traditional banks.
What does PaysTree Offer?
According to their website, the company’s four primary services are as follows:
- Foreign company registration and assistance
- Account opening in foreign banks and payment systems
- Foreign enterprises receive audit and accounting support.
- Advice on taxes, CFCs, and other international law issues
How to Join?
There are two steps to opening an account:
- the preliminary stage and
- the final stage of opening an account.
The preliminary stage consists of collecting and filing all the paperwork to start an account. The preliminary stage’s terms are entirely up to you.
The account is opened after 10-15 working days of providing all required documentation to the payment system.
It follows KYC policy and reserves the right to request more papers, which may result in the account opening term being exceeded and the account being refused without reason or explanation.
What Is The Price Of Opening An Account In Paystree?
The cost of opening a PaysTree account is 650€.
– 10 EUR for people from the EU/EEA and the United Kingdom (an extra charge of 50 EUR is possible for customer verification);
– 50 EUR for persons from other jurisdictions;
– 250 EUR for legal firms registered in the EU/EEA zone and the United Kingdom;
– 1500 EUR for legal companies registered in other jurisdictions.
Be Cautious when Dealing with PaysTree
In May 2022, a reporter published the first article on the FCA-regulated e-Money Institution PaysTree and its network of businesses and individuals. PaysTree and the network are operated by Latvians. The Hawex Group is one of PaysTree’s FCA-registered agents. Anselm Oskar Schmucki, a Swiss citizen, owns House PaysTree.
However, when it comes to PaysTree users and customers, the company defrauded consumers by making fraudulent claims. The company also fails to provide relevant information about clients, and there are no relevant positive reviews to prove that PaysTree is a legitimate company.
Pays Tree Ltd is a company that claims to offer a variety of financial services, including currency exchange, money transfers, and cryptocurrency trading. However, there is no evidence that PaysTree Ltd is a legitimate company. In fact, there are many red flags that suggest that PaysTree Ltd is a scam.
One red flag is that PaysTree Ltd does not have a physical address or phone number. This makes it difficult to contact the company if you have any problems. Additionally, Pays Tree Ltd’s website is full of grammatical errors and typos, which is another sign of a scam.
Another red flag is that PaysTree Ltd has been accused of using fake testimonials. These testimonials are often used to make Pays Tree Ltd seem more legitimate than it is.
Finally, PaysTree Ltd has been the subject of several complaints from customers who have lost money. These complaints allege that Pays Tree Ltd is a Ponzi scheme, which is a type of investment fraud where early investors are paid with money from later investors.
If you are considering using Pays Tree Ltd, do reconsider. There is a high risk that you will lose money if you do.
Here are some tips to avoid scams like Pays Tree Ltd:
- Do your research before investing in any financial product.
- Only invest with reputable companies that have a good track record.
- Be wary of companies that offer high returns with little risk.
- Never give out your personal or financial information to anyone you do not trust.
If you think you have been scammed by PaysTree Ltd, you should contact your bank or financial institution immediately. You should also file a complaint with the authoriti
We ask people to save their money and nerves and under no circumstances get involved with this payment system, they artificially freeze payments and then ask a million questions that go beyond the AML, KYC and GDPR policies, and the questions are repeated all the time, as if each time a new employee is handling the client’s case or no one even reads the statements and documents provided, moreover, for their own questions they charge the client with legal fees (without any groundings on hours spent), we really hope that the UK regulatory authority will soon take the necessary measures against these scammers