tu-co (OP)
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January 27, 2017, 04:36:08 PM Last edit: January 27, 2017, 04:50:08 PM by tu-co |
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I've used Localbitcoins mostly in the past and it sufficed for the most part. I don't trade INR-BTC too often. Hence I had not tried Zebpay or any other bigger Indian bitcoin portals earlier. I started with Zebpay by putting some INR in the wallet. Apparently they accept only NEFT, RTGS and IMPS. Sure, understood. This is their order confirmation page which tells you where you should send your money to: https://i.imgur.com/1pglcSc.pngNot a single mention of any fees they will charge if the payment is not acceptable to them. Now, they send an email almost half an hour later (probably by when most people would have sent their payments) saying "Do not send funds from non verified bank accounts or from wallets like PayTM, Mobikwik. These payments will not be accepted and the order will be canceled. We shall refund such payments to your bank account after 7 working days and with a refund charge of Rs 250." 1) Paytm uses IMPS for transferring funds. How is the end user supposed to know that you have problems with WHERE that IMPS is coming from? Isn't it your ethical responsibility to let users know AT the time of placing the order that any such fees apply? 2) Paytm is not an "non unverified" source. Zebpay has my authenticated mobile number and I don't see a problem if I use that very number for making INR payments to them.It's not about Rs. 250 that was lost. Right off the bat, the website has already lost my trust as to what all hidden fees they will have in the future. That is not how you run successful startups. This seems more of a systematic way of milking money out of people. EDIT: I should clarify: I am not against them charging people "refund fees". It's their policy and they can decide on those things. But TELL people IN ADVANCE that you're going to charge them for something, not AFTER.
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lordquanta
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January 30, 2017, 02:57:23 PM |
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It is rather unfortunate incident. Some how before purchase of bit from zebpay or for that matter other available option, i knew that paytm and other mobile wallets are not acceptable. Your point is right if there is no mention of 'mobile-wallet not accepted' policy.
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Marma Kalari
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kittiefight.io Combat MMO Lending Jackpots
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January 30, 2017, 10:01:58 PM |
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I am not a member of Zebpay so i am not sure what their terms and conditions are and if they are not clearing stating that they wont accept non banking transactions they have to specify that clearly and they cannot take money to refund the amount .You can file a complaint to consumer protection if that is the case.
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tu-co (OP)
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January 31, 2017, 05:39:29 AM |
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I thought I should update here. They did not charge me the fee like they had mentioned in the automated email, and Zebpay support clarified to me that they have the system in place to curb abuse.
Anyway, if they do charge this fee to anyone else, they should have it mentioned clearly at the time of giving bank details inside the app.
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erikalui
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January 31, 2017, 09:23:17 PM |
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It's a misunderstanding from your end here as Zebpay has clearly mentioned that they accept deposits from bank accounts only and the payment mode can be NEFT/RTGS/IMPS. They also mentioned to add the reference number from YOUR bank account statement which means it should be only YOUR BANK that sends the payment which means that it should not be any third-party sending the payment.
I feel the fee is too high that they charged you for the mistake but they should have mentioned it first. Sorry for your loss but next time be careful while reading their terms.
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Viviyang
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February 01, 2017, 11:15:32 PM |
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This is the main reason of not using zebpay or coinsecure as they are not legit exchanges and they bend their rules as and when they like and they also dont give full details on clear,
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bitcoinisbest
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February 02, 2017, 05:40:20 AM |
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This is the main reason of not using zebpay or coinsecure as they are not legit exchanges and they bend their rules as and when they like and they also dont give full details on clear,
They are very much legit site. Why do you say so that they are not? Also as far as known they do not make any changes on random basis yet and charge as per what they like. They have a standard rates and functionalities on which its based on.
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DomainMagnate
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February 02, 2017, 11:40:01 AM |
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This is the main reason of not using zebpay or coinsecure as they are not legit exchanges and they bend their rules as and when they like and they also dont give full details on clear,
They are very much legit site. Why do you say so that they are not? Also as far as known they do not make any changes on random basis yet and charge as per what they like. They have a standard rates and functionalities on which its based on. Yes they are legit but zebpay charge high fee for their services. I placed sell order for 0.29 btc and they charged 40 rs just for placing order. I understand fees are necessary for running their services but charging fee even before actual sell is not fair.
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Viviyang
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February 14, 2017, 08:02:47 AM |
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This is the main reason of not using zebpay or coinsecure as they are not legit exchanges and they bend their rules as and when they like and they also dont give full details on clear,
They are very much legit site. Why do you say so that they are not? Also as far as known they do not make any changes on random basis yet and charge as per what they like. They have a standard rates and functionalities on which its based on. Yes they are legit but zebpay charge high fee for their services. I placed sell order for 0.29 btc and they charged 40 rs just for placing order. I understand fees are necessary for running their services but charging fee even before actual sell is not fair. This are the hidden charges they charge which most of the seller or buyer dont check and they dont know that they are trading with high fees, No other exchange have this rule of charging fees even before the trade is done and just to place the order you are charging it then if the trade gets success then you are charging more also.
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Forbiddenone
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February 14, 2017, 09:42:09 AM |
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This is the main reason of not using zebpay or coinsecure as they are not legit exchanges and they bend their rules as and when they like and they also dont give full details on clear,
They are very much legit site. Why do you say so that they are not? Also as far as known they do not make any changes on random basis yet and charge as per what they like. They have a standard rates and functionalities on which its based on. Yes they are legit but zebpay charge high fee for their services. I placed sell order for 0.29 btc and they charged 40 rs just for placing order. I understand fees are necessary for running their services but charging fee even before actual sell is not fair. This are the hidden charges they charge which most of the seller or buyer dont check and they dont know that they are trading with high fees, No other exchange have this rule of charging fees even before the trade is done and just to place the order you are charging it then if the trade gets success then you are charging more also. They charge so called hidden fees as they allow seller to sell at high price then current price.even if you do transaction in yobit they also have high btc exchange rate than current.
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buysellbitcoin
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https://www.zebpay.com
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February 14, 2017, 09:45:36 AM |
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This is the main reason of not using zebpay or coinsecure as they are not legit exchanges and they bend their rules as and when they like and they also dont give full details on clear,
They are very much legit site. Why do you say so that they are not? Also as far as known they do not make any changes on random basis yet and charge as per what they like. They have a standard rates and functionalities on which its based on. Yes they are legit but zebpay charge high fee for their services. I placed sell order for 0.29 btc and they charged 40 rs just for placing order. I understand fees are necessary for running their services but charging fee even before actual sell is not fair. Hi This is Mahin here from Zebpay. Please accept our sincere apologies if there was any inconvenience to you. Zebpay DOES NOT CHARGE ANY FEES for placing order. Please PM me your registered mobile number and order id and I will look into it immediately. Also on almost all cases, Zebpay does not charge fees for refunding payments. If a user is found repeatedly using third party account to transfer funds, then we charge it. Also sometimes few users try to abuse system. As a responsible exchange we can not allow our accounts to be misused. Also such transfers and refunds are time consuming in terms of compliance and processing and eventually they slow down overall support and order processing. To discourage such behaviors we have this provision. Please feel free to get back to me in case you have any questions or concerns. Regards Mahin Zebpay
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buysellbitcoin
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https://www.zebpay.com
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February 14, 2017, 09:49:17 AM |
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I thought I should update here. They did not charge me the fee like they had mentioned in the automated email, and Zebpay support clarified to me that they have the system in place to curb abuse.
Anyway, if they do charge this fee to anyone else, they should have it mentioned clearly at the time of giving bank details inside the app.
Hi tu-co Thanks for update. I am not sure why you have not received email immediately. May be some issue at tech side. I hope yur issue was resolved. I will really appreciate if you can update OP with this update. Regards Mahin Zebpay
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jawed
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February 14, 2017, 10:08:17 AM |
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I have not used Zebpay personaly. But if ur concerns are legit, then u shud file complaint at ur local consumer court against unethical trade practices. PM me if u need a good lawyer dealing in cyber laws.
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TigerMart
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February 14, 2017, 10:39:01 AM |
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If a user is found repeatedly using third party account to transfer funds, then we charge it.
How do u find whether an user is doing NEFT from his/her verified bank account or some other bank account? NEFT details does NOT include sending bank account details. U get only the reference no.
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buysellbitcoin
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https://www.zebpay.com
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February 14, 2017, 10:41:56 AM |
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If a user is found repeatedly using third party account to transfer funds, then we charge it.
How do u find whether an user is doing NEFT from his/her verified bank account or some other third party account? NEFT details does NOT include sending bank account details. U get only the reference no. If it comes to our notice, we will not accept that payment. Most of the banks provide topup product, special accounts where you can receive more details about transaction. Regards Mahin
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TigerMart
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February 15, 2017, 11:44:16 AM |
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If a user is found repeatedly using third party account to transfer funds, then we charge it.
How do u find whether an user is doing NEFT from his/her verified bank account or some other third party account? NEFT details does NOT include sending bank account details. U get only the reference no. If it comes to our notice, we will not accept that payment. Most of the banks provide topup product, special accounts where you can receive more details about transaction. Regards Mahin Great... but how do u make sure that the verified bank account is really verified? I mean to say, how do u ensure that the owner of the bank account is the same person indicated in the ID proofs provided?
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buysellbitcoin
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https://www.zebpay.com
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February 15, 2017, 12:03:26 PM |
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If a user is found repeatedly using third party account to transfer funds, then we charge it.
How do u find whether an user is doing NEFT from his/her verified bank account or some other third party account? NEFT details does NOT include sending bank account details. U get only the reference no. If it comes to our notice, we will not accept that payment. Most of the banks provide topup product, special accounts where you can receive more details about transaction. Regards Mahin Great... but how do u make sure that the verified bank account is really verified? I mean to say, how do u ensure that the owner of the bank account is the same person indicated in the ID proofs provided? As already explained, on special bank accounts ( and in some banks, you have to buy it as top up product ) you get lot more details about transaction which includes sender details. But again this is on best effort basis. If we find you are using third party accounts to transfer, we will not accept that payment. I hope I was able to answer your concerns. Regards Mahin
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Harry Callahan
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February 15, 2017, 09:29:28 PM |
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As already explained, on special bank accounts ( and in some banks, you have to buy it as top up product ) you get lot more details about transaction which includes sender details.
But again this is on best effort basis. If we find you are using third party accounts to transfer, we will not accept that payment.
I hope I was able to answer your concerns.
Regards Mahin
If there is a rule like that are you sure you have mentioned that in your website.It is really unacceptable to charge hidden fees and ask them to read the terms of service agreement .I would like to know what is the real reason for banning third party account transfers.
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newIndia
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February 16, 2017, 12:11:42 PM |
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As already explained, on special bank accounts ( and in some banks, you have to buy it as top up product ) you get lot more details about transaction which includes sender details.
But again this is on best effort basis. If we find you are using third party accounts to transfer, we will not accept that payment.
I hope I was able to answer your concerns.
Regards Mahin
If there is a rule like that are you sure you have mentioned that in your website.It is really unacceptable to charge hidden fees and ask them to read the terms of service agreement . I would like to know what is the real reason for banning third party account transfers.To safeguard Zeb IT Solutions Private Limited against AML.
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zahra4577
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February 17, 2017, 10:42:30 AM |
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Zebpay rates are also unreasonably high.There buy and sell price difference is also high.This is unfair. Sometimes it is more than 2k inr
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