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Scam Charges on PaysTree? (2024)

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PaysTree Ltd., a payment system based in the UK, offers electronic financial services to clients in Europe and the CIS. With main offices in London, many people have been curious about this service.

PaysTree’s electronic payment system allows for purchasing services and accepts SEPA and SWIFT payments. The company claims to focus on making financial transactions easier for everyone, assigning a personal private banker to each client or business.

However, some PaysTree users have voiced dissatisfaction, accusing the company of taking advantage of vulnerable individuals. Customers claim that PaysTree doesn’t provide clear information about fees and resorts to threatening tactics when customers refuse to pay.

What is PaysTree?

PaysTree Ltd. has been an e-money provider regulated by the FCA since August 2018. It was founded in December 2017 by Latvian Mihails “Mike” Safro, who initially served as a director and controlling person. Safro left PaysTree in the summer to start another FCA-regulated EMI called Xpate Ltd.

Currently, PaysTree is managed by Swiss citizen Anselm Schmucki, with directors Guntars Reidzans, Evija Meimane, and Stanislavs Caikovskis. In 2020, the company had around 21 employees, mostly based in Latvia.

PaysTree, with FCA regulation (Firm Reference 900900), operates in England and Wales, providing e-money services to consumers (B2C) and businesses (B2B) in all EU and EEA countries. The company’s business model focuses on offering enhanced banking services through IT solutions for faster payments compared to traditional banks.

PaysTree: Key Data

Hub operatorPaysTree
Business activitye-Money Institution andMerchant Service Provider
Domainhttps://paystree.com
Legal entityPaysTree Ltd (UK)
AuthorizationFCA-regulated e-Money Institutionwith reference no 900900
JurisdictionUnited Kingdom
Related entitiespayinter ltd d/b/a payinter (agent for PaysTree)Everyfin Ltd d/b/a everyfin (agent for PaysTree)Hawex Group Ltd d/b/a Hawex (agent for PaysTree)Paypugs Limited d/b/a PayPugs (agent for PaysTree)Sebes Technology Ltd, Cyprus, d/b/a SEBES TechnologyTiaplata Fintech Ltd, Canada, d/b/a TIAPLATAXpate Ltd d/b/a xpate regulated by FCA as EMI
Related individualsMihails Safro, LatviaAnna Zotova, Latvia Stanislavs Caikovskis, LatviaEvija Meimane, LatviaGuntars Reidzans, LatviaOksana Zelepene, LatviaKirill Baldakov, RussiaGerman(s) Juferova, LatviaRoman(s) Jakovenko, LatviaStanislav(s) Jakovenko, LatviaEugene Malahov, LatviaAleksandrs Zelinskis, LatviaMohammad Awada, UKMichael Charles Borrelli, UKAnselm Schmucki, SwissAlisa Saltykova, UK

What services does PaysTree provide?

PaysTree offers four main services, as mentioned on their website:

  1. Help with Foreign Company Registration: Assisting in registering foreign companies.
  2. Setting up Foreign Bank or Payment System Accounts: Aiding in the establishment of accounts with foreign banks or payment systems.
  3. Auditing and Accounting Support for Foreign Businesses: Providing assistance with auditing and accounting for international businesses.
  4. Tax and International Law Consultation: Offering advice on taxes, Controlled Foreign Corporations (CFCs), and other matters related to international law.

How to Sign Up for PaysTree

Opening an account with PaysTree involves two steps:

  1. Initial Phase: Collect and organize all necessary paperwork required for account opening, with terms decided by you.
  2. Final Step in Account Creation: Submit the required documents to PaysTree, and the account is typically opened within 10 to 15 working days.

PaysTree follows a Know Your Customer (KYC) policy, reserving the right to request additional documents. This may extend the account opening period or, in some cases, result in rejection without specific reasons.

What Does It Cost To Open An Account With Paystree?

To open a PaysTree account, you need to pay a fee of 650€. Here’s a breakdown based on different categories:

  1. Residents of the EU/EEA and the United Kingdom: Initial fee: 10 EUR (Client verification may have an additional fee of 50 EUR)
  2. Visitors from Other Countries: Initial fee: 50 EUR.
  3. Law Firms with Offices in the United Kingdom and the EU/EEA Zone: Initial fee: 250 EUR.
  4. Lawful Businesses with Foreign Registrations: Initial fee: 1500 EUR.

Please note that these fees are for the account opening process and may vary based on your residency and business type. Additional charges may apply for client verification in specific cases.

PaysTree Reviews

“Terrible payment provider! They’re scammers and extortionists.”

Sider Tecno shared:

“The way their service works is really bad. They never tell you that registering a payment system costs 500 euros. Even when I said I didn’t want their service, they didn’t answer my questions until they told me I had to pay. They created an account for me, and I found a negative balance of 500 euros. They are extortionists and scammers. A horrible experience! Definitely the worst payment processor!”

Summary

The first report about PaysTree, a Financial Conduct Authority (FCA)-regulated e-Money Institution, and its network of companies and individuals emerged in May 2022. The network and PaysTree are managed by individuals from Latvia. One of PaysTree’s FCA-registered agents is The Hawex Group, and House PaysTree is owned by Swiss national Anselm Oskar Schmucki.

However, the company deceived customers by making false promises about PaysTree users and customers. Additionally, the company lacks relevant information about its clients, and there are no positive reviews that confirm PaysTree’s legitimacy.

About the author

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