Moneybookers for receiving, making online payments Home Online Money Transfer
Moneybookers is a popular online money transfer systems, the European equivalent of Paypal . It is widely used for making online payments for small amounts, for casino payments and other forms of gambling, since betting is legal in UK. It is an electronic money transmitter regulated by UK law and has more than 1.5 million users as of April 2006. Moneybookers is a very convenient way to transfer money within Europe, since bank charges for telegraphic transfer are usually very high.
It can be used conveniently for both customer-to-customer transactions and
for business to consumer payments for most companies in the European Union .
It was one of the first online money systems to allow withdrawal to Indian
bank accounts. Many small UK businesses are now
outsourcing their
software, data conversion work to India. They
prefer to pay their Indian vendors by
Moneybookers
Moneybookers uses email to inform the receiver that a payment has been made. The
sender or purchaser can add funds to his
Moneybookers account in one of
the 4 ways:
1. Charging the credit card ( Amex, Mastercard or Visa) for any transactions or
payments. The fee is 2.5% of the amount
For people from Asia, Africa, Moneybookers insists
on additional documentation for verifying the credit card. They will want proof
of identity like drivers license, voters id card faxed to them or a scanned copy
sent by email. This can be quite time consuming for payments of small
amounts
2. Debiting a bank account in specific countries for any payments or
through SWIFT (wire transfer).
There is no charge for this method
3. By cheque - only in UK and France
4. By receiving money from some other
Moneybookers account holder
You can open an account for free for Personal Accounts. There are no fees for
receiving money, and for sending money the fees are 1% (maximum 0.5 Euro)
Fees for withdrawing to bank accounts in other countries depend on the currency and country. For most European countries, you can directly withdraw to your bank account or Visa credit card. However, in India, you can only withdraw by cheque at a fee of 3.5 Euro (approx. Rs 200)
Many banks (especially private
banks) in India charge a minimum of Euro10-Euro20 to process foreign
currency cheques. So if you receive a cheque of Euro$20, you
could finally receive only Euro2 - Euro10 in your bank account, if you do
not select your bank carefully. Instead you could request payment of small
amounts to your
Moneybookers account and when the balance in your account is
substantial, the entire amount can be withdrawn by cheque.
Remit2India accepts transfers
from a Moneybookers account.
Unlike Paypal, chargebacks can be on payments through Moneybookers only with
your payment.
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