Using E-Gold - Would appreciate some answers :)

Hello,

I'm selling a website, and it happens that the buyer lives in a country unsupported by Paypal. So, he recommended that we use E-Gold for the transaction. However, I know very little about it. Paypal is infamous for it's poor protection for buyer and sellers, is E-Gold any better? Can I put my money straight into my Bank account or Debit/Credit Card when I get the money?

I appreciate all answers,

Thank you,

Lee.

 

I think you will get better answers if this thread was in Payment processing section Check that section out there are already lot of egold related threads and you might find an answer there

 

Woops Thanks, I'll have a look now.

EDIT: Ah, it seems the thread was moved there anyway

 

Good news: There's no risk whatsoever of him charging back after he gets the site info.

Bad news: You can't directly deposit the money, you have to go through a 3rd party exchanger. There's a lot listed here:
http://e-gold.com/unsecure/links.htm

 

If your using egold, since your the seller you shouldnt have too much to worry about, there is no chargeback policy at egold once the egold is in your acct its yours. Only give your customer your egold acct # and never give out your passphrase and always use this keyboard on the login page to enter your passphrase. The biggest problem is converting it to your currency, most of the reputable out exchanges are pretty expensive and time consuming, i have used the london gold exchange a few dozen times and never have had any problems. And its against paypals TOS for the converting of the two ecurrencies if you see a website offering that, run away. You can always exchange it on DP with a member you trust, i myself will always take some egold so if i can help let me know.

 

So how do you exactly get money from those exchange services

 

you pay an exchange service, then they buy the egold on the open market and then they send that egold to your egold acct.

 

Like previously said you don't have to worry about chargebacks with e-gold so in that case it's safe. When you have your money in your e-gold account you have to use an "exchanger" to send the money to your account, there are different good AND bad exchangers around and they all have different fee's. I used IceGold and that one is very safe (google on icegold).

The amount of dollars will also turn into "gold weights", so your money will fluctuate with the price of gold.

 

I have heard alot of good things about icegold i just have never used them.

 

My question is suppose you have some $$$ in egold. How do you get them out? How do you get $$$ in hand (cash) using that exchange service or egold or whatever. Can someone please explain the whole process from start to finish please thanks

 

When you have $$$ in your account you go to an egold exchanger. I will again take IceGold as an example because I have used them and I can only say positive things about them.
Then you go to "sell e-currency" and just fill in the form. After that you will probably get a page telling you to send $$$ to their e-gold number and then they will send the money through banktransfer to you.

 

The best way to get egold to your bank is by using stormpay that if u have a us bank account ,i do it all the time deposit the egold in your stormpay account then just withdraw to your bank it takes a day or 2 really fast transfer .

 

I've often wondered about this too. So, basically e-gold isn't useable as is. You need to use a transfer service which puts the actual money in a checking account for you? Or a debit card or something?

Thanks - Brian

 

Yes, basically egold does not deal with conversion and you need a 3rd party exchanger to deposit and withdraw money from it.

 

You can use Omnipay.com (Owned by same people who own E-Gold) to withdraw e-gold into real cash sent to you via check or wire transfer.

 

Yes Omni pay is one easy and reliable way to do. You can also use debit cards (some people are selling) like imtcard and gcard (currently closed) to get your egold out. Getting egold out isn't that hard, lots of way to do that but the bad part is you can't withdraw it directly to your bank account or via check.

 

Thank you all for your input, I understand it better now I think I'll go with Omnipay, since they're so reputable, being the owners

Lee.

 

Omnipay dont pay!

 

R u sure coz i was also thinking of omnipay

 

recently i heard some ppl saying delays in sending wires etc almost 20-30 days even for the wires and even though u pay them immediately

I can send bankwire/westernunion/moneygram if anyone wishes to cashout there egold (1:1 + u bear the wire/WU/MG fee)