Money bookers account currency - INR or USD - Which one to choose? Please help

Hello,
I want to know that MB deduct fees or not when we receive money or payment from our client in our MB account or they charge only for withdrawal to bank account ?

 

How much they will offer me for 1 USD ?

 

It's Not big issue....

 

No they ll not deduct anything this is why Moneybookers is far far better than shitty paypal

 

You ll get more 1 INR + than Paypal offers at anytime and even more than that.. so say if paypal have 44.45 right now and the same time your bank remit money for you from USD to INR you ll get 45.45 ++ so you are in profit of Rs 1 per USD..

If you are reading my other posts then you might observed abt $15 fee some intermediary banks started imposing since Jan 2010. So with moneybookers it is the biggest disadvantage nowadays.. however I still recommend moneybookers than Paypal as they don't charge any incoming fee and also they only charge a fair 1.80 EURO per withdraw transaction to our Indian banks

 

Unlike Paypal, Mb charges the sender fee .reciever doesnt have to pay any fee .

 

I maintained my MB account in INR. I transferred $35 from Odesk to my MB account. I got INR 1552.45 in my MB account. This is a good conversion rate because the actual INR equivalent to $35 according to XE.com was 1592.50. Then, I made withdrawal request for 1400 and I was charged 111.28 as fee for the withdrawal. I am just waiting for the money to hit my bank account, without issues hopefully.

I just wanted to post an update of my situation because I guess many Indians are confused with INR/USD currency with moneybookers.

 

Thanks for replying

 

You should get around Rs. 800-900 to your Bank account, keep us update.

You may check my experience here

 

That is too bad The final page of my withdrawal said, Amount to be received through bank transfer : INR 1400. Now, you are saying another INR 500 to 600 will be lost. I was actually waiting to see something around INR 1300. I will update the thread once I receive money in my bank account.

By the way, how many days will it take for MB to credit SBI a/cs?

 

I don't think it depends upon Bank, but 5-6 days. I requested on Sunday or Monday morning and got fund on Friday

 

I just emailed moneybookers about how they will send money to Indian bank account. I asked them whether they will send INR directly. Here is the reply from moneybookers:

"Since we do not support a local bank in your country of residence all withdrawals are send from our German bank account and are processed in EUR.

Please note that when you request a withdrawal, on the right side if the screen you should see the currency in which the withdraw is to be made."

So, this means that money will be sent in EUR.
Only after receiving payment in my bank ac I will be able to decide whether INR is a good choice.

 

I got EUR if you look at the old post. 1 EUR = 65 and something. Somebody claimed he gets in both US and EUR. I still believe choosing currency is not a fact because we both got USD and moneybookers shows us in INR figure - right? Rate is quite high... have you noticed they don't charge for this conversation while we get money from USD to INR, actually they don't convert to INR only shows us in Rs format - correct? otherwise there should have some conversation fees.

When they send us EUR then takes standard charge and rest goes for intermediate banking charges. I think fair enough.

 

I think your conclusion is not correct. Actually, they convert USD to INR when payment is sent in USD and received in INR. You can see that in FAQ section.
http://www.moneybookers.com/app/faq.pl?gid=2&qid=718

So, when he have account in INR, then what happens is
Conversion 1: USD to INR
Conversion 2: INR to EUR
Conversion 3: EUR to INR

The first two conversions happen with moneybookers while the third one happens at bank end. I guess this is what is happening.

If I had known that MB always sends money in EUR for Indians, I would have chosen USD currency. That way, one conversion step will be avoided.
I have to see what amount I get credited. If necessary, I will talk to MB to change my currency.

Call me an idiot, but I think Paypal doesn't cause this much confusion.

 

By the way, are you still using MB with INR currency?

 

MB Update:
I finally got the credit from MB. I originated transaction of 1400 INR from MB and I received 1348 INR in my bank account. Bank charges was 25 INR per transaction.

Finally, in my experience, it is NOT OKAY to have your moneybookers currency in INR because MB sends payment only in EUR. It is better to have it as USD if you receive payments only in USD or EUR if you receive payments in various different currencies. This way, there will be only one conversion at MB's side and you will get good rates from your Indian banks.

So, I figured out now I have to ask MB the permission to change currency. Don't know how it will work...

 

@estimacs
then you have got good amount, not sure why they charged too much from me. May be after Paypal crisis they have reduced charges.

secondly I guess you can not change currency after first transaction, but if you somehow manage to change currency, let me know please.

 

Yeah, I read that in MB faq. I have raised a ticket. Somewhere I read MB allows closing this account and opening a new one in new currency. This wont be too much hassle for me I think because I haven't done much using MB. But, I was hoping to somehow convince MB to change currency. I will update once I am done.

 

I spoke with MB and I found that it is not possible to convert currency. They suggested me to open a new account and they have released bank account information. I can't use the same email address anyhow. But, I guess it is fine with me...

 

Choose USD as everyone will pay u in USD and not INR

U can always withdraw them ... Using Wire transfer and it will be in INR