Hello Friends, I need Urgent help from you all. After hearing good feedbacks for Money Bookers, I requested my client to send money in my newly registered Money Bookers account. The Client has sent me MB comments as below while adding his Credit Card to his profile for verification: He has asked me what to do and in turn being quite new, I am asking the same thing to you all. You all have been of great help for my previous queries. DP forum is indeed a great platform. MB Says:=========================== Credit/debit card verification: We will charge your card for a random verification fee between USD 1.01 - 2.99 . You must then check your card statement for the exact transaction amount and enter it into the 'verify credit/debit card' section of your Moneybookers profile. Upon completion, the verification fee will be refunded to your Moneybookers account and your card will be verified with an upload limit of 672.70 USD in any 60 day period. Due to processing restrictions we cannot refund this transaction back to your card. =============== 1) Does this mean that MB is allowing only 672.70 USD sending limits for any 60 day period ? If yes, any other options please. 2) I belong to INDIA and hence this should be treated as an International Wire Transfer if i use SWIFT process system. Any idea what I am be likely to be charged and also my client. Let us say for example he is sending 500 USD. What could be the possible charges for both sides i.e the Sender & Receiver? 3) Is Wire Transfer going to be a REAL time transcation or it takes some days for the money to be actually realised to my Account? 4) How are the exchange rates between Paypal and MB. I mean suppose PP is paying 41.00 INR for 1 USD today, is MB at par with it ? If any one has a bit idea, I would like to hear their views. Thank you in advance for the help Regards gopal
1) Based on what you paste here, yes that is the amount of money you can receive within a 60 days time frame. However, you can do the address verification and your limits will go up. Do a bank transfer to your account and your limit goes up even higher. In your Moneybookers page, it should tell you the increase in limits for each type of verification. 2) Moneybookers typically work in such a way that you send money from one moneybookers account to another. If your sender sends you payment then they need to pay a 1% surcharge (up to 0.50Euro) and there is no fees to you. It is only when you decide to withdraw the money that you pay 1.80EUR for SWIFT. 3) Wire Transfer has never been real time. When they initiate the transfer, it should take between 24 to 72 hours for the money to get to your account. Wire Transfer will involve at least two banks, theirs and yours but usually there would be an intermediary bank which would be involved. 4) Moneybookers exchange rate varies day to day. http://www.moneybookers.com/app/faq.pl?gid=2&qid=718
1) Does this mean that MB is allowing only 672.70 USD sending limits for any 60 day period ? If yes, any other options please. Yes, but verifying address and adding a bank account could lift the limit to $8K which is a good bit of amount for a personal account. If you want to go with merchant account there are no limits but fees are quite high. 2) I belong to INDIA and hence this should be treated as an International Wire Transfer if i use SWIFT process system. Any idea what I am be likely to be charged and also my client. Let us say for example he is sending 500 USD. What could be the possible charges for both sides i.e the Sender & Receiver? To send a Wire to MB you could be charged between $25 - $40 depending on the amount. $40 is the maximum amount of international wire if I'm not wrong. 3) Is Wire Transfer going to be a REAL time transcation or it takes some days for the money to be actually realised to my Account? It would be quick but not real time. It takes some time and holidays could make it more longer. 4) How are the exchange rates between Paypal and MB. I mean suppose PP is paying 41.00 INR for 1 USD today, is MB at par with it ? If any one has a bit idea, I would like to hear their views. Edd already posted the link to check daily rates I hope this helps.
Hello Disguised and Eddy2009 Thank you so much for such a detailed answer to my queries point to point wise. It leaves me no room for any confusion. Two last questions please: 1) I am from India. My US client would send the money through Money Bookers in USD. If I withdraw funds by SWIFT (Bank Transfer), will I receive the funds automatically converted into INR ( Indian National Rupee) or I have to deal with my local Bank for conversion of the same ? For eg: Let us say, Mr. A sends 500 USD today. Will I receive intimation from my local Bank from India that I have received 500 USD or 500 USD x 41.00 INR [conversion rate] = Rs. 20500.00 ? 2) My client is more keen to deal with his company's Credit Card and possibly would not agree to use his personal Bank Account for wire transfer of funding his Money Bookers account. I understand from MB's site that to fund accounts by Debit/Credit card, he has to pay 1.9% fees where as it is free through Bank Transfer. Am I correct on this ? Thank you once again for all your help. Regards gopal
1. Take a look at http://www.moneybookers.com/app/help.pl?s=fees , India is listed as one of the 30ish countries which MB supports in local currency. SO what this means is that MB would do the conversion to INR from their end and you will get the money in INR based on the foreign currency + fees which they determined. 2. Moneybookers offers two options, one which is the standard Email Pay method where the Buyer would need to get a Moneybookers account, verify it and then fund it using their credit card and as for the rates, it would depend on the country they are from, see http://www.moneybookers.com/app/help.pl?s=fees as for the fees and his upload options. This is either free to 2.5% to fund their account. After that, they will incur a 1% or up to EUR 0.50 to send you the money. Alternatively, you can opt for the Merchant Services option and at which case, the sender does not incur any cost and can use their credit card to pay you without all the other hassle. However when this is done, the recipient would incur a 8% fees.
Eddy2009: Thank you so much. You have been wonderful in explaining things clearly. I better not choose the Merchant services mode..Oh 8% fees here is rather too high. I dont have big business as of yet. I have just requested the client to send 200 USD as trial payment. You have already solved all my doubts, if anything is still left out, I will learn once the actual transcation takes place. Thank you so much once again. Revolutionz: Yes I have been toying with idea of Xoom. But I dont know much about it. I will check their weblink. I have been reading lots of articles in this forum. Moneybookers has been given a very clean record by most of the members here whereas some say Xoom is not legal way of transferring the money. I was not sure, hence thought to play safe with Money bookers. I have just started something and dont want to enter into any kind of legal mess. But thank you so much for your contribution to my query. Regards gopal