Moneybookers as a cheaper alternative to Paypal

The latest Paypal crisis has taught me never to depend on any single solution for my payment needs. Over the last month, I've tried out Moneybookers and found them to be actually cheaper than Paypal.

Here is a blog post on my complete experience with Moneybookers: http://www.bhagwad.com/blog/2010/pe...o-send-money-to-india-paypal-alternative.html

New users need guidance with the Moneybookers verification procedures and I've tried to give as much detail as possible. Hope some people here find it useful.

 

Nice article..

 

Yes its a cheaper option but its very difficult to withdraw money from moneybookers if you are indian.

 

MB is i think one of the best Payment Processor , there fees is actually pretty low and service is fast there verification methods are unique.I use it and its a great payment processor.

 

I have withdrawal funds few times via wire transfer and I didn't find any problem.

 

Yes, very true.

I signed up 3-4 years ago and selected INR as currency, already done 1 transaction so can not change currency. Pretty depended upon PayPal still.

 

for me moneybookers and most stupid sistems. 1 year ago has MB acc, received clear money from users, my acc was verifed my real vcc, and address was also verifed, and one day my acc was limited, after i send real documents they just said "Your acct will be closed" without any reason, with ~300$, so for me MB - scamers

 

Yea MB is good... I have INR currency account and have withdrew to bank many times... takes a few days to update in bank account. However, what you get in bank account is far lesser as EUR > INR conversion is there.

 

thanks
and i agree with you
it is a little better

 

Heard many times from different users on this forum. Even as per their terms of service they can close without any reason- someone pointed out this somewhere on this forum.

 

I just opened moneybookers account and since I am from India, the currency selected was INR.

But, somewhere I found that a lot of exchange fee is charged when currency is selected as INR. I want to know whether it is true.

Also, is there a possibility to change my currency to USD(I receive USD from my clients for my writing services).

If I can't change, Can I close my account and create a new one?

I haven't used moneybookers as of now. Any help will be appreciated.

 

If you haven't made any transaction yet, you can change your currency by opening a help ticket. Otherwise no, you can't change it and you won't be allowed to create another account even if you close your current one.

But how do you know that INR conversion fees are high? Even if your account is in USD, Moneybookers will convert it to INR when you transfer to your bank no?

 

moneybooker to Indian banks charge 560 INR ... $12

 

It is no longer cheaper man like it was before Jan. 2010. Since Jan. 2010 some intermediary banks are imposing $15 charges for each withdrawal with moneybookers.. however it is still good in comparison with paypal bcz we get USD in bank and get good exchange rates.

I have wrote many posts about moneybookers on this forum you can go check them.

 

Huh? It still says INR 112.59 through SWIFT Intl Bank Transfer, or INR. 218.93 for USD, GBP, Euro cheque. Plus for transactions involving currency conversion Moneybookers adds 1.99% to the wholesale exchange rate for foreign currency.

 

I've withdrawn several times from moneybookers with only a $2.45 fee.

 

Moneybookers is the good alternate of paypal but verification method is not so good.

 

Moneybookers is a good alternative & I like their services.

 

which bank ?

 

Moneybookers getting around %2-3 fee when receive money .It has started to get fee short time ago.