I have just stumbled onto a online money transfer and receipt site that looks too good to be true. Their fees are really low and they use a spread of 0.8% which is very good.
They look like they work like Paypal just much cheaper, with only a fee of 1% from what I can see.
This is the site www.moneybookers.com
They are no garage operation either. It looks too good to be true and that makes me very, very suspicious. What am I missing ???
Is this the magic site we have all been looking for ...
Check it out.
Money Transfer system - Too good to be true ????
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Alan Knighting
- Posts: 4120
- Joined: Mon Oct 18, 2004 7:26 am
- Location: Monflanquin, Lot-et-Garonne, France
Clexanne,
It really does look like a good thing.
I usually recieve payment by way of a Stirling cheque which I deposit into my French bank account. That's OK for the renter. For him/her its just the same as paying for anything else by issuing a cheque.
For me, as an owner, the story is very different. I get the worst exchange rate the bank can invent for the day and I am charged an exchange commission and a negotiation commission.
As an example, on the 23rd June I banked a Stirling cheque for £547.50. The exchange rate applied was 0.667 so I got 820.84€. The commission de change was 14.50€ and the commission negociation was 15.00€. The estimated date when the cheque will be credited to my French account (credited not cleared) is the 29th June.
I suspect a lot of us think that the current banking system is nothing short of a legalised system of fraud and theft and are looking for a better way.
From what I can see the Moneybookers.com way is just as good for the renter and a country mile better for the owner. Does anyone disagree?
Does anyone have any experience of Moneybookers? Is it as easy and as efficient and economical as it appears to be? Are there any horror stories? Is anyone brave enough to give it a try by transferring a small amount of money from a Stirling account to a Euro account?
Regards
Alan
It really does look like a good thing.
I usually recieve payment by way of a Stirling cheque which I deposit into my French bank account. That's OK for the renter. For him/her its just the same as paying for anything else by issuing a cheque.
For me, as an owner, the story is very different. I get the worst exchange rate the bank can invent for the day and I am charged an exchange commission and a negotiation commission.
As an example, on the 23rd June I banked a Stirling cheque for £547.50. The exchange rate applied was 0.667 so I got 820.84€. The commission de change was 14.50€ and the commission negociation was 15.00€. The estimated date when the cheque will be credited to my French account (credited not cleared) is the 29th June.
I suspect a lot of us think that the current banking system is nothing short of a legalised system of fraud and theft and are looking for a better way.
From what I can see the Moneybookers.com way is just as good for the renter and a country mile better for the owner. Does anyone disagree?
Does anyone have any experience of Moneybookers? Is it as easy and as efficient and economical as it appears to be? Are there any horror stories? Is anyone brave enough to give it a try by transferring a small amount of money from a Stirling account to a Euro account?
Regards
Alan
I'm brave enough but I'm too hot today and have just returned from a very long French lunch - nuff sed!!!! I have stirling and French accounts and so I'll have a go tomorrow.
My hubby says that he is 100% in agreement with you Alan - banks - thieves and vagabonds he says - how can they justify these charges now that even old fogies like us can use technology and send info in a moment?!
My hubby says that he is 100% in agreement with you Alan - banks - thieves and vagabonds he says - how can they justify these charges now that even old fogies like us can use technology and send info in a moment?!
Well volunteered Enid - we will all be holding our breath until your lunch settles down 
They certainly advertise well and seem to be an outfit with lots of cash available (not a pun honest). Lets hope this is the start of some better competition in the money moving stakes.
I heard that one negative about PayPal was the registration process which required a rather lengthy verification process - for senders and receivers so it will also be interesting to see if that would put off any potential guests?
Good luck and fingers crossed.
They certainly advertise well and seem to be an outfit with lots of cash available (not a pun honest). Lets hope this is the start of some better competition in the money moving stakes.
I heard that one negative about PayPal was the registration process which required a rather lengthy verification process - for senders and receivers so it will also be interesting to see if that would put off any potential guests?
Good luck and fingers crossed.
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What would you attempt to do if you knew you would not fail?
What would you attempt to do if you knew you would not fail?
I just went through the verification and it was straight forward enough. It was certainly easier than Paypal.
Lets cross our fingers this one pans out. Alan, like you I just banked a US cheque in France and had to pay about €30 in charges plus their spread.
It seems you can even pay into accounts in different countries which is useful.
Lets cross our fingers this one pans out. Alan, like you I just banked a US cheque in France and had to pay about €30 in charges plus their spread.
It seems you can even pay into accounts in different countries which is useful.
This system does seem a lot better for us, as it is 1% commission instead of 3.9% for PayPal. But the downside is that for the person sending the money, you have to persuade them to sign up for a service they will not have heard of, transfer them money from their bank account, before sending you a payment. With PayPal, you can just make a simple, immediate credit card payment, through a well-known company.
I have trouble enough getting people to use PayPal (although I know Brooke has no problem at all). I don't think I would persuade many people to use this system, as the benefit is all for me and not for them.
Or have I misunderstood how moneybookers works?
I have trouble enough getting people to use PayPal (although I know Brooke has no problem at all). I don't think I would persuade many people to use this system, as the benefit is all for me and not for them.
Or have I misunderstood how moneybookers works?
Paolo
Lay My Hat
Lay My Hat
Moneybookers is the only payment system accepted by the internet phone system Skype.
Try to make a Google search on: moneybookers skype problem
That will give you a rather scary picture of how payments get lost or can spend weeks in cyberspace.
PayPal is not without problems, bu at least it is fast.
Try to make a Google search on: moneybookers skype problem
That will give you a rather scary picture of how payments get lost or can spend weeks in cyberspace.
PayPal is not without problems, bu at least it is fast.
In my experience, the thing that clients wouldn't like is having to register for the service in order to use it. PayPal now lets you send fairly large amounts of money (certainly enough for an initial deposit) without registering for the service. That has essentially eliminated any complaints I used to get about PayPal.
1% instead of 4% does sound nice -- but I think I'll wait until I hear about enid and Clexane's results, and perhaps then also wait until credit card transactions are accepted without requiring account registration.
I don't have any experience with Skype, but I know that even for PayPal there is a fairly large number of people who have had major problems with it, and they have created lots of web pages describing their problems. But I still regard PayPal as a very good way of transferring money to/from guests. So moneybookers still could be okay even if there are loud complaints, although it is, of course, worth checking into!
1% instead of 4% does sound nice -- but I think I'll wait until I hear about enid and Clexane's results, and perhaps then also wait until credit card transactions are accepted without requiring account registration.
I don't have any experience with Skype, but I know that even for PayPal there is a fairly large number of people who have had major problems with it, and they have created lots of web pages describing their problems. But I still regard PayPal as a very good way of transferring money to/from guests. So moneybookers still could be okay even if there are loud complaints, although it is, of course, worth checking into!
Brooke
Sorry but why don't you all use IBAN or SWIFT...
banks won't recommend it as it is the cheapest of all ways to transfer so therefore they make minimum money on these type of transactions...
John Borg in Malta has been saying the same for quite some time...I didn't realise what he meant until I sat our English speaker in the bank down for a chat...then it all came out!!!
So John thank you for the steer...it is the way - and also there isn't or doesn't appear to be the big wait re rates and cyber space!
banks won't recommend it as it is the cheapest of all ways to transfer so therefore they make minimum money on these type of transactions...
John Borg in Malta has been saying the same for quite some time...I didn't realise what he meant until I sat our English speaker in the bank down for a chat...then it all came out!!!
So John thank you for the steer...it is the way - and also there isn't or doesn't appear to be the big wait re rates and cyber space!
"I offer a bank transfer (IBAN/SWIFT), as well as PayPal - PayPal is just so much more convenient and instant than having to go to your bank to arrange a transfer."
You shouldn't have to go to your bank to arange a SWIFT transfer: it can be done on-line or by telephone by some, if not all, banks.
You shouldn't have to go to your bank to arange a SWIFT transfer: it can be done on-line or by telephone by some, if not all, banks.
Best,
Alexia.
Alexia.
I know that a BACS transfer is free of charge from a UK bank to a UK bank (in Sterling) and can be done via internet, phone or in person.
The only info a sender needs is the bank account number and the bank sort code of the receiver - and money in the account!
But how does an IBAN/SWIFT transfer work?
The only info a sender needs is the bank account number and the bank sort code of the receiver - and money in the account!
But how does an IBAN/SWIFT transfer work?
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What would you attempt to do if you knew you would not fail?
What would you attempt to do if you knew you would not fail?
Just did a payment request to myself and its a hassle on the customer end. They either have to go through a bank account verification, a credit card verification or send a check to moneybookers which takes about 10 days.
Once they are on it would be easy enough, but I fear these verification proceedures will put many off ... seems its back to the drawing board
As for the money transfer option we do use this and it is a better than checks banked into a French Bank for costs but it does open you up for fraud as noted on a seperate discussion on this forum.
The best setup so far I can see is using the citibank multi-currency option after getting a check from Guests. Here are the Citibank fees :
Foreign cheques
Cheques drawn abroad
£15
Deposited:
USD or £ cheques deposited into any account
No fee
€ cheques deposited into a € account
No fee
All other foreign cheques deposited
£15
Catch is you need to keep £2000 in their accounts (all together) or they charge you account keeping fees.
From here you can use bank to bank transfers or alternatively open one of these accounts in France.
Once they are on it would be easy enough, but I fear these verification proceedures will put many off ... seems its back to the drawing board
As for the money transfer option we do use this and it is a better than checks banked into a French Bank for costs but it does open you up for fraud as noted on a seperate discussion on this forum.
The best setup so far I can see is using the citibank multi-currency option after getting a check from Guests. Here are the Citibank fees :
Foreign cheques
Cheques drawn abroad
£15
Deposited:
USD or £ cheques deposited into any account
No fee
€ cheques deposited into a € account
No fee
All other foreign cheques deposited
£15
Catch is you need to keep £2000 in their accounts (all together) or they charge you account keeping fees.
From here you can use bank to bank transfers or alternatively open one of these accounts in France.