Moneybookers

Moneybookers Ltd.
Type	Online Money-Transfer Service
Founded	London UK (2001)
Headquarters	London, England / UK
Parent	Gatcombe Park Ventures Limited
Website	www.moneybookers.com

Moneybookers is an e-commerce business that allows payments and money transfers to be made through the Internet. It serves as an electronic alternative to traditional paper methods such as checks and money orders. Moneybookers performs payment processing for websites, online auction sites, and other corporate users.

Unlike many competing online fund transfer services (e.g. PayPal), Moneybookers requires identity verification before using their service to minimize fraud and prevent money laundering. Additional verification steps raise the maximum amount transferable to €20,000 or equivalent within a 90-day period. Moneybookers does not usually get involved in merchandise disputes and the availability of credit card chargebacks may be limited.

History

The moneybookers.com domain was created 18 June 2001. Almost 2 million new users registered with Moneybookers in the past 1,5 years. As of the end of February 2008, Moneybookers claims to operate in all countries and handle over 4.2 million accounts.

Business today

Moneybookers allows customers to send, receive and hold funds in 29 currencies worldwide and offers local payments in 30+ countries. Moneybookers also offers escrow payments (for online trading) as well as online SMS and fax sending services. Moneybookers charges its fees directly to the sender of the payment, and not - unlike the alternative PayPal - the recipient. The seller receives the full amount owed to him.

Key features

Moneybookers offers the following services:

• Fee-free online accounts in one of twenty-nine available currencies.
• Instant online money transfer services between users at a nominal cost (1% or EUR 0.50 whichever is less).
• Funds upload/withdrawal using local payment methods (bank transfer, payment card, cheque).
• Transparent fee structure, low funds withdrawal fees (€1.80 typical).
• Integrated web SMS gateway and fax sending service.
• Merchant solutions: free website integration, card processing with full chargeback protection.
• Multi-language website.

Advantages of using Moneybookers include:

• Relative simplicity of use combined with apparent high security of transactions (incl. multiple user verifications).
• Possibility to register bank accounts from different countries under one Monebookers profile (provided they are in the same name) and to transfer funds between them (unlike PayPal where you need a separate PayPal account for every country).
• Options to add funds to the account using a range of methods including bank transfer and payment cards (depending on the payee\'s country).
• Options of funds withdrawal to a credit card (sometimes processed as transaction reversals), via bank transfer or cheque (depending on the recipient\'s country).
• SMS-based account updates.

Major drawbacks as reported by users include:

• Inability to change the account\'s currency (unless no transactions have ever been made). Combined with strict prohibition of opening more than one account and lack of an account closure option, it means that the user is stuck with the same currency forever (or until the rules change).
• Limit on the number of registered credit/debit cards. Currently, it is set to four; account holder is unable to remove any card until and unless it expires.
• Limit on the number of email addresses registered on the account. An email address once registered can never be updated or removed, and the total limit of email addresses for an account is five.
• The address verification procedure (by post) which cannot be retaken in case it fails (e.g., letter not received).
• Card transactions are charged a 1.9% fee but (unlike PayPal) are processed as cash transactions, resulting in card issuers additionally charging standard cash withdrawal fees.
• Internet forums abound in complaints about poor efficiency of customer service.

Bank status

Moneybookers is registered as a Money Service Business (No. 12115607) with HM Revenue and Customs in the United Kingdom, and is licenced to operate within the EU. Moneybookers is regulated by the Financial Services Authority of the United Kingdom.

External links

• Moneybookers.com

This article is licensed under the GNU Free Documentation License. It uses material from Wikipedia