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Moneybookers International Money Transfer

Moneybookers_IndiaMoneybookers is an e-wallet system that allows you to send funds and pay for goods to anyone with an email address. It is similar to PayPal in that funds can be loaded via a bank transfer, a debit / credit card or via check. Moneybookers is ideal for sending money to a personal receipient, if you are a business and accept payment for products or services then you should ensure that you have registered your business so that amounts received are taxable.

How Moneybookers Works

You will need to register at Moneybookers using a valid email address to open an account. You will be sent an verification email to your registered email address, click on the link to activate your account. Once registered you can add a debit or credit card, use your bank account or send a check to initiate money transfers. If you register a card it will need to verified, two small amounts will be debited from the card by Moneybookers, when these amounts appear on your card statement you will need to enter the exact amounts on your Moneybookers account to activate your card. The amounts debited will be refunded to your account by Moneybookers upon correct verification.

You can upload funds to your Moneybookers account and then send to any person with a valid email address. If the receiver does not have a Moneybookers account, they can open an account on receipt of the transfer email. The receiver will need to have a South Africa bank account that can accept SWIFT transfers to be able to withdraw funds.

Costs For Using Moneybookers*

Account to Account Transfer

Send Money: 1% (up to USD 0.80) - Receive Money: FREE

Upload & Withdrawal Fees

Upload Funds: SWIFT - FREE, Card - 2.5%

Receive Funds: SWIFT - USD 2.70

Security

Moneybookers has been developed with the same demands on security and performance as the sites used for bank services and share trading. Account login, personal details and all money transactions are secured using Secure Socket Layer (SSL) technology with high security 128bit encryption and is certified by VeriSign.

Advantages:

  • Low cost compared to Bank transfer and Wire transfer
  • Once set up transfers can be initiated anywhere in the world
  • Your account can also be used to fund purchases on the Internet
  • Real Time money transmissions
  • Receive funds from other Moneybooker accounts for FREE

Disadvantages:

  • Verification of cards can take up to 7 days
  • Funds uploaded from your bank can take 2-5 days and up to 10 days for check/cheque
  • Receiver must have a South African bank account which accepts SWIFT
  • Initial limit on funds transfer until your account has been fully verified

*Costs are correct as of July 2006