Online Payment Systems Directory

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.

Moneybookers was bought by Investcorp Technology Partners for €105 Million on March 2008.

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.

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% but not more than EUR 0.50).
* Funds upload/withdrawal using local payment methods (bank transfer, payment card, cheque).
* Transparent fee structure, 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 Moneybookers 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:

* Lack of multiple currency support - accounts are denominated in a single currency only. What is more, the account currency can never be changed (unless your account has no transaction history), even when you move countries.
* Limit on the number of credit/debit cards registered to an account (currently, four). What is more, once registered, a card can never be de-registered (removed) from Moneybookers - it is only removed when it expires.
* Limit on the number of email addresses registered to an account (currently, five). What is more, once registered, an email address can never be de-registered (removed) from Moneybookers, thus reducing the available limit.
* It is not allowed to open more than one account in the same name, and there is no option to close (cancel) an account. Users are stuck with the same currency and registration details (email addresses) practically forever.
* The address verification procedure (by post) cannot be retaken in case it fails (e.g., due to a letter lost in post).
* 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. Card transactions used in the card verification process are also subject to card-issuers' cash withdrawal fees.
* Internet forums abound in complaints about poor efficiency of customer service.
* Withdrawal cheques are in favour of last name which is obviously a family name in many countries
* Customer Service is extremely poor and they rarely respond to emails or on site notification. Telephone complaints receive attention but are charged at £0.25 per minute

I remember I purchased something of $190 some time ago the merchant was listed on their site and I purchased that the url they have on their site must be good but after purchasing few CDs online I found that those were never delivered (6 months ago till now )

I called Moneybookers and asked them to revert my payment they said they need proof of the purchase etc and they will do that and I was so lazy to provide them that so I think its my fault, but its good

SUGGESTION: do not waste your moneybooker credit something than skype's credit

AH

Moneybookers is a leading European payment provider offering domestic payment options in more than 35 countries and customer service in 12 languages.

With more than 3 million account holders Moneybookers is one of the largest e-wallets worldwide. Moneybookers enables any business or consumer to securely and cost-effectively send and receive payments online, simply by using an email address. In 2007, already more than 5,000 merchants used Moneybookers’ gateway product, which easily integrates with any website. Moneybookers is regulated by the Financial Services Authority of the United Kingdom (FSA).


Moneybookers enables any business or consumer with an email address to securely and cost-effectively send and receive payments online – in real-time.