Moneybookers, money transfers

[Hereford]

I have seen reference to "Moneybookers" on this forum. Could anyone who has experience of them please let me know (to in-box if you prefer)how they got on. I need to transfer money from UK to France and occcasionally UK to Germany or Canada.

Their website looks very promising but would be glad of feed back from users!

Thanks

Marcus

[Butchx5]

Used them quite a bit and have been extremely satisfied with their service, their exchange rate is always VERY competitive and its a cheap transfer (1.80 Euros and no British or French bank charges). It takes a bit of time to get the money from the UK to your French account but as long as you plan it this isnt a problem.
Hope this helps.
Helen

[Andyphilpott]

I have just started using Moneybookers and found them absolutely fine. Excellent rates and cheap cost and NO charges by CA for receiving the money. Amazing!

I am a lifelong sceptic re Banks (I used to work for one!) and usually where a service seems too good to be true then it probably is.

Not so with Moneybookers.

It does take time to upload and then withdraw to the French Bank account and during that time you are at theoretical risk since if Moneybookers were to go bust in that period you could lose all your money. That is what they are obliged to say in their T&C. In fact I understand that they maintain their balances in liquid funds so unless they are spending more than they are earning they should remain solvent. I must confess that I only use them for a couple of thou at a time and would rather use an entirely safe source for larger amounts (such as for house purchase) but have found Currencies Direct good for that. Such caution may well be unwarranted.

Bottom line is, not as safe as a Bank but better value by a very long way.

The system is easy to use once you have registered with them and set up your accounts. I thought that it was a very smart move for them to send a dummy transfer to my CA account (just a few cents) to make sure it all worked OK - I believe that also has something to do with checking the account(s) for money laundering purposes (or maybe that should be anti - money laundering!)

The last time I sent money it took 4 days to upload and around 3 to withdraw into my CA account, and as the transfers actually can happen instantaneously they (or my Bank) have the use of the funds for a few days. That is how they make their money and I do not begrudge them that.

Andy Philpott (83)

[clj]

I now use moneybookers all the time. Initially I found the site very confusing to use, but once you find your way around it's fine. If you look up the thread on Moneybookers it will tell you all you need to know. To be able to transfer up to 15000 euro in a three month period, you need to register as a validated client. This is very easy. Either fax or email a copy of your passport and a recent utility bill.
Best wishes C J