After my account in MoneyBookers (MB) has been verified, I tested its capacity in withdrawing money to my bank account in the Philippines.
The withdrawal process in MB is as simple as withdrawing money in PayPal. However, MB has a confirmation process that involves entering of birth date.
Fees
Unlike PayPal’s fee (2.9%+$0.30), receiving money in MoneyBookers is free. But withdrawing money entails a flat fee of $2.37, depending on the FOREX market. For that reason, it is better to withdraw a bigger amount in MB.
Inability to view amount in Philippine currency
This is probably one of the drawbacks of using MB. I was not able to view the total withdrawal amount in Philippine peso before proceeding to wire transfer. However, based on my manual computation, MoneyBookers has higher exchange rate than PayPal.
Wire transfer
According to Moneybookers, it will take up to 5 business days before the amount reaches my bank account. In PayPal, money transfer can be completed within 2 to 3 business days. When I used Moneybookers, wire transfer only took 2 days to complete.
According to Moneybookers, it will take up to 5 business days before the amount reaches my bank account. In PayPal, money transfer can be completed within 2 to 3 business days. When I used Moneybookers, wire transfer only took 2 days to complete.
Because of the positive result of the withdrawal process in Moneybookers, I prefer Moneybookers to PayPal provided the amount to be withdrawn is more than $300. I just hope that transferring money using Moneybookers will continue to be a hassle-free transaction.
Will I recommend Moneybookers?
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12 comments:
Hi! Do I need to verify my account first before I can withdraw?
Also, what is the minimum or maximum amount I can withdraw?
Salamat! :)
Hello papernalia22,
Yes, you do need to verify your account before you can make withdrawal using Moneybookers.
Unlike Paypal, there is no minimum withdrawal amount as long as your balance is enough to cover the redemption fee. Please refer to this link:
http://www.moneybookers.com/app/faq.pl?gid=9&qid=726
For maximum withdrawal, there is a transaction limit set, depending on your status. Mine is over $1k for 30 days because I have verified my credit/debit card and address.
Again, it is free to receive money through Moneybookers.
To sign-up, please go here: Moneybookers Sign-Up
Ty.
Thanks for the reply. Btw, how to verify my account? Do I need to verify all? my address, bank account and debit card?
Taga Pilipinas ka rin ba? :D
Hello papernalia22,
After signing up, Moneybookers will show you instructions on how to verify your account.
Medyo tricky ang pag-verify ng credit/debit card kasi they debited a random amount from my debit/credit card in USD. Although nakita ko kung how much ang binawas sa Unionbank ko, hindi ko matantya kung how much ang exact amount debited in USD. So I just emailed the CSR and told them about the problem. They emailed me back promptly naman. They asked me to send a screenshot of my bank statement showing my name as an account holder, credit/debit card number and transaction details yung sa debited na amount. I also sent them scanned photo of my Unionbank card para makita yung account number ko kasi hindi visible sa bank statement eh. After nun, verifed na ang debit/credit card ko.
Yung sa pag-verify ng address, I sent them my cable bill as proof of billing address. Yung bank account registered lang hindi verified kasi hindi sila makapagverify bank account sa Philippines. Pero okay na yun.
After na verify ko ang aking debit/credit card and address, increased din aking transaction limits.
Yun lang po. I like MB more kasi walang bayad mag-receive ng money unlike PayPal na sobrang laki ng binabawas. May fee lang pagwithdraw which is under $3. Unionbank kasi gamit ko. Mare-receive ko ang money within 24-48 hours lang, based on my experience.
I hope you will find this helpful.
Thank you.
I prefer Paypal than Moneybookers. The latter charged high like 2.43 USD and Paypal charge 50 pesos only. Anyway, having the two payment processors account will make us secure online.
Hi! I had similar difficulties with MB:
-- the address verification letter never arrived
-- credit card verification
Moneybookers (now skrill) expected me to enter the debited amount in EUROs, while my account (SMART Money) was debited in Pesos..
solution: on the same day that MB had debited my SMART Money card I managed to debit it with exactly 1 EURO by sending 1 EURO to a friend with Paypal account!
So on my SMART cell phone I got a msg on how much my SMART Money card was debited for 1 EUR (57.14 pesos), now I was able to calculate the currency exchange rate and successfully entered the correct EURO amount into skrill (1,58 EUR in my case for a debited 90.29 pesos)
this should work for anyone having an paypal and an activated SMART Money card (dont forget to unlock it for internet purchases just b4 u start the debiting transactions)
otherwise it is nearly impossible to find the correct currency exchange rate that aplies to the very day that skrill debits ur credit card..
hope that helps u folks..
Hi jane jane..
You mentioned that you used Unionbank to withdraw your money in money bookers.. How did you do that? Yan bah ung EON card or regular na account? Kumuha ako nung eon na account da sa union bank para sa moneybookers, pero sabi ng manager doon sa bank paypal lang daw gina cater nila. Tapos kung eon ung account ko, ma verify lang daw nila pero inde daw ako maka withdraw ng cash.
Hello Wish,
Yes, it was the EON card of Unionbank that I linked to my MB account. Pueded ang EON for MB. Kaso ang EON is not yet affiliated with MB kaya Unionbank doesn't recommend MB. Makaka withdraw ka from MB to your EON. I-link mo lang account mo. Pero, based on my last experienced with MB, I don't recommend using it. Just stick with PayPal na lang. Ang laki ng chinarge sa akin, around $25 yata.
So, charging is not flat rate and inconsistent? ... Still looking for a PayPal alternative as PayPal has this tendency to freeze an account or refund a client's payment without per-informing the seller. :(
Hi. This is a bit out of topic but I'm having a hard time finding the answer from google, so i hope ok lang. I lost my paypal password and the debit card number na ginamit ko sa paypal ay nawala na rin coz pinalitan ko yung card kasi na damage. Pano ko po kaya ma retrieve paypal ko uli?..BDO yung ginamit ko na debit card..salamat guys.
Hello Rachel,
There is an additional fee on top of the flat rate. The said fee is charged by your "core bank." This is only based on my previous transaction with Moneybookers. If I were you, I would stick with PayPal. However, you could try the services of MB. Who knows? You might find their services better than PayPal.
Hello Bren,
You can retrieve your Paypal password by visiting Paypal.com and click on Problem with Login button. Hope this will help. Thanks.
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