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positive result of the withdrawal process in Moneybookers, I prefer Moneybookers to PayPal provided the amount to be withdrawn is more than $300.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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