Moneybookers

Moneybookers is the international payment system which enables any business or consumer with an email address to send and receive payments securely and effectively via the Internet in real-time!

«Gatcombe Park Ventures» company, located in London, is the owner of Moneybookers.

All monetary funds movements within this payment system are regulated by the UK laws. The funds at the client account are presented in the definite national currency, which can be chosen while the registration.

Historical note

• April, 2002 - Moneybookers Ltd. announced about the launch of www.moneybookers.com - resource.

• September, 2003 - Moneybookers company declared about the opportunity of mobile usage of «Moneybookers» payment system. Now the clients have the opportunity to make payments by means of sending text messages. This opportunity is a unique tool of fulfilling online payments away from home, computer and ATM.

• February, 2006 - Moneybookers expands the payments opportunities, having added American Express credit card to Visa and MasterCard. All sellers of goods and services, using Moneybookers payment system, currently are able to carry out transactions via American Express too.

• April, 2007 - Moneybookers made an agreement with SmartStore AG, which was the provider of a leading software. Now the operations via Visa, MasterCard, American Express, ELV, Giropay are available to SmartStore.biz Shopsoftware 5 clients and also 40 additional modes of settlement.

• August, 2008 - the electronic payment system Moneybookers announced about the registration of the five - millionth account. This means, that five million people all over the world use Moneybookers electronic wallets for paying different goods and services.

• May, 2009 - NEXON Europe, the online entertainment leader, added Moneybookers platform to its European web - site.

At present moment Moneybookers is one of the most common electronic payment system in the world. For the reason that Moneybookers activity is under observation of the UK Financial Services Authority (FSA), this fact, undoubtedly, is the guarantee of strict legislation adherence. There are more than 7 million of registered users in this system at the present day.

Country. Legal regulation

The legal space of this electronic payment system is the United Kingdom.

Currency

Moneybookers does not provide any electronic currencies, the account balance is replenished and quantified in common currency units. At present moment the accounts in the following currencies are available for the clients:

• Australian Dollar;

• Bulgarian Leva;

• Hungarian Forint;

• Hong Kong Dollar;

• Danish Krone;

• Utd. Arab Emir. Dirham;

• US Dollar;

• Euro;

• Israeli Shekel;

• Indian Rupee;

• Jordanian Dinar;

• Iceland Krone;

• Canadian Dollar;

• Qatari Rial;

• Latvian Lat;

• Lithuanian Litas;

• Malaysian Ringgit;

• Moroccan Dirham;

• New Zealand Dollar;

• Taiwan Dollar;

• Norwegian Krone;

• Omani Rial;

• Polish Zloty;

• Romanian Leu New;

• Saudi Riyal;

• Serbian Dinar;

• Singapore Dollar;

• Thailand Baht;

• Tunisian Dinar;

• New Turkish Lira;

• British Pound;

• Croatian Kuna;

• Czech Koruna;

• Swedish Krona;

• Swiss Franc;

• Estonian Kroon;

• South-African Rand;

• South-Korean Won;

• Japanese Yen.

System feature. Mission

Moneybookers payment system is a flexible instrument for payment operations execution in the Internet regardless of client location. The system provides rather manifold possibilities for international business conducting on the Internet. Moneybookers is also established itself as a leading choice in the sphere of transactions, connected with online - casino, bookmakers companies and other services of gambling games industry in the Internet, allowing online sellers to take pays at their sites or with the help of credit cards.

The system is an electronic multi - currencies wallet for linked settlements carrying out and monetary funds maintaining, for depositing and withdrawing money from game sites and for different services payments in the Internet. The system charges commission while converting from one currency into another one.

This payment system is multifunctional, because it provides its service both to private persons and organizations in more than 170 countries, including CIS countries.

Monetary funds securing

Funds of Moneybookers electronic payment system clients are secured by the money, placed at the bank accounts of «Moneybookers» Ltd. company and at the correspondent accounts of affiliate payment systems. Actually, these funds are the clients advance payments in consideration for future commission contracts.

Registration in the system

Only people aged 18 years and live in the country that co-operates with the international community at struggle with money laundering can register in Moneybookers system. Moneybookers has recently Russianized its service, so the registration does not cause any problems.

It is necessary to specify the following details at the registration:

• Email (further, it will be used as login and account ID);

• password (at least 6 characters long, one of them should be an alphabetic character);

• country of residence (you should choose from the list of countries);

• currency in which the account will be opened;

• preferred language (the language in which the site will be displayed and official messages);

• turing number (the sequence of numbers as displayed in the picture).

All the details have to be entered carefully and truthfully in Latin. Then the confirmation will follow, after that you should agree with the rules and, finally, your account has been created. After the registration the letter with a link for activation is sent to specified by the user email. This link is valid within 24 hours. Following this link, the user will get to the next page of registration, at which it will be necessary to fulfill some fields with personal details. You should make a point of that it is needed to enter the birth date during every operation of money withdrawing and each time it will be compared to the date, specified while the registration.

After the registration the limit of 1000 chosen units for money withdrawing is specified by default. It is needed to start checking the account at once. If you do not do this, then after a while the system may block the account and all the operations on withdrawing and sending monetary funds will be obstructed. For address validation the letter with the code inside is sent to clients. The code has to be entered in the system. After that the account is considered to be verified.

Card addition

After entering the details of client credit card, the card verification by Moneybookers system is started. A certain amount (1.01 - 2.99) is charged from the account and the client has to check the information at his/her bank how much money was withdrawn and to enter this sum in the system. After the examining, this sum will be returned to user's account. If this procedure is not been conducted, the system will be able to block the card.

After a successful validation of the card, the limit will be increased. It is possible to add several cards, all of them are also to go through validation.

Bank account addition

It is necessary to choose the country of residence and enter the SWIFT code of your bank, the system by itself will work out the client's bank. Further, you should enter the account number. The bank account is also exposed to the verification for limit increasing and for withdrawing money.

Software. Browsers and platforms

All calculations are carried out in online mode at Moneybookers site, there is no need to set any software at your computer.

Anonymity

Moneybookers system requires the compulsive identification of the account owner, which can be executed via credit card, bank account or actual address confirmation. All three methods may be used together to increase the limits on transactions (which are be imposed upon each client).

This is one of the most secure payment system, it is not an anonymous and it is regulated by the UK laws about money laundering.

Main features of Moneybookers system are the conformity of account number (it is both the login and the identification code) to the real email address, which should be entered as"primary". In spite of the opportunity to add other electronic addresses, to which another participants could transfer money, while sending funds via this system the acceptors always will see only the primary email and the real holder name. Thus, the confidentiality term is out in this system, however, the detailed information about the account's holder will be provided only by British authorities request.

Cryptography and safety

SSL protocols with 128 - bit key code are used for sending information. Moreover, Moneybookers does not admit the anonymous registrations of users accounts, which reduces the fraud risk with money.

As a measure of safety, Moneybookers limits the transactions from users accounts by 1000 USD or Euro by default. In contradistinction from many others competitive service systems (online money transfers), Moneybookers requires the personality identification before using of their service, this minimizes the fraud and prevents from money laundering. The limit of outgoing transactions can amount to 35 000 USD (or their equivalent) within the 90 - days period.

As a way of checking, the incoming and outgoing bank transfers, passing of the passport copy, a test payment from the card are also used.

Money deposit and withdrawal

Money deposit to the system:

To have possibility to make payments and funds transactions, it is necessary to deposit money to the system. It can be done in the section Upload funds by two methods:

• Bank transfer (free, takes 2-5 days).

• Credit card (fee 2.5 % of transferred amount, instant process).

To replenish your account you have to enter it, choose necessary method and follow the instructions. To have possibility of replenishing your account from credit card you have to be authorized member of the system. In this connection you will have to send the scanned copy of your ID, for example, passport or driver license, by fax or e-mail.

Funds withdrawal from the system:

Money withdrawal from Moneybookers can be made in the following ways:

• Bank transfer (system commission 2.13$).

• Credit card (only VISA! The system commission for the service - 2.37$).

Fees. System commissions

• Registration is free

• Account replenishing in Moneybookers from the bank account is free

• Account funding from the credit card - 2.5%

• Send money to another user of Moneybookers system - 1% (but not more than € 0.50)

• Receiving money is free

• Money request (issue of an invoice) is free

• Money withdrawal to a bank account - € 1.80 (fixed commission)

• Funds withdrawal with the help of cheque - € 3.50 (fixed commission)

Commission of the system is 1 % of payment amount and debited from a sender.

Commission does not exceed € 0.5 regardless the amount of payment.

Micro and macro payments

Min amount of transaction in Moneybookers is 1 eurocent (or its equivalent in other currency). Maximal amount of transaction is limited by the system individually.

Bookkeeping and taxes

All flow of documents between user and the system Moneybookers is in electronic variant. Actual condition of mutual obligations, information about account balance, user actions, history of account changes is fixing at the system website and available for a user in full measure. All official requirements and notifications are sent by the system to the designated e-mail.

Limitation: buyer can not pay seller directly from credit card. He/she should firstly add money from credit card to the account in Moneybookers and then transfer it to the seller's account.

Moneybookers is regulated by the Financial Service Authority of the United Kingdom. Tax regulations applied to Moneybookers is the same as applied to other financial institutes.

Crediting

Moneybookers does not provide crediting service.

Deal protection (diphase payments)

Diphase payments are not provided by the Moneybookers system. Until user request is not processed, it can be cancelled. If transfer was finished, Moneybookers can not return it. In such cases, it is necessary to contact recipient and discuss the question of payment back.

Wallet recovery

If you forgot your password you should follow the link https://www.moneybookers.com/app/lostpasswd.pl and instructions. If user personality was verified correctly, password will be sent to the e-mail. If there are still some problems, you will have to contact Client Support Department https://www.moneybookers.com/app/faqlogin.pl.

Advantages and disadvantages

Advantages of Moneybookers system:

• general availability;

• instant payments;

• low commissions;

• no necessity to install additional software on to the computer;

• multicurrency.

Disadvantages of the Moneybookers system:

• while the registration you choose only ONE currency which all operations will be executed in and it cannot be changed;

• usage of exchangers is prohibited;

• there is a tiny opportunity of sending a check to Russia, the only way of funds withdrawal from the system for Russians is bank transfer;

• absence of the system maintenance center adjusted work, sometimes it takes 3 weeks to get a reply from the technical support of the electronic payment system.