Is my Moneybookers account a bank account?
No, your Moneybookers account is not a bank account. It is electronic money, stored on an online stored-value account. You can see it as a digital wallet. You take some money out of you money jar (regular bank account) and you put some in your wallet (Moneybookers) so you can spend it when you go shopping. When you are done shopping and spending you money you can put the money back in your regular bank account. So your bank account and your Moneybookers account are two completely different things.
Can’t you just take money from my bank account?
No. When a customer requests to upload money to his/her Moneybookers account, the company does not debit the respective bank account directly. Instead, the customer must instruct his bank himself to do this transfer to the bank details received when the upload was requested. After instructing the bank to execute the payment, the money should arrive within 2 to 4 days on the Moneybookers account. For obvious reasons, Moneybookers does not go around and pulls money from customers’ bank accounts. The customer has to give the order first.
Is Moneybookers Secure?
Absolutely. There are four good reasons why Moneybookers claims it is a safe company, and you can trust them for it: first of all, Moneybookers is regulated by the Financial Services Authority of the United Kingdom (FSA). Moneybookers has to comply with all the regulation of the FSA. Second, Moneybookers is developed on the same principles and basics as sites for online banking services and share trading. Third, Moneybookers is enrolled with the TRUSTe Privacy Programma. And fourth, recipients of your money do not receive your personal or financial information.
How long does it take a deposit to arrive?
That depends on which method you use to wire money from your bank account to your Moneybookers account. If you use a regular bank transfer you know that the bank has to receive and process the payment order. In this case it takes somewhere between 2 and 5 days for your deposit to arrive. If you use a cheque, this can take as long as ten days. But, on the bright side you can also use your credit card, which is instantaneously transferred to your Moneybookers account. No delay in depositing this way either!
How long does it take to send money?
If you deposit money, then the transfer is processed immediately. That is to say, the money is gone from your Moneybookers account. However, it has not immediately arrived at the place of destination. The recipient has to become a Moneybookers member first to be able to collect the money. If the recipient is not a member yet he will receive a membership request by email. It is very easy to become a member so the delay is minimal. After the recipient becomes a Moneybookers member, the deposit is automatically transferred to his account.
What happens to payments that are not collected by the recipient?
Do not worry. Because the money is gone from you Moneybookers account it does not mean that it is completely gone. The money is being held by Moneybookers so that the recipient can collect the money. The recipient has 14 days to do this. If the recipient does not collect the money within this limit, Moneybookers cancels the deposit and return the full sum directly back to your Moneybookers account. The money returns to wherever it came from, being your Moneybookers account.
My bank uses a correspondent bank to receive international payments. Can I still receive withdrawals to this bank account?
No. Moneybookers does not process withdrawals through correspondent banks. You therefore MUST use a bank which is directly connected to the SWIFT network. The reason that Moneybookers does not process withdrawals through correspondent bank is that regulations forbid us to. In the battle against terrorism and criminal funding certain measures against money laundering have been taken. This is one of these measures. We realize that is can be an inconvenience, but we have no choice but to comply with the measures laid upon us.
What happens when I ‘request money’ from someone?
The request money tool is a smart way to bill people online (e.g. to collect money as an auction seller or remind a friend of money he owes you). When you send a money request, the recipient receives an email informing him of your request for payment. After clicking on the link included in the email, the recipient can log in to his Moneybookers account or sign up for a new account, and then pay you with his account balance. You have no power over the other party’s account balance – without the other party’s explicit approval your money request will not be executed. There are no fees associated with sending a money request.