Moneybookers.com


Moneybookers

Moneybookers is an e-commerce business that allows payments and money transfers to be made through the Internet. It serves as an electronic alternative to traditional paper methods such as checks and money orders. Moneybookers performs payment processing for websites, online auction sites, and other corporate users.

Moneybookers was bought by Investcorp Technology Partners for €105 Million on March 2007.

Unlike many competing online fund transfer services (e.g. PayPal), Moneybookers requires identity verification before using their service to minimize fraud and prevent money laundering. Additional verification steps raise the maximum amount transferable to €20,000 or equivalent within a 90-day period. Moneybookers does not usually get involved in merchandise disputes and the availability of credit card chargebacks may be limited.

History

The moneybookers.com domain was created 18 June 2001. Almost 2 million new users registered with Moneybookers in the initial 1.5 years of operation. In the 2nd Sept 2008 Moneybookers claims to operate in all countries and handle over 5.5 million accounts. Currently, as of 13 March 2009, Moneybookers claims to have over 7 million account holders.

Business today

Moneybookers allows customers to send, receive and hold funds in 29 currencies worldwide and offers local payments in 30+ countries. However, Moneybookers US customers cannot receive money and foreign customers cannot upload funds using cards or accounts located in the US. Moneybookers also offers escrow payments (for online trading) as well as online SMS and fax sending services.
MoneyBookers.com reserves the right to lock any account at any time. Further they also reserve the right to impose a fee on any account at any time when a customer violates the terms and conditions they have agreed with upon registration. This information is stated within their terms and conditions.

Bank status

Moneybookers is registered as a Money Service Business (No. 12115607) with HM Revenue and Customs in the United Kingdom, and is licensed to operate within the EU. Moneybookers is regulated by the Financial Services Authority of the United Kingdom.

Moneybookers as of the 9th March 2009 has been put up for sale by its owners Investcorp for an estimated £365m. (Credit: Wikipedia).

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Moneybookers

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