Everybody faced
with the need to transfer funds to the relative, business partner, friend or
pay for Internet purchase. As for me by the nature of my activity I have to
transfer my funds from one bank account or electronic wallet to the other. I
have to replenish my account very often, as well as withdraw my profit. Of
course it is possible to use old method – bank wire to transfer funds from one
account to the other, however I don’t like the idea to pay them big commission
for transfer and wait several days until confirmation that funds were credited
to my account is received. Anyway after examining banks’ schemes on funds
transfer I made a conclusion that it is more reasonable to use payments
systems. Great, that a lot of new systems were created last years.
I want to
share my experience of payment systems usage with you.
Web Money
Let’s start
with the most popular and simple system – Web Money. As a person who values my
time I was attracted by the simplicity and speed of registration. There are
neither extra forms and documents, nor notarized ID copies. It turns out that
while registration I can write anything I want in the field “passport data”.
Nobody checks anything. I really like this oversight because the transfer can
be made absolutely anonymous.
Now let’s
move directly to transfers. Web Money offers its clients the opportunity to
transfer funds in the main currencies from and to any accounts without limits.
Commission for transfer is fixed – 0,8% of transaction amount. It is not worth
speaking about the speed because all main players on payment systems’ market
execute transaction instantly. The only disadvantage is the necessarity to
download special clients’ terminal WM Keeper. Also I want to mention one limit
– it is impossible to replenish wallet via credit card.
PayPal
At PayPal
web-site it is said that this payment system gives opportunity to accept and
send payments at web-sites, auction, via e-mail or cell phone with Internet
access. However this is accessible only for citizens of The New World and in
some parts of The Old World. It should be mentioned that this is American
system, it is rather old and conservative. For instance, if you have opened an
account and didn’t verify it with credit card you can not withdraw funds from
it. In PayPal number of your account is your e-mail address. Addresses used
when transfer can be deleted or added. For transaction they take 1% of
transaction amount.
It is
possible to transfer any sum, recipient of payment can be a person who does not
have PayPal account. E-mail is sent to the recipient, who follows link of the
payment system and at company’s web-site makes payment confirmation.
Replenishing of the PayPal account is made via credit card or bank wire in
order to verify that you are a real person.
E-Gold
This system
is different from others. Making a transaction you are buying precious metals
(Gold, silver, platinum). Your money is on your account in grams or kilograms
of precious metals. Withdrawing funds you made inverse operation. It should be
mentioned that while your funds are at E-Gold account the real price of your
investment may rise or fall. The transfer between wallet WM and E-Gold is
rather simple, that gives more opportunities for management of your own funds.
Advantages of this system are the following:
- democratic
approach;
- anonymous
and simple registration;
- partnership
relations with other payment systems;
- juridical
liberality.
Commission
something about 1 %, the system takes not more than 50 US cents.
Moneybookers
Moneybookers
allows client who has e-mail to send and receive money on-line using e-mail. As
the system is English, you have to remember that all the transactions of your
money are regulated by the Great
Britain legislation. Currency of the account
you can choose while registration. Advantages: there is no need to setup
special software, all operations with account and funds can be carried out at
Moneybookers website.
For getting
access to my account I needed to enter only e-mail, password and image
verification. As soon as I transferred some money my recipient received an
e-mail about money has been transferred to his account. Following the link
pointed in e-mail recipient enter the system and immediately money enters his
account. Since the moment payment is considered as finished. If recipient do
not claim the payment during 14 days, money is transferred to my account back.
So everything is simple. Ohh, yehh… Transaction fee is taken off from sender.
It is 1 % of payment amount, but no more than 0.5 euro.
Liberty Reserve
History of
Liberty Reserve is connected with the rules toughening of E-Gold system usage
since 2007 in
order that exculpate accusation of USA authorities about money
laundering. It is manifested particularly in blocking enter the account through
the public proxy and frozen accounts of some HYIPs. In HYIP traders’ community
active search for alternative payment instruments began. All of them wanted to
find payment system that meets the requirements of anonymity, reversibility of
transactions and independence from threatening American justice.
In my
opinion Liberty Reserve meets all these requirements. I have an impression that
location of the main office in Costa Rica
but not in the USA
is the pride for the owners of this system. Anyway at the page with comparative
description of Liberty Reserve and other payment systems the fact of Liberty
Reserve activity independent from the USA justice was pointed out
especially.
From users’
point of view there is no claims to this payment system. And from the non-users’
point of view I can point out the seriousness in accounts defense.
As
disadvantage I would say impossibility of depositing and withdrawal funds
from/to banks and credit card. All deposit/withdrawal transactions are
available through exchangers. The list of exchangers are given at Liberty
Reserve website.
LiqPay
In the end
the latest of my experience of using payment systems. I was lucky to try this
system in practice ahead of the game. This system allows sending money from the
credit card Visa or Master Card to the virtual account in LiqPay system, tied
to the mobile number and vice-versa. After that money can be transferred to
another mobile, withdrew from LiqPay system to your credit card back and left
in the account and used it later. LiqPay is useful if you want to transfer
money to the person you know only mobile number of. It does not matter whether
this person is registered in the system or not. Short message will be sent to
him with offer to receive money at the LiqPay website. Enter the website he/she
can transfer it to his/her credit card or send it to another mobile.
Moreover I
tried this system to pay for goods in Internet. And it really solves the
problem of micro payments in Internet. Min amount for transaction is 0.01 USD,
max – 2500 USD.
In my
opinion LiqPay has a good future. Opportunity
of withdrawing funds to the credit card, speed of transactions executing and
possibility of micro transaction executing proves my optimism.
Resuming
above I can note that every payment system has its advantages and
disadvantages. Somebody is concerned about anonymity and liberality of control;
somebody prefers 100 % of protection and reliability. I always value time and
comfort. In due time I used all these systems and once banking system. So my
choice as follower of the intraday trading on Forex – WebMoney and LiqPay. But
everybody decides him/herself. Choice of payments system is huge.
The article is added by Alexey Badianov,
specialist in finance
