nickmanchester2 Posted January 29, 2011 Share Posted January 29, 2011 Is Moneybookers any good to send money? I already have a money bookers account I have a SCB account and here is what they are offering 48.31b for 1 pound £0.50 charge 1-3 days MoneybookersUpload to e-wallet from bank account or credit cardonline£0.5048.31151-3 days106261.14THBYesHover Mouse HereRecipient must open MB acct - withdrawal fees may apply Link to comment Share on other sites More sharing options...
CharlieH Posted January 30, 2011 Share Posted January 30, 2011 Seems expensive to me..........they are shaving nearly 1 baht off the current exchange rate. Depends how much you are mving, if you were going to move 5000 pounds you have lost nearly 5000 baht immediately. I find Hi-fx better........have used them many times www.hi-fx.co.uk If you had a bangkok bank account you could move the money into Bangkok Bank UK then transfer it to Thailand and its just £15 fee and thats all. Link to comment Share on other sites More sharing options...
Darrel Posted January 30, 2011 Share Posted January 30, 2011 Moneybookers used to be very good and very cheap but a year or two ago they very quietly introduced a 2.75% weighting fee that is only mentioned in the small print. This makes them no better than a credit card and much worse than a regular bank transfer. And the other problem with them is that there is no protection at all if they go belly-up between getting your money and sending it on. I never use them now as with that silent fee they are little more than bandits. Link to comment Share on other sites More sharing options...
bifftastic Posted January 30, 2011 Share Posted January 30, 2011 Moneybookers used to be very good and very cheap but a year or two ago they very quietly introduced a 2.75% weighting fee that is only mentioned in the small print. This makes them no better than a credit card and much worse than a regular bank transfer. And the other problem with them is that there is no protection at all if they go belly-up between getting your money and sending it on. I never use them now as with that silent fee they are little more than bandits. Wow! I didn't know about the weighting fee! Thanks for that, I'll be looking to use someone else in the future. I'm looking at Hi-Fx. Moneybookers is ok for small amounts as I use their directbanking to load my account, which is instant, then it takes a couple of days to reach the Bangkok Bank account, however, if it's larger amounts, it takes a couple of days both to load the MB account AND get to the BB account, so best part of a week, which ain't so good. Link to comment Share on other sites More sharing options...
nickmanchester2 Posted January 30, 2011 Author Share Posted January 30, 2011 I am not going to use moneybookers now either - the hiFX site looks good although it is http://www.hifx.co.uk/ not http://www.hi-fx.co.uk Moneybookers used to be very good and very cheap but a year or two ago they very quietly introduced a 2.75% weighting fee that is only mentioned in the small print. This makes them no better than a credit card and much worse than a regular bank transfer. And the other problem with them is that there is no protection at all if they go belly-up between getting your money and sending it on. I never use them now as with that silent fee they are little more than bandits. Wow! I didn't know about the weighting fee! Thanks for that, I'll be looking to use someone else in the future. I'm looking at Hi-Fx. Moneybookers is ok for small amounts as I use their directbanking to load my account, which is instant, then it takes a couple of days to reach the Bangkok Bank account, however, if it's larger amounts, it takes a couple of days both to load the MB account AND get to the BB account, so best part of a week, which ain't so good. Link to comment Share on other sites More sharing options...
Darrel Posted January 31, 2011 Share Posted January 31, 2011 In fairness to Moneybookers the current weighting is 1.99% not 2.75 I am not sure exactly how a transfer from the UK (GBP) to Thailand would work for Moneybookers as they seem to do all their transfers in either EUR or USD or local currency (where supported - Thailand not included). So I suspect that a transfer from the UK in GBP would attract the 1.99% fee for conversion to EUR or USD but a transfer from a Euro or Dollar account would not. Then of course the Thai bank will do the exchange from EUR or USD at their rate. Link to comment Share on other sites More sharing options...
bifftastic Posted February 1, 2011 Share Posted February 1, 2011 My Moneybookers transfers from GBP to THB get changed into EUR 1st, for which, they claim there's no charge! They charge me around £1.50 to send to my Thai bank account in EUR who then change the EUR into THB. I'm sure they rate Moneybookers give me from GBP to EUR is profitable to them, but seeing as I only transfer small amounts, it has been a satisfactory service so far. However, I'm always intersted in a better deal Link to comment Share on other sites More sharing options...
Darrel Posted February 1, 2011 Share Posted February 1, 2011 My Moneybookers transfers from GBP to THB get changed into EUR 1st, for which, they claim there's no charge! They charge me around £1.50 to send to my Thai bank account in EUR who then change the EUR into THB. This appears on the "fees" page of the Moneybookers site: "For transactions involving currency conversion Moneybookers adds 1.99% to our wholesale exchange rates for foreign currency." Admittedly the processing fee is low at GBP1.50 but they make it up with the currency fee. Sending small sums is always going to be uneconomical but if I wanted to do that I would investigate the low-price transfers that some UK banks offer for small sums. At least you wont pay the 1.99% And above all one should remember that your money is not guaranteed in any way, shape or form with Moneybookers. If they collapse you will probably lose the lot. It has happened before (and no, I'm not a Mirror reader: it was the first link I found, honest Guv). Link to comment Share on other sites More sharing options...
bifftastic Posted February 1, 2011 Share Posted February 1, 2011 My Moneybookers transfers from GBP to THB get changed into EUR 1st, for which, they claim there's no charge! They charge me around £1.50 to send to my Thai bank account in EUR who then change the EUR into THB. This appears on the "fees" page of the Moneybookers site: "For transactions involving currency conversion Moneybookers adds 1.99% to our wholesale exchange rates for foreign currency." Admittedly the processing fee is low at GBP1.50 but they make it up with the currency fee. Sending small sums is always going to be uneconomical but if I wanted to do that I would investigate the low-price transfers that some UK banks offer for small sums. At least you wont pay the 1.99% And above all one should remember that your money is not guaranteed in any way, shape or form with Moneybookers. If they collapse you will probably lose the lot. It has happened before (and no, I'm not a Mirror reader: it was the first link I found, honest Guv). Thanks for that, my bank currently charges me £9.50 for a SWIFT transfer. If I were to use Bangkok Bank's London branch that would be £15 I think whatever method I use I'll end up paying for it one way or another and while moneybookers doesn't cost me that much Ill still be investigating other methods to get the best deal. Thanks again, Biff Link to comment Share on other sites More sharing options...
Darrel Posted February 2, 2011 Share Posted February 2, 2011 Quite a good site for further reading: http://www.moneysavingexpert.com/banking/foreign-currency-exchange Link to comment Share on other sites More sharing options...
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