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Paypal, Moneybookers converting group
Thread poster: smiles

smiles  Identity Verified
Vietnam
Local time: 15:03
English to Vietnamese
+ ...
Apr 16, 2008

Hi friends,
I am having both PP and MB accounts. Sometimes, I need to transfer money between those two. Of course we can do it via bank transfer. However, it is not an economical, time saving and easy work to do for many of us.
It is very convenient if we freelancers can form a group of trust in which we help ourselves converting between PP and MB accounts free of charge when we are able to. Comments are given after each transaction.
Please give me your comments and let's make the idea come true!

[Edited at 2008-04-16 08:14]

Firstly, I need a friend who can help me to transfer money from my PP account to my MB account.

[Edited at 2008-04-16 08:21]


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Steven Capsuto  Identity Verified
United States
Local time: 04:03
Spanish to English
+ ...
Can you be more specific? Apr 16, 2008

I can't quite figure out what you're proposing.

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smiles  Identity Verified
Vietnam
Local time: 15:03
English to Vietnamese
+ ...
TOPIC STARTER
My proposal Apr 17, 2008

Steven Capsuto wrote:

I can't quite figure out what you're proposing.


We have both PP and MB accounts. We want to transfer money directly between those 2 accounts. So we can help each other.
ex. I have A$ in my PP account. You have A $ in your MB account. I transfer A$ to your PP account. You transfer A$ to my MB account. So I can transfer A$ from my PP account to my MB account while you can transfer A$ from your MB account to your PP account.
Of course, each of us has to suffer from any transfer fee charged by PP/MB.
regards,


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Ralf Lemster  Identity Verified
Germany
Local time: 10:03
English to German
+ ...
Legal issues Apr 17, 2008

Hi smiles,
As positive as your proposal may sound, it involves some serious legal and economic issues.

Most significantly, such cross-platform transfers are regularly used by criminals for money laundering purposes. This is the reason why e-money platforms strongly suggest refraining from making transfers for someone else (read this article for an example). In fact, by transferring money for someone else, you might be held responsible for aiding and abetting a money laundering scheme. This is also the reason why ProZ.com forum moderators do not permit cross-platform transfer requests or offers. (We are monitoring this topic very closely, and will lock it as soon as such postings occur.)

Leaving legal issues aside, how will you ensure that everyone participating in such a scheme is trustworthy? Any cash clearing service requires a significant amount of capital in order to ensure the necessary safety for all participants. (Besides, it's highly unlikely that you will find someone with the exact opposite transfer needs - how will you account for net credit/net debit balances?)

There is a reason why banks and financial services providers need to maintain a significant level of capital, and are closely supervised.

Best regards,
Ralf


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Harry Bornemann  Identity Verified
Mexico
English to German
+ ...
Aside from the legal aspects: a very fragile system Apr 17, 2008

If your idea would be feasable without any problems, then MB could simply open an account at PP, or PP at MB, since it would allow additional business opportunities for both of them. I presume they are not doing this because they are afraid that their accounts would be frozen too quickly..

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smiles  Identity Verified
Vietnam
Local time: 15:03
English to Vietnamese
+ ...
TOPIC STARTER
So sad but true Apr 17, 2008

You are all rite.

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Trudy Peters  Identity Verified
United States
Local time: 04:03
German to English
+ ...
Through your bank? Apr 17, 2008

Why can't you withdraw money from your PP account into your bank account, and then send money from your bank account to your MB account? Or am I missing something?

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