Moneybookers Increases Fees
Thread poster: Paul Kozelka

Paul Kozelka  Identity Verified
Local time: 18:10
Member (2004)
French to English
+ ...
Apr 15, 2008

I would like to provide a warning to fellow translators. Just as PayPal (without an explicit warning) has begun to charge a 3-9% fee (yes, that's Nine per cent) for what they call "transborder transactions", once you reach a certain volume of transactions on Moneybookers, they ask you to sign a rather dubiously written Merchant Gateway Services Agreement (imposed, they claim, by UK moneylaundering statutes) and begin charging you 3.5% for all transactions >even if you are not a legally incorporated company

 

Alexey Ivanov  Identity Verified
Russian Federation
Local time: 19:10
English to Russian
I just signed such an agreement Apr 15, 2008

I received their notice about blocking my account after a client (an agency) had made 3 consecutive payments of about 2,000 euros in total in 2 days. I don't know what made them make part payments instead of one payment, but that caused Moneybookers to block my account. I really had no choice but to sign their merchant terms and conditions even if just to release the funds in my account. Not that I hail their innovative system of increasing their profit margin, but their service is now if not much cheaper but at least faster than a bank wire transfer which takes several days and involves deductions by the remitting bank and the correspondent bank. E.g. when receiving a bank transfer of USD 1,000 I loose from 29 to 43 dollars.
I believe I will just have to increase my rates to compensate for the losses.


 

Paul Kozelka  Identity Verified
Local time: 18:10
Member (2004)
French to English
+ ...
TOPIC STARTER
"Just the cost of doing business" Apr 15, 2008

...as the old saying goes. Thx, Alexey, for the, er, sympathy. I guess this means extra work comparing rates between bank transfers, PayPal, and MB to see who is cheapest for each payment...ugh. Whether one can pass the increase on to Our customers remains to be seen.icon_wink.gif

 

Oleg Rudavin  Identity Verified
Ukraine
Local time: 19:10
Member (2003)
English to Ukrainian
+ ...
Do they really charge more? Apr 15, 2008

Paul Kozelka wrote:...and begin charging you 3.5% for all transactions >even if you are not a legally incorporated company.


I did sign the agreement a while ago; at the same time, the amounts that I receive are the amounts I state in the invoices - soes it mean that the senders are charged the fees?

And I pay the usual EUR 1.80 to withdraw the money to my card. So I haven't noticed any increase of fees on their part.


 

Paul Kozelka  Identity Verified
Local time: 18:10
Member (2004)
French to English
+ ...
TOPIC STARTER
The One that Got Away? Apr 15, 2008

Oleg,
All I can tell you from my experience is that a) I did move a lot of funds through MB last year, b) they started deducting 3.5% as of the moment they sent me the agreement, and c) they seemed to be holding up a large payment until I submitted the agreement (or, in reality, entered discussions with them over its poor wording). Oddly enough, the fine print in the agreement also seems to indicate that people using the 'normal' "Email Pay" service for business payments will also be charged the same fee. Lay low and try not to run up a large tab and you may continue to get away 'scot-free' as they say! Thx for the feedback.


 


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Moneybookers Increases Fees

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