Moneybookers offers the following services:
* Fee-free online accounts in one of twenty-nine available currencies.
* Instant online money transfer services between users at a nominal cost (1% but not more than EUR 0.50).
* Funds upload/withdrawal using local payment methods (bank transfer, payment card, cheque).
* Transparent fee structure, funds withdrawal fees (€1.80 typical).
* Integrated web SMS gateway and fax sending service.
* Merchant solutions: free website integration, card processing with full chargeback protection.
* Multi-language website.
Advantages of using Moneybookers include:
* Relative simplicity of use combined with apparent high security of transactions (incl. multiple user verifications).
* Possibility to register bank accounts from different countries under one Moneybookers profile (provided they are in the same name) and to transfer funds between them (unlike PayPal where you need a separate PayPal account for every country).
* Options to add funds to the account using a range of methods including bank transfer and payment cards (depending on the payee's country).
* Options of funds withdrawal to a credit card (sometimes processed as transaction reversals), via bank transfer or cheque (depending on the recipient's country).
* SMS-based account updates.
Major drawbacks as reported by users include:
* Lack of multiple currency support - accounts are denominated in a single currency only. What is more, the account currency can never be changed (unless your account has no transaction history), even when you move countries.
* Limit on the number of credit/debit cards registered to an account (currently, four). What is more, once registered, a card can never be de-registered (removed) from Moneybookers - it is only removed when it expires.
* Limit on the number of email addresses registered to an account (currently, five). What is more, once registered, an email address can never be de-registered (removed) from Moneybookers, thus reducing the available limit.
* It is not allowed to open more than one account in the same name, and there is no option to close (cancel) an account. Users are stuck with the same currency and registration details (email addresses) practically forever.
* The address verification procedure (by post) cannot be retaken in case it fails (e.g., due to a letter lost in post).
* Card transactions are charged a 1.9% fee but (unlike PayPal) are processed as cash transactions, resulting in card issuers additionally charging standard cash withdrawal fees. Card transactions used in the card verification process are also subject to card-issuers' cash withdrawal fees.
* Internet forums abound in complaints about poor efficiency of customer service.
* Withdrawal cheques are in favour of last name which is obviously a family name in many countries
* Customer Service is extremely poor and they rarely respond to emails or on site notification. Telephone complaints receive attention but are charged at £0.25 per minute
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