Interesting money transfer Idea ... what do you guys think?

orbit · Jul 7, 2006

Ok ... so a former business associate of mine is developing a website/system to enable users that have accounts at all the different funding services (neteller, moneybookers, firepay etc... ) to transfer between them. I guess what it means is that you would be able to request to move money from your neteller account to your moneybookers or even from Neteller to Paypal etc.... They would charge a small % fee for the service.

I thought about it for a while and would not mind being able to transfer from my Neteller to my Paypal cuz I like the Paypal debit card better but I dont use any other methods other than NT to fund my accounts so i told him I am a well respected poster at the RX

and that I would get some feedback for him from people that use more funding methods and may find this type of service useful ...

Thoughts?

O.

Santo · Jul 7, 2006

There are several services like this orbit.. most of them use the "shady" transfer services like egold, ebullion etc

Example: http://www.paysgold.com/sell.php

If I want to transfer money around, I do Neteller -> Betfair -> Paypal which takes <12 hours and has no fees, so it'd be hard to compete with that. May attract those who can't use Betfair/Paypal though.

wolfie_cr · Jul 7, 2006

you are going to have a hard time with fraud and dealing with the consequences of it

Whoson1st · Jul 7, 2006

It's a little scary that Neteller has NO COMPETITION from any reputable company. I think they are GREAT make no mistake about that. But wish there were at least a little decent competition. Not the egold nonsense!

kongen · Jul 8, 2006

Santo said:
If I want to transfer money around, I do Neteller -> Betfair -> Paypal which takes <12 hours and has no fees, so it'd be hard to compete with that. May attract those who can't use Betfair/Paypal though.

They don't require a one time rollover?

ensign_lee · Jul 8, 2006

To be honest, why would you want to transfer money from, say neteller, to firepay or something?

I don't know of any site that doesn't accept neteller that would accept firepay.

There wouldn't be much of a market for it and the potential for you to be ripped off by fraud is just gigantamous.

Of course, I'm sure that a lot of people poo-poo'ed neteller initially, so if your friend really thinks he can do it, he should go for it.

SHACK · Jul 9, 2006

It could work for some, but I don't think many people would be willing to do that. I couldn't see Neteller and Paypal being able to transfer money to one another. Paypal is a US company owned by EBAY and I think the govmt would have something to say about that. People might use if the fee is $20 or so, but I don't think it would be able to get much interest if the fees were higher than that. Seems like a lot of red tape would be in the way too, and a high likelihood of fraud in crossing the monies could exist. I would pass on the idea.

TrueAirgo · Jul 9, 2006

orbit said:
Ok ... so a former business associate of mine is developing a website/system to enable users that have accounts at all the different funding services (neteller, moneybookers, firepay etc... ) to transfer between them. I guess what it means is that you would be able to request to move money from your neteller account to your moneybookers or even from Neteller to Paypal etc.... They would charge a small % fee for the service.

I thought about it for a while and would not mind being able to transfer from my Neteller to my Paypal cuz I like the Paypal debit card better but I dont use any other methods other than NT to fund my accounts so i told him I am a well respected poster at the RX and that I would get some feedback for him from people that use more funding methods and may find this type of service useful ...

Thoughts?

O.

Great idea. Many times I have money in my Paypal account and first I have to request a bank wire withdrawal and then send it elsewhere.

Go for it. :103631605

TrueAirgo · Jul 9, 2006

Santo said:
There are several services like this orbit.. most of them use the "shady" transfer services like egold, ebullion etc

Example: http://www.paysgold.com/sell.php

If I want to transfer money around, I do Neteller -> Betfair -> Paypal which takes <12 hours and has no fees, so it'd be hard to compete with that. May attract those who can't use Betfair/Paypal though.

For now Betfair doesn't have fees, but will reinstate the fees in the near future.

orbit · Jul 10, 2006

Shack - " couldn't see Neteller and Paypal being able to transfer money to one another. "

I think how it would work is someone that wants to transfer money from say neteller to paypal would transfer the money from their neteller to the "services" neteller account and then the service would transfer the money from their paypal to the guys paypal ... so the person would have to tell the service their neteller and then the paypal account they want it to go to ... so presumably the service would have accounts at all these money transfering companies and would just make peer to peer transfers ... as requested ...

Thanks for the feedback ... I have sent this link to my buddy

O.