Sunday, January 22, 2012

Internet Wallet - buy, pay, withdraw money online



To be able to withdraw money earned over the Internet, or if you want to send payment to your online employees, or just want to buy stuff online - you need to have your Internet wallet. You can of course use wire transfer (directly from your credit card), but in that way, you are revealing your personal and financial information and transactional costs are much more expensive.

At freelancing sites there are many options to withdraw your money.
You can choose:
Moneybookers or PayPal.
There are other options as well, like: wire transfer, Payoneer Debit Card . . . , but MB and Paypal have definitely the lowest transactional fees. (MoneyBookers is becoming Skrill).

It’s up to you which Internet wallet will you choose – I personally use them both, but you should check if they are offering their services in your country. Paypal is not present in every country and also have some limitations for some countries regarding withdrawals or sending money, so if you are not sure if you would be able to send or receive money in your country, you should definitely choose Moneybookers as their services are present in almost every country in the world and will accept your local bank account with no problem.

Creating your Internet wallet account is not difficult. After you enter you account info, you will have to verify you email address and then your bank account. In MB you’ll also have to verify your postal address (they will send verification code to your home address, or you can scan your utility bill and send it via email).

After you enter your verification code, your account will be active and you’ll be able to send and receive money with just one click.

The problem may occur, if your bank is not in the SWIFT network (to receive money from abroad).
The easiest way to find out is to go to the bank and ask them to write you down your IBAN and SWIFT code. (or from the invoice your bank sent you)

If your bank is not in the SWIFT network – that’s your sign, that it’s definitely time to change your bank.

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