A competitor to PayPal and Neteller, MoneyBookers is another “e-wallet” solution that enables you to electronically transfer funds via a special MoneyBookers account.
Headquartered in London, MoneyBookers has a loyal following in the world of online betting and is available to residents of approximately 200 countries.
However, MoneyBookers also has drawn a lot of criticism over the years for putting a hold on funds and requiring onerous verification processes such as obtaining notarized affidavits of identity before they will “unfreeze” your account.
Of late, MoneyBookers seems to have its security systems more refined, resulting in fewer complaints. Every payment processor that deals with online gambling payments needs to have security procedures in place and at times people can get frustrated with these measures.
On the upside, MoneyBookers has reasonable fees and, once your account is verified, it is a pretty convenient method of depositing to and withdrawing from your sports betting account.
One Man’s Annoyance Is another Man’s Security
If you read any other reviews of MoneyBookers, you will find that this service has had many unhappy customers over the years. The main complaints have been due to the security measures that MoneyBookers has required especially the ID verification process.
While we can certainly understand why people would get annoyed if their accounts are frozen due to insufficient ID verification, there can be no doubt that a payment processor that handles this volume of payments, and from so many countries, must have security measures in place.
MoneyBookers is regulated by the Financial Services Authority of the United Kingdom (FSA) and employs a variety of anti-fraud technologies, such as 256-bit encryption for your data and an algorithm that monitors the site for possible account irregularities.
You can anticipate a bit tighter policies at MoneyBookers than at, say, Neteller. But there is a good side to this attitude: identity fraud is hard to commit at MoneyBookers, leading many online thieves to conclude it’s just not worth it.
MoneyBookers Is a Global e-Payment Processor
In addition to being known for their security measures, MoneyBookers also gains recognition due to the global nature of their business. Even Angola and Afghanistan are on the list of countries that MoneyBookers will work with.
The main focus of MoneyBookers is in the European market and the default option is to have your MoneyBookers account denominated in Euros. However, if you are working with another currency, MoneyBookers can easily make the conversion, for a fee of 1.99 percent.
MoneyBookers is used by many immigrants to send money to their home countries, so it’s helpful that MoneyBookers has partnered with a number of local money services companies to enable even an “unbanked” customer to get funds into a MoneyBookers account.
MoneyBookers has gained traction as a payment processor for online betting and one reason why is because of this globalized approach.
Note, though, that MoneyBookers is not considered a particularly U.S.-friendly payment processor for online betting activities, so this globalism is certainly not universal.
The New MoneyBookers: Skrill
At the time of this writing, MoneyBookers is initiating a massive re-branding into the corporate name “Skrill.”
According to the Skrill communications department, this is not just a changing of the image, but an attempt to become much more than simply an online payment processor. Skrill promises to move the moving of money firmly into the 21st Century, enabling people to transfer money with ease using mobile devices like cell phone and iPads.
It remains to be seen how far MoneyBookers / Skrill can take its business. For the time being, MoneyBookers is a capable payment processor that works well with most online casinos and has lower transfer fees than most of its competitors.
For now, that’s enough to make MoneyBookers a viable option if you’re looking for a third party payment processor to use other than PayPal or Neteller.