My personal money slave: Moneybookers

Today´s review will be about moneybookers . For those who haven´t heard of them before: Moneybookers is an e-wallet. This means they provide financial services online similar to what paypal does. Moneybookers is the biggest and in my opinion by far the best company in the online gaming sector. Typical competitors would be neteller, e-wallet, e-cash and a dozen others.

Why does a poker player need moneybookers ?             SIGNUP HERE FOR FREE

1) INSTANT deposit and withdrawal to/from poker sites

Moneybookers is the preferred partner of many poker sites and available on all of them. You don´t have to wait 3 days until a bank transfer arrives. This can be crucial. One time I played a weak player HU, and I got beat down to my last cent. While playing with my last dollars, I quickly deposited, filled up my stack, won everything back and some extra. Without instant deposit options (Full Tilt even has one click deposits), this would have not been possible. Of course you can argue that I can keep more money on the site. But these days, that’s not always a smart idea, especially when you can use the money to play on another site as well and increase your player pool. The speed of withdrawal depends only on the site where you play. Each site has different policies.

2) Flexibility if you play on more than one site

You can move money around extremely fast. One day site x, 24 hours later you can have your money on site y. With bank xfers or other services this can take weeks. If you keep some money on your moneybookers account, you can always put some money on the site where your balance gets low, while taking from another site where you win more.

3) Multiple Accounts with Multiple Currencies (saves lots of $$$)

Yeah, its allowed. Unlike on pokersites, multiaccounting is legit on moneybookers. As an VIP (more about VIP later) you can create multiple accounts in different currencies. This can save you tons of money long term.
Let’s say you play on FullTilt and some European site (Euro currency). Now with most providers you can deposit and withdraw with different currencies, but be aware of the awful exchange rates + fees they put on you. In that regards, Moneybookers is no different than the other sites. When talking to them, they told me they put up the extra fee in order to prevent currency speculation. Have met a representative while I was in Malta a long time ago and told her that those were just some nice words to squeeze out some extra money from customers. Gotta admit, she surprised me by telling me that there is a nice way to avoid all those fees by having multiple accounts with different currencies at NO EXTRA COST. I have heard friends who use other services complaining too often about paying fees here and fees there.

4) Free credit card added to account

You also have the option of getting a credit card linked to your moneybookers account. This is very convenient. As a VIP, you also get back all the fees that you pay when withdrawing at an ATM. For those of you who travel, you can probably relate better than anybody else how useful this is. Don´t know if any reader is paying a fee for his credit card. But just in case you are, stop this regardless if you join moneybookers or not. You have the wrong bank if you pay for these services.

5) P2p (person to person) Transfer and done in seconds & Escrow option

One other cool feature of moneybookers is the p2p function. If your friends need money online or need to pay debts quickly, this is the way to go. It”s quick, its easy and it works. They also offer escrow services. Have never used those,  but thought it’s worthwhile to mention it.

6) Security

In addition to your normal passport and verification process, which is very convenient (they actually only need one copy of your data unlike unprofessional poker sites… ), there is the option of a special security token which looks like this here:

Needless to say, this is also at free cost for moneybookers VIPs.  Especially if you are a professional, a security token should be in your possession. If you read forums, news or have friends who update you, then I´m sure you are aware of how many nasty things can happen. I´m not the guy who is fear mongering. In general I believe people are way too concerned with security and protecting themselves and others from the evil world out there. A free security feature that acutally prevents a real danger never hurts though. One other important feature is that Moneybookers is registered AND licensed in the UK by the financial authority there . Poker sites are licensed on tropical islands and controlled by self-owned companies. Moneybookers is also operating outside the gaming world, which gives them an extra tad of credibility.

7) Becoming a VIP

Most aka the main features are free for all users. But if you are a VIP, you get some extra services like priority email (your emails get answered quicker). You also have a VIP hotline that you can call and issues get solved quicker and it’s very convenient. The customer representatives are very well trained and actually know what they´re doing. Yes, you´re reading the review of a very happy and satisfied customer, who has used the company for years now.
In order to become a VIP, all you have to do is transfer a certain amount to sites. This is how moneybookers earns their money. They charge the poker site a fee for helping you to put money on the site. The more money you send around, the more moneybookers get. This is the reason why they love people who deposit and withdraw a lot ;)
Again, you pay no fee for opening a “normal” account either.

Sign up here to open a free moneybookers account

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3 Responses to My personal money slave: Moneybookers

  1. Pingback: Recommended Poker Books and Best Poker Advice | IncreaseYourPokerIQ

  2. Pingback: Knowing Poker Affiliates | IncreaseYourPokerIQ

  3. Oldrich says:

    only problem is that you can’t send/receive to US…

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