P2P Swapping Currencies

[Andy]

It has become fairly common for people to swap currencies between each other to avoid or lower the fees that can be associated with doing so between your own accounts.

It is not advised that you do this for two main reasons:

1) It is possible that the person on the other side of the transaction is not honest and may "scam" you by not sending you what you are owed. If that happens you would find it very very difficult to get the funds re-inbursed and certainly TGT could not help you.

2) Moneybookers have said that the practice is not allowed and if you are "caught" you will have your account suspended. There is nobody actually looking out for it and of the millions of transactions they have to worry about this is not a big deal. But "if" they notice it would not end well for you.

It is not illegal though or breaking any law and if you want to do it then thats up to you but please ask each other via PM and do it discretely rather than advertising it publicly on the chatbox for example. No TGT moderator will ever take part in the practice so please do not ask.

Thanks

[horsekeeper]

As a MB VIP member, if I have one account in US Dollars and one account in GBP, am I allowed to transfer from one to the other?

[slim]

As a MB VIP member, if I have one account in US Dollars and one account in GBP, am I allowed to transfer from one to the other?

My answer would be "Certainly and I have done this many, many times", however I don't work for Moneybookers!

Contact them via the VIP e-mail and ask if it's a problem. They are polite and quick to answer during working hours.

[lorrainewade]

Yes you can swap between your own accounts. Swapping between other people to save 2% is really stupid, imo - as Andy says, MB will shut you down for this. P2P transfers certainly are randomly audited, and they have been known to ask for explanations for them.

[westv]

Are P2P transfers actually excluded in MB rules?
Of course the fact that you may not get the money from the other person is perhaps more than enough to discourage most people I would have thought though.

[munk]

Are P2P transfers actually excluded in MB rules?
Of course the fact that you may not get the money from the other person is perhaps more than enough to discourage most people I would have thought though.

That's something you would have to ask Moneybookers - there's no way anyone on here can categorically say 'yes/no you're allowed/not allowed to do it' since we don't represent Moneybookers. The only way to find out for sure is get it in writing from Moneybookers.

HOWEVER whether or not it's in their rules I think is besides the point anyway:

Ok they can't prove definitively whether or not p2p forex payments are taking place - but the point is they don't have to. They are perfectly within their rights to suspend/close any accounts they wish - it is their business and they can choose who they want to do business with. If you are not profitable to them (which you aren't if you're trying to circumvent payment of forex fees) then they can close your account.

In my opinion it's just not worth all that hassle for the sake of a 1-2% saving.

[pokergod112]

That's something you would have to ask Moneybookers - there's no way anyone on here can categorically say 'yes/no you're allowed/not allowed to do it' since we don't represent Moneybookers. The only way to find out for sure is get it in writing from Moneybookers.

HOWEVER whether or not it's in their rules I think is besides the point anyway:

Ok they can't prove definitively whether or not p2p forex payments are taking place - but the point is they don't have to. They are perfectly within their rights to suspend/close any accounts they wish - it is their business and they can choose who they want to do business with. If you are not profitable to them (which you aren't if you're trying to circumvent payment of forex fees) then they can close your account.

In my opinion it's just not worth all that hassle for the sake of a 1-2% saving.

Which you aren't (profitable) if you're trying to circumvent payment of forex fees"

Hmmm, really? I guess the 3% they charge when I drop $5k into a US sportsbook isn't profit to them, then? I guess all those people operating in only one currency must be unprofitable, too, since they never pay forex fees either.

I don't see what the big deal is, there are costs to MB in converting currencies so they charge a premium for it - 2.5%. If we aren't receiving the service (the conversion of money) we shouldn't pay the charge, shifting around pounds and dollars between users doesn't represent a currency conversion for which they are paying and we are not.

"It's just not worth all that hassle for the sake of a 1-2% saving".

I guess it depends what it's 2.5% of?

[blowingbubbles]

I don't see what the big deal is,?

Do you really think Moneybookers are happy with this? I wouldn't of thought so, by all means do it privately if you want, nothing is stopping you. But advertising it publicly on a forum where a Moneybookers rep has registered is not such a good idea.

[Landprofits]

Add my vote to the list that think it is, quite simply a moronic thing to do.

Peace.

[Diamondgeezer]

If you play casinos person to person transfers are a huge red flag because it looks to them like you are gnoming. And MB do let them see account activity.