Fund uploading or payment gateways: Which one is having lowest comission

[cypherbond]

Hi friends,
I'm from India & this is my first post.
I recently uploaded my fund for trading through Entropay & it charged me 4.95% of fees to upload desired amount. I had Visa & Mastercard debit cards, but since there is an issue that using those is possible only on "VERIFIED BY VISA" enabled websites according to RBI notifications. So I had to use entropay as an only option that time.
Entropay "receiving money from any third party" is also charged by 1.95% & withdrawal fees are also high ($6 for returning to the same debit card used to upload money.) You can calculate 1.95% for $5000 is $97.5.
These charges are having no limits like "Maximum $5 or $10" or so on...
I have also used paypal & moneybookers. I just wanted to know if there is any way to minimize such expenses so that our entire profit we manage to earn through these tradings can be pocketed.
Or just answer
1)which one of the service you prefer or feel cost effective.
2)which service enables us to use "Virtual VISA or Mastercard" and ATM card to spend directly in Indian territory. (Actually ATM cards are not issued according to RBI restrictions; but still if there is any left out option that doesn't care what RBI says)

 

[jahan]

Hi friends,
I'm from India & this is my first post.
I recently uploaded my fund for trading through Entropay & it charged me 4.95% of fees to upload desired amount. I had Visa & Mastercard debit cards, but since there is an issue that using those is possible only on "VERIFIED BY VISA" enabled websites according to RBI notifications. So I had to use entropay as an only option that time.
Entropay "receiving money from any third party" is also charged by 1.95% & withdrawal fees are also high ($6 for returning to the same debit card used to upload money.) You can calculate 1.95% for $5000 is $97.5.
These charges are having no limits like "Maximum $5 or $10" or so on...
I have also used paypal & moneybookers. I just wanted to know if there is any way to minimize such expenses so that our entire profit we manage to earn through these tradings can be pocketed.
Or just answer
1)which one of the service you prefer or feel cost effective.
2)which service enables us to use "Virtual VISA or Mastercard" and ATM card to spend directly in Indian territory. (Actually ATM cards are not issued according to RBI restrictions; but still if there is any left out option that doesn't care what RBI says)

hello,

i think MoneyBookers is the best deal for uploading and withdrawl .but the only problem is sending money to moneybookers which is critical prob.
iam also facing the same problem.....
sending/uploading money to moneybookers frm visa/master credit card is 3.5% frm bank side and 1.95% frm moneybookers side total 5.45%
and for wihdrawl for indians(international as no other option available) through swift only for 129.24 INR as per thier website.

as per now this is the best option i choose as no other option i seem looking good.

if u uploaded funds to moneybookers kindly let me know frm which bank credit card u used ?

regards,

 

[cypherbond]

Hi jahan,
I would use moneybookers 3-4 years back along with paypal & that time even debit card with VISA or Mastercard was having no trouble to fund your moneybooker or paypal account. But in December 2010 RBI rules were made stringent to not avail such services to Indians. And accordingly Paypal and moneybooker declined to use such cards for Indians.
Still you can fund your moneybooker or paypal account using Virtual Credit Cards used in European countries. eg. Entropay, OKpay etc. You upload the fund to these services and they will generate Virtual Visa or Mastercard which is acceptable to not only moneybooker but precisely each and every payment gateway worldwide.
The only flaw in all this process is that you actually are paying 3 different parties before sending/spending your money-
1)Entropay(4.95%)/Okpay fees
2)Paypal/Moneybooker fees
3)Foreign currency exchange fees as applicable.
Also withdrawal fees are very much obnoxious.
Pretty awful right?
If I am missing something please correct me; also if someone gets wiser & profitable sequence to use other payment services; it will be very much appreciable.

 

[jahan]

Hi jahan,
I would use moneybookers 3-4 years back along with paypal & that time even debit card with VISA or Mastercard was having no trouble to fund your moneybooker or paypal account. But in December 2010 RBI rules were made stringent to not avail such services to Indians. And accordingly Paypal and moneybooker declined to use such cards for Indians.
Still you can fund your moneybooker or paypal account using Virtual Credit Cards used in European countries. eg. Entropay, OKpay etc. You upload the fund to these services and they will generate Virtual Visa or Mastercard which is acceptable to not only moneybooker but precisely each and every payment gateway worldwide.
The only flaw in all this process is that you actually are paying 3 different parties before sending/spending your money-
1)Entropay(4.95%)/Okpay fees
2)Paypal/Moneybooker fees
3)Foreign currency exchange fees as applicable.
Also withdrawal fees are very much obnoxious.
Pretty awful right?
If I am missing something please correct me; also if someone gets wiser & profitable sequence to use other payment services; it will be very much appreciable.

hello,

ok,good ,but one thing u need to know is there is below RS.200 fees for all banks in india while when we remit our money in any indian bank.either from any type of transfer ex:wire transfer,online through moneybooker,(if MB account is in INR),swift transfer.

But the main problem is funding online accounts.i think we can't do anything about it we have to pay that hefty commissions.

regards,

 

[cypherbond]

Hi,
I request everyone who is reading this post to write which payment system they prefer mentioning:
1)Payment system (Moneybooker/Paypal/Webmoney.... etc)
2)How do you pay to that system (Bank wire transfer / Credit card / Debit card.... etc)
This will help everyone who is reading next to you and also keep everyone informed about new systems & schemes.
Also if possible mention that; when you transfer the amount to your bank account what do you mention regarding the source when you file Income Tax. I'm concern about this for FOREX transactions.

 

[jahan]

hello cyperbond,

iam updating this to u after searching all over internet, that Entroypay is no more trusted organization ,u need to withdraw ur amount as soon as possible .

things i noticed about Entropay.

1)They don't have any phone no's to call regarding withdrawls or support
at least there is no online chat/support.

2)their mother company is (as they say on the web site ixaris.com)
"Ixaris Systems Ltd is authorised by the Financial Services Authority under the Payment Service Regulations 2009 for the provision of payment services. Registration number 540990."

Registered address 32 Kingly Street, London W1B5QQ, UK- as they write in their web site

http://www.ixaris.com/contact-us

and there are 3 addresses -entropay is located in Malta, offshore zone...

i have checked the reg. nr. of the company- Registration number 540990.- is incorrect. the real reg.nr. 04072405.

IXARIS SYSTEMS LTD
Status Active
Private Limited Company
Registered in 2000-09-15
Reg. nr. 04072405
Address FIFTH FLOOR LASENBY HOUSE
32 KINGLY STREET LONDON
W1B 5QQ
Great Britain

all the members:

BARTER JUDITH, Secretary - Address of the Person: 50 HAWARDEN GROVE

CHAPLIN JOHN Director - Address of the Person: FIFTH FLOOR LASENBY HOUSE 32 KINGLY STREET LONDON

HEALEY RUSSELL Director - Address of the Person: 34A GREENLAND ROAD

LAWSON ROGER Director - Address of the Person: 8 PRINCE CONSORT DRIVE

LORENZ WILLIAM Director - Address of the Person: FIFTH FLOOR LASENBY HOUSE 32 KINGLY STREET LONDON

MIFSUD ALEX Director - Address of the Person: FIFTH FLOOR LASENBY HOUSE 32 KINGLY STREET LONDON

the company is not found in VAT database.

judging from my knowledge, and how this exact business is set up, and hidden-it seems like a scam!

personally, i have only used very small amounts of money-around 50 usd for small purchases, but what i can conclude is, that when u start to use larger sums of money, they just pick one of their victims, and basically dry them out completely, with no explanations!

anybody who have suffered from this, should file a complaint to Financial Services Authority or any other institution!

3)the only support is through mail or ticket sending frm login account which they will never respond i have placed two tickets in three days i didn't get any response frm them the funding is okay but they restricting the withdrawls which is annoying to me.for withdrawls there is no option in login we need to place a request through ticket or mail for which they will never respond.

if u face any problems regarding withdrawls u do one thing from ur virtual visa card just fund to any other online payments methods and from there take back ur money to ur indian bank.

regards,

 

[cypherbond]

hello cyperbond,

iam updating this to u after searching all over internet, that Entroypay is no more trusted organization ,u need to withdraw ur amount as soon as possible .

things i noticed about Entropay.

1)They don't have any phone no's to call regarding withdrawls or support
at least there is no online chat/support.

2)their mother company is (as they say on the web site ixaris.com)
"Ixaris Systems Ltd is authorised by the Financial Services Authority under the Payment Service Regulations 2009 for the provision of payment services. Registration number 540990."

Registered address 32 Kingly Street, London W1B5QQ, UK- as they write in their web site

http://www.ixaris.com/contact-us

and there are 3 addresses -entropay is located in Malta, offshore zone...

i have checked the reg. nr. of the company- Registration number 540990.- is incorrect. the real reg.nr. 04072405.

IXARIS SYSTEMS LTD
Status Active
Private Limited Company
Registered in 2000-09-15
Reg. nr. 04072405
Address FIFTH FLOOR LASENBY HOUSE
32 KINGLY STREET LONDON
W1B 5QQ
Great Britain

all the members:

BARTER JUDITH, Secretary - Address of the Person: 50 HAWARDEN GROVE

CHAPLIN JOHN Director - Address of the Person: FIFTH FLOOR LASENBY HOUSE 32 KINGLY STREET LONDON

HEALEY RUSSELL Director - Address of the Person: 34A GREENLAND ROAD

LAWSON ROGER Director - Address of the Person: 8 PRINCE CONSORT DRIVE

LORENZ WILLIAM Director - Address of the Person: FIFTH FLOOR LASENBY HOUSE 32 KINGLY STREET LONDON

MIFSUD ALEX Director - Address of the Person: FIFTH FLOOR LASENBY HOUSE 32 KINGLY STREET LONDON

the company is not found in VAT database.

judging from my knowledge, and how this exact business is set up, and hidden-it seems like a scam!

personally, i have only used very small amounts of money-around 50 usd for small purchases, but what i can conclude is, that when u start to use larger sums of money, they just pick one of their victims, and basically dry them out completely, with no explanations!

anybody who have suffered from this, should file a complaint to Financial Services Authority or any other institution!

3)the only support is through mail or ticket sending frm login account which they will never respond i have placed two tickets in three days i didn't get any response frm them the funding is okay but they restricting the withdrawls which is annoying to me.for withdrawls there is no option in login we need to place a request through ticket or mail for which they will never respond.

if u face any problems regarding withdrawls u do one thing from ur virtual visa card just fund to any other online payments methods and from there take back ur money to ur indian bank.

regards,

Thank you dear friend, for such detailed info.
As you suggested I have cleared my Entropay account. Not want to be in trouble anyways.
Thanks for your reply.

 

[ashu1234]

How about Liberty Reserve. Read a lot about exchangers, local exchangers(individuals) as well as site which trade Liberty reserve. Any reviews?