Why do we have companies like liberty reserve when they cannot transfer funds???
By loxion
@loxion (1553)
India
December 18, 2008 2:06am CST
I am totally confused as to why do we have companies like liberty reserve and ECUmoney, i mean this are some of the payment processors but they do not have an option to send or transfer the funds you have with them to your local bank account.
So what's the main thing that they do, because then you'll still need an exchanger to transfer your funds from this companies to your local bank, why can't they just have those options on them because then they know how to handle money?
We experience some charges when this exchanges are made and gosh i think this is crazy
3 responses
@coolKalai (70)
• Singapore
18 Dec 08
well yes, I've this account created very recently and I wanted few LR$ to invest in a HYIP. I've exchanged the money in my paypal to LR through a forum and you know what I got 9$ in my PP and after exchanging I got credited with 7.92LR$ in my LR account. So about 1.08$ lost in transaction.
@loxion (1553)
• India
18 Dec 08
I think the exchange involving paypal are way much cheaper, i mean just few minutes ago i checked how much will it cost me if i want to make a wire transfer and the minimum funds they wanted on the account was $50 and if you transfer $51 then you will end-up getting $1
@loxion (1553)
• India
18 Dec 08
things on-line are just crazy like that, is they want you to be left with few cents after the total transaction has successfully completed because then there would have been lot of exchanging happened and all the fees charged on one's account and that could also be risky
@chiaeugene (2225)
• China
18 Dec 08
i am not sure about it cos i dun use LR to transfer to bank account as i would exchange them for paypal instead. then from paypal, i would wired the money over to my local bank account. the charges is expensive cos i need to incurred close to US50 for each transactions to normally i would try to accumulate and then wired over to save on charges. i think u would have no difficulties exchanging your LR for paypal
@loxion (1553)
• India
18 Dec 08
I think it will be very expensive indeed, i mean i don't see why this companies are here because is like they just hold your funds and when you need them they would refer you to some exchangers and that also apply a cost and when the money reached the exchanger then you need to transfer it to either paypal or alertpay etc and that also is a cost.
So what's the use of this liberty reserve and ecu, why are they there? because then they do not do anything
