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GlobelMoney Money Transfer

Discussion in 'Accounts and Finance' started by Vinaya.Ghimire, Feb 18, 2016.

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  1. Vinaya.Ghimire

    Vinaya.Ghimire Entrepreneur

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    Recently, I was searching on "how to transfer funds from paypal account to payza" on Google and found a company called GlobelMoney. I have test transferred $5 and it says it can take upto 5 hours. Do you have any experience of transferring funds from one processor to another processor, including Bitcoin transfer.
    Note: Since paypal is not available in my home country, I needed to transfer funds from paypal to paza, which is available.
     
    setupdisc likes this.

  2. Alaine

    Alaine Entrepreneur

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    I haven't yet used any third party exchange to get money to or from a payment processor other than Paypal.

    Nonetheless I know that many of these payment processors have [third party] "authorized exchangers" whom they recommend. These are the ones you should use to avoid getting scammed because I've seen a number of ads promising "the lowest transaction fees", etc, etc but as there are no guarantees that your money will be safe with some of these people who are quite eager to transfer your funds from one payment processor to another you have to be willing to pay slightly higher transaction fees to get it done but have the assurance that you won't lose your money.
     
    setupdisc likes this.
  3. Valerie

    Valerie Entrepreneur

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    I've always been nervous with transferring my money to and from Japan. Presently, I'm trusting my home back in the States to wire money into my Japanese account or pick up bits at a time from Western Union. But it's WAY expensive. I would use Paypal, but the Japanese version is severely limited it what it can do. Additionally, my Japanese bank is restricted to direct deposits of foreign bills, so I can't use either Paypal or Western Union with it. Ugh.
     
    setupdisc likes this.
  4. Jack Benoit

    Jack Benoit Entrepreneur

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    Оnсе i gоt intо sаmе sоrt оf issuе аnd аlthоugh thе pаymеnt prосеssоrs wеrе diffеrеnt but i wаs tоld thаt it is аgаinst thе lаw tо trаnsfеr pаymеnts frоm оnе prосеssоr tо оthеr. Аs fаr аs i rеmеmbеr thаt if i wаnt this tо hаppеn thеy mоnеy will first nееd tо gо intо thе bаnk ассоunt аnd thеn frоm bаnk ассоunt tо thе оthеr соmpаny.
     
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  5. setupdisc

    setupdisc Moderator Entrepreneur

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    Depending on the form of currency, origin of the money, and details of the service, you are correct Jack, but there are some nice ways around it that some money transfer services employ. Many of them may designate individual accounts or private accounts to transfer the money to which are officially banks or bank accounts to circumvent that requirement.

    Mostly, it is a restriction upon individuals to prevent things like money laundering which we all know is a possibility, but we also know it usually occurs most of all in corporations and not by individuals. Be that as it may, the corporations are usually allowed to transfer the money temporarily to a private banking account designated for holding funds. In the United States, it must be done in such a way that each of the funds are less than $10,000 each for personal and less than $100,000 each for business. By doing this with the label of it being an escrow account only, many of them are given the legal acknowledgement to do this while jointly making a little money off of it for as long as it takes to move that money to or from a location.

    The holding bank or banking institution surrogates which meet the criteria for a legal holding and that is FDIC insured up to $100,000 per account is able to lend out that money when they have it (even if just for a day), then ends up repaying the endpoint the difference in cash if they have to collect later or restructure the funds thereafter. In either case, if this is happening in the US or with a US financial jurisdiction, it is ultimately covered one way or the other by the Federal Reserve on behalf of the lender and the recipient alike.

    The lender is allowed to do this, but must be licensed to do so (which can cost a little or a lot here too, depending on where it is, which currency(ies) they are allowed to do this for, and their operating location be it in or outside of the United States). There's a lot of details, a lot of exemptions and special agreements that can go on to make things become legal for larger organizations that normally wouldn't be for individuals or smaller businesses, and other info that is written in a lot of pages.

    For the most part, unless it is an unregulated or decentralized currency (i.e: bitcoin, litecoin, etc) becoming centralized (federal reserve), it does usually have to pass through or be held by a licensed, insured, and government approved place legally reserved for that. They usually have ways of bypassing all of this red tape though in other cases (paypal has for years) that the feds and other regulatory bodies turn a blind eye to or approve of as long as it gives to and satisfies all parties involved with the transfer.

    The above-mentioned method is just one of the ways they do it. There are others in which they'll transfer the dollar amount to gold, silver, or other raw metals of equivalent value which are monetarily intrinsic value but are issued from a non-US source to be outside of the restrictions when transfering from one source to another electronically, and a bunch of other ways. This may be one of the ways in which a service which provided bitcoin-to-moneyorder and bitcoin-to-visa was legally made possible (I'm not sure what the bitcoin to moneyorder service was called but I saw it start up around 2012 4 years ago, and the bitcoin to visa debit card service still exists through a company called Shift Visa).
     

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