Saturday, April 25, 2009

International online money transfer.

As a frequent traveller I often face the problem how to fund my costs abroad. You can use PayPal or MoneyBookers for international online money transfer. But this option is rather useful if you stay longer abroad and have there local bank account. Then you can easily withdraw money against it.

iKOBO is a service offering non-cash transfers. Money are sent to a destination (destination address abroad) in form of prepaid VISA card.

How it works.

1. You register yourself. Then you fill in to whom you want to send money, address and contact details.
2. This person will receive prepaid VISA card (usually it is delivered by FedEx). The card holder will receive also the PIN (by email).
3. After that the card works like a normal VISA card only with the difference that it does not need a bank account and payments and withdrawals are possible only to the amount of credit. Credit can be supplemented at any time by bank transfer to iKOBO account.

How much does it cost? Only $8 for funding up to $1000 which makes less then 1%. Neither PayPal nor MoneyBookers will offer you cheaper way.

Why the service is interesting? So, especially concerning the VISA card issued by a U.S. entity. And therefore it can be used in the U.S. eshop where foreign cards are not accepted.

Another benefit is that you can use it even without having bank account.


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