floydenheimer
500+ Head-Fier
- Joined
- Aug 28, 2006
- Posts
- 704
- Likes
- 12
Hopefully no one has posted about this yet. For those that are big movers and shakers over on the FS/FT forums, check out RME. They don't charge fees on exchanges, but they do have a limit on how much you can spend per transaction. They're an excellent alternative/replacement for paypal.
Here's the major differences between RME and Paypal:
* Transfer fees - The biggest difference in Revolution Money Exchange and Paypal is that Revolution Money doesn’t charge fees for sending or receiving funds. This feature in and of itself was enough to make me sign-up. I’ve been using Paypal since they first started and can’t even imagine how much I have payed in fees over the years. The only fees charged by Revolution Money Exchange are check withdrawals ($2.50 per check), check stop payments ($20 per check), paper statements ($5 per statement), ACH returns ($35 per returned ACH), and overdrafts ($35 per overdraft)
* Required personal information - One issue that has been a bit of a touchy subject amount bloggers and blog readers is that Revolution Money Exchange requires you Social Security Number to create account. With all of the identify theft concerns, many people are understandably gun shy about handing over their social security number to anyone. Revolution Money Exchange says: “We ask for your Social Security Number as a security measure to protect your financial information. Your Social Security Number is used to confirm your identity by cross-referencing it against the other personal data you provide.”
* Limitations - To reduce their risk of fraud, Revolution Money Exchange places limits on transactions and accounts: Max value of an account is $2,500, only one account person, transactions are limited to $1000.00 per day and $2,500 per calendar month, money transfers up to 30 times per month.
* Business services - Paypal has been around a long time, and has not only established itself as the number one service for personal use, but also for online businesses. Revolution Money Exchange focuses purely on person to person money transfers. They currently provide no business services like Paypal such as subscriptions, gift certificates, payment management, invoicing, shipping, etc.
* No Credit Cards - Paypal allows members to accept credit cards if you have a premier or business account. Revolution Money Exchange does not allow this.
* Not accepted by everyone - Revolution Money Exchange is new and therefore isn’t accepted by places yet, but the list of merchants where you can use it is growing. I see it’s use expanding, but for now usage is limited.
* No international support - Currently, money cannot be sent or received internationally. Also, you must be a U.S. resident and your linked bank must be a U.S. bank.
* Simple - Does one thing, does it well, and does it with no fees. If you just want to transfer money to someone, or receive money from someone Revolution Money Exchange is a great service.
Also, you get $10 per referral so if anyone wants to get a referral from me I'll send all the money generated by referrals to a donation to head-fi. Just shoot me a PM if you'd like to help contribute to our fine community.
Here's the major differences between RME and Paypal:
* Transfer fees - The biggest difference in Revolution Money Exchange and Paypal is that Revolution Money doesn’t charge fees for sending or receiving funds. This feature in and of itself was enough to make me sign-up. I’ve been using Paypal since they first started and can’t even imagine how much I have payed in fees over the years. The only fees charged by Revolution Money Exchange are check withdrawals ($2.50 per check), check stop payments ($20 per check), paper statements ($5 per statement), ACH returns ($35 per returned ACH), and overdrafts ($35 per overdraft)
* Required personal information - One issue that has been a bit of a touchy subject amount bloggers and blog readers is that Revolution Money Exchange requires you Social Security Number to create account. With all of the identify theft concerns, many people are understandably gun shy about handing over their social security number to anyone. Revolution Money Exchange says: “We ask for your Social Security Number as a security measure to protect your financial information. Your Social Security Number is used to confirm your identity by cross-referencing it against the other personal data you provide.”
* Limitations - To reduce their risk of fraud, Revolution Money Exchange places limits on transactions and accounts: Max value of an account is $2,500, only one account person, transactions are limited to $1000.00 per day and $2,500 per calendar month, money transfers up to 30 times per month.
* Business services - Paypal has been around a long time, and has not only established itself as the number one service for personal use, but also for online businesses. Revolution Money Exchange focuses purely on person to person money transfers. They currently provide no business services like Paypal such as subscriptions, gift certificates, payment management, invoicing, shipping, etc.
* No Credit Cards - Paypal allows members to accept credit cards if you have a premier or business account. Revolution Money Exchange does not allow this.
* Not accepted by everyone - Revolution Money Exchange is new and therefore isn’t accepted by places yet, but the list of merchants where you can use it is growing. I see it’s use expanding, but for now usage is limited.
* No international support - Currently, money cannot be sent or received internationally. Also, you must be a U.S. resident and your linked bank must be a U.S. bank.
* Simple - Does one thing, does it well, and does it with no fees. If you just want to transfer money to someone, or receive money from someone Revolution Money Exchange is a great service.
Also, you get $10 per referral so if anyone wants to get a referral from me I'll send all the money generated by referrals to a donation to head-fi. Just shoot me a PM if you'd like to help contribute to our fine community.
