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Sending money from Brazil with Perfect Money?

A reader named Alberto Miranda wrote:


Gostaria de saber se: http://safecashtransfer.com/ pode me ajudar – Criei uma
conta em Perfect Money e preciso enviar pelo menos 200 dólares sacando do meu
Visa internacional. É possível? E como devo proceder se minha moeda é o Real
do Brasil? – Aguardo sugestão. Obrigado – Alberto Miranda

I ran this through Google Translate and got the following translation from the Portuguese:

I wonder if SafeCashTransfer.com can help me – I created a
Perfect Money account and must send at least $ 200 of my whipping
Visa International. Is it possible? And what should I do if my currency is the Real
Brazil? – I await suggestions. Thanks – Alberto Miranda

Short Answer:

Perfect Money logo.
Perfect Money logo.

Alberto, it doesn’t look like you can fund your Perfect Money account with a Visa card. You need to do a bank transfer, or convert from another digital currency like WebMoney. You could also try an alternative e-currency service like Paypal (the leader in the field).

Long Answer:

I had actually never heard of Perfect Money, so I looked them up.

Perfect Money (http://www.PerfectMoney.com) is apparently an e-currency or digital currency provider registered in Panama and headquartered in Zurich, Switzerland. They also offer currency conversion and prepaid cards.

Digital currencies are accepted by some legitimate businesses, though not many. Mostly they are used to pay contractors and buy products from individual sellers. They are popular among online criminals (drug dealers, scammers, hackers) because they do not require any form of identity verification.

Many of the clients of Costa Rica-based Liberty Reserve – which was known for catering to cybercriminals and was shut down when the founder was arrested on money laundering charges – have migrated to Perfect Money. In an apparent bid to avoid investigation by the U.S. Justice Department, Perfect Money declared in a release on their website that they would not accept user registrations from the United States.

That’s not to say that Perfect Money’s service is not legitimate. By all appearances it is. Here’s some specific information on the service, taken from their website and other sources:

Deposit fees
Wire from 1.5%
At market rate
Added to balance: 4% per year
Internal 0.5%
Withdrawal fees
Wire transfer from 3.75% + bank fee
Security fees
SMS Notification $0.1
Annual Service $0
Account Restoration $100

So if you use Perfect Money to send money to someone else with a Perfect Money account, the company takes 0.5%. That could be quite low or quite high, depending on how much  money you’re sending. On the whole it’s a very reasonable fee.

You can deposit funds into your Perfect Money account by the following means:

1) If you have some other electronic currency you can exchange it for Perfect Money currency.

2) Bank transfer: Minimum sum of deposit is $300 USD.

You can withdraw funds from Perfect Money by the following means:

1) Exchange for any other electronic currency (for example, PayPal) and then withdraw in any exchange office in your city.

2) Bank transfer to your account via exchange offices that are partners of Perfect Money. I would not recommend that you withdraw on your bank account directly via Perfect Money. In my opinion, the system charges too high a commission for such a service.

3) Cash transfer via Western Union and MoneyGram.

If any readers have experience with Perfect Money, I would love to hear about it. Did you find it easy to use? Did you have any problems? Was it affordable?

Safe Cash Transfers

Western union safe cash transferBankrate.com published an article by Diana McLaren in which she discussed safe ways to transfer cash or send money. She talked about Western Union at length, but also explored other safe cash transfer options, including Canada Post and Paypal.

Here’s the story:

Safe ways to send cash

There are lots of reasons to send cash these days: online and mail-order shopping, bill payments or bail-out loans to kids at college. And along with the ever-increasing reasons to send money, there is a growing number of ways to do so.

Western Union safe money transfer

One of the oldest ways to send money — 100 years old, in fact — is Western Union. Today, the company offers a variety ways to send cash: in person at a Western Union agent’s location, by telephone and over the Internet. Figuring out the finer points of each can be a bit confusing, especially since stated Western Union policies sometimes seem to conflict with information given by individual agents. These agents, located worldwide, operate as both sending and receiving depots and are found in such places as variety stores, supermarkets and money service operations.

Western Union lets you send funds using cash, debit or Visa, but this depends on what the individual agent offers. At some, it’s strictly cash-only, while at other locations debit and credit cards are accepted, though one Toronto agent quoted an additional nine per cent fee to send via Visa. On the other end, the recipient will get cash, a Western Union cheque or some combination of the two. Just how much of each depends, since it’s not cast in stone. Again, it’s pretty much up to the discretion of the agent on the receiving end.

Both senders and receivers fill out forms, and identification can be required of both. Just what type of ID is acceptable is the agent’s call, although most require government-issued photo ID. One Toronto agent erroneously stated that provincial health cards are “no longer accepted, it’s the law,” but Western Union’s stated policy says recipients can “answer a test question” in lieu of having proper photo ID.

The cost of sending money

The cost to send cash with Western Union varies with the method used for cash transfer. Using $150 sent within Canada for comparison purposes, the cost would be $18 if sent through an agent and $35 if using the online or telephone systems. The quote for telephone service “may vary according to sender location and is subject to change without notice,” according to Western Union’s info line.

Money sent in foreign currencies will carry an exchange rate set by Western Union. Again using our $150 example on a specific date, the rate for U.S. currency quoted by the Bank of Canada was 0.8951 while Western Union charged 0.86. The difference is “how we make our profit,” according to one Western Union customer service representative.

At Western Union’s currency rate on that date, it would take $174.60 to send $150 to the U.S., plus a $27 transfer fee ($8 cheaper than sending within Canada), for a grand total of $201.60.

There are no limits to how much money can be sent using the agent method (although increased security measures apply on higher amounts). Online transfer limits are $500 within Canada and the U.S. and $999.99 internationally.

On the recipient’s end, the money is available within minutes. However, accessibility for pickup will depend on the receiving agent’s hours of operation. You should call and check this out with the agent in question since actual hours don’t always match those stated on Western Union agent listings.

Not the only game in town – Canada Post

Canada post
Postal money orders from Canada Post cost $3.95 within Canada and $4.95 to the U.S.

Western Union isn’t the only money transfer system that’s been around for a good long time. Canada Post still does a pretty good job of delivering the mail, and cheques or money orders sent that way are an economical way to go. Postal money orders cost $3.95 within Canada and $4.95 to the U.S. If you are going to register your letter, this will add to the cost, but it will offer peace of mind. And while sending cash isn’t illegal, it isn’t advisable, since there’s no paper trail should things fall into the wrong hands.

Banks also offer money orders (for between $6 and $7) and wire transfers. Better yet, if the recipient banks at the same institution as the sender, there are Interac e-mail money transfers. These cost only the network fee of $1.50 to send. There’s a security Q&A to ensure the person on the receiving is the one intended, and stop payments can be made for $3.50.

To send, the sender and recipient both need an e-mail address and a personal Canadian dollar bank account. The participating financial institutions are Bank of Montreal, Scotiabank, TD Canada Trust, Royal Bank and CIBC except for President’s Choice Financial.

For sending to someone outside of Canada, banks offer wire services for about $30. The cost depends on the amount sent and where it’s going. Wires can be used within Canada but are a somewhat costly choice so they aren’t the method of choice.

“Interac is associated with the established banking system, so there’s a level of trust built into it,” says Peter Hope-Tindall, a security expert in Toronto. “Personally, I’d be very worried to use one of the money transfer services offered on the Internet that isn’t connected to Interac.”

Paypal for cash transfers

Hope-Tindall says the one service he has used with success to transfer money to vendors is PayPal, although he hasn’t used it to transfer cash to a person. PayPal now offers free online money transfers to individuals. Both parties need a PayPal account and the money can be sent from a bank account, credit card or PayPal balance.

While PayPal is a widely used service for online purchasing, and is now owned by eBay, there have been problems in the past concerning withholding of funds or freezing of accounts.

A further option to send funds, especially appropriate for frequent transfers to the same person, is to set them up as one of the prelisted payees in your telephone or online banking portfolio. In fact, that’s how Hope-Tindall transfers his five children’s monthly allowances to them.

Diana McLaren is a writer in Toronto.
— Posted: Sept. 27, 2006