Forex Stock Exchange Forum
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Forex Stock Exchange Forum

Forum About Trading on Forex,Stock,Binary Options, CryptoCurrency and NFTs

Thor Expert Advisor

You are not connected. Please login or register

Banks and Payment Systems

Go down  Message [Page 1 of 1]

1Banks and Payment Systems Empty Banks and Payment Systems Fri Jun 27, 2014 10:29 pm



[You must be registered and logged in to see this image.]


The important part of a trader's work is operating with banks and payment systems due to that for starting the work it is necessary to open accounts in the bank or sub-account by a broker, transfer money, withdraw them to your account, pay taxes etc. The first thing to remember is that bank transactions are impossible for individuals. You also can not transfer funds (foreign currency) to the legal body account, i.e. broker. Only in rubles. That is why the brokers accept ruble transfers or use payment systems, will return to them later. In a new Currency Control Law the Russian citizens have a right to open accounts in other states and run operations on the account. That is to say, funds transfer abroad is allowed. But there are some nuances here. Depending on the bank and the transfer amount you will be invited to the Currency Control Department and asked to write a small application with the transfer target indication. Why does it frighten people so much? Don't be afraid, write bravely. But keep in mind the section 6 point 1 of the Currency Control Act. Simply stated, if you indicate the target as operating on Forex currency market then the bank officers may subsume it as currency operations related to capital movements not finding such point of law that will require a special permission. What should be written? You will find it in the law statements, I will give a few examples:

  • - Commodities and services payment.
  • - Payment for education (bills and statements can be required).
  • - A contribution to international social organizations (the most comfortable, but don't choose the terrorists supporting fund).
  • - Probably, such explanation as personal account replenishment in an international bank will not raise any questions. But it must be really your account. Generally speaking, don't be afraid, nobody will hale you into the Police Department or Tax Inspection.

Bank transfer to your account in the Russian bank is carried out without any restrictions. A lot of banks state that they do not submit information on transfers smaller than $10000 to the tax authorities. May be it is true, but firstly, it would be fair to be a patriot and pay taxes, secondly you may face huge difficulties. It is necessary to keep records of all your transfers, collect all the bills and checks (they are given in the bank), and by the end of the year you have to pay the overall revenue tax. By the way, it is better to tell the Tax Inspection that it is a payment for consultations, for author's right, an interest from your account etc. It is non-obligatory to write about Forex.
Let us summarize the results. Transfers within Russia are available. The foreign currency transfer - impracticable. The foreign currency transfer to a foreign bank is possible but you will have to declare the transaction target. The rubles transfer to a foreign bank will be almost impossible (very complicated). It is more difficult to operate with inconvertible currencies which include all neighbor countries currencies. The currency transfer from abroad to your account also does not cause any difficulties. All these operations require only the accuracy while filling in the transfer application forms with the proper requisites. If anything is unclear - ask the bank employees, they get their salary for that. The worse variant is to send money by a wrong account. Then in order to find the money you will have to pay about 100-150 dollars. At a bank transfer the bank takes about 100-150 dollars. For a bank transfer the bank takes commission, it is percentage points but not less than a certain amount, approximately 30-50 dollars. So there is no point in transferring amounts near 50-100 dollars. The bigger is the transfer the less will be the commission. Beneficiary bank can also take commission, but it is not too big.
Commissions and crediting term:
Bank currency transfer in USD: commission of your bank; 2-4 days
Bank currency transfer in EUR: commission of your bank; 2-4 days
Bank currency transfer in rubles: commission of your bank; 1-3 days
Payment systems
Money transfer by means of payment systems has a range of very significant advantages, and first of all it is a speed. Let us consider two major payment systems. Worth mentioning that payment system and bank are often confused. In the considered payment systems the clients have an opportunity to keep funds in electronic purse, but it is not a bank account, the interest is not accrued, the legislation is applicable just partly. The main purpose of payments systems - money transfer between different bank accounts, and they make it much better than banks.

Web Money

The oldest and the most attractive electronic payment system is Web Money (WM). The main advantages of this payment system are:

  • Registration simplicity. There is no necessity in filling in a great many of forms and documents, send notarized copies of passport and so on.
  • Relative anonymity. Opening an account you are offered to fill in the form with your passport data. But nobody will check their fidelity.
  • The opportunity to transfer funds from any accounts without restrictions.
  • High speed of money transferring.
  • A wide range of money transfer types.
  • The opportunity to register an unlimited number of accounts, any number of purses meant for saving and running operations with the Russian ruble, the US dollar and Euro.

All this makes WM a one-of-a-kind system and if you read the articles about the necessity of maximal cover-up of your actions with the accounts from the Government and other involved parties, then you have to evaluate the options provided by WM system. In particular, the money transfer in foreign currency is forbidden for the banks by the law, but it is easily accomplished by WM. Worth pointing out that for its existence period the system has risen into a very respectable financial structure acting within the Russian and international legislation. This system reliability is estimated very high. It overcame the crisis of 1998 easily when such giants as "The Russian credit" and "Incombank" ruined. In Web Money all money regardless of the amounts reaches the specified requisites fast with no delays and account blockings. You won't ever get any unnecessary questions.
In order to open an account in WM a program called WM Keeper should be downloaded on your computer, and some forms are required - that's all. The procedure is free. You may open any number of accounts. Keeper Classic and Keeper Light are also available. 3 purses are created on your account automatically: R - ruble, Z - for dollars and E - for Euro. You are allowed to open additional purses. You can replenish WebMoney purses, withdraw money from them by a great variety of methods.
Using the Geo-service you can see the nearest sale points of Webmoney cards, payment terminals, cash receipt and disbursement points, exchange offices and WM-dealers. They are all over the world, look for them in your city. For example, you can Buy WebMoney in Moscow or Buy WM in Ukraine.
A special emphasis should be put on WM card transfers. These cards are sold in many Russian cities and Commonwealth countries. It is the fastest and cheapest way of transfer among all possible. In the meantime, you have an opportunity to become WM representative in your region selling the cards and providing the payments. It is a good business with a well-established financial company. There is just one restriction - you cannot make a deposit to your purse from the credit card due to low security level of credit cards from the hackers.
Commissions and crediting term:
Webmoney WMZ transfer: 0,8% system commission; immediately
Webmoney WMR transfer: 0,8% system commission; immediately
Webmoney WME transfer: 0,8% system commission; immediately
Webmoney WMU transfer: 0,8% system commission; immediately
Webmoney WMB transfer: 0,8% system commission; immediately


In some cases it can be more suitable to use another payment system E-Gold. In this system you can open any number of almost anonymous accounts for free to which you can send money (only US dollars) and from which the funds can be put to a bank account. Besides, operations secrecy is very high. Putting the money into account you buy precious metals for this amount (you may choose - gold, silver or platinum). And your funds are kept on your account in ounces and kilograms of a precious metal. Withdrawing the funds you make an inverse operation. Worth noticing that for the period of keeping your metal currency its real cost may rise as well as fall. In other words, there is a rationale to watch over the precious metals cost on the commodity market. A transfer between WM and E-Gold purses is rather simple that affords more opportunities for managing your funds. E-Gold payment system started its activity in 1996, for these 5 years about 90 000 accounts have been opened with an everyday turnover of $500 000. So what is that E-Gold?
E-Gold is an international payment system, its monetary funds are corresponded into the precious metals: silver, gold, platinum and Palladium. This feature makes E-Gold especially effective one for implementing international payments, as the users accounts are not denominated to any national currency.
Why E-Gold is suitable for the Russian clients?

  • The registration is free.
  • This is not a bank system, so opening an account in E-Gold you do not risk to break the law.
  • E-Gold does not divide its members into the US citizens and others, like PayPal does; all clients of this payment system are equal.
  • A lot of sponsors started using E-Gold as a payment instrument. In such a manner, the process of money receipt gets easier and the reliability level improves.
  • Many exchange offices will allow you to convert E-Gold to any other world currency, including the Russian payment system WebMoney.

How to register in E-Gold?
Account opening in E-Gold is free, for this purpose you have to enter the website of E-Gold payment system and fill in the registration form. For registration simplicity I offer to use the registration form example:
Commissions and crediting term:
1% of the transfer amount, but not more than $0,5; a few seconds.


PayPal payment system was launched in 1998 by Peter Thiel and Max Levchin. This is a private company located in Palo Alto, California (the USA). PayPal presents its users the opportunity to accept and send payments on the websites, auctions, by e-mail or mobile phone with the Internet access. The system is quite popular for payments abroad, as it has tough restrictions at a place of living of its clients. Worth pointing out that from autumn 2006 Ukraine and Russia were included into the list of countries in service.
The system's peculiarities are:

  • PayPal is a high security system with serious requirements for its users. For instance, if you opened an account but did not verify it by a card then you cannot withdraw funds from it.
  • In PayPal the number of your account is your e-mail address. Addresses used for transfers can be deleted and added.
  • At funds transferring 1% is charged from the sender. The recipient does not pay anything.
  • Any verified user of PayPal is allowed to transfer any amount from his account in the payment system. And the payment recipient can be another user as well as a person who does not have an account in PayPal. An e-mail letter is sent to the recipient who enters the system's website applying to the link in the letter and formalizing the funds arrival.

In order to become a client of the system you need to:

  • Fill in a special registration form;
  • Open a personal account in the system. There are 3 account types: Personal (starting), Personal-Premier and Business;
  • Verify your e-mail;
  • Register your plastic international card (virtual card is better and faster) of Visa and MasterCard payment systems in the bank branches;
  • It is necessary to replenish your account by means of credit card or transaction from the bank account - it is the way you verify the account in PayPal, i.e. confirm that you are a real person with real account/card in the bank. After that you can make PayPal payments and eBay auctions.

Commissions and crediting term:
1,9% of the transfer amount, immediately + delivery time of electronic letter.


Moneybookers is an international payment system giving an opportunity to any companies or clients who have e-mail address to send and receive money safe and quickly by means of the Internet in a real time mode.
Moneybookers owner is "Gatcombe Park Ventures" Company located in London. Money movements within the system are regulated by the British laws. Funds on the user’s account are presented in a certain national currency which can be chosen at the registration.
Moneybookers advantages:

  • General availability
  • Immediate payment
  • Small commissions
  • For operating with Moneybookers payment system no any additional software is required: account management is implemented from the system website.

Entry and operation with Moneybookers system
For getting access to your account it is necessary to enter your e-mail address, password and key figures. As soon as the sender makes the transfer the recipient receives an e-mail letter confirming the funds accrual to his Moneybookers account. By the link in the letter the recipient enters the system and the amount is accrued immediately to his account. From this moment the payment is considered to be completed. If the recipient did not require the amount during 14 days, it is returned back to the sender account.
The transaction tariff is charged from the payment sender. It equals to 1% of the payment amount but not more than 0,50 Euro.
In order to accomplish payments and money transactions it is necessary to put the money into the system. It can be done in Upload Funds section by two ways:
Bank transfer (made for free).
Credit Card - transfer from a credit card (3% of the transfer amount).
For crediting your account enter your account number, choose the suitable method and follow the instructions further. For depositing money from a plastic card you must be a confirmed system member. You have to send a copy of any document with a photo, for example, passport or driving license.
Moneybookers withdrawal is carried out by the following methods:
Bank transfer (the commission system for a transaction is 1,80 Euro)
Cheque drawn - check dispatch (the commission system for a service 3,50 Euro)

Liberty Reserve

The title of Liberty Reserve payment system became familiar to a wide public in August 2007. The interest to Liberty Reserve emerged in the hyip' society. It happened after that it appeared visible that it was time to find a replacement for E-Gold as a favorite payment instrument for high-risky investment programs (HYIP). Exactly in July-August E-Gold owners set a course for tightening the system usage rules in order to shift the fault from the US authorities in "dirty" money laundering through the system. It was expressed in the opportunity of logging in into account from the public proxy and in the account freezing of some HYIP's.
In the society of HYIP's players an active search of payment instruments was started. The requirements to an "ideal payment system for HYIP" were simple. On one hand, such system must provide:
A full anonymity of account holders;
Transactions irreversibility.
Must not be under threat of the Damocles' sword of the American justice. In that period Liberty Reserve came to the limelight, as it corresponded to all these requirements. It springs to mind that the system's office localization in Costa Rica, not in the USA is a source of pride for the system owners. At all events on the page of comparative description of Liberty Reserve and other popular payment systems it is especially emphasized that the liberty factor of Liberty Reserve activity from the US legislation.
Despite that not many people know about this payment system the system copyright " © 2002 - 2007 Liberty Reserve S.A. All rights reserved" means that the website has been active for 5 years according to whois data, domain was registered in 2001 and paid until 2017. Nevertheless, till August 2007 the system was in the shadow, and looking through the site development it can be noticed that the domain was staying idle till 2004. The page with the websites list accepting the payments through Liberty Reserve also causes a lot of doubts in a long history of the system work: at the moment of writing this article (September 2007), there are some casino addresses, web-studio website, two Internet shops, 5 financial websites (for instance, providing the service of making credit cards) and two Forex offices, one of them is called Marketiva - buzz word and taking into account the presentation character on the system's website it is one more source of proud for Liberty Reserve.
The website design is made in modern grey-red tones. In the right upper corner there is a button for switching to the English website version, although there are no other languages versions. Hopefully, this will be an application for multi-language platform in future.
The system advantages
The main advantage of Liberty Reserve system is a powerful protection of accounts from inbreak. You will feel it during the registration process. The system has 4 protection levels. Aside from using a simple password and control figures entering an account there is an additional level: PIN code setting which is created at the registration. And this PIN-code cannot be written fingertip - only virtual one is available. It protects the user from PIN interception by virus programs-loggers. Moreover, this keyboard layout is not permanent, it changes at each paging-in - it won't give the cheaters any chance to use the programs fixing the mouse movements.
The system disadvantages
Among the negative factors there can be mentioned the balance replenishment and the funds withdrawal directly: through the banks and plastic cards. All operations of input-output are possible only through the exchange offices.
On the website of Liberty Reserve the list of such exchangers is published. The second complexity for the Russian users is WebMoney policy changing concerning the currency exchange with instruments, their accounting system does not provide the necessary identification of the participant personality with the purpose of fighting with illegal trade, financial frauds, laundering and monetary funds legalization obtained illegally in July 2008. Liberty Reserve turned out to be in the list of such systems and approximately, exchange operations with this system to WebMoney are forbidden since August 01.
Commissions and crediting term:
Liberty Reserve system transfer (USD): system commission; immediately
Liberty Reserve system transfer (EUR): system commission; immediately


Liqpay is the newest payment system allowing to send money easily by Visa card or MasterCard to a virtual account in Liqpay system attached to the mobile number. Afterwards, the money can be passed further to another phone number, take the money from Liqpay system to your card again and leave the money on your account and use them later. Liqpay will be suitable if you want to send funds to a person, but you know only his phone number. It is non-obligatory the recipient to be registered in the system. He will receive SMS with an invitation to receive the money on Liqpay website. Entering the webpage a person can transfer money to his card or send them further to another mobile phone number. Liqpay can be used by the companies rendering on-line services for getting payments from the clients. For this purpose the employer must offer its clients Liqpay instrument for payment. The system is safe for entrepreneurs, as it does not have charge backs. The money received by an entrepreneur from a client cannot be returned. Liqpay is working on the problem of micropayments in the Internet. The minimal amount for making transactions is 0,01 CU, maximal - 2500 CU. The commission is much lower than in other money transfer systems. Liqpay is a comfortable system of money remittance for the brokerage companies working on Forex market, contest organizers, campaigns and in other cases when the funds need to be transferred. Then the organizers can inform about the phone number which is their identifier in Liqpay system at the same time. And all concerned are allowed to transfer money to this account without the organizer's requisites.
Liqpay helps to decide the psychological problem of transferring money between the cards in the Internet. It is known that such remittance can take several days. During that period neither the sender nor the recipient practically do not know at which stage the transaction is and they are in the dark about the situation. If you apply to Liqpay, the sender and the recipient get SMS-message immediately about that the money is taken from A account to B account that corresponds to the transaction participants interaction. For working with Liqpay Visa card or MasterCard are required emitted by any bank.
Presently, it is possible to withdraw the money from the system only to Visa cards. It is caused by that MasterCard has not provided the option of funds accrual from another bank.
Liqpay functions with the main mobile phone providers of the world. At the moment, Liqpay works with Euro, dollar, the Russian ruble and the Ukraine's hryvnia. In the system development plans there are operations with the major world currencies. In case of discrepancy of the card currency and Liqpay account the system implements an automatic conversion. Liqpay payment system has the highest safety level. Each transaction in the system requires a confirmation through the dynamic password which comes by SMS to your mobile phone. Liqpay reliability is approved by the certificates of GoDaddy Secure Web Site, Verified by Visa and MasterCard SecureCode. Worth noting that at present moment the money transfer service for traders from the trading accounts by means of Liqpay system is afforded by InstaForex Company which is traditionally the first to introduce the innovative technologies among the brokers of Forex market.
Commissions and crediting term:
Money putting into Liqpay system is free of charge. Money remittance within Liqpay is also made for free. Funds withdrawal - 1,95$ + 1% of the amount (to PrivatBank card 0,55$ + 0,5%). Performance period: immediately.

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum