Is MoneyNetint a solid player in the payments industry?
What is MoneyNetint?
With the objective to make the process of sending and receiving funds hassle-free for their users and allowing them to manage their money locally, MoneyNetint is making E-commerce simple.
Recently, MoneyNetint introduced a new feature for its users; they can now fund their accounts with a credit card in EUR, GBP, and USD. The service has recently targeted businesses in Brazil. In partnership with Banco Rendimento, MoneyNetint has offered a new service by reducing the cost of sending money to Brazilian companies and customers. The new offer is based around Banco Rendimento sending funds to the recipient as the transaction goes through the MoneyNetint platform. So any entity of any size, in any country, will be able to exchange goods and services with MoneyNetint. Not only this move will boost the expansion of SMEs in Brazil, but individuals can also benefit from this service.
MoneyNetint has already completed the integration of its cross-border transfers and currency exchange services with Ripple. This means that MoneyNetint’s service powered by RippleNet helps institutions send funds at a faster speed. Brazil’s cross-border payments market is very large, and this collaboration will facilitate cross-border payments with simplicity and low costs.
Is MoneyNetint safe?
MoneyNetint is authorised and regulated by the UK’s FCA as an entity issuing electronic money. Also, it is authorised by the Bank of Lithuania to operate in the EEA region as an intermediary/agent of Lithuanian EMI GlobalNetint. This means that it offers the same security guarantees as traditional establishments. The money in your MoneyNetint e-wallets has the same protection as that in your bank. Additionally, MoneyNetint offers the same banking security as traditional institutions, along with a high level of innovation, transparency, flexibility and attractive pricing.
While Ripple (XRP) allows making payments at a lower cost, an individual user does not have direct access to RippleNet to use it for making transactions in fiat currency. He must therefore use a third party such as MoneyNetint, which may apply further commissions on the user. The process is therefore different from mining BTC or ETH. Besides, there is a lack of transparency regarding the RippleNet membership process. Who can join it? Are there any conditions? Is the procedure standardised or not? Therefore, it will be difficult to comment on how much MoneyNetint charges your transactions.
MoneyNetint offers these services:
- MoneyNetint allows you to receive payment from anywhere in the world. It offers local currency business accounts with a private IBAN. Businesses will be able to make and send payments from any location. E-commerce merchants can benefit from this solution by accepting local credit card payments from their clients. Besides, the e-wallet allows sending invoices with local payment details. Merchants will be notified of incoming payments, and they can also track the billing status from their account dashboard.
- It makes managing money a hassle-free process. Users can keep more than 35 currencies in their account. Customers can also use physical or virtual prepaid cards for EUR, GBP, and USD to make payments anywhere in the world. You can also control your currencies, for instance, deposit, exchange, and make payments in the currency of your choice. The account also offers the functionalities of tracking payments and role-based access for account protection.
- Make payments to anyone, anywhere in the world. You can make SEPA, and SWIFT payments, mass payments, internal payments (from one MoneyNetint account holder to another), or to any pickup location with the MoneyNetint network.
- PayTicket for travellers to pay for European tickets online. It is an easy-to-use service that allows paying for speeding tickets and other fines online. It is especially helpful for travellers who don’t want to use foreign credit to pay for fines.
- Multi-currency electronic wallet with local currency accounts.
- Competitive exchange rates.
- Better customer service.
- Offers Mass payments service.
- The application process is a bit lengthy.
- A few restrictions apply for individual account holders.
The proposed solution, especially the “Pay Ticket” option that facilitates ticket payments abroad, offered by MoneyNetint is reasonable, complete, and practical to use. It has also received good reviews from users on Askwallet and other reviewing platforms for its excellent service and support.
To stay ahead of the curve, MoneyNetint has recently joined hands with AFEX, a forex specialist, to facilitate its corporate clients with various new API-powered services. It will leverage AFEX’s APIs to offer new services such as receiving or making payments.
MoneyNetint promises to offer mid-market rates which you should pay attention to when sending money. In our experience, money transfer services such as MoneyGram, Ria or Western Union usually add a spread to money transfer, whereas firms like Wise will not add a spread but a fee (and offer the mid-market rate). The MoneyNetint website does not provide enough information on this, so I suggest contacting their support.
If you are about to send or receive money, you are curious to know that it smoothly ends up in your e-wallet/multi-currency account- Askwallet can offer a lot of help here. Please check our website to know what other users are saying about MoneyNetint and if other alternatives are better.
Individual account holders can send a request for personal details change to MoneyNetint support via email. They will guide you how to change your details such as phone number or email address etc.
You need to send a request to MoneyNetint support via email and inform them about your decision. Their team will offer further instructions to follow and complete this procedure.
Individuals can set up their MoneyNetint account directly via their website. Select “Open an individual account” and follow the instructions. MoneyNetint fully complies with the AML regulations and reports to Customs and Excise in case of any suspicious activity. Therefore, MoneyNetint will perform full compliance procedures for its corporate clients before they can use its service.
You can easily check your balance and transactions from the MoneyNetint app or website. Please contact MoneyNetint support for such queries and other services for further clarification. You can reach them via email: Support@MoneyNetint.com or through telephone: +44(0)2088199842.