The site is called liberty reserve and it is basically an online bank of e-currency.E-currency is very similay to paypal but like m-pesa does not require to be linked to your bank account.Therefore you can operate the account from any country in the world without restriction.The site itself does not offer deposit and withdrawal but these services are done by liberty reserve exchangers.These are sites where you can buy and sell your e-currency for real money and other forms such as alertpay or paypal.Many exchangers offers buying and selling of e-currency via moneygram and western union so the whole process can be done without even a bank account.To me this is an extremely better option as compared to paypal and alertpay which do not allow free deposits and withdrawals.They also have the lowest fees as compared to paypal in terms of transfers(free to send,1% to recieve)
Advantages
No bank info is required from you
No monthly fees
No sending fees
You will always make a profit if converting USD to Ksh
You can recieve money via moneygram or western union
Fee Comparison Chart
| Liberty Reserve | PayPal | MoneyBookers | Neteller | |
|---|---|---|---|---|
| Location | Costa Rica | USA* | UK | UK |
| Balances flactuate with the price of gold? | No | No | No | No |
| Transaction Fee | 1% | 2.4%-3.4% + $0.30 | 1.9%-7.9% + 0.29 € | 3.5% |
| Minimum Fee | $0.01 | $0.30 | 0.29 € | $1.00 |
| Maximum Fee | $2.99 | $1000+ | $1000+ | $10.00 |
| Monthly Fee | $0.00 | $0.00 | $0.00 | $0.00 |
| Optional Privacy Fee | Yes | Not Offered | Not Offered | Not Offered |
| Cost of a $100 Transfer | $1.00 | $3.70 | $8.27 | $3.50 |
| Cost of a $1000 Transfer | $2.99 | $34.30 | $79.37 | $10.00 |
| Cost of a $10,000 Transfer | $2.99 | $340.30 | $790.37 | $10.00 |
| Notes | No chargebacks | Chargebacks | Chargebacks | Chargebacks |
So for those of you interested you can check out the site here or sign up if you like.
