Nomad New Reader
6/4/08 12:53 p.m.

I was trying to buy something from a forum and the guy sent me the information for this revolutionmoneyexchange thing instead of using paypal.

My initial reaction was SCAM, but I did a little research and it seems legit, just in a Beta stage.

Here's my take so far:

  • New company to compete with Paypal to send money and not charge fees/transaction.

  • I won't use it because of the SSN requirement (supposedly for FDIC insurance).

  • So far, no buyer protection element like paypal has. I'll pay a few bucks for that peace of mind (but somewhat inneffective from what I hear)

  • The fine print says they can collect all your info you give and give it to others, third parties etc (name address, ssn, phone, bank account balances credit info) It's a no-go for me. Sounds like selling lists is how they plan to fund it all.

So anyone use/experience it? Does it really seem worth it?

Of course the guy tried to leverage his paypal fee requirement into the deal, use RME or pay the $X amount + paypal fee to him.

P71 New Reader
6/4/08 12:58 p.m.

Scam. SSN is not needed for FDIC AND FDIC is not needed for money transfer. RUN away!

Google Checkout is the only legit PayPal competitor right now.

Nomad New Reader
6/5/08 12:00 p.m.

What legit sites can I go to to learn about this thing? I know there are some scam alert sites out there.

GameboyRMH Dork
6/5/08 1:08 p.m.

Never heard of it, fine print is fishy, and as always when any company asks for your SSN, you should tell them to go berkeley themselves...I wouldn't use it.

I wouldn't use paypal either.

skruffy Dork
6/5/08 1:22 p.m.

Have him send you a cashier's check. That's the ONLY way I sell stuff online.

Dr. Hess
Dr. Hess SuperDork
6/5/08 1:34 p.m.

I dunno. It seems legit. They advertise on Google, and there seems to be a lot of positive stuff coming up on a google of their name. I don't see "SCAM" coming up. I'm very leary of giving out numbers or other personal information as well. I'd wait a bit and see what happens with them.

In your case, if I really wanted the item, I'd consider the paypal fee to part of the price and if it was worth it, proceed with paypal, which I know, rather than RME, which I don't.

Nomad New Reader
6/5/08 3:29 p.m.

I haven't read that it's a scam either, but don't want to find out the hard way. I think I'll leave it alone for now.

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