who is monitoring paypal and other payment processo?

[Palove]

I am not sure where is main data center of Alertpay and western union is 3rd party not the Bank..so alert pay use it to send and receive money...paypal can choose where to do business and where to not but if they wanna do business in certain country they have to follow the guidelines of that country...if paypal was available in your country and lately it was shut down its because your Govt did it or maybe it was hard for paypal to follow the guidelines so they opted out...each country keep track on eternity which follows money in and out of the country..if Govt don't monitor their local currency they will fake economy crisis and it is also done to protect money laundary and other illegal stuff which can harm nation and security.
Central Bank is just a local Bank...Paypal is following RBI guidelines Reserve Bank of India which is an agency of India Govt.As per RBI rule any eternity which keep money for more than 7 days has to pay interest to member and any eternity which brings foregin cash flow in India above $500 should be reported to RBI..that's why new rules of paypal is all about that we should withdraw money within 7 days and can't accept money more than $500 per transaction.

Alertpay operates from America if you didn't know. And western union is not used by alertpay alone but by anyone who wants to send money into Nigeria from any country that Western Union operates.

About the possible reasons you gave. I did not hear of my government giving paypal restrictions. Infact unlike your country we can send or recieve any amount from $10000 and below through any outside link from any of our banks.

Is RBI not the Indian analog of the USR? Are they not governmental institutions? Paypal did what they had to do to get what they want.

[kyriousrobert]

I agree too, today there is no evidence that liberty reserve and so many payment processors have enough backup funds to pay some compensations if anything goes wrong. If they can not agree on a regulator then let the financial securities commission in the respective countries of operation of these payment processors regulate their activities.

if it happen then we have to go to costa rica to claim and i don't know if we have diplomatic site to that country i just don't know if the government of costa rica is monitoring this payment processor

[rajloves92]

Alertpay operates from America if you didn't know. And western union is not used by alertpay alone but by anyone who wants to send money into Nigeria from any country that Western Union operates.

About the possible reasons you gave. I did not hear of my government giving paypal restrictions. Infact unlike your country we can send or recieve any amount from $10000 and below through any outside link from any of our banks.
Is RBI not the Indian analog of the USR? Are they not governmental institutions? Paypal did what they had to do to get what they want.

Alertpay doesn't make bank transfer like Paypal and western Union doesn't convert the US dollar into Niegrian...they have set up business almost every where in the world and they have vendor ..its like you are paying me here in US and I am asking one of my nigerian vendor to pay the person (whom u send money from us)over there in local currency.

well my Govt didn't made any press release about Paypal as it is free eternity and not working as a Bank..I got the information from the RBI office.

Man there are lots of different between Bank and Paypal...Paypal works like free merchant and Bank are always followed by Govt Guidelines ..contact at your Govt office for more details..even we can send and do big money transaction over seas using our Bank and he have lots of International Bank too like HDFC,CitiBank,ICICI,American Express,Axis and more others.

RBI stand for Reserve Bank of India...this firm moderate banks, finance eternity and cash flow in India.RBI also does due diligence before applying any rules..this how India was not effected with world economy crisis where other country including USA faced lots of economy crisis.

[charlly007]

if it happen then we have to go to costa rica to claim and i don't know if we have diplomatic site to that country i just don't know if the government of costa rica is monitoring this payment processor

I agree with you palove,all ecuurency should be able to pay all users in case an unexpected event happen that will make them shut down.Don't they insure their company or get some part of their money with a higher financial institution like banks does.This is a great way to reduce loss in case of anything happen.All that applies to banks should also apply to Paypal and others.

[Hajishakur]

There should be a person that will be mornitoring this online payment.this will make more comminicate to the customer care and easy talk with customer and the owner of the site.

[amar]

There should be a person that will be mornitoring this online payment.this will make more comminicate to the customer care and easy talk with customer and the owner of the site.

I dont think That a single person or a group of 10 or 20 persons is monitoring any online payment processor.According to me This cn be monitored by any organization with Highly equiped fecilities there.

[nahiyar]

Alertpay operates from America if you didn't know. And western union is not used by alertpay alone but by anyone who wants to send money into Nigeria from any country that Western Union operates.

You are right that western union is a money sending and receiving company from one country to another country.We also use this company to receive money from our brother in UK to Pakistan.They charge a very low fee if almost $30 on $1500 transfer..However,for your information..AP is run from CANADA,not from USA..

[rajloves92]

Western Union is money transfer company and it doesn't exchange currency...you just get paid in your local currency by its merchant.As far I know US treasury(OFAC) prohibit to send money to certain countries...and Paypal also follow same guidelines of OFAC.

[amar]

Yep. I totally agree with you rajloves92. As I too know that paypal follow the same guidelines of OFAC similar to western union money transfer.

[rajloves92]

Yep. I totally agree with you rajloves92. As I too know that paypal follow the same guidelines of OFAC similar to western union money transfer.

amar I don't get what you posted here...do you what OFAC ? and how OFAC is similar to western union money transfer ?....OFAC is official US treasury and Paypal is free merchant ..where western union is money transfer merchant and works differently than paypal.

[mjane25]

Yes i know that bank ,banko filipino.And any people complaint about their deposited money .And i do not know if there is monitering on paypal account.I this paypal will not close down since they earn from other who sell their website and earn fee

[amar]

OOps...
I mean to say that The guidelines and fees of paypal is according to OFAC.
And so as western union money transfer.
Correct me if I am wrong......

[rajloves92]

OOps...
I mean to say that The guidelines and fees of paypal is according to OFAC.
And so as western union money transfer.
Correct me if I am wrong......

well Ya the Guidelines paypal follows is mainly of OFAC but Paypal follows eacn and every countries guidelines where ever they are available ..Paypal is not available in those country and can't do business in such country which is blocked by OFAC to do exchange.

About Fees @ No, Fees are set my Paypal itself and OFAC and Govt has nothing to do with it.

Western Union @ its money transfer merchant and doesn't have any link or similarity with paypal or any other payment processor.

Western Union follows the Guidelines of each country too ..for example in India you can receive money through Western Union but can't send money using Western Union because India Govt guidelines.

[charlly007]

There should be a person that will be mornitoring this online payment.this will make more comminicate to the customer care and easy talk with customer and the owner of the site.

A person monitoring Paypal,that is not possible,man.One person cannot do this,there should be a body or organization. And Mjane,don't think nothing can close Paypal down,everything that has beginning surely have ends.They may stop working any time.A new Government may cost this.

[rajloves92]

Charlly is correct...Paypal has to comply with the country govt guidelines to do their business in those country...its in Govt hand and they can shut down paypal to do business in their country..US CIA can shut down paypal completely but the valid reason required and that's is why Paypal comply with rules.

[ghanashyam]

Nobody is monitoring pay pal or other processor, they all work from different countries. However, in India, Reserve Bank of India, monitors the remittance and withdrawal from these processors.

[pugay]

I think we can give our full trust in Paypal and Alertpay i don't know if we can do the same in LR, PM and other payment processor.

[charlly007]

Nobody is monitoring pay pal or other processor, they all work from different countries. However, in India, Reserve Bank of India, monitors the remittance and withdrawal from these processors.

This is a mistake.I think all payment processor should be made to be operating like banks where they have to have some amount of money with a higher financial organization,like banks do with Central banks.This will reduce the loss of money if something eventually happened.

[Makubekz]

Paypal, Alertpay and Liberty Reserve are the mostly use E-currency processors and if they choose to close then they better hide.

[nahiyar]

I think we can give our full trust in Paypal and Alertpay i don't know if we can do the same in LR, PM and other payment processor.

You can trust on LR too because it is also counted in top three processors.It has been in business for so many years and available almost in all kinds of sites..About PM and other processors,I am also in doubt because they are not so much famous and still,I have never traded with them..

This is a mistake.I think all payment processor should be made to be operating like banks where they have to have some amount of money with a higher financial organization,like banks do with Central banks.This will reduce the loss of money if something eventually happened.

IN Pakistan,Only SCB bank accepts AP transactions.When we receive payment so first it is informed to the Central Bank and then we can cash out our money from our bank accounts..