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Help Me Take Down Paypal by Signing Up For Revolution Money Exchange

By Erik Folgate

If you’re a regular reader of this blog, then you know that I hate Paypal. I think it’s the one of the most poorly run businesses on the planet, because they give no protection to the seller from credit card charge backs. A buyer could initiate a charge back on their credit card, and all they have to do is show a tracking number that they sent ANYTHING to the seller, and that the seller accepted the package. This is a huge scam that Paypal has never tried to fix from occurring, and their customer service is horrible. There are thousands of complaints out there from buyers as well, and then tack on the fact that their transaction fees are astronomical.

So, are you with me that Paypal sucks? Well, allow me to introduce you to a company that is trying to take away some of Paypal’s market share. The company is called Revolution Money Exchange. The company is totally free to sign up, and there are NO transaction fees. Yes, you heard it, NO transaction fees. And the best part about Revolution Money Exchange is that if you sign up now through the banner link below before the end of May 15th, they will deposit $25 into your account! That’s 25 songs on iTunes for free!


Refer A Friend using Revolution Money Exchange

How can Revolution Money Exchange offer their service for free?

RME only allows you to fund the account through your checking or savings account. They don’t let you use credit cards to fund it or pay for something. I like this concept, because then it helps people stay away from using their credit cards. The transactions are made through secure certificates, so all of your account information is safe.

Revolution Money Exchange requires some personal information.

Here is what they say about why they ask for some personal information such as your social security number, telephone number, and address:

You might wonder why we ask for certain pieces of information that you may be nervous to share, such as your Social Security Number. We would not ask for any information that was not necessary to enable the security we promise to you. Also, to help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

With identity theft on the rise, we use your Social Security Number to confirm your identity by cross referencing it against other personal data you provide. This way, if someone were to get a hold of your Social Security Number, a MoneyExchange account could not be set up in your name without knowing your other personal information. So, sometimes it may seem as if you have to share more information about yourself, but in the end it actually protects your financial information to an even greater degree.

Other Features:

- Accept payments on your ecommerce website with RME
- request money through email, just like Paypal.
- Send money to someone’s email through RME, just like Paypal.

So, what are you waiting for? Let’s join the revolution to make Paypal pay!

Update: Originally, this post said you had to sign up by April 15th to receive a free $25 into your account, but I think it has now changed to May 15th, according to the Revolution Money Exchange website.

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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Comments

  • Tyler

    Ah, but does your account balance on Revolution Money Exchange earn interest like Paypal?

  • author

    Tyler, you have a point. Paypal accounts do earn interest if you turn them into a money market account. It used to be amazing, about %5, but now it’s declined to 2.8%

    Also, paypal offers a debit card, which is a beautiful thing, because I can use it like a secondary checking account to keep money separate for entertainment and other consumables.

    I still have a paypal account, but I STRICTLY use it as a secondary checking account, and I don’t use it to receive money or sell/buy on ebay.

  • brad

    I have had nothing but problems with this company since trying to sign up since April 12th. The money(25.00)shows in my account, but I cannot complete the account registration. When I go to enter my ss#, it says another account is already in status approved with my ss#. I have called daily, and gotten different answers each day. I have faxed my phone bill, and a week later was told to send it thru email. The customer service is terrible, with a average wait of 30 minutes on hold. I am about to give up on them, but I want to make sure that my ss# is not being used by someone else, which does not seem to concern them at all. Beware!

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