It may not be as popular and widely used as paypal but Liberty Reserve too is a force to be reckoned with when it comes to e-payment. Let me make this clear: This blog post isn’t for you if you already know all about how to use LR. I once wrote a post on using Liberty Reserve but someone made a comment that actually triggered this post:
Many of my associates and I have become very frustrated with Liberty Reserve. Unless one does a lot of national or international trading and funding a lot of the lingo used is very confusing. I was going to fund a project but was told I needed to use Liberty Reserve account. There needs to be an ABC tutorial for those of us not into high finance and I have some pretty brilliant people in my office that thought Liberty Reserve is like a spider web of confusion.
There’s some element of truth in that comment – Liberty Reserve can be a lot confusing if you’re not used to it. You can’t fund it directly with your credit card or link your bank account to it unlike Paypal. These complexities can make it a real pain in the butt. It’s easy to open a liberty reserve account but what about all those silly numbers they give you? How the heck are you going to fund it if there’s no adequate information and you’re using it for the very first time?
Liberty Reserve is an account-based financial service where you can store money in U.S. dollars, sending and receiving money to and from others. It’s similar to a wire transfer service. Liberty Reserve operates internationally, serving millions of customers annually with almost instantaneous transactions. Its service is described as similar to PayPal, with exchange access to wire transactions from banks and such well-known companies as Western Union, MoneyGram, postal money orders and credit cards. Using Liberty Reserve is not complicated.
Opening a Liberty Reserve Account
There’s no big deal in opening a Liberty Reserve account but you must take note of the following after filling the form:
Login PIN: To access your account area
Master Key: To make transactions
After Logging in, you will be shown your greeting message. Confirm this and click on Login PIN to access your account area.
You’ll be required to provide your Login Pin and Master Key to make payments and send money. This is where lots of people get confused and you are supposed to save these information immediately after opening an account. It’s advisable to save them to a draft message in your email if you can’t remember them.
Funding your Liberty reserve Account
Now this can look complicated but in actual fact, it isn’t. You definitely can’t fund it directly using your credit card because Liberty Reserve doesn’t provide that option. You can only fund your account through Liberty Reserve exchangers. You pay to these guys and they fund your LR account.
How do i find Liberty Reserve Exchangers in my Country?
Whether you live in the United States, United Kingdom, Canada, Nigeria or anywhere in the world, there’s always a Liberty Reserve exchanger close to you. You can check this page for certified exchangers. They offer different paymnet methods and some allow you to fund your Liberty reserve account with your Visa or Mastercard. Just scroll through the list to know the most convenient to you.
If you can’t find any appropriate one, Google is there to help. Just run a search for Liberty Reserve Exchangers in United States or whichever country you reside. You should see the ones that suit your need. You have to trust them with your money though…you pay to them and expect the money to land in your account. I’ll advise you to be careful when choosing exchangers, you know how the internet is. people get scammed all the time so be careful to use a trusted exchanger with good reputation.
How Do I Withdraw from my Liberty Reserve Account?
You need to read and understand what i wrote above on funding your Liberty reserve account as the process is almost the same. Locate a trusted exchanger, find the page on their site where you can sell your Liberty reserve funds to them. Depending on the exchanger you’re using, you should get your money paid directly into your bank account.
You only need to fill the form as specified by the exchanger, send the money to their account and get your cash. This is the only way to withdraw from Liberty reserve i know of.
How Do I Transfer to Another Liberty Reserve Account?
To transfer money to another liberty reserve account, you must have funded your account as explained earlier or you’ve made some money online.
- Login to your LR account, confirm your welcome message.
- Access your account area with your Login PIN
- At the top of the page, you should see the Transfer link
- Just fill the form and enter your Master key.
Using Liberty Reserve isn’t as hard as you imagined. The only problem you can encounter is finding an exchanger but once you do, your transactions is easily facilitated.