Thursday, September 4, 2008

What is RME anyway?

RME stands for Revolution Money Exchange. This is an electronic wallet similar to Paypal, with a few exceptions. There are no fees to send and receive money. It is fairly quick and easy to set up. Lets get started....

So how do I sign up?

Go to There you will be asked a series of questions and log in information. As of right now it is only available in the US and you must be at least 18 or older to join. (FAQ from the site)

Q. Why do I have to provide my Social Security Number?

A. We ask for your Social Security Number as a security measure to protect your financial information. Your Social Security Number is used to confirm your identity by cross-referencing it against the other personal data you provide. This helps us avoid someone setting up an account in your name.

How do I send money? (taken from site)
1. Once you’ve signed up for MoneyExchange,designate a bank account to link to your MoneyExchange account. Add money electronically to your MoneyExchange account. Once the funds are available, (which generally takes about 2 business days), log in and click on the Send Money button.
2. Enter the e-mail address of the person you’d like to send money to and the amount.
3. Don’t forget to include your personalized message.
4. Once your request has been accepted by the person receiving payment, you’ll receive a confirmation email. If the recipient isn’t already a MoneyExchange account holder, they make it easy for them to sign up so that they are able to accept the funds you sent.
**You can send up to $1000 per day, and not to exceed $2500 per calendar month, through MoneyExchange.

How do I receive money? (taken from site)
1. Once you’ve signed up for MoneyExchange account, simply log in and click the Request Money button.
2. Enter the name and e-mail address of the person that you’re requesting money from and the amount you’re requesting.
3. Include a personalized message. The friendlier, the better.
4. If the person already has a MoneyExchange account, once your request has been accepted, the money will be sent to your MoneyExchange account—instantly! (If the person does not have a MoneyExchange account, you can still request it but the person will need to sign up for an account, associate a bank account, and add money before accepting your request for payment.)
*MoneyExchange will let you know-by e-mail-when your money has arrived.

Okay, But how do I receive money from an Etsy transaction?
Post a note in either your announcements or shop policies. I ask my customers to indicate "other" when checking out and to put their email address associated with RME in the "notes to seller". This way once the transaction is complete I can sign in to RME and send a request money form indicated above.

All signed up. How do I tell my friends?
Its easy. Just log in to your account and click on the refer a friend link in the up right hand corner. You can even add a button to your blog or website. You might even qualify for a $10 referal bonus. Awesome right!?

Free. How free is it really?
To send and receive money it is FREE. However there are a few things that have a fee associated with it. For instance: A transaction fee applies for check withdrawals ($2.50 per check), check stop payments ($20 per check), paper statements ($5 per statement), ACH returns ($35 per returned ACH), and overdrafts ($35 per overdraft).

How do I withdraw my funds?
Once you have successfully linked your bank account, click on the Withdraw Money button.
Simply fill in the amount you’d like to withdraw from your account at no charge. Once your funds have been withdrawn, you'll receive a friendly confirmation email. Withdrawing money from your account will take about 2-3 business days. You can also withdraw funds from your account by having a check issued for a fee of $2.50. The check will be available within 7 – 10 business days. If you have activated your MoneyExchange Card, you can use it to withdraw available funds from your account via participating ATMs nationwide. Fees apply for ATM withdrawals.

Have more questions? Need more help?
Check out the frequently ask question here.

About the author: I am Amanda, owner extraordinaire of Sygnet Creations. I have been selling on etsy for over a year now and I loving it! I am a full time mom and military spouse. I tend to know a little about everything and I am always a friendly ear and convo away. Ask me anything.

1 comment:

Kits and Caboodles said...

Great post! I love RME, I wish I could get everyone to use it so I all my money wouldnt go to paypal! lol