Peer to peer money exchange site, Revolution Money Exchange launched nearly four months ago. At the time, chairman Ted Leonsis said, "We want to become for social networks what PayPal is for EBay." Former AOL chairman Steve Case is behind Revolution Money and hopes that merchants use it to circumvent the traditional fees of 1.9 percent that credit card networks charge.
Revolution Money Exchange is aggressively courting new members with a $25 sign-up bonus. They advertise that it takes 24 hours for the $25 to be credited to your account but it took me less than a minute to sign up and a minute later the bonus was immediately available in my account.
Revolution Money doesn't charge many fees. It's free to register, add money, send money, receive money, request money and withdraw electronically to a bank account. There are fees to withdraw money by check or to receive a paper statement.
I'm sold. I'll be using Revolution Money Exchange instead of PayPal. Even if you don't use PayPal it's worth a couple minutes for the sign-up bonus.
Of course, if you haven't signed up for Prosper or Lending Club yet you can also get a $25 referral bonus there too. Some quick math - If you signed up for all three of these services and then referred your spouse you would make a quick $160. Of the three, only Prosper requires that you actually use their service by lending at least $50 to a borrower.
Update (3/26): Revolution Money Exchange has made it easier to get the $25 bonus. Here's the link. After you sign up you can refer others and receive a $10 referral bonus.
Update (2/25): Why does Revolution Money require my social security number?