WebMoney is an online payment provider that has been operating since 1998. They offer a wide variety of services to their clients, including the ability to swiftly transfer funds internationally and make payments on websites with ease.
It was originally founded in Moscow, Russia and now it operates all over the world. Webmoney is accepted as a payment method by over 20, 000 merchants, including most of your favourite online casinos.
How does WebMoney work?
WebMoney is a digital payment system that uses virtual currency rather than traditional banking and credit systems. Using their local currency, users purchase WM units to transfer to other users anywhere in the world. The recipients can then withdraw the funds from their
wallets in their local currency.
The advantage of using WM units is that it circumvents traditional banking regulations. This allows for faster transaction times and lower fees than most other ewallet offer. You can find out more about how to register for a WebMoney account here.
Fees and associated costs
The company provides a wide range of options for making and accepting online payments. It also issues payouts in several currencies; Euros, USD, Russian Rubles, BTC, Vietnamese Dong
and Ukrainian Hryvna.
There is no charge when you receive WM units. However, sending them incurs a charge of 0.8% of each transaction, with a minimum fee of 0.01 WM. The maximum varies depending on the type of wallet the funds are being transferred to.
There are also various currency conversion rates that apply to withdrawals.
There are no monthly fees, early termination fees, or other costs associated with WebMoney. Below is a quick overview of what to expect in terms of fees for the various WebMoney services.
WebMoney Fees Overview
Receiving WM units - no charge
WebMoney Processing (Merchant service): – from 1.5 to 2.5%, depending on bank wire fee + turnover
Transact Automation Tool: – 0.8% (payable by sender), with a 50 USD/Euro maximum charge
WebMoney Settlements: – 1% commission with a 1,000 USD/Euro maximum charge
Transferring funds from WebMoney purse to bank account - 6% fee
Minimum fee to send WM– 0.01 WM per transaction
Maximum fee to send WM – varies according to purse held
There are different tariffs for different currencies, which can be found here
Safety and protection
WebMoney is not a regulated financial institution and users should be aware that they are responsible for all actions performed on their accounts. WM unit transactions are irreversible by design, and there are no provisions for recovering losses.
The company takes a very hands-off approach to user misconduct which makes it an attractive platform for fraudsters. When you make a transfer with WebMoney, you relinquish control of the funds to the receiver.
For this reason, it is imperative that you trust the recipients with whom you are dealing and verify their identity before initiating a transfer. WebMoney offers no protection for users who choose to transact business with parties they do not know or have complete faith in.
WebMoney prepaid card
The company issues various prepaid and other cards that you can use in conjunction with wallets. To receive a card, you first have to apply for a Formal Passport by providing scanned copies of the requisite proof-of-identity documents. There is a small fee for the plastic card issuance, which is sent to you by mail.
Transfers between WebMoney and PayPal
There is no possibility to transfer funds directly between WebMoney and PayPal. However, you can use the services of an e-currency exchanger to make this sort of transaction.
Fees and transaction times will vary so make sure you do your homework and choose a reliable platform with good user reviews. WebMoney does, however, provide a service that allows you to exchange WM units for Bitcoin directly.
WebMoney customer service and support
Customer service is the company's weakest point. There have been numerous complaints related to unhelpful or just plain unreachable support staff. However, the company's website does provide a full breakdown of the risks of using the platform as well as steps you can take to mitigate these.
Another minus point is that, while technical support is available via phone, any issues related to the financial side of things can only be dealt with by email. This falls well short of the standards set by other providers.
WebMoney is a global online payment service that offers fast, secure, and cost-effective solutions for both personal and business customers. It's an excellent option if you need to send or receive money quickly but the risk of fraud makes it unsuitable as a primary method of payment. You should only use this provider if you are confident the vendor or website
you are using is trustworthy.