WebMoney is a payment solution that originally was directed only towards customers from Russia and from the countries that belonged to the former Soviet Union (CIS). Nowadays the online payment method is also available in many other countries around the world, accepted by thousands of web shops and online service providers and allegedly has over 25 million registered users. Read all you need to know about the WebMoney online banking option in below review.
Type of payment: E-wallet
WebMoney, founded in 1998 and owned by the Russian company WM Transfer Ltd. is basically an online ‘settlement environment’, a platform, from which registered WebMoney users can make online payments, send and receive money, exchange currencies, get loans, raise funds, manage funds and carry out many other financial online transactions. The system also issues WebMoney virtual and plastic VISA and MasterCard debit cards (WM Card) and a WebMoney ‘purse’ (e-wallet) that can be uploaded with funds and equally can be used to ‘settle’ online payments.
For the purpose of this review (and as it probably is the most used product of WebMoney in online casinos) we´ll explain the use of the WebMoney e-wallet.
Anyone who wants to use WebMoney payment method needs to sign up for the system which is done in a matter of minutes and only requires providing some basic personal information, concluding a verification check of the provided e-mail and mobile phone number, choosing a password, a currency for the purse (which can be Euros, Dollars, Russian Rubles, Ukrainian Hryvnia and Belarusian Rubles). Subsequently the customer receives a 12-digit WebMoney Identification number (WMID, or ‘Identifier’) that’s linked to the purse and which is used (in combination with the chosen password of course) to login to the various features of the system. Also the provided e-mail address and the mobile phone number can be used as the user’s login ID.
A customer can generate as much purses (of different currencies) and within those purses as much WMIDs as desired and
WebMoney offers various tools, called ‘keepers’, to manage the purse(s).
WebMoney uses a ‘WM Password’ system with certain ‘verification levels’: the higher the level of verification (of the
user’s e-mail, mobile phone number, address, passport / ID, bank account, credit / debit cards) the more WebMoney features can be accessed and the more the user benefits from additional promotions and discounts. There are 4 WM-Password ‘levels’:
(Note: for the Initial and Personal WM-Passwords a fee needs to be paid to the issuing agent. Look for more info about the WM-Passwords on the WebMoney website.)
Now the purse has been generated it needs to be ‘topped up’ with funds to be able to make an online payment. WebMoney accepts a huge amount of ‘purse upgrading’ deposit methods under which by credit card, bank wire, internet banking, cash-in terminals, ATMs, money transfers, bank branches and affiliated agents.
The fees WebMoney charges for using a certain upload method depends on the method chosen, as is the processing time needed before the funds have arrived on the WebMoney account. With most upload options however the transferred amount will be available in the WebMoney purse within minutes.
Besides the fees for topping up the wallet, for almost all transactions WebMoney charges a standard service fee of 0,8% of the amount involved. Also for some additional features the system offers the customer has to pay.
Withdrawing funds from the WebMoney account to transfer to a regular bank account is done by a bank transfer to an account or a (WebMoney) bank card, by a postal remittance, by a transfer to a friend (also a WebMoney customer), at a bank branch or affiliated agent, at exchange points etc. Not all of these options are available for all purses.
Of course nowadays a WebMoney account can be managed by using a (smart) cell phone or another mobile device like a tablet.
To use some of the WebMoney features extra software or applications need to be downloaded and installed.
Once a WebMoney account is set up and the purse is uploaded with funds it’s quite easy to make a deposit in an online casino.
Just choose WebMoney as the preferred payment option to use (normally categorized as an e-wallet) on the payment page of an online casino. By clicking the WebMoney logo the player first needs to enter the amount to be deposited after which the WebMoney login page will appear. The depositor needs to login on his or her account, confirm the payment with the WMID and instantly or within minutes the deposited amount will be visible on the casino account.
Although most online casinos don’t ask any fees for processing the deposit by WebMoney but WebMoney by default charges a service fee of 0.8% of the amount involved and on all transactions made with the system, thus also for online casino deposits.
Most casinos that allow players to deposit money on the casino account with WebMoney also allow withdrawing funds and winnings using the system. However, if you want to use WebMoney also as a withdrawal method it’s wise to inform yourself at the casino’s helpdesk about this option (even before you make a deposit). Some casino’s apply some specific rules and conditions on WebMoney cash outs.
Also for using the system as withdrawal method WebMoney charges the 0.8% service fee and depending on the type of WebMoney purse that is used withdrawals are completed instantly or in up to 10 days.
There are several advantages when using WebMoney as the preferred online casino banking system of which the main benefits are the following:
The main disadvantages of WebMoney are:
WebMoney can be found in quite a lot online casinos, especially those who also accept Russian players and players from the former Soviet Union. Look at the list in the side-bar of this page to see which Netent Casinos offer WebMoney as a payment option.
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