What is WebMoney?
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 many 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’:
- Alias WM-Password: the level any subscriber to the system starts with after providing (online) some basic personal data (and after the e-mail and mobile phone number check);
- Formal WM-Password: a level assigned after providing the system (online) with passport / ID-card info;
- Initial WM-Password: issued after presenting (in person, at an authorized WM agent) passport / ID-card info, but with more limitations than a…;
- Personal WM-Password: issued after presenting (in person, at an authorized WM agent) passport / ID-card info and providing the user access to all WebMoney features (and with the best discounts, promotions and privileges). A list of authorized agents can be found on the WebMoney website.
(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.
Paying with WebMoney in an Online Casino
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.
Withdrawing with WebMoney in an Online Casino
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 casinos apply some specific rules and conditions on WebMoney cashouts.
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.
Advantages of using WebMoney
There are several advantages when using WebMoney as the preferred online casino banking system of which the main benefits are the following:
- Payments made with WebMoney are safe as the latest SSL technology and encryption is used during a transaction;
- The WebMoney payments are anonymous as no information about the depositor is shared with the recipient of a payment or any other third parties;
- WebMoney deposits arrive instantly on the casino account and the deposit is therefore immediately ready to use;
- The WebMoney online casino banking option can also be used as a casino account withdrawal method.
Disadvantages of using WebMoney
The main disadvantages of WebMoney are:
- The system charges fees for most of its services;
- A player needs to register and provide personal (and financial) information to be able to use the system;
- As WebMoney offers a wide range of online financial services the system, at first sight, can appear quite complex.
Where to pay with WebMoney?
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 on this page to see which NetEnt Casinos offer WebMoney as a payment option.