Webmoney is a payment provider that allows you to transfer money online without having to use a credit card. Webmoney has been around since 1998 and is one of the oldest online payment providers. The company WM Transfer Ltd. is based in Russia and offers its services worldwide. Basically Webmoney is a worldwide accounting system with which payments can be sent and received, but it is also possible to use other services, such as currency exchange or fundraising. The Webmoney exchange can be used as an electronic purse and no credit card details need to be given when making a payment and you can also get virtual or real Visa cards.
Advantages of Webmoney
- secure and protected deposits without credit cards
- anonymous payments
- credit is credited immediately
- payouts are also possible
Disadvantages of Webmoney
- fees are incurred
- the wallet must be charged before use
How does Webmoney work?
First you have to register a free account with the service provider and choose the type of wallet. To register, you need to provide a mobile phone number and personal details, and then confirm the registration with a code that will be sent to your phone number as a text message. Then you can choose a password and get started. Before you can use this service, you will need to fund your Webmoney account. There are several options available to you, such as credit cards, bank transfers or other methods.
Casino deposit with Webmoney
Many online casinos accept Webmoney for payments to and from player accounts. To make a deposit you must select Webmoney when you make your deposit and then follow the steps on the screen to log in to your Webmoney account and confirm the payment. When paying with Webmoney, it is not necessary to enter credit card details and, as with other payments, the payment is made through a secure connection – provided you deposit at a trusted casino with a valid SSL certificate. Although the casino may increase its own deposit fee under certain circumstances, this service will always automatically incur a 0.8% fee for each transaction that is charged by Webmoney.
Casino withdrawal with Webmoney
Webmoney can also be used to pay out winnings in online casinos. Simply select this payment method when making a withdrawal and follow the steps on the screen. A casino payout with Webmoney is usually completed within a few moments after the payout has been processed by the casino. To avoid waiting time, it is best to choose a casino with a fast withdrawal processing time. There may also be fees from the casino, as well as the fee of the provider.
Fees for using Webmoney
The services of Webmoney are not free, but the fees are not exorbitantly high. It depends on the type of wallet you use and the deposit or withdrawal methods. There is a general fee of 0.8% for each transaction. For example, the WME (Euro Wallet) has 2.5% fees for deposits made with Visa or Mastercard, 1% for a bank transfer or 1% for vouchers and prepaid cards. A withdrawal to Visa or Mastercard costs 2% and a bank transfer 1.5% (this list is not exhaustive and the fees may change). In some cases the casino may also charge a fee for deposits or withdrawals using Webmoney, so it is best to check with the provider before you play there.
Is Webmoney a secure payment method?
Webmoney is a product of WM Transfer Ltd, a company based in Moscow, Russia. Introduced in 1998, Webmoney has gained a reputation over the years as a reliable payment method using the wallet system. In 2015, the European subsidiary Webmoney Europe Ltd, based in the United Kingdom, received a license from the Financial Conduct Authority in the United Kingdom. In general, payment with Webmoney is secure, provided that you keep your access data in a safe place. All payments are also made using SSL-encrypted connections and the provider ensures that user data is kept as secure as possible.
Conclusion
Webmoney is a handy electronic purse with many different wallets. It is a good choice for players who want to make fast and secure payments without credit cards, but the service also costs money. The fees are different and if you don’t like them you can look at another electronic wallet, such as Neteller or Skrill, which have a different fee structure. On the positive side, the service is very reliable and payments are made very quickly.