WebMoney was founded in 1998 by WM Transfer Ltd. At first, it was a Russian-facing process that enabled customers to transfer money online more easily and efficiently. WebMoney was intended to enable customers to manage all their online payments from a single portal. While WebMoney was initially restricted to the Russian market, WebMoney is now available worldwide, with subscribers from all over the world subscribing. Since 1998, WebMoney has attracted over 28 million users, so it can definitely be considered one of the largest in the field of electronic money.
Interestingly, although WebMoney is a Russian company, it was first created in Belize, Central America. However, most of the company’s operations are now taking place from Moscow, Russia. WebMoney has offices located around the world. The WebMoney business model works very similarly to the style of companies like Paypal, Neteller and Skrill. Clients upload funds to their WebMoney account, and then they can distribute the funds to their VOIP accounts.
How do I top up my WebMoney account?
There are several ways for customers to fill in their Web Money account. The methods available also depend on the type of wallet customers choose (there are many different options that vary depending on the country in which the customer resides). Of course, Russian customers have the most options and can add them to their Web Money balance using:
Debit / credit card
Cash station
Internet banking
Electronic money
Cash offices in retail stores
Postal transfer
Cards and prepaid vouchers
ATM machines
Bank wires
WebMoney exchange offices
The fee for adding money depends on the method chosen.
How do I get a WebMoney account?
To open a WebMoney account, customers need to visit www.wmtransfer.com and follow the simple registration process. As they handle personal and financial information, WebMoney must verify the identity of account holders and request phone numbers and other documents. Once all security checks are done, customers can then upload the funds to their account ready to sprinkle their VOIP accounts. Although all UK-based companies don’t accept Web Money, most European operators are happy to present it as a deposit option.
What are the advantages and disadvantages?
There are many benefits to customers who use Web Money to fund their betting accounts, with some drawbacks as well:
Benefits
A large number of deposit options – especially for Russian clients, there are a large number of ways for customers to add money to their WebMoney account. The option of depositing at an ATM or cash at banks may be sought by individuals who are reluctant to enter their bank account details online
Security – WebMoney is an electronic money company with advanced security encryption and years of work experience. Clients who are uncomfortable when entering their financial details on an individual betting site can securely upload money through Web Money knowing that their information is not compromised.
Anonymity – In some countries, in some cases, governments ensure that their banks will not process payments to foreign websites on the Internet. Web Money helps provide a solution to this problem as it is available in a large number of countries and company payments are not restricted in most locations
Organizing and streaming money – Webmoney is very useful for betters. Maintaining your betting money in a Web Money account helps bets track their profits and losses and enables them to distribute their money to betting office accounts quickly and efficiently. When using debit / credit cards, it may take several days for the money to be returned to bank accounts, but WebMoney is usually much faster. Also by keeping their bet balances in the WebMoney e-wallet, customers do not deposit and withdraw their funds continuously using their bank accounts / debit cards (something that is upset with many banking institutions).
Defects
Fees – Although many companies don’t charge fees for using Web Money, the company itself charges commission on transactions. This varies depending on the way customers choose to add money and pay a small percentage which is somewhat unavoidable when it comes to using the e-wallet service.
Coverage – Although WebMoney is now available in most major countries around the world, it does not have the same level of use (especially in the UK) when compared to other companies like Neteller, Skrill etc. who offer a similar product.
WebMoney is a viable option, who want to connect to the Internet safely. It has many benefits and is especially useful for customers residing in Russia and the surrounding countries, as more options are available for these users.
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