Webmoney are one of the most frequent payment methods, used in every part of the world on everyday transactions and boasting almost 30 million registered users. They were founded in 1998 in Russia and although their main focus consisted of countries located in the former Soviet Union, they have nowadays grown to a international extent. Webmoney can be used in countless ways besides making a simple payment on an online vendor, including: sending money from one account to another, fundraising, linking it to your business account, obtaining a loan and obviously, in online betting. Residents in Russia can also receive a VISA/Mastecard or issue a virtual variant that can be used in numerous ways. The purpose of the following guide is to clarify how Webmoney can be utilized in online betting and view its main advantages and disadvantages.
Creating an account:
- You must first enter www.wmtransfer.com. Following that, click on the Sign Up button located on the top right of your screen and fill in the various information required on the following steps. These include your mobile number, personal details such as date of birth, e-mail account plus a security question. On the next steps you will have to verify your mobile number and create a password before you are good to go.
Verifying your account:
- In order to add funds on your WM purse or make a withdrawal, you must first verify your account. Apart from your mobile verification, where you have to enter a specific code sent to you by the Web Money server, you must upload certain documents to start using the Webmoney Transfer.
- You will have to log in to passport.wmtransfer.com and choose to “Upload a new document” from the control panel. On the next step, press browse and select a photo or scanned copy of your ID, passport etc and specify what your selected document corresponds to. Following that, you can view your uploaded files on the “list of documents” on the control panel, which upon having been verified, will be marked in green with a “✓” symbol.
Making a deposit:
- In order to make a deposit you must go to the payment section of your bookmaker and find the Webmoney Transfer method. You need to enter your desired amount, follow the on screen instructions and click on the confirm button. Your funds will be instantly added at a slight charge, usually set at 0,8% (different rates may apply to larger amounts).
- If you wish to top up your WM account you can do so through a credit/debit card, a bank wire transfer or by making a deposit through a cashier on your bank. Note that transactions between WM members, are free of charge, while the following charges apply when depositing on your account.
Making a withdrawal:
- Whenever you wish to receive your money, you simply have to go to the payment section and choose the Web Money method.
Webmoney offers you a multitude of withdrawal methods from your WM account. You can make a withdrawal through a bank account, credit/debit card, your Web Money credit card (issued upon request for Russian customers) and even on certain e-wallets (eMoney, Qiwi and Paypal) through the Exchanger service. You simply need to go to www.webmoney.ru/eng/inout/withdraw.shtml and select your preferred method. You will be charged with the according fee.
Advantages and disadvantages:
The advantages and disadvantages of using the WM services can be summed up to:
Safety. Every transaction uses the SSL encryption, guaranteeing that your financial details remain private
Speed & ease of use. Deposits are pretty straightforward and completed instantly
Low charges. Webmoney charges a certain commission on every transaction, however those fees are insignificant when dealing with bookies
Bonus eligibility. You can receive a first deposit or reload bonus by using Web Money
Accepted on many bookmakers. A great number of betting companies will accept a deposit through WM
Limited services for non Russian customers. However, many improvements have recently been made on their website
Fees on deposits. Although these amount to a mere 0,8% of your deposited funds, you still might wish to avoid being charged every time you top up your account.