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Should You Use WebMoney Transfer? A Complete Breakdown

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Maintained Since: December 7, 2015

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WebMoney Transfer
Rating
A
4.7/5
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Pros

Instant payments
Low transfer fees
Secure transactions
No credit card needed
User-friendly interface

Cons

Potential account blocks
Currency conversion fees
Withdrawal limitations
Complex registration process
Customer support variability

Overview

In this review of WebMoney Transfer, we take a closer look at its money transfer services, including online payment solutions, e-wallet features, and mobile payment options designed for both individuals and businesses. We’ll highlight the types of users who might benefit most from the platform while examining client and customer reviews to reveal common trends and concerns. Along with that, we’ll break down WebMoney’s pricing, security measures, and unique features to give a balanced perspective. By the end, you’ll have a clear understanding of whether WebMoney Transfer is a reliable choice for your money transfer needs.

About WebMoney Transfer

Screen Capture of WebMoney Transfer Homepage
WebMoneyTransfer Homepage

Founded in 1998, WebMoney Transfer is a Moscow-based money transfer service that specializes in processing multi-currency transactions and high-risk payments. The company’s website claims to serve over 100,000 merchants and 39 million users worldwide.

Products & Merchant Services

Payment Processing

WebMoney offers an alternative to traditional banking and credit networks by enabling users to purchase and transfer “WM units.” These units can be withdrawn from digital wallets in the user’s local currency, operating similarly to Bitcoin transactions, although WebMoney was established nearly a decade before Bitcoin. The use of WM units allows transactions to bypass banking regulations, but it also eliminates certain buyer protections and depends on third-party “guarantors” to support the system.

Supported Currencies

WebMoney supports a variety of payout options, including WMB (Belarusian Ruble), WMC (Bitcoin Cash), WMD (Vietnamese Dong), WME (Euro), WMF (Swiss Franc), WMG (Gold), WMH (Bitcoin Cash), WMK (Kazakh Tenge), WML (Litecoin), WMT (Tether), WMX (Bitcoin), WMY (Uzbek Sum), and WMZ (US Dollar), along with specific unit types such as certificates from (link unavailable)

Regulatory Status

In November 2015, WebMoney received a license from the Financial Conduct Authority (FCA) to issue electronic currency in all countries within the European Economic Area, further legitimizing its operations and expanding its reach within Europe.

Customer Reviews & Sentiment

Low Complaint Total For Scale Of Reviews

While we have located over 400 negative WebMoney Transfer reviews, most of these reflect scams conducted by third-party buyers and sellers on the platform, not by WebMoney itself. The company holds a strong user rating with a 4.2 out of 5.0 on the Google Play Store from 112,000 reviews and a 4.6 out of 5.0 on the Apple Store based on 1,200 ratings. An online thread highlights the risks associated with transactions on WebMoney, particularly fraud, and notes limited support from WebMoney in such instances. Importantly, the complaints don’t implicate WebMoney in these scams but do express frustration over the challenge in recovering funds through the platform. If you have an experience with WebMoney Transfer, your review is welcome in the comments below.

WebMoney Lawsuits

No class-action lawsuits or Federal Trade Commission (FTC) complaints against WebMoney have been found. Clients seeking non-litigious ways to resolve disputes with the company are advised to report their issues to appropriate supervisory organizations.

Industry Scores & User Ratings

Online Ratings Summary
BBB RatingN/A
Trustpilot1.6
Average Rating1.6

No Current BBB Profile

The Better Business Bureau does not maintain a profile for WebMoney Transfer at this time. We therefore will not factor a BBB rating into this review.

Trustpilot Rating for WebMoney Transfer

WebMoney Transfer has a 1.6 out of 5 star rating based on 86 user reviews on Trustpilot.

Positive Feedback

Honestly I like it a lot and have never had any problems with it, fee is a bit high but it’s alright. Honestly we money is just like any other wallet app just contains much more security and that I do like :))

Negative Feedback

Lowest quality Customer Support. When paying something in crypto to them, they don’t see your transaction, you should write to them directly on email to resolve transaction issues. They can’t do anything correctly, everything with errors. This Estonian company deserves no clients!

Processing Rates & Fees

Varying Per-Transaction Fees

WebMoney charges for sending WM units at a rate of 0.8% per transaction. The fees are structured with a minimum of 0.01 WM per transaction and a maximum that varies depending on the recipient’s wallet type. Payments directed to US bank accounts utilize the Paymaster24 gateway. The platform has detailed tariffs for currency withdrawals, which users can find on the “Rates” page. Notably, WebMoney does not impose common merchant account fees such as early termination fees, PCI compliance fees, or monthly minimum fees.

No Long-Term Contract

WebMoney operates on a pay-as-you-go model, offering users the flexibility to cancel their service at any time. This model is advantageous for users seeking low commitment, though it is balanced by the complexity involved in buying WM units and managing transactions with a special holding account. Given the variable tariffs, WebMoney Transfer can offer a cost-effective solution for international payments compared to traditional and offshore merchant accounts.

Minimal Protection

The structure of WebMoney creates a user-beware environment, with transactions being final and irreversible. The platform offers limited options for legal recourse outside of pre-agreed contracts. This setup potentially opens doors for fraudulent activities, allowing unscrupulous individuals to exploit the system.

Low Cost, High Risk

While WebMoney is lauded for its lower costs and minimal restrictions relative to high-risk merchant accounts, it has received some criticism for slow or inadequate support in addressing fraudulent transfers. The platform’s hands-off approach to handling misconduct may increase the risk of fraud for its users, highlighting the importance of proceeding with caution when utilizing WebMoney for international payments.


WebMoney rates
The WebMoney fee rates

Employee Reviews & Sales Practices

Inside Sales Team

WebMoney Transfer appears to primarily utilize inside sales, online advertising, and strategic partnerships to market its services. The company does not offer independent sales agents the chance to make a commission by selling the company’s services, so the odds are very low that clients will find themselves locked in expensive contracts. WebMoney lists its tariffs and transaction fees on its website, although it does refer users to their local “guarantors” for complete payment processing terms.

Beware of Other Users

There are no WebMoney reviews at this time that describe hidden fees or unethical sales tactics by WebMoney representatives, but there are scattered reports of fraudulent conduct by WebMoney users. All sales are final and untraceable through the WebMoney platform, so buyers and sellers are advised to do business with users they know and trust. Businesses that are not comfortable with this approach should consider using a top-rated e-commerce platform that deals directly in state currency. WebMoney itself receives an “A” rating in this category, but businesses and buyers should note that there is a moderate risk of deception at the hands of other WebMoney users.

WebMoney Transfer Competitors

Compare WebMoney Transfer to competitors that earned top marks.

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Bottom Line

WebMoney Transfer is recognized as a viable international money transfer and credit card processing service, particularly suited for online and high-risk businesses. Its robust system facilitates seamless transactions across borders, making it an attractive option for those navigating the complexities of global commerce. However, it’s essential to acknowledge the significant fraud risk associated with the service, as highlighted by some users’ complaints. Therefore, while WebMoney can be a useful tool, it’s advisable for businesses to consider more reliable systems for their primary processing needs to ensure security and peace of mind.

For readers who face challenges in getting approved for conventional e-commerce merchant accounts, WebMoney presents itself as an affordable and innovative payment solution. Its flexibility and accessibility provide a lifeline for those in need of alternative financial services, making it a creative option worth considering despite the associated risks.

Read Actual User Reviews

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Contact WebMoney Transfer

Contact & Customer Support
CEOAvet Mnatsakanyan
Headquartersul. Koroviy Val, 7c2, Moscow, Russia
English Support+44 (33) 00271896
Indian Support+91 (11) 71279531
Websitewmtransfer.com/