International Payment Service
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.
Rather than utilizing traditional banking and credit networks, WebMoney enables users to purchase and transfer “WM units,” which can then be withdrawn from digital wallets in the user’s local currency. This is similar to the way that Bitcoin transactions work, although WebMoney predates Bitcoin by nearly a decade. The use of WM units enables buyers and sellers to circumvent banking regulations, but it also removes certain buyer protections and relies on third-party “guarantors” to underwrite the entire system. WebMoney currently supports payouts in U.S. dollars, Euros, Russian rubles, Ukrainian hryvni, Belorussian rubles, stock gold, Vietnamese đồng, and Bitcoin. In November 2015, the company received a license from the Financial Conduct Authority to issue electronic currency in all countries within the European Economic Area.
Headquartered in Moscow
The CEO of WebMoney Europe is Avet Mnatsakanyan, and WebMoney appears to be headquartered at ul. Koroviy Val, 7c2, Moscow, Russia.
WebMoney Transfer Review Table of Contents
- Costs & Contract: WebMoney Transfer appears to offer a month-to-month service with no early termination fees. The company utilizes the Paymaster24 payment gateway for US bank accounts.
- Complaints & Service: WebMoney Transfer has received fewer than 10 public complaints.
- BBB Rating: WebMoney Transfer does not have a profile with the Better Business Bureau at this time.
- Sales & Marketing: WebMoney Transfer does not appear to hire independently contracted agents and has not received any complaints about its sales team.
- Rates & Fees: How Merchants Got The Best Rates With WebMoney Transfer