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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traditional banking and credit networks, WebMoney enables users to purchase and transfer “WM units,” which can then be withdrawn from digital wallets in the user’s local currency.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 hryvnia, 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.
WebMoney Payment Processing
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traditional banking and credit networks, WebMoney enables users to purchase and transfer “WM units,” which can then be withdrawn from digital wallets in the user’s local currency.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 hryvnia, Belorussian rubles, stock gold, Vietnamese đồng, and Bitcoin, among a few other more specific unit types such as certificates of purchases from megastock.com. 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: Appears to offer a month-to-month service with no early termination fees. The company utilizes the Paymaster24 payment gateway for…
- Complaints & Service: Has received fewer than 10…
- BBB Rating: Does not have a profile with the Better Business Bureau at this time.
- Sales & Marketing: Does not appear to hire independently contracted agents and has not received any complaints about its…
WebMoney Transfer Reviews and Complaints
Here's What Their Clients Say
Total Online Complaints
Live Customer Support
Technical Issues Only
Most Common Complaint
Low Complaint Total For Scale Of Reviews
We are currently able to locate over 400 negative WebMoney Transfer reviews, and most of them describe scams conducted by buyers and sellers through the platform. The company maintains a 3.7/5.0 rating on the Google Play Store based on 106,000 reviews and a 4.6/5.0 on the Apple Store based on 936 ratings. A thread found here describes the risks of doing business via WebMoney, namely the potential for fraud and the limited assistance offered by WebMoney in instances of fraud. It should be noted that none of the complainants believe that WebMoney itself is to blame for these scams, but they do express irritation that WebMoney can’t do much to recover their funds.
We have not found any outstanding class-action lawsuits or FTC complaints filed against WebMoney. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
WebMoney Customer Support Options
The complaints regarding unreachable or unhelpful customer service have lowered WebMoney’s score to a “B” in this category, but it is our opinion that WebMoney does a sufficient job of disclosing the risks inherent to its platform. Though there are over 400 complaints, there are over 90,000 positive reviews from users through the Google Play Store and Apple Store combined. Additionally, many of the complaints left are not on behalf of merchants using the service. Merchants who are considering WebMoney should be aware that the company is based in Moscow and does not offer the regulatory protections provided by major banks. WebMoney offers phone support for technical problems but conducts its financial support via email, which leaves it well short of the mark established by top-rated merchant accounts for customer service.
WebMoney Transfer BBB Rating and Report
Our Better Business Bureau Profile Assessment
See Which Processors Offer No Monthly Fees And No Contracts.
No Current 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.
WebMoney Transfer Fees and Rates
A Closer Look at the Contract
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0.01 WM units
Early Termination Fee
PCI Compliance Fee
Equipment Lease Terms
Varying Per-Transaction Fees
WebMoney users can receive WM units for free, but sending WM units costs 0.8% per transaction. The company charges a minimum fee of 0.01 WM per transaction and a maximum fee that varies according to the type of purse that is receiving the funds. Payments to US bank accounts are made through the Paymaster24 gateway. There are also various tariffs that apply to withdrawals in different currencies, all of which are clearly outlined on the company’s “Rates” page. WebMoney does not charge any of the fees that are typically found with merchant accounts, including early termination fees, PCI compliance fees, or monthly minimum fees.
No Long-Term Contract
WebMoney is available on a “pay-as-you-go” basis, meaning that users are free to cancel at any time. However, this low-commitment model is partly outweighed by the tedious process of purchasing WM units and sending to/withdrawing from a special holding account. Depending on the applicable tariffs on a given transaction, WebMoney Transfer has the potential to be a very affordable payment option when compared to traditional high-risk merchant accounts and offshore merchant accounts.
The fundamental structure of WebMoney makes it a “buyer beware” environment. WM unit transactions are final and irreversible, and there is limited recourse for pursuing legal action unless the parties have entered into a contract governing the terms of payment. In addition, international fraudsters can take advantage of trusting users and disappear with relative ease.
Low Cost, High Risk
There are a few merchant complaints that describe slow or insufficient assistance from WebMoney when resolving fraudulent transfers, and it appears that the company takes a largely hands-off approach to misconduct that occurs on its platform. For these reasons, WebMoney should be regarded as a method of last resort for merchants who need to collect international payments. The service offers a lower cost and fewer restrictions than high-risk merchant accounts, but it also exposes users to greater fraud risk and issues slower payouts.
WebMoney Transfer Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
Audit Your Current Statement To Find Its Hidden Fees
Processing statements are intentionally complicated so that they can overcharge you. Get clarity before you switch.
Employs Independent Resellers
Advertises Deceptive Rates
Discloses All Important Terms
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 merchants 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 complaints 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. Merchants who 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 merchants and buyers should note that there is a moderate risk of deception at the hands of other WebMoney users.
WebMoney Transfer Review Summary
Our Final Thoughts and Opinions
Decent Backup Option for International Payments
WebMoney Transfer rates as a viable international money transfer service for online and high-risk merchants. The service comes with a significant fraud risk according to some complainants, so users are advised to find more reliable systems for their primary processing needs. Merchants who cannot get approved for conventional e-commerce merchant accounts, however, may find WebMoney to be an affordable and creative international payment solution.
Customer & Employee ReviewsWhat Others Are Saying About WebMoney Transfer