Last updated: 15 June 2021
WebMoney is one of the more unconventional online banking methods often featured at international internet casinos. Our curiosity motivated us to find out more about this exceptional payment system based in Russia and to find out how online casino players can benefit from it.
WebMoney has been around for some time and its services now include multi-currency e-wallets and numerous solutions for P2P payments, billing systems and merchants. We will look at it primarily as an online gambling banking method and present the best WebMoney casino sites.
Learn all about the best WebMoney bonuses you can use to play poker, slots and roulette or enjoy sports betting, along with the must-know details about this payment solution.
WebMoney is a financial services provider established in Russia in 1998. The system is owned and operated by WM Transfer Ltd, a privately owned company headquartered in Moscow. The money transfer system came about due to the 1998 Russian financial crisis and the devaluing of the ruble, hence increasing the use of the US dollar across Russia.
To understand how WebMoney works, you ought to know that the system carries out transactions through “purses”, which are like e-wallets, or accounts that users hold in a specific e-currency. The technology that WebMoney uses offers a set of standardised interfaces to allow customers to manage their valuables. It is kept safe by specialised companies called “guarantors”.
These companies include Technobank OJSC, WebMoney Europe LTD, Hermes Garant Group LLP, WebMoney.ru Ltd, PayME Technology Corporation, INDX Transactions Ltd, and Amstar Holdings Limited. Valuables within the system are measured in the WebMoney units (WM).
The WebMoney banking option has a presence in Europe, Latin America and Asia, growing constantly. Technically, a WebMoney wallet can be opened and used in many regions in the world. According to the geo tracker on the site, currently, 92 countries can enjoy the WebMoney services.
The majority of total WebMoney transactions belong to Russia (76%) and Ukraine (17%) Other relevant countries where the service operates are the CIS Countries (Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Uzbekistan and Turkmenistan).
Of course, many European countries are on the list of supported territories, namely Finland, Germany, Greece, Italy, the Netherlands, the UK, Poland, Spain, Sweden and many more worldwide (Australia, Mexico, Argentina, Turkey, New Zealand etc.).
Visit the official website
Go to the official WebMoney website and start the registration process by clicking on the button “Sign Up”. If necessary, you can change the language to make it easier to follow further instructions. Provide the necessary information to set up your wallet (purse).
Enter the necessary details
For your wallet to be activated you need to provide some information about yourself. Fill in your email, mobile phone number, set your password, and select the currency for your purse. Confirm the details that you have entered and this will set up your wallet.
Receive the WMID code
Upon finishing the registration, you ought to receive a 12-digit identification code (WMID) that is connected to your wallet. It serves as an identifier that can be used to log in to your wallet, but you will also be able to use your email address or your mobile phone number.
Select your purse management system
WebMoney has a series of purse management systems which are called Webmoney Keepers. The standard web one is typically selected for personal use, but other tools also include Keeper WebPro (Light), Keeper MiniPro (Classic), and WebMoney Keeper Pro.
Add funds to your WebMoney account
To be able to use your WebMoney purse for online casino gambling, you need to upload some money on it. There are multiple possibilities when it comes to adding funds to your purse(s), but the usual choices are cash, bank cards, internet banking, prepaid cards and ATMs (cash-in terminals).
WebMoney transacts in EUR and USD mostly. Several e-currencies are also circulating in the system, each having equivalents among regular currency. WMZ equals US Dollars, WME equals Euros and WMR equals Russian Rubles. WMB is the equivalent token for Belarusian Rubles, and there are also WMU and WMV.
One of the advantageous characteristics of WebMoney is the fact that online casino players can use it for both deposits and withdrawals. Making a casino deposit WebMoney is no different than going through the same process with another digital wallet.
- Visit the cashier section of the casino and find this method on the list of supported options.
- Once you select it, the casino will redirect you to the WebMoney website where you will log in.
- Enter and confirm all the necessary transaction details and approve/verify it by using your WMID (WebMoney identification code).
To withdraw, visit the cashier and submit a withdrawal request, selecting WebMoney as your preferred method of payment. Although most WebMoney casinos keep this functionality enabled, we advise that you check beforehand nonetheless.
You will be asked about the sum that you wish to withdraw and confirm the request. A “successful withdrawal” message should appear and all that is left from that moment on is to wait for the funds to be credited to your purse balance.
As far as casinos with WebMoney go, transaction fees on payments are not something that is common practice. Most of them do not charge any fees when you deposit using WebMoney. However, WebMoney will charge a 0.8% transaction fee of no less than 0.01WM.
Certain fees are imposed for various transactions and services, but what we like about this is how transparent WebMoney is. Instead of sugar-coating these additional expenses, they offer a full list of fees for the user to take into consideration before carrying out transactions and all the fees also have upper limits. You can take a look at the full list of WebMoney fees here.
Is WebMoney the fastest online casino deposit method out there? Probably not. But the service gets the job done fairly quickly.
There are no delays when it comes to deposits – your funds will be credited to the online casino account right after you have verified the transfer. Provided that you have sufficient funds in your purse, you will see a message notifying you of a successful deposit. In other words, the money is at your disposal already.
Withdrawals, on the other hand, may take hours to be processed. Casinos usually point out that funds withdrawn via this particular payment method will be credited to the customer’s WebMoney account within 24 hours after approval. This is not ideal, but not too disruptive either. It still provides much-needed continuity in an active gambler’s life.
As a WebMoney user, you will need to adhere to certain limitations – some imposed by the service itself, some established by the casino you are playing at. The level of your WebMoney passport dictates the span of your transactions allowed by the system. You then need to have it in sync with the limits required by the WebMoney online casino.
Most WebMoney online casinos will offer a range that goes from $10 up to $3,000 for deposits, which is rather doable for most users. For higher limits, you need to gain a higher status of your purse and become a VIP at the casino. Withdrawals are mostly lowered to a minimum of $20 and can go up to $1,000-$4,000 daily.
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The WebMoney system is really big on security. The platform uses a verification system that identifies customers and tracks their transactions to prevent money laundering. Customers are issued “digital passports” based on notarized identity documents. Despite collecting some of your data, WebMoney doesn’t share any sensitive info with third parties involved.
What also makes Webmoney a secure payment option is a fact that it uses the latest SSL technology and encryption for each transaction. In addition, WebMoney uses E-Num, an advanced security system that entices users to store their WM Keeper keys in a protected database.
Landing on the WebMoney website feels like invading some huge company’s executive desk packed with papers. So many links, services, projects and descriptions in one place that the sitemap looks like a network of neurons. Jokes aside, it is not a bad thing that WebMoney is giving us all that information on display, it can just be a bit overwhelming.
For resolving concrete issues, customers have the option of registering a ticket with the WebMoney Transfer Service Support team. A response notification will be sent to the user’s WebMoney Keeper or email. You can also make contact through a contact form on support.wmtransfer.com. Ant (a digitally rendered mascot) is a virtual agent for the website and you can ask him a question about WebMoney anytime or you can read about all things WebMoney in the WebMoney Wiki section.
Quora users describe WebMoney as reliable and secure, yet they do not seem to be overly keen on the verification process required to set up an advanced account with the service. WebMoney support is known to answer all questions and resolve all issues in a timely manner, but certain user reports also indicate that the communication process could be slightly improved.
Some users find other e-wallet transfer systems to be more user-friendly, but others say WebMoney is “handy” and reliable for active use over many years. Ultimately, customer satisfaction always depends on personal preferences. We haven’t found any major issues reported.
WebMoney itself, as a whole, can be observed as one big extra feature. It has some resemblance to other electronic payment methods, but in the end, it is a unique settlement system which works with unique digital currency, which makes it very efficient for servicing non-bank internet customers.
The WebMoney platform has expanded into various areas – it can be used for loans, crowdfunding and plenty of other options and features that are normally not associated with a simple online payment method. The flexibility of individual accounts (purses) allows users to better manage their funds, even via a dedicated app which benefits those who want to gamble on the go.
WebMoney provides an application for mobile users which hold the WM Keeper Standard purse program or higher. The app is called WebMoney Keeper, and it is available for Microsoft Windows, Windows Phone, Android, iOS, and Blackberry.
Once you download the app to your device (directly from the app marketplace of each platform, depending on which one you have), you need to verify it through SMS verification and WMID. This gives you access to your purse(s) and allows you to make casino deposits and withdrawals on the move.
- WebMoney is predominantly used by young people. It has the biggest market share in the age of 16–35 of people who pay online in Russia and Ukraine.
- In 2006, security researcher Kris Kaspersky criticised WebMoney Keeper Classic for Windows, as it installed a low-level device driver that allowed direct access to the I/O ports and accessed the hard disk directly using ATA commands instead of via the operating system.
- The company’s operation has discouraged exploitation of the system and prevented Ponzi schemes.
- The photo identification was launched by the WebMoney Transfer system in 2012 and by 2019 over half a million people have utilised this option. WebMoney launched a new video identification method – VideoID in March 2019. Users only need to have their national identity document and access to a smartphone or a desktop with a web camera to use video verification.
- In 2019, Burger King Russia has partnered with WebMoney to integrate QR code payments for customers.
- The WM Passport is a digital certificate issued based on the personal data customers provide. Users can specify which kind of information they want to make publicly available and which is solely for verification purposes.
Yes, WebMoney can be used for both deposit and withdrawals, but players should keep in mind that not all casinos allow withdrawals via this banking method. It is best to always confirm that WebMoney is featured as a withdrawal method as well at your chosen casino site.
Casinos do not tend to charge fees for enabling WebMoney payments. On the other hand, WebMoney has its own set of fees. The basic one is a 0.8% transaction fee applied to any transaction, but make sure to go over the entire list if you plan on using WebMoney actively.
WebMoney demands three authentication levels which assure great protection of the user’s funds at any time. Furthermore, transactions need to be confirmed through a personal digital certificate, as well as an SMS verification code or the service called E-Num. The company is a reliable payment processor which secures transaction with SSL encryption.
WebMoney has global ambitions, but it is mostly used in Russia, Central and Eastern Europe. It covers most major European countries and markets, as well as Australia, New Zealand, Latin America and Slavic Asian countries.
Online casino withdrawals with WebMoney can take hours. Normally, the casino and the WebMoney system will process your withdrawal request within 24 hours. It is also possible that your cash-out gets processed within 2-4 working days.
WM Transfer Limited is a company incorporated in Russia. They also have subsidiary licensed in the EU by the Financial Conduct Authority.
When you want to withdraw money from your WebMoney purse, there are several options available. You can transfer your balance to a debit or credit card, opt for a bank transfer or even receive a check in the post, order a virtual card or get cash at one of WebMoney’s agents.
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