WebMoney Withdrawals and Deposits
WebMoney, which is officially known as WebMoney Transfer, was founded in 1998 and originally intended to be used by customers in Russia and other nations within the former Soviet Union. It has since managed to expand its scope, picking up over 25 million customers and serving the needs and countries around the globe.
The WebMoney system allows for real-time financial transactions to take place, although customers are not required to have a bank account or credit card in order to manage their money. While transactions can be conducted online, the service also has withdrawal and funding points in at least 86 different countries (primarily in the region of the world known as Eastern Europe).
Cost of Using WebMoney
There’s no cost for opening up an account and receiving payment from a third party. If you want to send funds to someone else, however, you’ll be required to pay a flat fee of 0.8% on all transactions.
For an example, let’s look at the cost of making a deposit or withdrawal at PokerStars. According to their website, the maximum transaction fee charged for a PokerStars deposit would be 50WM (the equivalent of $50 US dollars). Withdrawing money, however, costs the user nothing.
Tools for Managing Your Account
In order to manage your WebMoney account, you’ll need to download one of two free tools offered on their official site. These include the following:
WM Keeper Lite – This option doesn’t require software to be uploaded to your computer, instead allowing the user to conduct their business by combining a secure https connection and Internet browser. A personal certificate is installed on your computer, and this allows the necessary data to be identified, protected, and transmitted. Personal certificates are valid for two years, and they can be installed on any browser.
WM Keeper Classic – Downloadable software that’s installed on your computer and allows the customer to manage their WebMoney account. It provides greater security and versatility than the WM Keeper Lite option.
WM Units and Purses
When using WebMoney, all currency is stored in purses. Each has a 12-digit number and is attached to a WMID, which includes a prefix indicating the types of funds. Once the customer has chosen their WM Keeper option, they will be able to create their own purses for storing funds.
The types of available purses for storing and transferring money to online poker rooms include the following:
- WMZ – Also known as a Z Purse – For funds equivalent to U.S. Dollars
- WMR – Also known as an R Purse – For funds equivalent to Russian rubles
- WME – Also known as an E Purse – For funds equivalent to euros
- WMU – Also known as a U Purse – For funds equivalent to Ukrainian hryvnias
- WMK – Also known as a K Purse – For funds equivalent to Kazakh tenge
- WMY – Also known as a Y Purse – For funds equivalent to Uzbekistan soms
- WMB – Also known as a B Purse – For funds equivalent to Belarusian rubles
- WMG – Also known as a G Purse – For funds equivalent to gold
- WMX – Also known as an X Purse – For funds equivalent to bitcoins
Once money has been transferred into your purse, it is expressed in WM Units. These units have a 1:1 relationship with your currency of choice, which means that $1 in a WMZ purse (American dollars) is equivalent to 1 WM Unit.
Deposits and Withdrawals
If you want to make a deposit to a poker room using WebMoney, you can add funds to your virtual purse by using one of the following methods:
- Wire Transfer
- Money Order
- WM Prepaid Card
- Cash at an exchange office (also known as cash-in points)
- Conversion from electronic currency such as Bitcoin
Depending on which type of purse you’re using, a variety of withdrawal methods are available to customers seeking to transfer their poker winning into spendable currency. These include the following:
- Bank Card
- WebMoney Card
- Internet Banking
- Virtual Card
- Cash through Postal Remittance
- Withdraw from Guarantor
- Bank Wire
- Money Transfer
- WebMoney Exchange Office
- Conversion into Electronic Currency
- Cash at Bank Branch
- Cash through Stock Exchange
WebMoney is yet another option for funding your online poker room account, especially if you live in or around the nations that comprise Eastern Europe. The ability to select multiple tool management options lends a level of versatility not shared by the competition, and the fact that they support bitcoin keeps them on the cutting edge. The biggest drawbacks include lack of support for Paypal or Western Union, sometimes high commission fees, and the involvement of potentially disreputable third-party providers.