Page updated on 06.08.2019
Webmoney Payments for Online Casino Deposits and Withdrawals
With 10,000 daily registrations, 37 million worldwide users and accepted at over 100,000 merchants, Webmoney is a popular online method of making payments. You can also use it to make payments through a mobile or tablet as it is compatible with a number of operating systems including iOS, Android, Windows, BlackBerry and OS X. Established in 1998, they allow you to transfer funds online without resorting to the use of credit cards. This makes them one of the oldest online payment providers. Owned and operated by WM Transfer Limited, headquartered in Russia, it can be used worldwide allowing you to both make and receive payments, exchange currencies and raise funds. They offer an e-wallet in a number of different currencies which include EUR, USD, Bitcoins, BitcoinCash, Russian Rubles and a few others. They maintain one of the biggest e-commerce payment portals in Russia, Central and Eastern Europe with more global ambitions. They use three authentication methods to ensure security: login/password, unique 12 symbol WM identifier and digital certificates.
- instant and anonymous payments
- no need to disclose personal banking details
- offers control over how much you spend at an online casino since you cannot spend more than is available
- security involves three authentication methods
- popular currencies and crypto currencies including USD, EUR and Bitcoin are supported
- can be used both for withdrawals and deposits from/into an online casino player account
- fees apply for using this method, including top-up fees
- may not be as broadly accepted as other e-wallets
How Webmoney works?
As Webmoney is an e-wallet service, you'll need to first set up a digital wallet, they call a purse, in order to spend and receive money. You can set it up in a number of different currencies. You'll need to enter your mobile number as well as some personal details. Once your account is set up, you'll need to top it up which you can do using a credit card, bank transfer or alternative method.
After going to the payment section of your online casino, you simply need to select Webmoney as your method of deposit. You'll be prompted for the amount that you wish to deposit and at some point be redirected to the Webmoney website where you'll be asked to complete and confirm the transaction. The funds should appear in your player account almost instantly. Remember, that Webmoney applies a 0.8% fee on the value of the transfer, and your online casino may apply their own fee. It's best to check with the casino first to avoid surprises.
One of the great things about an e-wallet is that you can use them to withdraw money from online casino player accounts, as well as to make deposits. You'll need to select Webmoney as the withdrawal method, specify the amount of the withdrawal and at some point you'll be redirected to the Webmoney portal where you be asked to complete and confirm the transaction. Ordinarily the funds will reach your player account almost instantly, but remember, again, that there is a 0.8% fee applied. Again, your casino may apply their own fee.
As we've already mentioned, the service is not free, however at 0.8% of the transfer value they are quite reasonable. Remember that topping up your e-wallet will incur additional fees, depending on the method you choose. As an example, a top-up of a euro denominated purse (e-wallet) using Visa or MasterCard incurs a 2.5% fee whereas a top-up using a bank transfer, voucher or prepaid card incurs a 1% fee. A bank transfer will cost you 1.5%, but keep in mind that this is not an exhaustive list so the best thing to do is check with Webmoney first.
Is Webmoney a safe and legit payment method?
The payment product Webmoney is offered by WM Transfer Ltd, a company incorporated in Russia. Since the company has been around since 1998, they have proven to be a reliable provider to facilitate online payments. Their European subsidiary handles European Transactions and is licensed by the Financial Conduct Authority. They ensure that the company adheres to the regulations. Transactions are secured through SSL, which also helps to protect your information while it's transmitted. Just make sure your login details to Webmoney are kept safe.
With its roots in Russia, Central and Eastern Europe, Webmoney has now turned its attention to offering their safe, secure and instantaneous payment method globally. They will be looking to capture market share from other well-known e-wallets like Neteller and Skrill through their relatively low fees. While not accepted in as many places as these two e-wallets that we've just mentioned, we would expect this to change with time.
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