What is WebMoney? Instructions for using WebMoney wallet

E-wallets are becoming familiar and indispensable to each of us in a time when there are many services that require payment and money transfer online.

MoMo wallet is a typical example as its growth rate is increasing. However, MoMo's limitation lies in the fact that it only supports the domestic market.

In this article, I would like to introduce to you a global financial wallet/application called WebMoney.

What is WebMoney?

WebMoney is a global financial payment system, originating from Russia.

Specifically, this application helps you manage money, transfer money, make payments, borrow and lend... easily globally.

Currently, WebMoney has 33 million members globally.

To make it easier to imagine, you just need to understand that this is an international-scale product and more diversified than MoMo.

If with MoMo, we can only use VND, then with WebMoney, you can use:

• Legal currencies (fiat): USD, EUR, VND…
• Cryptocurrencies: BTC, LTC, BCH…

WebMoney functions

WebMoney has the following functions:

• Manage wallet & bank cards.
• Transfer money & receive money.
• Payment for services.
• Borrow money & lend money.
• Chat with other users right on the app.

Advantages & disadvantages of WebMoney

In my opinion, WebMoney has the following advantages and disadvantages for Vietnamese users:

Advantage

• WebMoney offers a wide variety of currency options for you, from fiat currencies to crypto.
• WebMoney integrates a variety of financial services from Capital management, card management, money transfer, borrowing & borrowing money, payments...
• WebMoney usage fees are quite reasonable for an international wallet service. Specifically, when depositing money from a bank card, you only spend 0.7% - 1.4%. If you deposit money from a bank account, it is completely free. If you want to withdraw money to your card, you only have to pay 0.8% transaction fee...
• Fast transaction speed.
• Easy to use, user-friendly interface.

Defect

• Vietnamese language is not supported yet.
• Not many services specifically for Vietnamese people are supported.
• To use it, users need a passport.

Instructions for installing and registering WebMoney

Next, I will guide you how to install WebMoney on your iOS phone. You can operate quite similarly on Android.

Step 1: Find the keyword "WebMoney" on Apple Store, download and open the app.

Step 2: Verify your phone number by entering the phone number and code sent.

Step 3: Create a login password.

Step 4: Create an additional layer of security with an access code (optional). You can choose to use PIN or Pattern Lock (pattern lock). Here I use PIN.

Step 5: Set options for themes, notifications, and whether or not to allow access to the contact list on the phone.

So you have successfully installed and registered a WebMoney account.

You can also use WebMoney on your computer by downloading it at the following link: https://wiki.wmtransfer.com/projects/webmoney/wiki/Download_software

Instructions for using WebMoney

Before starting, I want to explain a little about the currencies in WebMoney.

Specifically, the currencies that you interact with every day will be currencies that represent real-life fiat currencies and cryptocurrencies. In there:

• WMX is the corresponding unit of BTC on WebMoney: 1 BTC = 1000 WMX.
• WMV is the corresponding unit of VND on WebMoney: 1 VND = 1 WMV.
• WMZ is the corresponding unit of USD on WebMoney: 1 USD = 1 WMZ.
• Same for RUB, Gold, BCH, LTC...

Next, I will guide you through the most common operations on WebMoney.

How to authenticate personal information on WebMoney

This is the first step you need to do to create a wallet, link cards and use other WebMoney services.

Step 1: Select "Formal or higher level passport".

Step 2: Fill in the information exactly as on your passport.

Step 3: Upload passport image.

Step 4: Wait for the WebMoney team to approve your passport within 1-2 working days.

To check if your account has been verified or not, go to "More" -> "Settings" -> "Account" -> Select the account you want to XEM and XEM if the account has the word "Formal Passport" or not. not yet.

If so, it has been successfully verified.

How to create a Bitcoin wallet and wallet on WebMoney

After authenticating personal information with your passport, you proceed to create a wallet. D

This is the prerequisite for other functions on WebMoney. Each wallet will be used to manage a separate currency.

You create a wallet as follows:

Step 1: Select “Create a new purse” on the app's Home screen.

Step 2: Choose the currency for the wallet, here I choose WMX - equivalent to BTC. In addition, you can also choose other supported currencies (fiat currencies and cryptocurrencies).

Step 3: Click “OK” to accept the terms of service. You should read it to get the main idea.

So the new wallet for BTC has been successfully created.

You do the same for VND, USD wallets... depending on your needs.

Note: Only one wallet can be created for each currency.

How to deposit money (VND) into WebMoney

To deposit VND into WebMoney, you can use the following ways:

• Send an invoice asking someone else to transfer money to you.
• Send the payment link to the person who will transfer the money to you.
• Deposit money via bank card.

If this is your first time using WebMoney, I will guide you through the most basic way, which is to deposit money via bank card.

With this method, you only need to have a bank card with a Napas link. No need for international cards like Visa or Mastercard!

Step 1: Select WMV wallet from your home screen, select “Top Up Purse” and then select “From a bank card”.

Step 2: The system transfers you to the Napas interface, here enter the amount you want to deposit and click "Place Order".

Step 3: Enter correct information: Cardholder name, Card number, Card validity and select "Pay".

Step 4: Depending on which bank your card belongs to, you will be forwarded to that bank's interface. Here, you need to authenticate to that bank that you want to make payment.

• I often use authentication through the bank's Smart Banking.
• Please enter your phone number, password and captcha code provided. Choose to agree to the terms of service and then click “Confirm”.

Step 5: Enter the OTP password received via SMS and you're done.

Note:

• The minimum deposit amount is 50,000 VND, the maximum limit per day if you have a Formal Passport (as I instructed above) is 100,00,000 VND.
• Deposit fees for amounts under 50,000,000 VND and over 50,000,000 VND are 0.7% and 1.4% respectively.

How to deposit Bitcoin into WebMoney

To deposit Bitcoin into WebMoney, you can use the following ways:

• Send an invoice asking someone else to transfer WMX to you.
• Send the payment link to the person who will transfer WMX to you.
• Convert other currencies (with existing balance) to WMX.
• Deposit funds to the designated Bitcoin wallet, then the Bitcoin amount is converted to the corresponding WMX for you.

Next, I will guide you on the most basic way to deposit Bitcoin into your corresponding Bitcoin wallet on WebMoney!

Step 1: From the main screen, select Bitcoin wallet – WMX.

Step 2: In the "BTC Address" section, select the Copy icon to copy the address or select "Show QR code" to get the QR code for the wallet address.

Step 3: Deposit BTC into the above wallet and you're done.

Note:

The minimum deposit amount of BTC must be 0.0001 BTC, equivalent to 0.1 WMX. A smaller deposit amount will cause you to lose that amount of BTC , so please be careful.

How to transfer money with WebMoney

Next, I will guide you how to transfer money to another wallet on WebMoney.

Step 1: From the main screen, select the wallet you want to transfer money to, continue to select "Transfer" and select "To a purse".

Step 2: Fill in information including wallet number (To) (for Vietnamese wallets starting with the letter "V"), amount (Amount), notes if any (Description) and select Transfer Type (Transfer Type) . Then press “OK”.

Step 3: Select the transaction confirmation method in the "Confirmation method" section, select "OK". Enter the code received and select “OK” again.

So you have successfully transferred money to another WebMoney wallet.

Note:

• There are two ways to confirm transactions.
• ENUM: It will cost you 500 VND per transaction. You can install Enum by selecting "More" from the main screen -> selecting "ENUM".
• SMS: Charges 1,500 VND (WMV) per transaction.
• If you transfer via the recipient's phone number or email, the minimum transfer amount is 23,000 VND.
• If you transfer via the recipient's wallet number, the minimum transfer amount is 0.1 WMV, which is 0.1 VND.

How to buy phone cards with WebMoney

You can easily recharge your phone on WebMoney for major telecommunications companies such as Viettel, Mobifone, Vinaphone... both prepaid and postpaid.

Next, I will guide you to recharge your phone on WebMoney:

Step 1: Go to "Payments", select "Mobile communications".

Step 2: Choose a telecommunications company and prepaid or postpaid service.

Step 3: Enter your phone number and the amount you want to deposit and select "Next".

Step 4: Check the information again, if ok then click "Pay".

Step 5: Select confirmation method (SMS or ENUM), press “OK”. Enter the code you receive and you're done. It's easy, isn't it?

Note:

Phone recharge fees for companies range from 1.5% - 4.6% for Viettel, Mobifone and Vinaphone.

How to withdraw money from WebMoney to bank account

You can easily withdraw money (VND) from WebMoney to your bank account in the following ways:

Step 1: Select the wallet you want to withdraw money from and select "Transfer", then select "To a bank account".

Step 2: You will be transferred to the WebMoney Vietnam interface, here select "Add bank account".

You can choose "Add ATM card" but this option only supports cards from quite a few banks.

Step 3: Select the bank and enter the correct account number and branch. Then, select “Link Accounts”.

Check the information again, if ok select "Confirm Link".

Step 4: Select “Make withdrawal”.

Step 5: Select bank, withdrawal method (fast/normal), enter the amount you want to withdraw and select Withdraw.

Step 6: Select the Transaction Confirmation form and enter the code sent.

Note:

The limit for withdrawing money to the bank is 100,000,000 VND/day.

Withdrawal form:

• Quick withdrawal: Minimum 100,000 VND, maximum 50,000,000 VND 1 withdrawal, free of charge.
• Normal withdrawal: No minimum withdrawal, maximum 50,000,000 VND per withdrawal, free of charge.

Transaction confirmation fees by ENUM and SMS are 500 VND and 1,000 VND respectively.

Frequently asked questions about WebMoney

What is WebMoney used for?

WebMoney integrates many financial services from money management, money transfer & receipt, payment services, borrowing & lending... for fiat currencies (USD, EUR...) and popular cryptocurrencies (BTC, LTC…).

What are WMX, WMZ, WMV?

WMX, WMZ and WMV are the conventional currencies corresponding to Bitcoin, USD and VND on WebMoney. With the following conversion rate:

• 1 BTC = 1000 WMX
• 1 VND = 1 WMV
• 1 USD = 1 WMZ

Is WebMoney reputable?

WebMoney is a product of WM Transfer Ltd. of Russia, launched in 1998.

Based on its reputation and longevity as well as a large number of users worldwide - 33 million members. You can trust in the reputation of WebMoney.

Does WebMoney support Vietnamese?

Unfortunately, WebMoney currently does not support Vietnamese. You can choose to use English.

What payment services does WebMoney provide for Vietnamese people?

You can buy phone cards from telecommunications companies such as Viettel, Mobifone, Vinaphone... as well as pay for some games such as Warface, World of Tanks, World of Warships...

Can WebMoney be used on a computer?

Have.

WebMoney is a product of which country?

WebMoney is a Russian product.

What are the fees for using WebMoney?

The WebMoney application can be downloaded and registered for free. You will have to pay fees when making deposits, transferring money, making payments... These fees are not too high.

• Fee for depositing money from card/bank account: from free to 1.4%.
• Fee for transferring money in VND to another WebMoney account: only transaction confirmation fee from 500 VND - 1500 VND.
• Service payment fee: only from 0.8%.
• Withdrawal fee to bank card is free, only transaction confirmation fee is from 500 VND - 1500 VND.

Can I withdraw money from WebMoney to cash?

Okay. If you go to your wallet and want to transfer money, select "Transfer" -> "To a bank account" to link your bank account and withdraw money.

I have given specific instructions above.

summary

In this article, I introduced and guided you to use WebMoney.

In short, WebMoney is a multi-functional financial application, supporting several major fiat currencies as well as several major cryptocurrencies.

Products similar to WebMoney include PayPal, Payeer or Perfect Money... we all have instructions.

Depending on your needs, please consider choosing to use it!