WMG E-Currency (WebMoney Payment System)
WMG is one of the purse options that can be taken in WebMoney. WebMoney is a payment processor which will enable you to spend and receive money in a selection of currencies. It can be used as a secure way to transfer money across the world. It is possible to hold money in different ways and a WMG purse holds your money in gold. Many people like the idea of having their money held in gold because they feel that it is more secure than currency because the value is more likely to go up. However, gold can change in the value in the same way that currency can.
You are able to buy gold using US Dollars. The minimum amount for a sale is US$1000 worth of gold and it is traded through Metdeal Partner which you need to be a member of. The current gold price is put on the website and it is based on the current world market price. Gold can only be bought and sold between 10am and 4pm Moscow time. You are able to actually request the gold be posted out to you from the holdings in the Arab Emirates if you wish.
Using WebMoney you can make safe online transactions. Some people use it as a payment option on their online shops. Some people use it to send money to friends and family and others use it to make online purchases. The gold accounts tend to be used more for investment purposes though. However, it is still possible to do transfers using money held in this account.
Using the Purse
You will need to be a Metdeal Partner before you can use your gold purse. To buy gold you will need to provide a purchase agreement and how much money you want to spend or weight of gold that you want and then you will be sent an invoice and once it is paid the gold will be transferred. To sell the gold you will need to provide a sale agreement and how much you wish to sell and all of your wire details. You will get an invoice and once it is paid you will receive the money. It is a bit more complicated than trading in currency, but this is because you are buying a physical product so it is a bit more complicated than buying currency.
How to Add Money
There is a selection of ways that you can add money to your WMG purse. You can add money using Internet banking with no fee and the money will be there right away. A bank wire can make money appear within one hour and it will cost 1-5%. From a bank branch you can add money but it will cost 2.5-3% although it will be instantaneous. At a cost of 3% you can use CONTACT money transfer system and money will appear straight away. WM-cards have a fee of 4% for an instant transfer. To get an instant transfer from cash in terminals it will cost between 3 and 10%. Prepaid cards and vouchers cost 6-10% but appear instantly. Electronic money may not cost anything and can also take place instantly. WebMoney exchange offices cost form 0-4% and appear instantly too. The instant transfers take less than half an hour.
How to Withdraw Money
Money can be withdrawn using a number of options. You can use bank wire for a fee of 3% which will take one day for the money to transfer. You can use a WebMoney exchange office which has a fee from 1% which will happen instantly. You can use exchanger.ru for a fee from 0% in a day. You can have gold bars delivered from 5% and that will take 10 days. You can also have the value transferred using electronic money costing 0%.
You will be able to take a look at your transaction history on the system as well. If you log in you will be able to take a look at all the money that you have deposited and withdrawn so you have a very clear record of what has been going on in your account for your future reference.
Many people feel that holding their money in gold is better than a currency. Gold is also a tradable commodity all over the world. This means that it can be used to buy and sell things worldwide, rather than a currency having to be used.
It can also be used as an investment as gold does tend to increase in value which can be really useful. It does take a while to increase in value significantly but it is felt to be a fairly safe commodity to use and therefore very popular.
Gold is a metal that is rare and under high demand. It is something which more and more people are turning to investing in because they feel that the stock market and forex are too risky. This means that holding money in gold can be an extremely valuable thing to do as many people will be interested in using it.
For every transaction there is a charge of 0.8% but the maximum fee is just 2WMG.
Using a payment processor is a good idea when you are trading online. Many people understand how unsafe it can be to give out your bank details and credit card details. By entering them online you run the risk of that information being intercepted and fraudulent transactions taking place on your account. A payment processor will protect you against this as you will not be entering this sort of information. This is why many people use them when they are making online transactions.
As well as being able to hold your money in gold, it is also possible to ask for the gold that you have bought to be sent to you. This process can take some time but it means that you will actually have something physical for your money.