WMZ E-Currency (WebMoney Payment System)
WMZ is one of the purse options as part of the WebMoney Payment Processor. Webmoney is a payment processor that allows you to keep money in different purses depending on what currency it is. WMZ is held in US dollars. In order to move money in and out of your WMZ account you need to use an exchange service.
Using a payment processor allows you to be able to make transactions with less risk. This is because if you use your credit card online, there is always a risk that someone could get your details and then use it to make fraudulent transactions. There is a selection of ways to protect yourself against this including payment processors.
Webmoney is able to allow you to hold money in an account in a selection of different currencies. This means that you will be able to do transactions with people from all over the world and on many different websites. The WMZ account holds money in dollars. US dollars are seen to be one of the most common currencies online and many people will accept them whether they are based in the US or not.
Using the Purse
You will need to add money to your WMZ purse in order to use it. Before doing that you will need to register with WebMoney but assuming that you have done that, you will then need to put some money in to your purse. Someone with a WebMoney account can transfer money in to it for you if they have credits in their account. Otherwise it can be credited with money using an exchange service.
How to Add Money
If you want to add money to your WMZ account then you can do this using a selection of methods. You can use a bank wire, a WM card or a prepaid card. To transfer money in using a bank wire you will need to transfer at least WMZ10,000 and have had your Webmoney passport verified. You will then need to work through the relevant section on the website accepting the agreement and then faxing it back to Webmoney and then the transfer will be able to go ahead. Using a WM card you will simply just need to follow the instructions on the back of the card. You can buy pre-paid cards at Paymer and Top-up service and you will need to follow their instructions in order to credit your account.
How to Withdraw Money
If you have been credited with money in your WebMoney account and want to draw it out, then you have a selection of options. The most popular of these are using an authorized exchange service, withdrawing by wire transfer, using CONTACT system or a Webmoney card. Withdrawing to a bank card can take up to 2 days, bank wire takes from 1 hour to 1 day, exchanging is instantaneous as is WebMoney card.
It is possible to look up your transaction history when you log in to your account online. This will enable you to find out how much currency you currently hold as well as details of money going in and out of your account.
WebMoney is used by businesses and individuals. It is a way that people can exchange money with those that do not live in the same country as them, Sometimes it is not possible to wire between banks based in different countries and cheques can be too expensive and take too long to process.
Holding a WMZ account balance will mean that you will be able to more easily pay for things in the US and also receive payments from there. With many other countries also dealing in US dollars then it can be an extremely useful currency to hold.
It is possible for merchants to have a WebMoney account on their websites and allow their customers to pay for goods and services using the WebMoney system. Allowing them to pay in US dollars can provide them with a trusted currency that they are familiar with and they may be more likely to purchase things. They do not even have to have a Webmoney account to be able to complete the purchase which may encourage more people to use the service.
If you are not a business you may find it useful to hold dollars so that you can send money to friends and relatives who live abroad. This can be a lot quicker than if you do a bank transfer or send money. If you have family members who are living in the USA and need money in a hurry, it can be a great way to be able to speedily send them some.
As with all payment processors, there are charges associated with WebMoney. There are no weekly or monthly fees though. As all payments made cannot be reversed, there is no risk of charge backs, which can be the case with other payment processors. There are transaction and withdrawal fees though. The transactions have a 0.8% fee with a minimum of 0.01WMZ. There is a maximum fee of 50WMZ. There may also be charges from banks and exchangers if these are used. If you withdraw money to a bank account then on top of the 0.8% fee there is an additional agent commission fee of 0.6% plus a minimum amount of 100USD and maximum of 600USD.
All of the information given in the WebMoney system is well encrypted to keep you safe. There are important certificates and other safety measures to make sure that your money is kept safe so that you have no need to worry about security.
It is possible to take part in peer to peer lending through the WebMoney system using WMZ currency. You can specify whether you want to borrow or lend money and under what terms. You can specify the amount, repayment period and interest rate and see whether you can find a match in another member wanting to take up that offer or you can look at the offers and see whether you are in a position to help anyone.
Exchange WebMoney to e-currencies
© BestChange.com – 06/18/2013
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