Review of Web Money and MoneyGram
Head of content
Due to the economic sanctions of the United States, Iranian users have always faced many problems in currency transfer , paying fees, or purchase from international sites. Web Money and MoneyGram are two international payment networks that offer valuable and different services to their customers, and each of them is considered one of the best international payment companies.
In the rest of the article, stay with Qoqnous Trading to review Web Money and MoneyGram, the uses and advantages and disadvantages of each.
What is Web Money?
WebMoney is an international online payment system launched in Russia in 1998. Using this system, people can transfer different currencies around the world in the fastest possible time and with the highest level of security. Since WebMoney belongs to Russia, it does not pay attention to the US sanctions against Iran and serves Iranian users as well.
Among the most important features of Web Money, we can mention high speed of payment, irreversibility of transactions, non-identification and high security of transactions.
This system has evolved over decades and provides a wide range of services to its customers. Web Money has more than 40 million active user accounts today. In addition, more than 38% of Russian customers who shop online have used this system to pay for purchases. It should be mentioned that Web Money has designed its own wallets for customers.
The function of Web Money is the same as PayPal, and users can use it to buy products and pay online from stores that accept this system, as well as the possibility of transferring money and converting them to each other, without the need for a bank account or credit card. There is also buying and selling of digital currencies.
The price of each Web Money is 1 dollar and the fee received for each transaction is 0.8% of the transferred amount. There are no restrictions on the use of this system and the only reason why this system is used less than PayPal is the less support of sites, stores and acceptors of this system compared to PayPal.
Types of WebMoney accounts
Web Money offers 3 account categories to its users. Each of these accounts has its own features and limitations. This company issues a digital certificate for each category of its user accounts, which is called a “passport”. The user account level or passport is determined based on the registered information and your authentication type.
Alias WM-Passport
By opening an account in Web Money, an alias account will be opened for you by default. This user level does not require authentication and registration is free. Alias account is the lowest level of user account which has many restrictions. Only $100 transaction is possible per day and a maximum of $300 is stored in the wallet. This level is suitable for buying from online stores and paying bills online.
Official Account (Formal Passport)
By completing the information and authenticating through passport, you can upgrade your account to a formal account for free. At this WebMoney level, you can transact up to $3,000 per day and save up to $10,000 in your wallet. This level is suitable for people who are active in the field of buying and selling digital currencies or work on a freelance basis.
Personal account (Personal Passport)
Personal account is the highest level of Web Money. This level does not have any restrictions on making daily transactions or saving money. The personal account is suitable for large businesses and companies with high volume of daily transactions.
Types of web money wallets
In order to make easy transactions, Web Money has designed different wallets for its users, which gives them the ability to store different currencies and make different transactions. Currently, 10 types of wallets are available, each of which covers a type of currency.
Install and use the desired wallet in your WebMoney account to perform various transactions. The most widely used wallets in this payment system are dollar, Russian ruble and bitcoin wallets.
After creating each of these wallets, a special address is provided to the user, which they use as an account number for transfers.
In the table below, we have explained the types of wallets and their use.
wallet name | Abbreviation | Introduction | Currency |
WMZ | Z-Wallet | US dollar wallet | USD |
WME | E-Wallet | European Union Euro Wallet | EUR |
WMP | P-Wallet | Russian ruble wallet | RUB |
WMR | R-Wallet | Russian ruble wallet | RUB |
WMB | B-Wallet | Belarusian ruble wallet | BYR |
WMK | K-Wallet | Kazakh wallet Kazakhstan | KZT |
WMV | V-Wallet | Vietnamese dong wallet | VND |
YMY | Y-Wallet | wallet of Uzbekistan | UZS |
WMX | X-Wallet | Bitcoin wallet | BTC |
WMH | H-Wallet | Bitcoin Cash wallet | BCH |
WML | L-Wallet | Litecoin wallet | LTC |
WMG | G-Wallet | Gold wallet | XAU |
Fees for WebMoney transactions
Web Money company uses peer-to-peer method for payment and money transfer. In this method, the money transfer fee is 0.8% of the payment amount, which is received from the sender. Of course, this fee has a specific ceiling for each wallet, which we have listed in the table below.
wallet | Abbreviation | Maximum fee |
WMZ | Z-Wallet | 50 dollars |
WME | E-Wallet | 50 euros |
WMP | P-Wallet | 1500 Russian rubles |
WMR | R-Wallet | 1500 Russian rubles |
WMB | B-Wallet | 100 Belarusian rubles |
WMK | K-Wallet | 9000 Kazakhs |
WMV | V-Wallet | 1000000 Vietnamese dong |
YMY | Y-Wallet | 400,000 of Uzbekistan |
WMX | X-Wallet | 0.005 Bitcoin |
WMH | H-Wallet | 30 Bitcoin Cash |
WML | L-Wallet | 150 Litecoins |
WMG | G-Wallet | 2 gold units |
Also, transaction fees are zero in the following conditions:
- If transactions are made between wallets with the same WM-identifier.
- If transactions are made between wallets with the same level.
- Payments of less than 500 units made with Vietnamese dong wallet.
What are the advantages of WebMoney?
During the years of activity, Web Money has developed a set of services for individual and corporate clients. For example, customers can load their wallet with cash and then select WebMoney as a payment method (on websites that support it), and make purchases.
Among the most important advantages of Web Money, the following can be mentioned:
- Free account opening
- easy usage
- Ability to control account balance
- Ability to control account circulation
- Making secure transactions
- High financial and information security
- Low fees for currency transfers
- High speed of transferring and receiving money
- Support for different currencies and digital currencies
- No ban on Iranian users to open an account
What is MoneyGram?
MoneyGram was founded in America in 1940 and now, more than 60 years later, it is the second largest money transfer company after Western Union, operating in more than 200 countries and having 350,000 representatives worldwide. be It should be noted that MoneyGram currency transfer is a type of person-to-person transfer.
MoneyGram is the best option for people who want to transfer money online or in person, domestically and internationally. It is also useful for people who need immediate transfers, as many MoneyGram transfers are completed within minutes or hours. This method is mostly used for cases where the recipient does not have a bank account, or is in a hurry to receive the money.
Moneygram fees depend on various factors, including the destination of the money, the amount of money sent and the payment method. Choosing to pay with a US checking account can have the lowest fees. But if you pay by credit or debit card, the fee will probably increase.
Moneygram services
- Internal money transfer
- International currency transfer
- bill payment
- Paying bills
- Mobile phone charging
- Making advance payments even for those who do not have a bank account.
In addition, MoneyGram allows users to use different payment methods according to their desired services. Methods such as:
- cash
- Validity
- Cash card
- Bank Account
How does MoneyGram work?
The sender must go to one of the representatives of this company with cash and an identification document such as a passport and fill in information such as his name and surname, the recipient’s name and the city of destination in the relevant form. Then he receives an eight-digit code from the broker, which he must provide to the recipient, and the recipient, with a valid identification document, goes to one of the Moneygram branches in his city and after presenting the code and documents, the money sent receives Money transfer by MoneyGram does not take more than several hours.
Advantages and disadvantages of MoneyGram
In this section, we will examine the advantages and disadvantages of MoneyGram together. Always knowing the pros and cons will help you navigate a better path to achieving your goals.
Advantages:
- Transfer money to more than 200 cities and countries in the world
- Fast delivery of currency to all over the world
- Ability to send funds directly to a bank account or mobile wallet
- MoneyGram Plus bonus and discount side program
Disadvantages:
- The transfer limit is $8,000 per day.
- The transfer limit is $10,000 in 30 days.
- Most face-to-face transfers require cash.
- The transfer fee is different based on the country of origin and destination, amount and payment method.
- Payment in certain currencies is only possible in selected locations.
MoneyGram offers the MoneyGram Plus rewards program, which includes the following benefits:
- Faster transactions
- Notifications when money is withdrawn
- Exclusive personal offers
last word
As you know, Qoqnous Trading is one of the trading companies of Iran Joint Chamber of Commerce. This company has raised the quality of its services to the 1st level by using expert and expert human resources.
Dear merchants and businessmen, they can contact the specialists and experts of Qoqnous Trading Group to pay with WebMoney and MoneyGram.