What is the Oldest Electronic Bank?

Last updated 7 June 2020
What is the Oldest Electronic Bank?

Electronic banks have become an effective way to pay, withdraw, transfer and complete all financial transactions via the Internet, as they are characterized by ease and speed and that they are also better than traditional banks in all their transactions. In this article, we will talk about the oldest bank in electronic banks and one of the first banks that appeared on the Internet. The number of transactions that take place weekly is about one million financial transactions, given the quality this bank provides.


WebMoney bank is one of the most powerful and most used electronic banks, and the number of users of this bank reached more than 34 million people around the world, and the WebMoney bank is actually a Russian bank that was established in 1998 AD and is the second bank as it is the bank known internationally for its strength and superior protection.

WebMoney Bank Features

  • The ability to have more than one wallet to receive and keep money such as dollars, rubles, and many currencies.
  • The bank approves some of its stores and websites as a means of payment and purchase.
  • Master Card is available to European countries and some other countries.
  • The commission does not exceed 1% of the value in general.
  • Ease of activating your account with the bank and protecting it securely.
  • Due to the services and quality the bank provides to its customers, the number of users reached 43 million users around the world.
  • You can buy Bitcoin via your WebMoney balance.
  • Easy to activate your account.
  • Protect your account from piracy in various ways.
  • A high degree of safety through the two-factor authentication.
  • WebMoney provides Visa and MasterCard plastic and virtual cards.
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Disadvantages of WebMoney

  • Difficulty transferring between currencies within the same bank.
  • It is not characterized by the same degree of confidence and security that exists within Russian banks because of its different policy regarding financial transfers.

WebMoney Registration Steps

  • The first step: enter the home page of the WebMoney website and then click on the Sign-up tab and then enter all the required data correctly.
  • The second step: After the process of entering all your data, wait for the confirmation message regarding account creation.
  • The third step: After that, you will be asked to confirm with an SMS text message to enter the activation code.
  • The fourth step: Login to your email to confirm your information. You will find the activation link in the inbox.
  • The fifth step: Create a password with at least 8 numbers and letters, and then choose your wallet and currency type.
  • The sixth step: Your WebMoney account is now ready for use.

WebMoney Transactions

It supports many online services in addition to the “master card – prepaid card” card accounts. You can also receive your money on the local bank account.

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Commissions Charged by WebMoney

In general, you can view the rates of deduction or the fees by going to the Personal page and then choose to withdraw, and after that, you will see a page divided into commissions for “cache – local bank account – master cards – purchase services from shopping sites in general”, as well If the fees for deposits or withdrawals are 0.08%, and the maximum withdrawal is $ 200 for the inactive account, while for the active account, the customer can cancel the maximum in financial transactions.

How to Pay with WebMoney

The bank supports direct payment to many e-commerce or profitability sites, and you often find that profit sites put your payment methods, including the WebMoney, and all you need is to copy your WMID number and add it to the sites that support this bank.

How to Log into your WebMoney Account

The bank provides three ways to log in to your account and has a great insurance structure and controls its management through your phone number:

  • The first way is to create E-NUM, which is the way to log in with a smartphone via the application for Android phones, iPhone, Windows Phone, or other devices.
  • The second way is by setting up your email address and password.
  • The third way is by making a QR scan with your account on the phone.

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