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Recently, John had money stolen from her salary card. It turned out that she entered her details on a fake online store website. Fortunately, at that moment the amount on the card was small. But now John is thinking about how to pay for purchases on the Internet and at the same time not endanger all her money. We will tell you how e-wallets can help out in such cases.
According to the law about "Payment System", e-wallets, like bank cards, are electronic means of payment. In other words, an alternative to coins and banknotes.
With the help of an electronic wallet, you can send and receive money transfers, pay for goods and services, and at the same time do not use either cash or a bank account. Transfers between wallets are instant, many systems allow transactions in different currencies.
Only electronic money (EM) operators, which are included in the register of the Bank, can open and maintain electronic wallets. These include licensed banks and non-bank credit institutions. Among them are representatives of international electronic money transfer systems, which are used by millions of people around the world.
Why do you need an electronic wallet?
In principle, you can do without it, but electronic money has several advantages, especially when you pay online.
Ease of translation
You don't need to open a bank account to use an e-wallet. You don't even have to leave home - you can start a wallet remotely.
No money is charged for opening a wallet. The recipient will receive the money instantly. True, the sender (or recipient) will most likely have to pay a commission, so it is worth comparing the rates of different money transfer methods in advance.
Safety
Many large online stores and services accept payments from e-wallets. You can create a wallet specifically for payments on the Internet and put the required amount on it right before transferring to the seller. It is much safer than paying with a salary card or credit card with a high limit.
You do not have to indicate your card number, its expiration date, secret code. This means that even if you, like John, end up on a phishing site, scammers will not be able to access your bank account.
EM operators often offer to link a bank card to an electronic wallet. At the same time, the secrecy will not decrease: the card details are not used for payment, they will remain secret for the seller.
Bonuses
Many banks - EM operators issue (usually free of charge) plastic cards that give access to money in the wallet. They can be used to pay not only on the Internet, but also in regular stores, restaurants and other establishments.
Even if you have debit or credit cards, it can sometimes be beneficial to have a separate card in your e-wallet. EM operators often offer discounts, bonuses and cashback. You can compare these offers with your bank's loyalty program. Perhaps, in some cases, you will get more benefits by using an e-wallet.
What are the disadvantages of e-wallets?
There are several disadvantages:
What kind of e-wallets are there?
There are three types of e-wallets - anonymous, personalized and identified. The wallet status determines the list of possible operations, the transfer limit and the maximum amount in the wallet.
Anonymous or non-personalized wallet
It is the fastest and easiest way to start it, but it is suitable only for small expenses.
How to open? It is enough to indicate only the phone number on the website of the EM operator and come up with a login. Often, EM operators have their own networks of ATMs and terminals, through which you can also create a wallet.
To whom and how much can you translate? It is permissible to keep no more than $ 250 in an anonymous wallet. Within this amount, you can pay for online purchases, but only from legal entities and individual entrepreneurs (IE). The total volume of transfers per month should not exceed $ 700.
You cannot send transfers to other people, as well as withdraw money from an anonymous wallet.
How to top up? From your own bank account or from your mobile phone balance (if the EM operator has entered into an agreement with your cellular company). It is prohibited to accept transfers from other people. But companies and individual entrepreneurs have the right to transfer money to an anonymous wallet.
Personalized or non-personalized wallet with simplified identification
Optimal for most operations.
How to open? Provide the EM operator with information about yourself: name, surname, passport data. You can do this without leaving your home - on the website of the EM operator.
To whom and how much can you translate? The wallet should always contain no more than $ 1000. Within this limit, you can pay for goods and services on the Internet, as well as transfer money to other wallets or bank cards. The total amount of transfers and payments per month will not exceed $ 3000.
If you attach an e-money operator's card to your electronic money, you can use it to pay in ordinary offline stores and withdraw cash - up to $ 100 a day, in total - up to $ 700 a month.
How to top up? By any means offered by the EM operator, including depositing cash through ATMs and payment terminals.
You can accept transfers from bank cards and other people's accounts, as well as from companies and individual entrepreneurs.
Identified or personalized wallet
Provides the most opportunities.
How to open? In order for the wallet to receive the status of identified, you will have to come with a passport to the office of the EM operator or its partners (they are often cellular companies). Foreigners will also have to provide the details of the migration card and the document confirming the right to stay.
To whom and how much can you translate? Personalized wallets can be opened not only in $, but also in foreign currency. The main thing is that the amount in the wallet does not exceed $ 10000 (the EM operator will evaluate the limit in dollars, euros and other currencies in $ at its own rate).
The owners of such wallets have access to payments and transfers all over the world. The amount of one operation cannot exceed the size of the wallet - up to $ 10000, while the total volume of transactions per day or per month is not limited.
It is permissible to transfer money not only to any bank accounts, but also to cards and other electronic wallets.
You can also withdraw cash from your wallet: at an ATM with a card tied to your wallet or at the offices of money transfer systems that cooperate with the e-money operator. It is worthwhile to clarify in advance the commissions that may be charged for this. The amounts that can be cashed out at one time, per day or per month are indicated in the rules of the EM operator.
How to top up? By any means from those offered by the EM operator. This wallet also allows you to receive transfers from anyone.
How to start an electronic wallet?
1. Select an EM operator
First, read the terms of use of the wallet, rules and tariffs for electronic money transfers. Find out in what ways and with what commissions you can replenish the wallet and withdraw cash from it.
Pay attention to the shelf life of money in an electronic wallet. It is often stated in the conditions that if the owner does not use the wallet for a long time (usually more than two years), the operator can close the wallet and write off money from it in his favor.
The terms of the agreement are standard, usually they are published on the website of the EM operator, as well as on the screens of ATMs and payment terminals.
When starting a wallet remotely, be sure to make sure that the EMF operator is entered in the register of the Bank.
2. Select the type of wallet
Decide which wallet is best for you - anonymous, personalized or identified.
An already open anonymous wallet can then be turned into a personalized one if you inform the EMF operator your data. And the registered one - to the identified one, if you come with a passport to the office of the EM operator or its partners.
On the contrary, it will not work: an identified wallet cannot become personalized, and that one - anonymous. But you can always open another wallet with a different degree of identification.
3. Choose currency
An identified wallet can be opened not only in $, but also in foreign currency. Some operators allow you to create several wallets and link one multicurrency payment card to them.
4. Connect additional options for convenience
You might want the EM operator to issue a payment card and link it to your e-wallet. It is convenient - you can use the card to pay for goods and services in regular stores, as well as withdraw cash from ATMs.
Find out in advance how much you need to pay for servicing the card and what are the tariffs for payments and cash withdrawals from the card.
How to top up a wallet?
Typically, EM operators offer many options:
What to do if money disappears from the wallet?
By law, you can dispute a transaction that went through without your knowledge. This must be done quickly - no later than the next day after receiving a notification about it.
The EM operator is obliged to return the lost money, if you yourself did not provide the criminals with the data of your electronic wallet or the EM operator card linked to it.
Money stolen from an anonymous wallet cannot be returned, because it is not clear who it belongs to.
The EM operator must inform you about all transactions that take place using the wallet. How exactly you will receive notifications is specified in the contract. If the EM operator did not notify you of an unauthorized transaction or did not react to your request for an illegal payment, then he is obliged to reimburse you for the loss.
To return the stolen goods, write to the e-money operator an application for a refund. He must respond within 30 days if the payment or transfer was within your country, and within 60 days if the money went abroad. If the EM operator does not fulfill your request, complain about it to the Bank.
In what cases can my wallet be blocked?
The EM operator can suspend your wallet or close it if you violate the terms of its use. For example, an anonymous wallet will receive money from bank accounts of different people, while only the owner is entitled to replenish it.
Financial institutions temporarily block wallets when they see suspicious transactions. For example, there is a database of bank account and card numbers to which fraudsters withdraw money. The operator will refuse to make a transfer to them and will inform the owner of the wallet about it.
“My son started a strange story at school with electronic wallets. Pupils register something, send money to each other. The son said it was a business game. The situation was alarming, I felt a catch ... "
Be vigilant, do not step on someone else's rake!
Electronic money in a personalized wallet, like money in bank accounts, can be arrested and written off by bailiffs to pay off debts.
For more information on why accounts and cards may stop working, read the text "My card is blocked. What to do?". The procedure for e-wallets and bank cards is often the same.
According to the law about "Payment System", e-wallets, like bank cards, are electronic means of payment. In other words, an alternative to coins and banknotes.
With the help of an electronic wallet, you can send and receive money transfers, pay for goods and services, and at the same time do not use either cash or a bank account. Transfers between wallets are instant, many systems allow transactions in different currencies.
Only electronic money (EM) operators, which are included in the register of the Bank, can open and maintain electronic wallets. These include licensed banks and non-bank credit institutions. Among them are representatives of international electronic money transfer systems, which are used by millions of people around the world.
Why do you need an electronic wallet?
In principle, you can do without it, but electronic money has several advantages, especially when you pay online.
Ease of translation
You don't need to open a bank account to use an e-wallet. You don't even have to leave home - you can start a wallet remotely.
No money is charged for opening a wallet. The recipient will receive the money instantly. True, the sender (or recipient) will most likely have to pay a commission, so it is worth comparing the rates of different money transfer methods in advance.
Safety
Many large online stores and services accept payments from e-wallets. You can create a wallet specifically for payments on the Internet and put the required amount on it right before transferring to the seller. It is much safer than paying with a salary card or credit card with a high limit.
You do not have to indicate your card number, its expiration date, secret code. This means that even if you, like John, end up on a phishing site, scammers will not be able to access your bank account.
EM operators often offer to link a bank card to an electronic wallet. At the same time, the secrecy will not decrease: the card details are not used for payment, they will remain secret for the seller.
Bonuses
Many banks - EM operators issue (usually free of charge) plastic cards that give access to money in the wallet. They can be used to pay not only on the Internet, but also in regular stores, restaurants and other establishments.
Even if you have debit or credit cards, it can sometimes be beneficial to have a separate card in your e-wallet. EM operators often offer discounts, bonuses and cashback. You can compare these offers with your bank's loyalty program. Perhaps, in some cases, you will get more benefits by using an e-wallet.
What are the disadvantages of e-wallets?
There are several disadvantages:
- electronic money is not protected by the deposit insurance system;
- no interest is accrued on the amount of the balance of the electronic wallet;
- an e-money operator, even if it is a bank, is not entitled to lend electronic money to a client.
What kind of e-wallets are there?
There are three types of e-wallets - anonymous, personalized and identified. The wallet status determines the list of possible operations, the transfer limit and the maximum amount in the wallet.
Anonymous or non-personalized wallet
It is the fastest and easiest way to start it, but it is suitable only for small expenses.
How to open? It is enough to indicate only the phone number on the website of the EM operator and come up with a login. Often, EM operators have their own networks of ATMs and terminals, through which you can also create a wallet.
To whom and how much can you translate? It is permissible to keep no more than $ 250 in an anonymous wallet. Within this amount, you can pay for online purchases, but only from legal entities and individual entrepreneurs (IE). The total volume of transfers per month should not exceed $ 700.
You cannot send transfers to other people, as well as withdraw money from an anonymous wallet.
How to top up? From your own bank account or from your mobile phone balance (if the EM operator has entered into an agreement with your cellular company). It is prohibited to accept transfers from other people. But companies and individual entrepreneurs have the right to transfer money to an anonymous wallet.
Personalized or non-personalized wallet with simplified identification
Optimal for most operations.
How to open? Provide the EM operator with information about yourself: name, surname, passport data. You can do this without leaving your home - on the website of the EM operator.
To whom and how much can you translate? The wallet should always contain no more than $ 1000. Within this limit, you can pay for goods and services on the Internet, as well as transfer money to other wallets or bank cards. The total amount of transfers and payments per month will not exceed $ 3000.
If you attach an e-money operator's card to your electronic money, you can use it to pay in ordinary offline stores and withdraw cash - up to $ 100 a day, in total - up to $ 700 a month.
How to top up? By any means offered by the EM operator, including depositing cash through ATMs and payment terminals.
You can accept transfers from bank cards and other people's accounts, as well as from companies and individual entrepreneurs.
Identified or personalized wallet
Provides the most opportunities.
How to open? In order for the wallet to receive the status of identified, you will have to come with a passport to the office of the EM operator or its partners (they are often cellular companies). Foreigners will also have to provide the details of the migration card and the document confirming the right to stay.
To whom and how much can you translate? Personalized wallets can be opened not only in $, but also in foreign currency. The main thing is that the amount in the wallet does not exceed $ 10000 (the EM operator will evaluate the limit in dollars, euros and other currencies in $ at its own rate).
The owners of such wallets have access to payments and transfers all over the world. The amount of one operation cannot exceed the size of the wallet - up to $ 10000, while the total volume of transactions per day or per month is not limited.
It is permissible to transfer money not only to any bank accounts, but also to cards and other electronic wallets.
You can also withdraw cash from your wallet: at an ATM with a card tied to your wallet or at the offices of money transfer systems that cooperate with the e-money operator. It is worthwhile to clarify in advance the commissions that may be charged for this. The amounts that can be cashed out at one time, per day or per month are indicated in the rules of the EM operator.
How to top up? By any means from those offered by the EM operator. This wallet also allows you to receive transfers from anyone.
How to start an electronic wallet?
1. Select an EM operator
First, read the terms of use of the wallet, rules and tariffs for electronic money transfers. Find out in what ways and with what commissions you can replenish the wallet and withdraw cash from it.
Pay attention to the shelf life of money in an electronic wallet. It is often stated in the conditions that if the owner does not use the wallet for a long time (usually more than two years), the operator can close the wallet and write off money from it in his favor.
The terms of the agreement are standard, usually they are published on the website of the EM operator, as well as on the screens of ATMs and payment terminals.
When starting a wallet remotely, be sure to make sure that the EMF operator is entered in the register of the Bank.
2. Select the type of wallet
Decide which wallet is best for you - anonymous, personalized or identified.
An already open anonymous wallet can then be turned into a personalized one if you inform the EMF operator your data. And the registered one - to the identified one, if you come with a passport to the office of the EM operator or its partners.
On the contrary, it will not work: an identified wallet cannot become personalized, and that one - anonymous. But you can always open another wallet with a different degree of identification.
3. Choose currency
An identified wallet can be opened not only in $, but also in foreign currency. Some operators allow you to create several wallets and link one multicurrency payment card to them.
4. Connect additional options for convenience
You might want the EM operator to issue a payment card and link it to your e-wallet. It is convenient - you can use the card to pay for goods and services in regular stores, as well as withdraw cash from ATMs.
Find out in advance how much you need to pay for servicing the card and what are the tariffs for payments and cash withdrawals from the card.
How to top up a wallet?
Typically, EM operators offer many options:
- From a bank card. In the personal account on the operator's website, there is always a payment page where you can transfer money from a bank card to a wallet. Operators often offer to link the card to the wallet, then for any transfer or payment using an electronic wallet, it will be automatically replenished from the card for the required amount.
- From mobile phone balance. The operator knows the number from which you can write off money - you indicated it when registering the wallet. Therefore, in the personal account on the operator's website, it remains to enter only the required amount.
- Cash. Many e-money operators have their own payment terminals, they allow you to deposit money about the wallet. Also, operators enter into partnership agreements with banks, cellular companies and money transfer systems. You can also top up your wallet through their offices, ATMs and terminals.
- Online or mobile bank. Many banks have included e-wallet replenishment among the popular payments.
- Through the Fast Payment System (FPS). In fact, this is a variation of the account replenishment through an online or mobile bank. Some e-money operators have connected to this system, and their clients can replenish their wallets from a bank card using their phone number. In this case, the commission will be zero, if you do not exceed the monthly transfer limits. To use this method, in your personal account or bank application, you need to select "transfers via FPS" or "account replenishment by phone number", then indicate your mobile number and in the list of banks where you want to transfer money, select your e-money operator.
- From another e-wallet. Usually you can transfer money both from the wallet of the same EM operator, or others.
What to do if money disappears from the wallet?
By law, you can dispute a transaction that went through without your knowledge. This must be done quickly - no later than the next day after receiving a notification about it.
The EM operator is obliged to return the lost money, if you yourself did not provide the criminals with the data of your electronic wallet or the EM operator card linked to it.
Money stolen from an anonymous wallet cannot be returned, because it is not clear who it belongs to.
The EM operator must inform you about all transactions that take place using the wallet. How exactly you will receive notifications is specified in the contract. If the EM operator did not notify you of an unauthorized transaction or did not react to your request for an illegal payment, then he is obliged to reimburse you for the loss.
To return the stolen goods, write to the e-money operator an application for a refund. He must respond within 30 days if the payment or transfer was within your country, and within 60 days if the money went abroad. If the EM operator does not fulfill your request, complain about it to the Bank.
In what cases can my wallet be blocked?
The EM operator can suspend your wallet or close it if you violate the terms of its use. For example, an anonymous wallet will receive money from bank accounts of different people, while only the owner is entitled to replenish it.
Financial institutions temporarily block wallets when they see suspicious transactions. For example, there is a database of bank account and card numbers to which fraudsters withdraw money. The operator will refuse to make a transfer to them and will inform the owner of the wallet about it.
“My son started a strange story at school with electronic wallets. Pupils register something, send money to each other. The son said it was a business game. The situation was alarming, I felt a catch ... "
Be vigilant, do not step on someone else's rake!
Electronic money in a personalized wallet, like money in bank accounts, can be arrested and written off by bailiffs to pay off debts.
For more information on why accounts and cards may stop working, read the text "My card is blocked. What to do?". The procedure for e-wallets and bank cards is often the same.
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