In this article you will find overview in detail about the Perfect Money wallet: registration, security, fees, verification, deposit and cash out options. In the world, there are currently many different payment systems which offer electronic payments. Their popularity depends largely on the ease of use and commissions. In different countries, various EPS (electronic payment systems) are distributed - Advcash, Payeer, Epay, Payza, Payoneer, Skrill etc.
This article includes a detailed review of one of these – Perfect Money (PM):
3. Set up of the profile security;
5. Advantages and disadvantages of Perfect Money;
9. Conclusions and recommendations.
This payment system is offshore, which involves its anonymity. The starting point for activities is considered to be 2007. Today this system is part of the company SR&I. It was registered in Panama, but the company itself is located not in the place of registration, but in Switzerland (the city of Zurich). It has got a license that allows issuing electronic cash.
On the Internet, the company has its own official website: https://perfectmoney.is/. In the process of loading the page, in the address bar a green lock appears. This is an SSL certificate which informs that the connection is secure and complies with all the encryption rules.
Among the clients of this EPS (Electronic Payment System), abbreviations of the name are quite common - PM. Most of the users call it simply - Perfect Money. In 2010, the Perfect Money system acquired a built-in domestic lending exchange. The most important point in verifying customers was the Trust Score (TS) – user rating. The highest rating has the accounts where a large financial turnover takes place, which should speak about the honesty and credibility of transactions. The highest Perfect Money Trust score according to the results of Bestchange.com has XMLGold.eu (Online Currency Converter / Exchange) - 9289 (TS).
The popularity of Perfect Money began to grow since 2011 after the closure of the company Liberty Reserve (main competitor). Soon, Perfect Money was widely distributed in various sectors. First of all, it concerns high-risk earnings (different pyramid systems, high-yield HYIP projects, bookmakers, and so on). Also, the payment system has found its niche in business through the Internet. The appearance of applications in order to manage their operations by using a smartphone or tablet on iOS and, a little later, for Android, took place in 2013. With the help of these mobile applications, it is possible to freely make various financial transactions without mandatory access to a laptop or desktop computer. But the most ordinary users out of habit use exclusively the Perfect Money website. Like in many other payment systems, there is an affiliate program in Perfect Money. It guarantees an additional passive income for those participants who invite other unique users. This source of income, at a fixed interest rate, provides a profit every month.
The Perfect Money website has been developed by the company’s engineers, with the aim to provide various payments from different websites. Perfect Money has partners who are certified by law and who have many exchange points. In the surveyed service, there is such a thing as prepaid cards. They allow their customers to replenish their accounts at any convenient time or make a purchase without logging in to their personal account.
The site of the payment system supports for 23 languages, which is very convenient for users.
Next, let us dig a little deeper and figure out how to work with the Perfect Money wallet. First of all you need to create your personal account, i.e. to register.
Registration on perfectmoney.is
To get started to work with the wallet, first of all go to the official website. When we got to the desired resource, we choose our language and click "Sign up".
We see the page where it is necessary to enter the details.
1. Fill in the real data for further verification;
2. All fields with an asterisk "*" must be filled out on a mandatory basis.
Next, you need to perform a few simple points:
- Establish your account name and enter your email address. It is very important that it is real and activated, because to it a letter with a unique login will be sent, with the help of which you will carry out operations on the site;
- It is also recommended to use authentication in two stages by using SMS;
- Indicate your phone number in the accepted format, again real;
- Test account will be of the type “Personal” (for more information about the types of the accounts can be found on the official website);
- Invent a complex password. It must contain at least 6 characters in Latin, different case, and numbers. You are required to remember it or save any file, because you will have to go through the process of checking personal data to recover the password. Do not show it to anyone for security purposes;
- Then enter a few characters to confirm that you are a human being, agree with the service and, finally, click "Register".
After, an email will be sent to the appropriate address. In email you will receive ID(number) – your identifier, consisting of numbers (it also serves as a login to enter the account).
If you forget or do not save your login, it can be easily restored by submitting a request with the button "Forgot?" at the entrance.
After you have entered your data, press "Login". The security system sends you a PIN code that you will need to enter in the field and click "Continue".
The process of registration is completed. After entering the code, go to your personal account. Here you can choose the type of account and issue an additional one, if necessary.
After that, go to the security settings in order to protect yourselves and your money from fraud.
Perfect Money profile security settings
To protect your data, go to the tab “Security Centre”. The option of checking the IP address from which the client comes in is included here.
Every time you log in, a letter including a verification code will be sent to your address. This is a standard procedure and is not recommended to be changed.
Perfect Money provides additional opportunities for the protection of personal information:
- You can log in to the system using SMS, but this service must be paid, therefore,many users are not satisfied with it. Messages may also be delayed due to various problems of the mobile operator;
- Connection with the code card.
After using this option, a file with the extension ".png" will be opened. Here we will see the codes that will need to be entered when making any financial transaction. A similar file will be sent to your e-mail.
These data must be stored in a safe place. Setting profile protection is a very important moment that will allow the client to protect himself from hacking the account by intruders. Do not neglect this mandatory item. You can use Perfect Money services immediately after registering and setting security features. In this case, the commission is removed for each operation. To reduce the percentage of the commission, we need to verify your personal data. To do this, enter the settings section and begin to perform everything point by point.
Perfect Money (PM) account verification
Let's start with the explanation of the term “verification”. Briefly, this means the authentication of the entered personal data.
That is, the system checks if it is really your wallet and if the details entered during the registration are authentic
Passing this procedure has its advantages:
- Transfer fees are reduced;
- The credibility of your account increases.
The data verification in Perfect Money takes place in several stages
1. You must download the graphic files of the scanned documents (passport or driver's license);
2. You also must provide the scans of the receipts for payment of utility services or bank transfer (with the obligatory indication of the name and address, the registered address in the passport will not be accepted by Perfect Money);
3. Confirm your personal phone number. To do this, you must order a call, and the robot on the phone tells you the code. The numbers are dictated in English.
If the code is entered correctly, the number is confirmed immediately. But if you have made a mistake when entering, then you will have an opportunity to try again only after one day. Verification of user data usually does not take more than 24 hours. But it is possible to increase the verification time on weekends and holidays. If you are afraid to send your personal data in this way, then you can take advantage of additional measures to protect the scanned documents. For example, by putting a watermark.
Perfect Money fees
For each payment system, the developers set their fees for the financial operations. From the cash rates listed below, you can find out the percentage charged for various transfers. And you can easily conclude that the commissions for the users who have undergone the data verification procedure are much more profitable (as mentioned above). Exchange USD / EUR, EUR / USD at the market rate. The transfers within the system for a verified account – 0.5%, for an unverified account - 1.99%.
Having received a general concept of the Perfect Money electronic payment system, let us consider to its advantages and disadvantages.
Advantages and disadvantages of the Perfect Money payment system
All the electronic systems which make financial operations have both - good and not so good features. The way how to perceive them, depends only on the user.
The undoubted advantages include the following features:
- You do not need to pay tax on income for the financial operations;
- Every month, additional income in the amount of 4% per annum from the account balance is received on your balance;
- There is a program of partnership;
- Coverage of various investment programs;
- If you have passed the verification procedure, the fees for transfers is very small;
- A guarantee of security account.
There are also some disadvantages:
- If you have mistakenly transferred money or your account is hacked, as a result of which the money is illegally withdrawn, the money will not be returned to the wallet, regardless of your complaints;
- Cash cannot be withdrawn using plastic cards, such as Visa and MasterCard;
- It is impossible to directly replenish the balance of the wallet.
How can you withdraw the money from your account, and what are the conditions for replenishment? Let us talk about this further.
Perfect Money account replenishment
Money in an electronic account can be entered in several ways. Let us see how the Perfect Money wallet replenishes its balance:
- The most common way, the use of the partner’s "E-currency exchange service". For example, XMLGold (Online Currency Converter which has the highest PerfectMoney Trust Score at the e-currency exchange market). Note, that commissions at different e-currency exchange platforms will not be similar.
- There is also the option - "Perfect Money E-voucher", which is also convenient deposit method.
- "Swift transfer" is not very convenient as it takes more than one day.
- "Bitcoin". This transfer system is suitable for the customers who use cryptocurrency. However, the rate of this electronic currency is constantly changing, therefore, additional difficulties can arise in relation to the transfer.
- And finally, the "Credit exchange". Replenishing the account by using this method is quite inconvenient and unprofitable, therefore we will not discuss it in detail.
Perfect Money withdrawal (cash out)
For any customer, sooner or later, there is a need for cashing electronic money.
How to do it? Perfect Money offers several options. Withdrawal is carried out by the same methods as account replenishment. What is more convenient for you – choose yourself from the options mentioned above.
The money transfer transaction looks like this:
- U1234575 — the sender's payment account.
- U9876512 — the number of the invoice recipient.
- Name — the account of the person who has sent the payment.
- Batch — the operation number.
Conclusion and recommendations
The Perfect Money payment system has proven itself to be a reliable electronic payment system. It has been working properly since 2007 and has manifested itself to be a good one.
However, storing large amounts of money in the online e-wallet in long term is not very safe. Create several accounts, do not keep all your money in one account. Electronic money is worth saving no less than paper money, as it is the same currency. This is what we would like to advise in conclusion. And the recommendations in this case are quite standard: use the security settings, change the passwords more often and keep them in a safe place accessible only to you.