According to the law ” On the National Payment System “, e-wallets, like bank cards, are electronic means of payment. In other words, an alternative to coins and banknotes.
Using 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.
In Russia, only electronic money operators (EMF) that are included in the register of the Bank of Russia can open and maintain electronic wallets . These include licensed banks and non-bank credit organizations (NCOs).
Why do you need an e-wallet?
In principle, you can do without it, but electronic money has several advantages, especially when you pay online.
Ease of translation
To use an e-wallet, you do not need to open a bank account. It is not even necessary to leave the house – you can start a wallet remotely.
There is no charge 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’s worth comparing the rates of different money transfer methods in advance.
Safety
Many large online stores and services accept payments from electronic 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 payroll card or a credit card with a large limit.
You do not have to indicate your card number, its expiration date, or secret code. This means that even if you, like Marina, get on a phishing site, scammers will not be able to access your bank account.
EMF operators often offer to link a bank card to an electronic wallet. At the same time, secrecy will not decrease: card details are not used when paying, they will remain a secret for the seller.
Bonuses
Many banks – EMF operators issue (usually free of charge) plastic cards that give access to money in the wallet. They can pay not only on the Internet but also in ordinary shops, restaurants and other establishments.
Even if you have debit or credit cards, it can sometimes be advantageous to have a separate card for your e-wallet. EMF 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 electronic wallet.
What are the disadvantages of electronic wallets?
There are several disadvantages:
- electronic money is not protected by the deposit insurance system ;
- no interest is accrued on the balance of the electronic wallet;
- the EMF operator, even if it is a bank, is not entitled to lend electronic money to the client.
In addition, scammers can steal money from an electronic wallet, as well as from a card.
What are e-wallets?
There are three types of electronic wallets – anonymous, named and identified. The wallet status determines the list of possible transactions, the transfer limit and the maximum amount in the wallet.
Anonymous or non-personalized wallet
It is the fastest and easiest to start, but it is only suitable for small expenses.
How to open? It is enough to indicate on the website of the EMF operator only a phone number and come up with a login. Often, EMF operators have their own networks of ATMs and terminals, through which you can also start a wallet.
To whom and how much can be transferred? It is permissible to keep no more than 15,000 rubles in an anonymous wallet. Within this amount, you can pay for online purchases, but only from legal entities and individual entrepreneurs (IP). The total volume of transfers per month should not exceed 40,000 rubles.
You cannot send transfers to other people, as well as withdraw money from an anonymous wallet.
How to replenish? From your own bank account or from your mobile phone balance (if the EMF operator has entered into an agreement with your cellular company). Accepting transfers from other people is prohibited. But companies and individual entrepreneurs have the right to transfer money to an anonymous wallet.
Named or non-personalized wallet with simplified identification
Optimal for most operations.
How to open? Provide the EDS operator with information about yourself: name, surname, data of the Russian passport. You can do this without leaving your home – on the website of the EMF operator.
To whom and how much can be transferred? The wallet should always contain no more than 60,000 rubles. 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 200,000 rubles.
If you link an EMF operator card to your electronic money, you can pay with it in ordinary offline stores and withdraw cash – up to 5,000 rubles a day, in total – up to 40,000 rubles a month.
How to replenish? By any means offered by the EMF operator, including depositing cash through ATMs and payment terminals.
You can accept transfers from bank cards and accounts of other people, as well as from companies and individual entrepreneurs.
Identified or personalized wallet
Gives you the most options.
How to open? In order for the wallet to receive the status of an identified one, you will have to come with a passport to the office of the EMF operator or its partners (they are often mobile communication companies). Foreigners will also have to provide details of a migration card and a document confirming the right to stay in Russia.
To whom and how much can be transferred? Personalized wallets can be opened not only in rubles, but also in foreign currency. The main thing is that the amount in the wallet does not exceed 600,000 rubles (the limit in dollars, euros and other currencies will be estimated by the EMF operator in rubles at its own rate).
The owners of such wallets can make payments and transfers all over the world. The amount of one transaction cannot exceed the size of the wallet – up to 600,000 rubles, 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 the wallet: at an ATM with a card linked to the wallet or at the offices of money transfer systems that cooperate with the EMF operator. It is worthwhile to clarify in advance the commissions that can be taken for this. The amounts that can be withdrawn at one time, per day or per month, are specified in the rules of the EMF operator.
How to replenish? By any of the methods offered by the EMF operator. Such a wallet also allows you to receive transfers from anyone.
How to get an electronic wallet?
1. Choose an EMF operator
First, study the terms of use of the wallet, and the rules and tariffs for electronic money transfers. Find out in what ways and with what commissions you can replenish your wallet and withdraw cash from it.
Pay attention to the period of storage of money in the 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 favour.
The terms of the contract are standard, they are usually published on the website of the EMF 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 of Russia.
2. Choose wallet type
Decide which wallet suits you best – anonymous, named or identified.
An already open anonymous wallet can then be turned into a nominal one if you provide the EMF operator with your data. Namely – to the identified one, if you come with a passport to the office of the EMF operator or its partners.
On the contrary, it will not work: the identified wallet cannot become personal, and that one cannot become anonymous. But you can always open another wallet with a different degree of identification.
3. Select currency
An identified wallet can be opened not only in rubles 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 may want the EMF operator to issue a payment card and link it to your e-wallet. This is convenient – using the card, you can 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 fees for payments and cash withdrawals from the card.
How to replenish the wallet?
Typically, EMF 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. Often, operators offer to link a card to a 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 number from which money can be debited is known to the operator – 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 EMF operators have their own payment terminals, they allow you to deposit money about the wallet. Operators also enter into partnership agreements with banks, mobile companies and money transfer systems. You can also replenish your wallet through their offices, ATMs and terminals.
- Through online or mobile banking. Many banks have included the replenishment of e-wallets among the popular payments.
- Through the Fast Payment System (FPS). In fact, this is a variation of replenishing an account through an online or mobile bank. Some EMF operators have connected to this system, and their customers can replenish wallets from a bank card using their phone numbers. 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 application of the bank, you must select “transfers via SBP” 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 EMF operator.
- From another electronic wallet. Usually, you can transfer money both from the wallet of the same EMF operator, and others.
You can check which methods are available to you in your wallet account. Before using any of the methods, be sure to check the amount of the commission. It can range from 0 to 10% of the transfer amount.
What should I do if money is missing from my wallet?
By law, you can dispute a transaction that went through without your knowledge. You need to do this quickly – no later than the next day after you received a notification about it.
The EMF 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 card of the EMF operator linked to it.
The EMF 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 EMF operator did not notify you of an unauthorized transaction or did not respond to your request for an illegal payment, then he is obliged to compensate you for the losses.
To return the stolen goods, write to the EMF operator a request for a refund. He must respond within 30 days if the payment or transfer was in Russia, and within 60 days if the money went abroad. If the EMF operator does not fulfill your requirement, complain about it to the Bank of Russia.
In what cases can my wallet be blocked?
The EMF operator may suspend or close your wallet if you violate its terms of use. For example, an anonymous wallet will receive money from the bank accounts of different people, while only the owner has the right to replenish it.
Financial institutions temporarily block wallets when they see suspicious transactions. For example, there is a database of bank account numbers and cards to which fraudsters withdraw money. The operator will refuse to make a transfer to them and inform the owner of the wallet about it.
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 about why accounts and cards may stop working, read the text “ My card is blocked. What to do? » The procedure for electronic wallets and bank cards is most often the same.