Perfect Money Review 2021 - Is it safe to use as online payment system?


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Perfect Money is an e-transfer system based around its own e-currency. Users are able to hold multiple currencies and assets in their accounts. This company has been pushing to gain more of a share of the market among its competition, though it has definitely been an uphill battle.

Well established in Russia, this company is still pushing to be a major player on the international stage. Offering less accepted currencies and a shortlist of companies that use the payment system Perfect Money has a long way to go before it takes the top spot.

Perfect money reviews 2021

  • Firm - Startup Research & Investments LTD
  • Official Website - https://perfectmoney.is/?Start
  • Working since - 2007
  • Regulated by - Financial Conduct Authority (UK)
  • Platform type - Digital money, e-currency
  • Mobile App - Yes for both Android and iOS
  • Account - Personal and Business
  • Free Account - Yes 

Perfect Money Fee

  • Deposit Fee - (a) Wire - from 0.5% (b) Bitcoin -0%
  • Withdrawal fee - (a)Wire - from 2%+bank fee (b) Bitcoin - 0.5%
  • Total fee - 13 - 16%
  • Transfer limit - No limit for Varified Account 
  • Transfer Fee - (a)premium account 0.5% (b)verified account 0.5% (c)unverified account 1.99%

Pro & Cons

Pro
  • Accounts earn 4% interest per year
  • Instant transactions on both deposits and withdrawals
  • Many options for deposits and withdrawals
  • Security of funds

Contras

  • All payments made within the system are final and irreversible.
  • Each Certified Exchange Service provider charges different fees
  • The minimum wire deposit is $300 USD – Amount subject to change
  • Few online businesses accept Perfect Money
  • Minimum balance of $100 USD

What is Perfect Money and How to get an account?


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Perfect Money, founded in 2007, is a “universal system” that was founded in Panama to be a flawless platform for online payments. System users can transfer money between each other, accept payments, store funds, and more. Storing your money in an account can accrue interest while providing a wallet from which to pay for goods and services at a number of online stores make regular payments online, or. Users are also able to purchase and hold Bitcoin, gold, USD, and EUR within their wallets.


Each user’s account is multicurrency capable and is subdivided into four different currency accounts holding the value of each asset in Perfect Money Units:

  • USD
  • EUR
  • GOLD
  • Bitcoin
Perfect Money Units are used inside of the system as a store of value. This is part of the reason Perfect Money does not directly handle deposits or withdrawals as the entire system is based on their own cryptocurrency. 

When sending or receiving money from or to a Perfect Money account the money is handled by Certified Exchange Service providers that convert fiat currencies into Perfect Money Units.

What is an Exchange Service Provider?

perfect money exchanger

Exchange Service providers help Perfect Money users to top up their accounts through a number of different payment methods i.e. credit/debit cards, money transfers, bank wires, cash, and other payment solutions. These funds are credited to client accounts as Perfect Money Units, though they will be stored in subdivisions of the accounts that correspond with the deposited asset.

Clients can choose which service provider to withdraw funds through, as each offers different e-wallets, payment systems, credit/debit cards, bank accounts, bank wires, or cash.

To learn more about the payment tools offered by individual exchange services, please head to the “Certified Exchange Service Partners” page under their individual profiles. The exchange service providers determine their own fees, to learn more visit their websites.

Is Perfect Money Safe and Reliable

Perfect Money is a safe system, account security is a top priority. If a new IP address or browser attempts to log in to an account access is initially denied and a message is sent to the user’s given email address with a PIN code to verify that it is the account owner logging in. The user must then enter the code to gain access. This is an automatic procedure enabled on every account.

Perfect Money customer care Communication in English

Perfect Money’s English site has many mistakes, more than ought to be accepted from a company seeking to hold your financial assets online. Much of the site is understandable, but there are sections of entirely incomprehensible language.

For example, this bit of text can be found on the company’s ‘About page’, “The pink of absolute perfection that crowns world e-commerce henceforth will be presented by an ideal financial institution – Perfect Money which aims to bring the transactions on the Internet to the supreme level.” 

Though this is not a particularly important sentence, it is an example of the more extreme mistakes on the site. Seeing that the company does not have a close eye for detail on the page that describes who the company is, begs the question could they be cutting corners in other places.

When dealing with an e-wallet or any payment system understanding the information provided to you is essential. Not making the effort to ensure all of the text on their site is clear could be a sign of a lack of focus.

Perfect Money: Sign Up/ Open an Account in India

Account creation —  
Perfect money and its services are not allowed in India by the government or any authority, if anyone is using that means they are on risk mode. To get the perfect money account you need to visit the perfect money official website (Official website link), Getting started with perfect money is easy and very simple, In just a few steps you get the right perfect money account, Keep your mind if you are a U.S citizen then don't think to create an account, because perfect money not allowed to do business for U.S citizens, If you are outside of U.S then read and follow further steps to get perfect money account today,

*Steps for Register on perfect money website — 
  • (a) Visit the official website of perfect money (Official site link )
  • (b) Fill registration Or Account opening form.
  • (c) Confirm the registration by entering the ID code from the email (Id code sent by perfect money )
  • (d) Note:- Creation or registration on the perfect money website is free. and there are two types of perfect money account 1. Personal account 2. Business account
To start with perfect money payment system first go their official website On the top panel of the main page, click the "Register/Sign Up" button

perfect money sign up

 Next you will find Create an Account

Perfect money account opening form

For complete registration on perfect money you need the following data - Account name (Nickname), Full Name, the real address of your residence place, working email, mobile number, account type (personal or Business), your choice of password and you will also need to go through the captcha verification, need to acceptance of the terms and condition of the site, After entering al the data click the "Register " button

Next to the perfect money official system will be sent two e-mails. the first one arrives in your inbox with ID Code ( id code is confidential don't share it with anyone) that you must use to enter in your perfect money account, and the second e-mail arrives with a brief guide on how to funded and withdrawal into your account that we later read in this article.

Login to Perfect Money Account

Now its time to log in to your first created e-currency account (perfect money)To login to Perfect Money, you need to do the following:
1.Click on the “Login” tab.
2.Enter client ID and password.
3.Confirm your actions.
Next, we read more details in the member area of perfect money

perfect money login form

After successful login, New page opens the client area (personal account) where you see like this.

perfect money member area

The users of perfect money account holder can be seen their account status in corresponding data block of the "my account section " 

Perfect Money allows their user to reduce risk factors for making online transactions in just a few steps of modification in the member area.

There are various type of user authentication available in the perfect money system, by default it sends security code to the client's e-mail if users try to login with the different computer IP address, this is a free feature of perfect money for their all clients.


SMS authorization (paid option) – Every time you log into your account, the system will send SMS with a PIN code to the client’s mobile phone. The received code must be entered for authorization in the system. Each SMS message costs $ 0.1.

Code card – by activating this option, a set of codes will be sent to your e-mail, which must be used for each transaction of sending funds.

API – This option is used if you need to configure automatic payment acceptance.

To enable / disable any of the above options, click on the "Change Settings" link, and then in the "Security" section click "Change Security Settings"


How to Deposit Money to Perfect money account

Depositing into a Perfect Money account is not as easy as some other payment systems. Accepted deposit methods include bank wires, instant bank transfers (Germany, Austria, Switzerland, and Belgium only), Certified Exchange Partners, cash terminals (Russia and Ukraine only), Bitcoin, and e-currency.

Since Perfect Money does not handle all deposits and withdrawals of fiat currencies and encourages its users to interact with Exchange Service providers; the exception to the rule being bank wires, which can be sent directly to an account once it has been completely verified. These accounts only hold Perfect Money Units (a form of cryptocurrency), which is why an exchange is required to load the accounts.

Though they add an extra step and often time to the deposit process, the fact that there are so many different Exchange Services means there are also a plethora of accepted payment methods to use. Each Exchange Service is different and offers its own list of payment methods, accepted currencies, and fees.





How to withdraw money from perfect money to an Indian Bank account 

Converting Perfect Money electronic currency to fiat currency or other payment tools is simple. Money can be withdrawn through bank wires, a Perfect Money Prepaid Card, e-Voucher, e-currency, Bitcoin, or Certified Exchange Service providers. 


What are the differences between a premium and a partner account?

The differences are simple; a Premium account has exclusive features like more specialized customer service and reduced fees. To be granted Premium status members must meet certain criteria. A client should be registered with the system for a year and deposit no less than $100,000 USD(or the currency equivalent) into their account. Exceptions are made and can be applied provided the client’s turnover has surpassed the $100,000 mark.

On the other hand, a Partner account is a privileged account as well, however, it is generally opened by an agent of an exchange or payment system. This status is only awarded the Perfect Money Administration. This status helps optimize B2B payment processing for online businesses. Basically Partner and Premium are like VIP statuses for business and individuals respectively. 

Perfect Money Prepaid card/ e-Vouchers

Though Perfect Money claims to offer a prepaid Visa card there is little information about how to go about purchasing one and the fees around using it. More often mentioned are e-Vouchers which act as cashier’s checks for users.

perfect money voucher



E-Vouchers are special codes that can be used to deposit or withdraw to and from Perfect Money accounts. They can also be sold or given to other users and can be created instantly in the withdrawal section of your account. Convenient as they may be unless you know another user who is willing to give you cash or make an immediate bank transfer these vouchers are not a great way to withdraw money. When creating e-Vouchers unverified customers are charged 1.9% of the amount, while Premium members pay only 0.5%.

E-Vouchers can be quite a convenient way for users to send money, they can even be sent to people who are not yet a Perfect Money member, unfortunately, not many companies accept them. The point of a system like this one is that it is supposed to make sending and spending money convenient for its users. Sending money is not overly convenient when the companies you work with or buy from do not accept the payment method.

Perfect Money Mobile App

Perfect Money Mobile App

Perfect Money offers a lackluster app. It is capable of the majority of the system’s features including currency exchange, deposit and withdraws money from the system, make p2p or p2b payments, receive payments, a transaction history overview, and activate/buy Perfect Money e-Vouchers to name a few. The app meets the minimum criteria of an app for an e-transfer platform.

Download Perfect Money App



Conclusion: 62/100 – Not Recommended

perfect money review 2021


As an e-wallet and transfer system, Perfect Money does what it set out to do in creating a system that works. It is not the best e-transfer platform on the market, but definitely not the worst. Communication in English is not this company’s forte as there are numerous mistakes throughout the company’s site, not an unsurprising problem for a platform geared towards the Russian market.

Consumers continue to trust Perfect Money as their electronic payment system, for its account security and low fees. However, with its small network of accepting business, $100 minimum balance, and irreversible transactions it does not seem to be the most appealing option.

This company works very hard to present as a well-run organization. There are people around the world who trust Perfect Money, the majority of them are in Russia where the company has the most resources. However, there are a number of companies that provide more straightforward deposit and withdrawal methods, have more business they are connected with that accept their payment system, and communicate better. Perfect Money is an example of a middle of the pack service provider; the company does what it set out to do without making headway or striving to lead the pack.

If Perfect Money is high on your list of e-wallets and e-transfer services, some of its competition deserves another look: Neteller, Skrill, and WebMoney all provide superior service, have many more perks including prepaid debit cards, and have free instant deposits on more trading platforms.

Take time to look over all of the options you have for online transactions. Like Perfect Money Units, each e-wallet has its own special characteristics, these should be considered heavily when making your decision.

Disclaimer - 

I am not a financial advisor and this is not financial advice for anyone to buy sell exchange digital currency. I love the latest technology and blockchain technology that's why I choose to write on digital assets. so if you plan to invest in bitcoin mining/Perfect money consult your financial advisor or try at your own risk.


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