27 mai 2014 May updates

Dear friends,

Due to new electronic payment regulations effective May 16, 2014 in Russian Federation, be informed about upgraded requirements to payers and recipients of Webmoney, Yandex.Money, and W1. It is now required by the law that you provide your personal details in the payment system account’s profile.

This results in some changes to our services.

Changes to Webmoney transactions

You must have a WM certificate of at least Formal level. Such type of certificate is granted to you once you have filled out your personal data form and confirmed your mobile phone number.

Changes to Yandex.Money transactions

While ordering a transfer to a Yandex.Money account, please allow two business days for the transfer to be processed if you have not specified this account in your previous orders with us. Thus, if your order is submitted on Friday, it will be processed no earlier than Tuesday the following week. All further orders that refer to the same account will be processed in an automatic mode within five minutes (if a transaction is operator-assisted, it will be processed within standard working hours). Please note that your Yandex.Money account must be verified.

Transfers to Yandex.Money will be processed with no delays, in an automatic mode, within five minutes. If a transaction requires operator’s attention, it will be processed within standard working hours. However, starting May 16, 2014, you must provide your personal details and verify your mobile phone number. Verification is only mandatory for non-citizens of the Russian Federation.

Changes to W1 transactions

When placing an order that involves withdrawal from a W1 account, please allow a 25 (twenty-five) hours’ delay according to the W1 requirements. After this period, the order will be processed in an automatic mode or with an operator’s assistance within standard working hours. W1 to W1 transfers and W1 uploads require no delays.

Starting May 16, 2014, it is required that you provide your personal details and verify your mobile phone number in order to send and receive funds using W1.

Suspension of LiqPay and ePayments transactions.

Please be informed that LiqPay and ePayments orders are suspended indefinitely.

To make it up for all this, we have some good news, too.

Starting this month, magnetic-exchange.net is offering new bidirectional exchange between Webmoney and cards issued by Privat24, Kazkommertsbank, and Halyk Bank. Please read system notifications carefully when using the new exchange directions.

Even more good news for Webmoney users: we are done testing the Magnetic Credit service that was launched several months ago.

Thank you for staying with Magnetic Exchange!

Sincerely,
Magnetic Exchange team.