Yandex Money

Yandex Money, also known as YooMoney, is one of the largest electronic payment services in Russia. The company was founded in 2002 following the joint ownership of leading search engine provider Yandex, and Russia’s largest bank, SberBank. Today, the payment service is recognised across the country with 60 million registered customer wallets. This review will cover virtual plastic card fees, account deposit options, accepted brokers, how to register and login security.

The best Yandex Money brokers that accept trading deposits and withdrawals include eToro, FXTM and XM.

How Yandex Money Works

Yandex Money is a digital payment solution for transfers, online shopping, bill payments and more. Merchants, including trading brokers, can add the payment service as a deposit and withdrawal option via CMS modules. These work via a business-to-business model named Yandex Money Checkout. Yandex Checkout is incorporated into 60 content management API systems so businesses don’t have to worry about programming and coding integration.

The brand operates from its headquarters located in Moscow, Russia. The company is the most popular payment system in Russia with a market share of 37%. More than 75,000 online stores and services have integrated the payment solution.

For customers, including retail traders, the payment method is straightforward to use following registration. Simply deposit to your Yandex Money account to fund online transactions. Accepted payment methods include:

• Internet Banking – SberPay, Alpha Click, Tinkoff
• Phone Balance – Beeline, Megaphone, MTS, Tele2
• Electronic Money – YuMoney, PayPal, WebMoney, Qiwi Wallet
• Bank Cards – Credit/debit cards (VISA, MasterCard, AMEX), Apple Pay, Google Pay

Note, accepted payment methods vary by country of residency. For example, residents in Europe can utilise bank wire transfers or PayPal.

Transaction Times

Deposits to a swing trading account with Yandex Money are relatively quick. Pending verification, the company processes all payments instantly. This is similar vs WebMoney, Qiwi and PayPal. Of course, brokers may have their own timelines which can cause delays in funds being available in your trading account.

Similarly, withdrawals are fast but are reliant on your broker’s processing timelines. Fortunately, payments are often approved within several working days. FXTM, for example, guarantees a one day withdrawal time for payments using Yandex Money.

Pricing Review

Merchants are charged a commission fee for successful payments. Business commission charges start from 2.8% per payment, though this varies depending on the method selected by the customer and the monthly business turnover.

Typically, swing trading brokers absorb the fees rather than passing them on to the trader. XM, for example, covers all transfer charges using the solution, with the exception of withdrawals under $200.

Yandex Money does not charge merchants a sign-up or monthly service fee. It should be worth noting, however, that exchange rates may apply depending on your account’s base currency. Thankfully, the new multi-currency service allows users to hold and pay in different ten currencies without a charge.

Traders should also be aware of a service fee for wallets that remain inactive for more than two years. This is charged at 270 Rubles per month.

Security

Yandex Money is a safe and secure payment method, making it easy for traders to deposit and withdraw. All transactions are confirmed with an email notice. Text message notifications can also be integrated for 50 Rubles per month. In addition, anti-fraud guidance can be found on the website for tips to stay safe. The customer service team can be contacted 24/7 if you suspect fraudulent activity on your account.

Importantly, custom transaction limits can be added to a wallet meaning you can take full control over daily, weekly or monthly spending. Two-factor authentication (2FA) can also be added to accounts as an additional security step.

Traders should be assured of industry-standard encryption using the HTTPS procedure. Our review was also pleased to see external security inspections are conducted annually in line with top-tier MasterCard and Visa safety standards.

Pros of Yandex Money for Traders

Benefits of trading with Yandex Money include:

• Rewards – Registered users can receive cashback and bonus points. Customers can transfer promo points and make purchases at accepted retailers via a gift card. Promotional codes and details of rewards are published on the official website
• Mobile App – The Yandex Money mobile application is available to download to iOS and Android (APK) devices from the Apple App Store and Google Play. Users can make payments directly from the app and wallets can be linked to Apple Pay and Google Pay. The application can also be used to track the status of deposits and withdrawals
• E-Wallet – The electronic wallet and purse is a safe and reliable storage solution. The interface is also user-friendly and enables automatic payments to be set up, ideal for funding swing trading accounts
• Multi-Currency – The payment service now offers multi-currency account options rather than the original Russian Ruble only solution. As a result, traders can open a free Yandex Money account in 10+ global currencies including Euro (EUR), US Dollar (USD) and Great British Pound (GBP), reducing exchange rate fees. Fiat to digital currency payments, including Bitcoin (BTC), are also possible
• Virtual Cards – Traders have the flexibility of the virtual or physical payment card. Withdraw cash, transfer money or make payments, the physical card is a multi-purpose addition. The virtual debit card (VCC) is also free and issued instantly following account registration. An alternative plastic card can be purchased for 99 Rubles for 3 years and offers up to 5% cashback in bonus points. The firm has also recently started offering straightforward transfers to Uzcards

Cons of Yandex Money for Traders

Drawbacks of trading with Yandex Money include:

• One Currency – Non-verified account holders can only access services denominated in Russian Rubles. A lengthy verification process is required to upgrade accounts, though multi-currency payments and increased transfer limits are then available
• Registration Time – Clients must open a Yandex Money account before they can make payments. Traders registering from outside of Russia should also note a processing time of up to one week due to identification checks and enrolment forms
• Wallet Limits – Non-authorised wallets are subject to a 15 thousand Ruble account limit. Fortunately, this increases to 60 thousand Rubles once your account has been approved and your identity verified
• Accepted Countries – The transfer solution is primarily focused on residents from CIS states, such as Belarus, Armenia, Moldova, Georgia, Latvia and Ukraine. Residents in the USA and Canada cannot use the payment solution. See our list of supported brokers above before making a deposit

How to Make Yandex Deposits & Withdrawals

The first step is to register for an account. This can be actioned via the Yandex Money website using an email address or social media account. Pending approval, you can log in and begin loading money to your wallet ahead of making a payment.

Note, permitted activities will depend on your account status: anonymous, reviewed or identified. Identification with a Russian or alternative passport is required to move through the three levels, which have varying features outlined below.

Anonymous

• Transfers not available
• Default account at registration
• Payment limit of 15,000 Rubles
• Payments accepted within Russia only

Named

• Worldwide payments
• Russian residents only
• Payment limit of 60,000 Rubles
• Transfers available to other Yandex customers

Identified

• Worldwide payments
• Payment limit of 250,000 Rubles
• Transfers available to other Yandex customers

Verdict

Yandex Money is a secure solution that can be used to deposit funds to trading accounts. The transaction process is straightforward, with several accepted payment methods. Importantly, most brokers offer almost instant processing and absorb transfer fees, though it’s worth checking terms and conditions before getting started. On the downside, there is a lengthy registration and identification process for global clients. Still, overall, Yandex Money is a good option for active swing traders.

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