Sunday, July 26, 2015

RIP Webtransfer

That was good while it lasted. It seems that the project is as good as dead now though. The coming week we're expecting to hear some updates from the founders. The word is that if you deposit money into the system now, and create a loan, once the loan is returned, you will be able to withdraw the money directly in a matter of minutes.

There are ongoing debates on the forums as to whether this means that the project will be closed and this is the final money grab, or the project will be simply restarted with the newly attracted capital. In a way it doesn't make any difference to those who have money invested in it now - if it's restarted, your account will most likely be zeroed out or something of that sort.

If your money is stuck in the project right now, here's the only possible way now - use Exchange Services to get a fraction of your money out. The only ones that I found to work reliably (and they happen to be operated by WT themselves) are:
How do they work? They are companies that trade funds between different Payment systems. They have certain reserves for each pair of systems. E.g. in order for you to send money from WT to, say, Perfect Money, somebody has to do the reverse transaction first. As you may guess, reserves are currently staying close to 0, so you have to keep checking them often to see if there's anything there. To add to that, they also have uneven exchange rates. When I did my withdrawal, I would get 1 USD on Perfect Money for each 4.5 USD from WT. After losses on other scammy exchangers, I ended up getting around 15% of what I had on the account. It sucks - but I saw no other choice at the moment - if you wait longer you may loose everything. I may be wrong of course and it might be that the project will just continue its existence with newly found capital.

Anyway, ff you want to use the exchangers, here's what you need to do. First you need to make accounts on all the Payment Systems that are supported. I suggest these four:
These are the only ones that I needed myself to get (the fraction of) my money out.

The best thing to do is to get an account on all of them, because you never know where the reserves will appear. It's also best to do it ASAP, because now there are people who are still actually investing into WT and filling up those reserves.

After that, use the Exchangers above to get your money onto the Payment Systems. From there, you can send yourself a wire, or put money straight on your credit card.

Update: All of the above methods worked until recently. If you haven't got your money out by now, all you can do now is wait and hope.

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