Perfect Money is an established digital payment system founded in 2007. It offers instant online transaction services for multiple currencies, including USD, EUR, and Bitcoin. It is mainly used for cross-border payments, investments, and deposits.

Trustpilot rating: https://uk.trustpilot.com/review/perfectmoney.com

Risks

I will start by mentioning the risks associated with Perfect Money. It is recommended to read them before considering registering with Perfect Money, as the related risks are the responsibility of the reader.

• Regulatory Risk: Perfect Money may not be subject to strict regulation in certain countries or regions, which may increase legal and compliance risks. In these areas, users may lack legal protection, especially in cases of disputes or fraud.
• Reputation Risk: Due to low transparency and unclear regulation, there may be some degree of reputation risk associated with using Perfect Money.
• Legality Issues: Using Perfect Money or similar electronic currency systems may raise legality issues in certain countries or regions, which may lead to users violating local laws.
• Fraudulent Third-Party Exchange Platforms: There may be fraudulent activities associated with third-party exchange platforms for Perfect Money.

Uses of Perfect Money

• Currency Exchange: Supports the exchange of multiple currencies, including traditional fiat currencies and digital currencies such as USD, EUR, and Bitcoin.
• Deposits and Savings: Provides deposit accounts that allow users to store funds, potentially including interest earnings.
• Cross-Border Transactions: Particularly suitable for international transactions and payments, providing convenience for both international buyers and sellers.
• Purchase of Goods and Services: Buy goods and services from online stores and service providers that accept Perfect Money as payment.
• Investment Services: Provides investment accounts for users to participate in various investment opportunities.
• Payment Receipt: Allows individuals and businesses to receive payments as part of e-commerce activities.

Background

Recently, Xiaoz discovered Perfect Money when extracting commissions on a Russian X website. After researching and understanding Perfect Money, Xiaoz decided to register and wrote this article.

Registering with Perfect Money

My Perfect Money referral registration link: https://perfectmoney.com/signup.html?ref=93255274 (If it doesn't open, you may need your own magic)

Provide accurate personal information such as your real name and address. It is important that the information is true, as it may affect the subsequent account verification process.

• Account Name: For example, "Daniel's account," you can directly use your name in Pinyin.
• Full Name: Fill in your name in Pinyin, for example, if your name is "张三," fill in "SAN ZHANG" or "ZHANG SAN."
• City: Fill in the city name in Pinyin.
• Address: Fill in the address in Pinyin or English translation. It is recommended to use the address on your bank statement.
• Country: Select China.
• Email: Fill in your frequently used email address.
• Account Type: Select based on your situation. Xiaoz chose "Personal."

After ensuring that the information is true and accurate, click on the "Register" button at the bottom. After registration, you will receive an email with your "Member ID." Use your "Member ID" and the password you set to log in.

Account Verification

Account verification enhances your creditworthiness as a Perfect Money account holder and grants you access to advanced account features. You can still use Perfect Money without verification, but there may be limits and higher fees. The verification process requires the following documents:

• Passport
• Address Proof
• Phone Number

After logging in, open the verification page: https://perfectmoney.com/verify.html. There are three confirmations:

• Name Confirmation: Upload a photo of your passport.
• Address Confirmation: Xiaoz used a screenshot of the iFAST Global Bank statement address. In theory, statements from other banks should work as well (you can try using a Wise statement).
• Phone Confirmation: Fill in your domestic phone number, starting with "+86."

Xiaoz used a domestic phone number (with "+86" at the beginning). After submitting the phone number, you will receive a call from the United States, which includes a "PIN" code. Enter the PIN code on the webpage to confirm. The call is in English and will be repeated twice, but the speaking speed is fast. It is recommended to record the call when answering in case you didn't hear clearly and need to listen again.

Verification Time

Xiaoz submitted the application on January 10, 2024, at 11 am.

• Name confirmation passed in the afternoon of the same day at 3 pm.
• Address confirmation passed in the afternoon of the same day at 4 pm.

The verification process took less than one business day, and the efficiency was decent.

Deposits & Withdrawals

Perfect Money supports official bank wire transfers for deposits and withdrawals, but the minimum amount required is $300. If the amount is less than $300, you can use third-party exchange platforms. However, be aware that there are high fees, fraud cases, and risks associated with third-party platforms. Therefore, please exercise caution when choosing a third-party exchange platform.

Additionally, Xiaoz found that Gate Exchange also supports buying and selling virtual currencies with Perfect Money.

Currency Exchange

Perfect Money also offers currency exchange services, allowing the exchange of USD and EUR. Xiaoz conducted a comparison test and found that there is a 2% exchange loss compared to the exchange rate displayed on Google.

Conclusion

Perfect Money can be used with or without verification. Verification allows access to more advanced features. To verify, you need to provide identification proof, address proof, and phone number. The minimum requirement for official bank wire transfers with Perfect Money is $300. If the amount is less than $300, you can use third-party exchange platforms, but be cautious of high fees and fraud risks associated with these platforms. When exchanging currencies with Perfect Money, there is an approximate 2% exchange loss. Additionally, Gate Exchange supports payments with Perfect Money.

Perfect Money registration link: https://perfectmoney.com/signup.html?ref=93255274