MiFinity is an electronic wallet that has started to gain traction among online casino players in recent years. The method enables customers from 170 supported countries to swiftly send and receive secure payments to online merchants, or in this case, online casinos.
The payment processor has received accreditation from the UK Financial Conduct Authority (FCA) and is within the regulatory scope of the 2011 Electronic Money Regulations legislation. The Malta Financial Services Authority regulates it for European customers under the provisions of the 1994 Financial Institutions Act.
The company has over 18 years of experience in the field of online payments. However, the method was not all that popular among online gamblers until recently. MiFinity is much more than your average virtual wallet. It offers a broad range of cost-effective services and products to businesses and consumers alike, including virtual debit cards.
|Available In||Over 170 countries|
|Connecting Bank Card/Account to MiFinity||Fees apply|
|Withdrawing Balance from MiFinity to Your Bank Card/Account||Fees apply|
|Pay to Online Merchants||Free|
|Available for Deposits||Yes|
|Available for Withdrawals||Yes|
|Usual Deposit Time in Online Casinos||Instant|
|Usual Withdrawal Time in Online Casinos||Several hours to 48 hours processing; processing timeframes vary between casinos|
MiFinity is gaining popularity in the online gambling space due to the numerous advantages it offers. To begin with, players can use it both for withdrawals and deposits, an option that adds flexibility to their bankroll management.
MiFinity is convenient, reliable, and effortless to use. Also, language is never a barrier with MiFinity. Players worldwide can set up their virtual wallets in over 15 languages, including English, Italian, Chinese, Spanish, Swedish, Russian, French, and German.
Using MiFinity for Gambling Transactions
Using MiFinity for gambling-related transactions is beyond simple. You start by signing up for the virtual-wallet service, whereby you must enter a valid email address and choose a strong password for your account. They will send you an email to activate your new MiFinity account with. Just click the link featured in the email to proceed with the registration process.
You select your country of residence and specify what purpose you intend to use your wallet for. The dropdown menu gives you a choice from several options, including e-commerce, gaming, and travel. We recommend you choose your local currency, if available, to save on conversion fees.
MiFinity gives you a choice from 11 currencies – USD, EUR, GBP, AUD, CAD, CZK, RON, SEK, PLN, NZD, and CHF. The system will prompt you to boost your account’s security by selecting two security questions. Then they will send a verification code to the mobile number you have provided to complete your registration.
Make sure you act quickly because the verification code expires after five minutes. Of course, you can always request them to send you a new one if you fail to verify your number within the designated time. Then you sign in and upload the requested documents to verify your identity and address. You can use copies of your ID, passport, utility bill, credit/debit card (Mastercard, Visa, or UnionPay), or driving license. So far, so good.
MiFinity for Gambling Transactions Additional TipsNow that you have registered and validated your MiFinity wallet, you have to top it up so you can start depositing to your favorite online casinos. One thing we particularly dig about MiFinity is that you can add several wallets to the same account. You can choose different categories and currencies for each wallet integrated into your account.
Registrants can fund their wallets’ balance with a variety of methods. Feel free to use your credit/debit card, bank transfers, and cryptocurrencies like Bitcoin and Bitcoin Cash. Players can also fund their MiFinity accounts with locally available payment processors like Klarna, iDeal, Giropay, and Trustly. The method you use must be in your name.
When you are all set, just log into your existing casino account or create a new one at a new gambling site you want to try. Open the casino’s cashier and select MiFinity from the list of accepted payment solutions. Specify the sum you wish to transfer to your casino balance and select Deposit.
The system will transfer you to the MiFinity login page, where you have to enter the email and password you registered with. The next step involves selecting a deposit option, with a choice from your MiFinity wallet’s balance, bank card, online banking, or cryptocurrency. Click on Make Payment, and you are good to go.
Deposits with MiFinity are typically instant, allowing users to start gambling at their favorite online casinos in the blink of an eye. Another great thing about MiFinity is that it enables you to withdraw your casino winnings just as conveniently. The withdrawal process is nearly the same as depositing, the only difference being it requires a bit more time.
Accredited and trusted gambling operators normally process withdrawal requests within 24 to 48 hours. Of course, the exact processing timeframe depends on the individual casino’s policies. After the funds reach your wallet, you can withdraw them from your balance to a card or via a bank transfer.
|MiFinity Gambling Transactions|
|Supported Transactions||Deposits and withdrawals|
|Deposit Pending Time||Instant, no pending time|
|Withdrawal Pending Time||Up to 48 hours depending on the respective casino’s policies|
|Additional Security||Login required; Two Factor Authentication|
Advantages and Disadvantages of MiFinity as a Casino Deposit Method
There are many reasons why more and more players are transitioning to MiFinity as their preferred banking solution. For starters, the service is widely available to users from over 170 countries around the globe. The list of non-service countries is rather short, spanning only twenty or so restricted regions.
Most of these are jurisdictions where online gambling is either illegal or unregulated. The list includes countries like Afghanistan, Iran, Iraq, Syria, Sudan, Yemen, Turkey, Cuba, and North Korea. If you live outside these countries, you will experience no trouble setting up a MiFinity account.
The ease of use is another major plus of MiFinity. You can easily deposit and withdraw from your casino account in eleven currencies. There is no need to pay for conversion if you set up your MiFinity account in the same base currency as that of your online casino account.
The method is also very cost-effective, especially compared to widely used wallets like Skrill and Neteller. To put things into context, depositing with cards to your MiFinity account comes with a 1.8% fee, compared to Neteller and ecoPayz where fees reach 2.5% and 10%, respectively. If you deposit with locally available methods like iDeal, the fees with MiFinity are even lower at €0.50.
Additional Advantages and Disadvantages of MiFinityThe good news is withdrawals are equally inexpensive with MiFinity. You can pull out money from your balance at a flat fee of €1 per withdrawal, provided that you use local bank transfers or Visa cards issued in the European Economic Area (EEA). Maintenance fees on inactive accounts are also lower, compared to other similar methods.
Most online casinos that support MiFinity do not impose extra charges on payments with this wallet, which also saves you money. We should also not underestimate the high levels of security MiFinity offers. The method relies on up-to-date security technologies to process your payments.
You can have peace of mind, knowing all transactions to and from your wallet are well-protected. The way this method operates ensures an extra level of protection. There is no need to share any sensitive information when making or requesting a payment.
You can send and receive money anonymously by using only your email and MiFinity password. Once you select MiFinity in the casino cashier, the system will transfer you to the method’s login platform. The gambling operator has no access to your credentials and sensitive banking information.
Last but not least, MiFinity is a customer-oriented company that strives to ensure each user’s satisfaction. The platform supports several communication channels, including a quick and highly efficient chat service.
Compared to all these benefits, MiFinity has very few disadvantages. While registration is relatively simple, you still have to invest some time into setting up your account. Additionally, users must upload various documents to validate their MiFinity accounts. Otherwise, it would be impossible to transfer funds to the wallet’s balance.
The verification process takes 24 to 48 hours. This delay can be a major nuisance, especially when one is itching to start playing their favorite casino games for real money. Finally, there is the issue of availability. Albeit more cost-effective, MiFinity is not as widespread at online casinos as other wallets like Skrill, ecoPayz, and Neteller.
|MiFinity Pros||MiFinity Cons|
|Adequate chat assistance in real time||Fees on deposits and withdrawals to and from your MiFinity account|
|Availability in most countries worldwide with very few exceptions||Unavailable for online gambling transactions in the United States|
|Support of 11 currencies||Requires registering an account|
|Regulated by the FCA and the MFSA||Players must undergo verification before they can upload any funds to their wallets|
|No fees on casino deposits and withdrawals||Not as broadly available in casinos as Skrill, PayPal, and Neteller|
Fees for Gambling Transactions with MiFinity
MiFinity is very inexpensive to use, especially compared to similar virtual-wallet services. Opening an account is free, and so are deposits and withdrawals at most casinos that accept this method. Additional fees apply only when you top up your MiFinity balance or withdraw from it. Still, the charges are quite reasonable even if you are a small-scale gambler.
The most cost-efficient way to transfer funds to your wallet is to use Mastercard and Visa cards issued within the EEA. You will have to pay 1.8% in this case. The same applies to deposits with UnionPay, Klarna, and Bitcoin. The charge on transfers with iDeal is the lowest at €0.50 – this is the most inexpensive way to fund your MiFinity wallet.
The cost is higher for cards issued outside the EEA, reaching 2.5%. Argencard deposits come with a 7.7% fee, while those conducted with Aura reach 8.7%. The fees for Boleto, Bradesco, Itau, and PagoFácil are slightly lower at 6.7%. We suggest you look at MiFinity’s official website where you will find the fees applying to all accepted deposit methods.
Withdrawing from your wallet’s balance comes at a low price of €1 for SEPA bank transfers and EEA Visa cards. International Visa cards and EEA Mastercards incur a €1.75 fee on withdrawals, while interregional Mastercards cost €2 per request. Receiving money from casino operators and other online merchants comes at no extra cost.
The same goes for online casino deposits. We recommend you use your MiFinity account regularly to avoid the monthly maintenance fees of €1, which apply after one year of inactivity. As for currency conversion, MiFinity charges 2.99% to its wholesale exchange rates.
|Gambling Deposit Fee||Free|
|Gambling Withdrawal Fee||Typically free|
|Bank Account Deposit Fee||Country-specific (3.5% + €0.35 for Estonian banks, 7% + €0.35 for Latvian banks and Lithuanian banks, €0.50 for online bank transfers via iDeal)|
|Bank Account Withdrawal Fee||€1 within SEPA|
|Credit/Debit Card Deposit Fee||1.8% for Visas and Mastercards issued within the EEA, 2.5% for non-EEA Mastercards and Visas, 1.8% for UnionPay cards|
|Credit/Debit Card Withdrawal Fee||€1.75 for interregional Visas and EEA Mastercards, €2 for interregional Mastercards, €1 for EEA Visas|
|Maintenance Fee||€1 administrative fee after 12 months of inactivity|
Processing Times for MiFinity
Like most e-wallets, MiFinity facilitates time-efficient payments to and from your online casino balance. Online casino deposits occur in real-time, meaning that the deposited funds hit your gambling balance instantly. The minimum deposit with this method is usually as low as €10 at most gambling sites.
Winning is easily the most exciting thing that can happen to you in an online casino. The good news is you can use MiFinity to swiftly cash out your loot. Note that processing timeframes would range across different sites.
Some casinos would approve your request within several hours. Others will require 24 to 48 hours to release the funds from your gambling account. It all comes down to the withdrawal policies of individual operators.
Processing Times for MiFinity Additional Tips
Keep in mind that further delays are possible in case you try to cash out a heftier amount. The casino might request you to send some documents for verification and their assessment will take some time. It is a standard procedure that seeks to prevent financial frauds such as money laundering.
MiFinity credits your wallet’s balance immediately when you use upload methods like credit or debit cards, online banking, and direct debit. However, the transaction is subject to reversal provided that MiFinity does not receive the money within a reasonable timeframe.
When cashing out to your bank account, you must do your due diligence and make sure you have entered all your banking details correctly. These include your bank account’s number, your bank’s sort code, IBAN, or BIC/SWIFT.
MiFinity will charge you an administrative fee to a maximum of €25 in case you have requested a withdrawal to the wrong banking instrument. The company usually helps customers reclaim their funds in such instances.
|MiFinity Processing Times|
|Gambling Deposit Time||Instant|
|Gambling Withdrawal Time||Processing times of up to 48 hours based on the operator’s withdrawal policies|
|Bank Account Deposit Time||Immediate|
|Bank Account Withdrawal Time||Might take several business days|
|Credit/Debit Card Deposit Time||Immediate|
|Credit/Debit Card Withdrawal Time||Immediate|
MiFinity provides players with the ultimate flexibility to deposit and withdraw from their favorite online casinos as they go via dedicated and web-based applications. You can access your MiFinity wallet from your mobile browser if you do not feel like downloading the native apps. The company itself recommends you use up-to-date versions of commonly available browsers like Safari, Chrome, and Mozilla Firefox.
The alternative is to install MiFinity’s dedicated app on your Apple or Android device. You can download it at no cost from the official Google Play and App Store platforms. Both apps are very user-friendly and highly effective, making it easy for mobile players to manage their payments on the go.
The interface is nice and crisp, allowing users to perform quick money transfers without experiencing any frustrating hassles. Both the browser version and the downloadable apps incorporate a chat feature. You can contact the support team in a flash if any issues arise.
The menu in the right upper corner gives you instant access to all vital functions of your account – deposits, withdrawals, transaction history, and the card or bank accounts linked to your wallet. Much like the desktop MiFinity, the mobile web-based version offers multi-language support, giving you a choice from over a dozen languages.
You can even install the Android app on older devices as the minimum compatibility requirement is Android 5.0. The iPhone app works on iOS 11.0 and above. The developers update both apps frequently to improve stability and performance for all users.
|MiFinity Mobile Payments|
Security at MiFinity Casinos
Casino players who choose MiFinity should feel safe knowing their transactions and sensitive information are secure and well-protected against cybercrimes. Several years ago, the company announced its partnership with FourStop GmbH, the global leader in the field of online fraud prevention.
The integration of this advanced anti-fraud technology further consolidated MiFinity’s security levels, decreasing the chances of having your sensitive information hacked or misused. Such breaches are unlikely to occur with MiFinity.
Due to regulatory requirements, the payment company added Strong Customer Authentication (SCA) to its lineup of authentication methods back in the fall of 2019. Customers from the EEA, Norway, Iceland, and Liechtenstein receive text messages with verification codes to enter along with their login credentials before they can pay from their wallet balance.
On top of that, MiFinity implements an advanced fraud-alert system to monitor all accounts for questionable activities. Customers themselves can report to email@example.com if they feel their accounts have been compromised in one way or another. The company has authorization to conduct payment services from the UK Financial Conduct Authority (FCA) and the Malta Financial Services Authority (MFSA).
MiFinity Casino FAQ
Do many online casinos work with MiFinity?
MiFinity does not match wallets like Skrill, ecoPayz, and Neteller in terms of popularity. The number of casinos accepting it is not as great. However, the method has started to gain traction among online casino players, as more and more gambling sites offer it. If unsure about its availability, you can always reach out to your casino’s support team and ask. They will readily tell you whether or not paying with MiFinity is an option.
Is MiFinity expensive to use as a casino payment method?
No, quite the contrary. MiFinity is one of the most cost-efficient virtual wallets available out there. Users have to pay nominal fees only when funding their wallets or withdrawing from their balance. The administrative fee for inactivity is also lower than what most other online wallets charge. Depositing and withdrawing money with MiFinity usually comes at no extra cost for online casino players.
Is MiFinity safe to use at online casinos?
Yes, this payment platform relies on several authentication methods to ensure the protection of its users. It monitors all transactions for suspicious activities in real-time and uses a Two Factor Authentication under the requirements laid out in the Revised Payment Service Directive of 2015. Upon suspicion of foul play, MiFinity will temporarily block the access to your account to protect your data and funds. Encryptions are also in place to prevent breaches and hacking attempts.
Do I qualify for bonus redemption with MiFinity?
Yes, this is another strong point of MiFinity. Some casinos disqualify deposits with e-wallets like Skrill, PayPal, and Neteller from bonus participation. However, MiFinity rarely, if ever, makes it on the list of disqualified payment solutions. You can typically use it for all bonuses that require deposits, including reload offers, welcome packages, free spins, and cashbacks.
Is MiFinity available for gambling transactions in all supported countries?
MiFinity is available in around 170 countries worldwide – the list of unsupported jurisdictions is a very short one indeed. In its general terms and conditions, the company states that sending or receiving payments from entities that offer illegal gambling is strictly against its policies.
Customers from countries where online gambling is illegal cannot use MiFinity for such transactions even if the method supports their region. MiFinity gives Turkey, Malaysia, Israel, Belarus, Yemen, and the United States as examples. If you violate this term, MiFinity will temporarily suspend or even terminate your account for good.