The online casino banking department is growing as punters now want more payment options. Convenience and speed are largely demanded, and many banking methods are emerging, but not all could meet these factors.
However, SPEI stands out among the payment options, and it is being adopted by many online casinos.
SPEI speeds up interbank transactions, making it ideal for punters. And since the online banking payment gateway works similarly to bank transfers, users find it easy to use. If you want to learn more about this banking method, read on as we discuss SPEI and its usage in online casinos
Canadian Crypto Casinos Accepting SPEI Deposits
Getting Started with SPEI
SPEI stands for Sistema de pagos electrónicos interbancarios, which translates to Interbank Electronic Payment System. It is a solution devised by the Bank of Mexico to foster a better and faster movement of funds between banks. The method is also very safe, as it enjoys both encryption technology and traditional banking standard security.
SPEI started in 2004, and it has many uses, including bill payment, online shopping, and fund transfer. Meanwhile, the recent technological advancement and demand for more banking options have resulted in its integration into many online gambling platforms.
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Aside from the speed and instant payment processing time, SPEI is easy to use. While it is also safe, it has limited coverage, and the number of currencies is limited. Also, SPEI may not charge you, but the local bank you’re using may charge you for transactions.
Interestingly, SPEI does not take custody of funds, which means you don’t have to open an account or complete KYC. Provided you have a bank account, you can fund your online casino account via SPEI. Meanwhile, ensure your bank supports this online banking gateway.
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How to Deposit with SPEI at Canadian Crypto Casinos
Deposit is inevitable as far as real money online gaming is involved. You will find funding via SPEI easy provided your online casino supports it.
Meanwhile, ensure you have enough money in your bank balance before you initiate a transaction.
ёThe following steps will guide your first deposit with SPEI.
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- Find a reliable online casino that accepts SPEI and open an account with it.
Ensure you check the security, licensing, bonuses and other factors that will make the gaming platform enjoyable and safe. - Log into your new account using the credentials created while registering.
- Head to the Banking or Cashier section to access the deposit tab.
- Click on the deposit tab to reveal the available payment methods.
- Locate and choose SPEI from the available banking methods.
This will generate a reference slip, so ensure you keep the information on it safe. - Sign in to your online banking account and provide the details on the generated reference slip
- Populate your deposit amount and provide other required information
- Confirm the details of the transaction before authorizing the deposit.
You will see the amount in your casino balance instantly, provided it is successful.
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How to Withdraw with SPEI at Canadian Crypto Casinos
Withdrawal is as vital as deposit in the online gambling industry, and players can cash out via SPEI. Interestingly, the process is easy and can be completed in a few steps.
However, you must have a sufficient withdrawable amount in your casino balance before trying to withdraw. The following steps will aid your withdrawal
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- Visit the banking section like you did while funding your online gambling account.
- Pick the withdrawal option to see the available methods
- Scan through and choose the SPEI banking method
- Enter the amount you wish to withdraw. Make sure it falls within the limit of the platform.
- Continue your withdrawal by supplying all required details and following the instructions.
- Check the details before submitting your withdrawal. You will receive your fund once it is approved.
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SPEI Deposits vs Standard Bank Transfers
While SPEI is not as popular as bank transfer, they both rely upon an existing bank account to operate. However, there are some differences between the two top payment methods. Check them out below
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| SPEI | Bank Transfer |
|---|---|
| SPEI deposit has a fast processing time | Deposit speed depends on the bank and can be delayed |
| Keeps user’s information anonymous | User’s information is exposed |
| You might incur a cost | Bank transfers are primarily free |
| SPEI Account opening is not needed | Opening a bank account is compulsory |
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Pros and Cons of Depositing with SPEI
Check out some of the advantages and disadvantages of using SPEI for your online gambling account.
- Fast and reliable
- It is safe
- SPEI is easier to use
- Requires no account opening
- Supports only one currency
- Limited in many countries
SPEI Payment Alternatives
Conclusion
SPEI remains one of the top brands when online instant payment is involved. Building its reputation over the years, many online casinos now allow deposits and withdrawals via SPEI.
The banking method is fast, safe, and easy to use, making it ideal for punters.
However, there is a need to spread to many nations as it is only available in Mexico. Also, more currencies are needed and transactions are not free.
You can try funding with Bitcoin or other digital currencies. They are swift, secure, easy to use, and not limited by country or currency.
FAQs
Yes, you can fund and withdraw from your online casino account using SPEI. The processes are easy.
SPEI is officially free, but your linked bank may charge you for services rendered.
No, account creation is not needed to use SPEI. However, you must have a bank account.
Michael Leblanc,
Author of CCB
