How Does MiFinity Work?
Like other eWallets, MiFinity begins with an account created on its website or through its iOS or Android app. Add funds using a bank account, card or another supported payment method, then use the wallet to deposit or request withdrawals at casinos that accept it.
Security
MiFinity is presented as a UK-based eWallet licensed by the FCA. The service says it protects funds and account access with SSL encryption and 2-factor authentication. A login code is sent to your mobile phone for you to enter when signing in.
Types of Services
MiFinity’s main service is its eWallet. A standard account permits transactions totalling up to $2,000 per year; verification can raise the stated annual limit to $10,000.
To verify an account, submit identification and other documents for identity checks. This process can take up to 48 hours.
Availability and Currencies
MiFinity’s reach may be one reason casino users consider it: people in more than 180 countries can open an account. The wallet supports over 50 currencies, including USD, CAD, EUR, GBP, AUD, ZAR and NZD.
Making a Deposit Using MiFinity
After funding your MiFinity wallet, choose it at checkout if the casino offers it as a deposit method. The casino redirects you to a MiFinity sign-in page. Once signed in, you can pay from the wallet balance or use a credit or debit card linked to the account.
Withdrawals Using MiFinity
A casino that accepts MiFinity deposits may also support withdrawals through the wallet. To request a payout, select MiFinity in the casino’s withdrawal process, sign in to your wallet and confirm the payment.
The casino receives the withdrawal request at that point, but payment is not immediate: the casino must approve it first. Approval can take up to a couple of days in most cases. After approval, the funds are said to reach the MiFinity account instantly.
Fees and Limits
MiFinity may charge fees when you add money to or withdraw from the wallet, even if the casino itself does not charge for this payment method. The amount depends on how the transaction is made. For example, Casino Ideal’s review gives a 1.8% flat fee for funding by Visa or Mastercard from within the EEA. MiFinity’s website provides its full fee schedule.
Pros and Cons of Using MiFinity
The range of casino payment methods involves trade-offs. MiFinity’s support for cryptocurrencies is a key benefit, while fees for funding and withdrawing from accounts are a main drawback. Some eWallets charge for only one of these transactions. Overall, MiFinity is another option for online casino players moving funds into and out of casino accounts.
Advantages
- Account setup is straightforward
- Transactions are described as lightning-fast
- Cryptocurrencies can be used to fund the account
- Described as a highly secure payment solution
- More online casinos are accepting it
- Available in over 180 countries
