In the past couple of years, the cashier sections of online sportsbooks have become more abundant in terms of online banking solutions and digital wallets in particular. MiFinity is a fintech brand that punters come across increasingly often while browsing through bookies’ websites. A significant part of them have already started using the solution for making deposits to their betting accounts and for withdrawals as well.
A few words about the company. Established back in 2002, MiFinity already has a 20-year extensive experience in the online payments sector and provides a high-quality service package. Apart from its headquarters in Belfast, MiFinity also has regional offices in Dublin and Malta. The company holds a FCA license and a certificate issued by Union Pay International to provide pre-paid physical cards, acquiring services, and support the MoneyExpress remittance program.
Through the years, MiFinity has established specific and reputable relations with different industry sectors, including online sports betting. That is why its e-wallet is accepted as a payment method by sportsbooks in many parts of the world. The countries where MiFinity is among the most popular choices of online bettors comprise but are not limited to the UK, Australia, New Zealand, the Netherlands, Germany, Sweden, and Finland.
How MiFinity Functions?
This payment service provider is liked for the speedy transactions, user-friendly procedures, and secure handling of funds it provides. The three main services offered by the company are MiFinity eWallet, Send Money, and Union Pay International. The latter represents a safe method for consumers outside China to send money to UnionPay-issued cards in the country. The service utilizes UnionPay MoneyExpress network and enables 24/7 transfers no matter if you are using a laptop, a tablet, or another mobile device.
MiFinity in no way rests on its laurels but constantly works to improve the services it provides. The latest update we are aware of is from the very beginning of 2022 when the fintech brand introduced virtual IBANs. Users can now request and link a free IBAN to their MiFinity e-wallet and thus top up their accounts. The other deposit options MiFinity supports are Visa, Mastercard, MiFinity eVoucher, CashtoCode, Interac, Sofort, Trustly, UnionPay, bank transafers, etc. As you see, the company has taken care to ensure methods that are suitable for different types of users.
The e-wallet accepts transactions in 15 currencies – AUD, CAD, CHF, CZK, DKK, EUR, GBP, JPY, NOK, NZD, PLN, RUB, SEK, USD, and ZAR. What is more, in August 2021, MiFinity announced it has added Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin to the list of funding and withdrawal options within its platform. The service enables customers to convert the mentioned cryptocurrencies into fiat currency. After that, the equivalent amount is credited to the e-wallet and can then be used for real-time online purchases or deposits to betting accounts.
Opening an MiFinity Account
If you decide to use MiFinity as a payment method for executing deposits and withdrawals in connection with your sports betting experience, you will find out that it is quite easy to control your transactions. To be able to use any of the services provided by the e-payment provider, users must first open an account. As per the company’s T&C, they are allowed to open up to nine digital wallets within one account. The registration procedure is a piece of cake and will last just a couple of minutes.
Enter the email address and password you want to use, confirm your choice and you already have an account. Then it is time to set up your wallet such that it serves your needs in the best possible way. Carefully select your preferred currency to avoid unpleasant conversion fees in the future. Of course, you also have to fill in some personal details like your name, country of residence, address, etc. If you are making the registration with the main goal to use MiFinity for depositing to your sports betting account and cashing out your winnings, you can indicate that you need a Gaming type of e-wallet. Thus, the service provider can personalize its additional offers to you.
Before you verify your account, you must choose some secret questions and answers thus adding another security layer to the protection of your data. After you are ready with your account’s settings and the verification has been successful, it is finally time to place some money in it. Favorably, the variety of deposit methods is so abundant that you will surely find a solution that is suitable for you. MiFinity has a dynamic scheme regarding the amounts you can load your balance with. Limits are related to the customer’s current verification status and the chosen payment method.
Depositing to Your Sportsbook Balance
If you compare the deposit methods available in the cashier section of your betting account, you will most likely find out that MiFinity offers a faster and more advantageous way to process your funds. It allows punters to instantly top up their balances and enjoy their favorite pastime without the risk of revealing any important financial information.
Needless to say, before being able to add money to their sportsbook accounts via MiFinity, bettors must have preliminarily registered with the service and funded the e-wallet. Since they have done that, punters have to log in and find the deposit section. It is within the account’s cashier of course, but most online bookies also have a separate deposit button that is usually visible in the upper right corner of the screen.
After you select MiFinity for the payment method to execute a deposit with, you will be prompted to specify the relevant amount you wish to add and a bonus code if you have such. The next step is to sign in to your e-wallet account. If you still have not registered one, you can press the Create Account button and follow the instructions. Another option the interface of some online bookies provides is to enter your bank card details and MiFinity to act as an intermediary between the online sportsbook and your card.
When you have logged in to your MiFinity account in order to execute a sportsbook deposit, you can choose between the available balance in the e-wallet, the credit or debit card that you have saved, or an alternative service registered within MiFinity. Once you select the particular deposit method and authorize the transaction, the specified amount will instantly appear in your betting balance.
Withdrawing from Your Sportsbook Balance
The usual practice of online bookmakers is to oblige its registered users to initiate withdrawals via the same method deposits have been made. Fortunately, MiFinity in no way hinders this and enables a relatively fast and simple cashout process. Trustworthy betting platforms normally process withdrawal requests between 24 and 48 hours, as the exact time frame depends on the individual sportsbook policy. After the amount appears in your wallet, you can withdraw the money from your balance to a card or via a bank transfer.
So, what do you have to do to cash out your winnings? Steps are almost the same as the ones you perform when making a deposit. First, log in to your betting account, go to the cashier section, and select withdrawals. When you find and press the MiFinity button in the e-wallet category, a new window will open inviting you to enter the amount you wish to cash out and the number of your digital wallet account or the email you have registered with.
After you complete your part of the withdrawal process, it is time for the bookie to handle the request. Keep in mind that due to some security and verification reasons, online bookmakers usually apply a cash-out policy that makes it impossible to instantly access your winnings. With the proviso that every betting platform has its own rules, we can say that in the general case MiFinity withdrawals take up to 2 business days.
Cost and Fees
An important aspect of each online payment method are the fees related to its usage. Our team checked several sportsbooks and none of them imposed any fees for MiFinity transactions. This and the fact that the e-wallet service provider does not charge you for setting up an account, rank MiFinity among the most cost-efficient payment solutions in the gambling field.
However, you should not think that the digital wallet is completely free to use since the company has some in-house fees which users must comply with. All these are understandably presented in a special section of MiFinity’s website and can be accessed without the need to log in to your account. According to the company’s fee table, the only free-of-charge deposit method is SEPA bank transfer. As for the other options, fees vary between 1.8% and ~9% with the lowest being for Visa, Mastercard, UnionPay, and cryptocurrency transactions. If you wish to use another banking solution, you better check MiFinity’s site because the relevant charges are diverse and sometimes region-specific. For example, if you top up your e-wallet account via a Latvian or Lithuanian bank, you will have to pay a fee of 7% + €0.35.
Regardless of the method you choose for performing a funds withdrawal, the service comes with a fee that is presented either as a percentage of the transfer amount or as a fixed sum. Users who decide to cash out some money to their cryptocurrency wallets are charged a 1.8% fee. Visa and Mastercard withdrawals come with fees of between €1 and €2 depending on whether the transfer is within or outside the EEA.
If you happen to be in a situation to perform a transaction that requires a currency conversion, you must be ready to pay an additional fee of at least 2.99%. The amount can go even higher if you are using not commonly known currency. That is why it is very important to make the correct settings when initially registering your e-wallet account.
Except for the discussed deposit and withdrawal fees, MiFinity does not impose any service charges for maintaining its users’ accounts. Keep in mind, however, that if you do not log in to your account at least once every 12 months, an inactivity fee of €1 per month will be taken out of your balance.
Security and Privacy
One of the reasons for MiFinity to enjoy a persistent and ever-growing user mass is that the company applies strict security measures to protect all transactions and the sensitive information its customers provide. It is noteworthy that the payment service provider complies with PCI DSS Service Level 1 regulations which means that its operation is regularly inspected and all products and services are fair and legitimate.
MiFinity applies all top-level security standards like SSL (Secure Socket Layer) data encryption and also defends its IT systems via state-of-the-art firewalls. The service provider has also implemented Strong Customer Authentication (SCA) in accordance with the Payment Services Directive (PSD2). The SCA requirement was introduced in 2019 with the aim to ensure that electronic payments are executed only in case multi-factor authentication has been introduced. SCA must be used whenever a payer:
- accesses his online payment account;
- commences an electronic payment transaction;
- performs any action through a remote channel that may trigger a risk of financial fraud.
Furthermore, the e-wallet service provider utilizes several organizational measures to guarantee the safety of your personal information. Each account can be accessed only after entering a unique username and password and in some instances, users need to provide answers to secret questions.
You can read about the above security and privacy protection measures in the special comprehensive sections of MiFinity’s website. If you have any questions or complaints, you can reach customer support via the following channels:
- Regular mail: MiFinity Malta Limited, LS3 – Digital Hub Malta Life Science Park, San Gwann, SGN3000, Malta.
- Phone: + 44 28 9587 0100
- Email: email@example.com; firstname.lastname@example.org
Advantages of MiFinity
If you have gone through all the information we presented above, we are sure that there is no need to further convince you that you should try MiFinity if you are looking for a fast and reliable payment solution for your sports betting activity. Still, you can cast an eye on the advantages compilation we have prepared for you.
- The e-wallet is available to consumers from multiple jurisdictions. Currently, the payment service provider legally operates in 170 countries and territories, a fact that makes it one of the most widespread digital wallets, closely following in Neteller, Skrill, and PayPal’s footsteps.
- MiFinity has implemented a variety of top-notch security features. Punters should have no concerns regarding their safety while using this payment solution as it has a strict policy regarding the protection of financial and other personal information. Features include but are not limited to SSL encryption, firewalls, two-factor authentication, Touch ID, and Face ID.
- Users have a large selection of deposit methods at their disposal. From regular bank transfers and debit/credit cards to cryptocurrencies, online banking methods, and locally popular payment solutions, you can find them all in your MiFinity account. Just log in and pick the service that best fits your preferences.
- On-the-go punters can download Android or iOS dedicated mobile applications. Mobile betting has become increasingly popular in the last few years and MiFinity has taken this tendency into account. The mobile app can be easily downloaded from the App Store or Google Play, as long as your device meets the relevant technical requirements. If you are using an iPhone, iPad, iPod Touch, or a Mac, it has to be of version 11.0 or later. The requirement for the operational system of Android devices is a 5.0 or up version.
- The online payment platform accepts many currencies. MiFinity has quite significant fees if currency conversion needs to be performed, but since customers can choose between 15 fiat and 5 cryptocurrencies when setting up their accounts, this is not a big issue at all.
Disadvantages of MiFinity
As regards the drawbacks of using MiFinity’s digital wallet, there are very few things to consider. Although they are not that crucial, it is always advantageous to have the entire info in mind and thus make an informed choice.
It is great that punters do not have to pay any fees for depositing and withdrawing funds from their sportsbook accounts, but almost 100% of the non-gambling transactions are charged. Fees differ among the different payment solutions and can reach as high as 9% which is a significant percentage. So, carefully read the fee information published on the MiFinity official website and assess if rules are acceptable for you.
Even though MiFinity is approved in multiple countries and it seems to possess all the features of the perfect method for performing transactions related to online sports betting, it is not yet supported by as many betting platforms as its prominent rivals Neteller and Skrill. Depending on which country you are currently located in, sometimes it may be quite difficult to find a bookmaker that has included this digital wallet in the selection of payment solutions it accepts.
Even after complete verification of your MiFinity account, the transaction limits imposed by the service provider are relatively low and are not suitable for sharp bettors who want to wager big amounts the moment they feel the desire to.
MiFinity has been on the market for a fairly long time but its popularity across the sports betting community started to grow only recently. Instant deposits, player-to-player transfers, various methods to fund your e-wallet and a regularly updated mobile application make MiFinity a noteworthy payment service in the field of online betting. We refrain from declaring this digital wallet to be the top gambling-related payment service only because it is not universally accepted by online bookmakers.
The fintech brand provides various services that enable secure, speedy, and hassle-free online transactions. It is a good move by MiFinity that it allows customers to set up different types of accounts and the Gaming eWallet of the company is remarkably popular among online punters from different parts of the world. What is more, you can have up to nine e-wallets within one account, with the option to make different settings according to your needs.