How Does MiFinity Work?
Like other eWallets, MiFinity starts with an account created on its website or through its iOS or Android app. Add funds by 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 described as a UK-based eWallet licensed by the FCA. It says the service uses SSL encryption and 2-factor authentication to protect funds and account access. For login verification, a code is sent to your mobile phone for entry when you sign in.
Types of Services
MiFinity’s main offering is its eWallet. A standard account permits transactions totaling up to $2,000 each year; verification can raise the stated annual limit to $10,000.
To verify an account, you must submit identification and other documents for identity checks. This step can take up to 48 hours.
Availability and Currencies
MiFinity’s reach is one reason online casino users may consider it: people in over 180 countries can open an account. The wallet supports over 50 currencies, among them USD, CAD, EUR, GBP, AUD, ZAR and NZD.
Making a Deposit Using MiFinity
After adding funds to 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 logged in, you can pay from the wallet balance or use a credit/debit card linked to the account.
Withdrawals Using MiFinity
A casino that accepts MiFinity deposits may also support withdrawals through the wallet. To request one, 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 stage, 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, it says the funds should reach the MiFinity account instantly.
Fees and Limits
Using MiFinity may involve charges when you add money to or withdraw from the wallet, even if the casino itself does not charge a fee for the payment method. The amount depends on how the transaction is made. For instance, the source review gives a 1.8% flat fee for funding by Visa or Mastercard from within the EEA. MiFinity’s website has the full fee schedule.
Pros and Cons of Using MiFinity
The range of casino payment methods comes with trade-offs. The source review highlights MiFinity’s support for cryptocurrencies as a key benefit, while its main complaint is that fees apply when users fund or withdraw from their accounts. Some eWallets charge for only one of those transactions. Overall, the review describes MiFinity as another useful option for online casino players moving funds into and out of their casino accounts.
Pros
- Account setup is straightforward
- Transactions are described as lightning-quick
- Cryptocurrencies can be used to fund the account
- It is described as a highly secure payment solution
- More online casinos are accepting it
- Available in over 180 countries
