Fees
Definitely, one of the key considerations in choosing a payment method when gaming should be fees. MiFinity wallet has been highly competitive regarding fee structure and positions itself as one of the most popular options for online casino platforms. Take a closer look below to find out what you can expect to pay in fees with this service.
Deposit Fees
MiFinity charges a small fee for putting money into your wallet. The exact fee will be based on the funding method you choose to use. As an example, while putting funds via a credit or debit card may incur a fee of 1.8%-4% of the amount of the transaction, bank transfers might come with lower or no fees at all. Always look over the fee schedule on MiFinity's website or the mobile application before making a deposit.
Withdrawal Fees
The service can charge a small fee when users make MiFinity payments from the wallet to their bank profile or another e-wallet. Normally, it should be in the form of a percentage of the sum for withdrawal or as a flat fee, depending on how the request is made. For example, a bank account may attract between 2% and 3% of the transaction amount.
Currency Conversion Fees
Also, if you choose to make transactions in a currency other than AUD, MiFinity may charge a currency conversion fee. This is a small percentage of the transaction amount, usually 2.99%. To avoid this extra fee, make sure to set AUD as your primary currency when opening your account.
Casino Fees
Some online casino venues may charge extra fees if you pick the MiFinity e-wallet method. As these terms vary from casino to casino, it is necessary to go through a gambling site's conditions before depositing or withdrawing. But, of course, first, do not forget that a casino has to be licensed by reputable organisations, such as the MGA, the UKGC, or the Curacao Control Gaming Board. Checking fees comes after this.
Verification
The verification process of the profile has a crucial significance to the requirements of MiFinity in registering an account, ensuring the account is secured and safe according to the standards set by regulators. Below, you can see what you should know about verification procedures.
Identity Verification
Top MiFinity security measures will require you to send an ID copy issued by the government, passport, driver's licence, or national identity card. Of course, it has to be valid and clearly show your name, photo, and date of birth. This is primarily made to verify your identity as required under anti-money laundering laws.
Address Verification
The MiFinity ewallet company also asks its customers to provide proof of their residential address, which should be validated later. They can do this by sending a recent utility bill, bank statement, or any official government document that has their name and address on it. The document has to be dated within the last three months. Such requirements make MiFinity one of the best online payment systems so far.
Note: Sometimes, MiFinity may ask for more documents for validation, like a selfie with the ID or proof of source of funds. This usually happens where high-value online casino transactions take place or if there’s something wrong or suspicious with the information you provide.
