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Bizum
We love to discover and share new payment options for online casino enthusiasts. With so many fresh ones appearing in the digital realm, players have more ways of carrying out transactions at gambling sites. Today, we are going to talk about Bizum, a banking service from Spain. Although it is an established name in the country’s financial market, it has only recently emerged as an online casino banking method.
In this review, we will explore all the nooks and crannies of this payment option. You will learn how to make online casino deposits and cashouts with Bizum and get all the relevant information to help you decide if it has what it takes to become your preferred option for online gambling.
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About Bizum
Founded by a group of banks, Bizum went live in October 2016 to provide digital banking services to customers in Spain. A total of 23 banks from this European country joined forces on the project to offer an innovative banking system boasting speed, efficiency, and as little cost as possible.
It didn’t take long for Bizum to prove its quality, and within a year of its launch, it reached one million users. The company continued adding new features and options while the number of users grew.
Over the years, Bizum has diversified its features, and by 2020 it had over 10 million users. In the next 2 years, that number nearly doubled.
Bizum is popular in Spain
Target Markets
This account-to-account payment method lets users make direct money transfers using mobile phones. The main idea is quite simple: users connect their mobile devices to their bank accounts, and once the process is completed, they can use Bizum to send or receive money, buy things online, pay their bills, and gamble at their favourite online casino.
Since it was founded by Spanish banks, Bizum is available in Spain only.
Bizum Account
In addition to being convenient, Bizum is also very easy to use, as it doesn’t require opening an account. To access this payment method, you need a bank account with one of the supporting Spanish banks and a mobile phone number.
The next step is to download and install your bank’s app. You can download it on Google Play or Apple Store or find it on the bank’s website. Once you set up electronic banking, find the Bizum section in the app. Read the terms and conditions, and turn on the service. Enter your bank account to connect it to the service. Entering the confirmation code completes the setup process, and you can start using Bizum.
To carry out transactions with Bizum, you will need a 4-digit code. It serves as an authentication; without it, you won’t be able to use the service. In case you change your bank, you must obtain a new Bizum code as well.
How to Deposit with Bizum
After joining an online casino that accepts Bizum, you are only a few short steps away from placing real-money bets.
Visit the casino’s Cashier page, and choose Bizum as your preferred payment option. Use your banking credentials, mobile phone number and password to log into your online banking. Enter the sum you wish to deposit, and confirm the payment by providing your Bizum 4-digit code. That’s it, you can start enjoying live casino games!
How to Withdraw with Bizum
Apart from being an excellent option for depositing, Bizum also allows players to withdraw their online casino winnings.
To do so, go to the Cashier page, and choose Bizum as your cashout method. Specify the amount of money you wish to withdraw, and submit the request. You will be notified once the money is in your bank account.
Transfer Times, Fees, and Security
All deposits made with Bizum are processed instantly. According to the company, the process is completed in less than 10 seconds. On the other hand, withdrawals work differently and will take more time. Each online casino has its own pending period needed to greenlight the transaction. For more information, contact your casino’s customer support.
Bizum itself doesn’t charge any fees. However, you may encounter bank fees because the service is tied to different Spanish banks. We recommend contacting your bank to learn more about potential charges.
Online casinos typically won’t impose depositing and withdrawing fees when using Bizum. Nevertheless, read the fine print to make sure it will stay that way.
Since all Bizum transactions are backed by banking channels, the system is protected by the bank’s security measures. It provides optimal protection from any fraudulent activities. Lastly, all transactions are approved by a 4-digit code, providing an additional layer of security.
The minimum amount you can deposit with Bizum is €0.50, while the maximum is €1,000 per transaction.
On the other hand, the maximum amount you can cash out from your online casino balance is €2,000 per day. If you wish to take a more considerable sum, you will get it in instalments. The maximum number of transfers per month is capped at 60.
Keep in mind that your bank and online casino can impose their own deposit and withdrawal limits.
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