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Introduction
Spanish online casino players are often faced with difficulties when it comes to choosing a payment method to use for smooth and swift deposits and withdrawals; that’s where Bizum kicks in. This is a revolutionary mobile payment service that turned lives for the better of millions of Spanish users in a really short time. Launched just in time when the Spanish online gambling industry took off, the solution is accepted across the finest online casinos accepting players from the country. If one such player, make sure you continue reading to find out all about it. What is Bizum and why choose to use it as your online casino payment method?
About Bizum
Bizum is, as introduced, one of the currently-most popular payment methods in Spain. It was launched in 2016, with the aim to implement digital tech and innovation to the standard banking sector in the country, as a joint initiative of leading Spanish banks. So, when the mobile payment service first appeared, its purpose was to create a secure, immediate and easy-to-use solution that would facilitate users’ experiences with online banking.
24 Spanish banks joined the project and are authorized to offer the service. The group is called Sociedad de Procedimientos de Pago, S.L.; however, today, other affiliated banks joined in, and that’s why over 4,200 online platforms offer the service. That's why it quickly became users' top-choice payment solution, too, and one year in, you could hear Spanish users on the streets using the expression “I’ll make a Bizum” when talking about sending transactions through the service. And that’s how in 2017, it reached its first million users, with the Bizum community continuously growing. That same year, as well as in 2019 and 2020, at Rankta, the solution received the Best FinTech Product Award, and at Premios Influencer, the Most Innovative Company Award.
But what does the solution do to have gained such an impeccable reputation among both the finance world and users? Well, the solution allows for quick, easy and above all secure mobile payments, for which all you need is a bank account with one of the now-30 associated banks and a smartphone device, of course. Some of the leading banks that offer the solution are Bankia, Santander, Caixa Bank, Liber Bank and BBVA, to name a few. You probably have an account with at least one of them, and of course, you have a smartphone, so you’re already pre-equipped with what it takes to get started with it.
What's best, the solution can be used not only online, but also across thousands of land-based establishments, for all kinds of payments and purchases, including splitting expenses among friends, paying bills and shopping. Thanks to its popularity among users in the country, of course, the solution has quickly entered the online gambling industry. Therefore, you can also make safe and fast deposits, and withdrawals, for that matter, across a number of online casinos accepting Spanish players. If interested in using it, stay with us, as next, we’ll take you through the exact steps you need to make in order to start using it.
Getting Started with It
We said that the two pre-conditions to start using the solution are to have a smartphone and to have an active bank account with one of the 30 banks that offer its services. Now, assuming you do, you now have two choices: you can either use your bank’s appor download its own app to start using it.
If you go with the former option, you probably already have the bank’s app downloaded on your smartphone. If not, these apps are easy to locate on Google Play Store/Apple App Store, and your bank has probably provided you with direct links on its website to initiate the download as fast as possible. So, just download and install it and you can proceed to choose to pay through the service, as the Pay with Bizum will appear right away.
Now, let’s check how the procedure goes with the second option. You have to download the app from Google Play/Apple App Store, and then to access it, you’d need to enter your online banking credentials. The same Pay with Bizum button should appear once you access your online banking profile, so you can start making transactions right away.
Once you initiate a transaction, you should receive a unique Bizum code from your bank, which in addition to your phone number, needs to be added for validation. Another thing you should know, too, is that you can only use the service with one bank at a time. Although you can change the bank account you’re using any time you want, you must not be logged into two or more online banking profiles at one time.
As long as you follow these pretty intuitive and simple steps and rules, you’ll be able to smoothly make transactions with this exceptional service, at any point of the day. So, if ready, let’s continue investigating how to use the solution across online casinos.
How to Deposit at Online Casinos with Bizum?
You are probably aware, as a Spanish player, that online gambling in the country is completely regulated. New operators and software developers are getting approved to operate in Spain each month, so not only do you get to choose from so many casinos to join, but you also get more and more varied games selections to explore. What’s best is that Bizum is offered across most, if not all, of these Spanish-catering online casinos. You’ll certainly find it across new and modern sites, since this is a solution used by most if not all, millennials in the country. So, explore a few options and join a site that offers it by registering your account with it.
To make a deposit with Bizum, you’d need to do the following:
- Head over to your online casino’s Deposit/Banking/Cashier section.
- Locate Bizum’s logo on the list of offered methods and press it.
- Log into your online banking profile using your credentials.
- Enter the amount you wish to deposit on your casino balance.
- Wait for the special code to arrive and enter it to validate the transfer.
- The funds will immediately be available on your balance.
When we say immediately, we really mean immediately, since the solution promises to complete payments in less than 5 seconds, so in a blink of an eye, the money will arrive on your casino balance. Plus, the casino will get a notification to confirm that it had received the funds, and you can start playing right away, in just a few seconds overall!
How to Withdraw Winnings with It?
Even though most mobile payment solutions like this one do not offer the withdrawal functionality, Bizum offers withdrawals, thanks to the fact that it was launched as a joint project by leading Spanish banks. Just as you can make a transaction from your bank to your online casino, you can do it the other way around, too.
You’ll just need to request the withdrawal amount and wait for the casino to approve it. The operator will check whether you have claimed a bonus and went through the required wagering terms before it approves your request. Once it does, the money is sent directly to the bank account that’s currently connected to your phone number and the service. Therefore, in a matter of seconds, you’ll receive withdrawals of up to €2,000 directly to your bank account.
Fees and Limits
We must first mention limits here since this is where we left off. The €2,000 limit applies for transactions per one day. You cannot withdraw more than that in one day; however, do not despair. In case you’ve won more and you wish to collect it, you’d still be able to, in several instalments of €2,000, over a longer period of time, since this is the limit per day.
When it comes to fees, though, this is a completely fee-free zone. On its part, the service charges nada to users, since this is a joint initiative of leading Spanish banks created to facilitate users’ online banking but also to make it the most cost-efficient ever.
Keep in mind that the solution advises you to contact your bank to see whether any fees would apply when using the service since each bank has its own policy regarding transfer costs and fees.
Allowed Countries
As you’ve assumed, Bizum is a mobile payment method designed for and available only to Spanish users. The service is not available for people from different countries that have bank accounts outside of Spain.
However, you should keep in mind that you can make transactions to Spanish bank account holders with foreign mobile phone numbers if those numbers are associated with their bank accounts. In short, as long as you and/or the recipient hold an account with one of the 30 Spanish banks, you can freely use the service for all kinds of payments and purchases.
Available Currencies
Again, since this is a solution offered only in Spain, it goes without saying that the euro is the default and only applicable currency. This is the official currency of the country and all countries in the European Union.
Therefore, if you planned on using a different currency, we’re afraid to inform you that you won’t be able to, not even for the cost of a conversion fee. Even if you consulted with your bank on using a foreign currency, due to many reasons, they’ll inform you that only the euro is accepted.
FAQs
Which are some of the other banks that offer the Bizum service?
In addition to the mentioned ones, banks like Caja Rural, IberCaja, Banca Pueyo, ABANCA, Targo Bank, Orange Bank, Laboral Kutxa, Unicaja Banco and Deutsche Bank are some of the other banks that offer the service.
While I cannot use more than one bank account at a time, can I connect more than one phone number?
As a matter of fact, yes, you can. In case both you and your friend/spouse/partner want to use the same bank account to use the service to make payments with, you can link both of your numbers to the same bank account, no worries.
How can I change the bank connected to the service if I wanted to?
It is pretty easy, actually; you just have to access the app of the bank you wish to use now, and when you try to access the service, you'll receive a message on your smartphone asking if you were the one asking for a change from one bank account to another. Just accept the change and follow the intuitive steps to start using the newly chosen account.
Is there a limit to deposits I could make with Bizum?
While the limit for withdrawals per day is €2,000, there’s a maximum of €1,000 and a minimum of €0.50 limit per transaction. You can make up to 150 operations in a month. And keep in mind that other limits may apply on your bank’s part, so you better contact your bank to check if any are implemented.
Will I find the solution on social media?
Sure! Considering this is a modern solution used by millennials mostly, it has profiles on TikTok, LinkedIn, YouTube, Twitter, Instagram and Facebook; basically, on all currently popular platforms, so just follow one of its profiles and you’ll be on track with any/all of the new features launched by it.