Mexican online casino players, when trying to find an online casino to join, face difficulties when it comes to the offered payment methods, but by coming across sites that offer SPEI, all of their problems are solved. This is one of the most popularly-used payment solutions in the country, offered across the finest casinos catering to Mexican players. It is completely safe and convenient to use and available for both deposits and withdrawals. If you're a Mexican player looking for the perfect solution to use across casinos accepting players from your country, make sure you consider this method. What is SPEI and why choose it as your online casino payment method?
About SPEI
SPEI is short for Sistema de Pagos Electrónicos Interbancarios which in Spanish means interbank electronic payment system. It was launched in 2004 with the aim to facilitate the Mexican online banking users’ experience and make it more convenient than ever. It is a money transfer system for large value transactions in Mexico, facilitating all kinds of transfers of money to users.
It is incredibly safe to use since it is backed up by the Banco de Mexico (Banxico). It is based on digitally signed messages, via the Public Key Infrastructure developed by the bank, where senders and receivers must use authorized certificates and digital passwords to complete the transaction, and for the transaction to be processed safely.
So, each payment order contains details about both the sender and the receiver, as an identification check measure. As implied by its name, though, its system connects major Mexican banks, so anyone with a Mexican bank account can use it. Since the Banco de Mexico established the system, this is the bank that charges a fixed fee for participants to send and receive an unlimited amount of payments and funds, calculated for each transaction.
The solution uses an open protocol, in which several other third-party financial institutions are involved, such as investment firms, foreign exchange firms, SOFOLES which are non-bank financial entities, AFORES which are pension fund management firms, insurance companies, and brokerage firms. The system communication rules among these are public allowing them to offer improved services to users and develop automatic processing.
But the best perk you’ll get using this solution is that your transaction will go through within 30 seconds, regardless of whether you're the sender or the receiver. In fact, the sender's bank must send the payment order to the receiver's bank within 30 seconds, and the receiver's bank must credit the payment to the receiver within 30 seconds. Therefore, you will be able to get your transactions basically in real-time.
Considering the things you’ve read so far, you must realize now why SPEI is one of the most convenient payment solutions to use across online casinos. And, why the solution is offered across all international online casinos catering to Mexican players. So, if this is a solution you’re considering using, stay with us to learn how to get started with it and how to make deposits and withdrawals with it.
Getting Started with It
In addition to being a Mexican citizen, as you would assume from what you’ve read so far, you also need to be a bank account holder in order to use the solution. That means that, if you don’t already have an active bank account, you’d need to go to the nearest bank and open one. And while there, make sure you ask the desk clerk to activate your online banking profile, too, and give you your credentials.
Once your account is ready and you have your online banking credentials, you can start making transactions with the solution. Since it allows for interbank payments, as explained, any funds you send from your bank account will reach the receiver’s bank account within 30 seconds, directly. Therefore, when making a deposit at an online casino, the money will arrive on your casino operator’s bank account nearly instantly.
To actually request the transfer, you’d need to log into your online banking account, via a desktop or a mobile device. Then, you'd need to enter the casino's bank account details and the amount you wish to deposit. Generated for each transaction, you'll be asked to provide the Key, which is a numerical reference to confirm the transaction.
This Interbank Key is generated for identification, and recognized by the banks of both the sender and receiver, as explained previously. Before you confirm the transfer, make sure you print out the receipt or screenshot it, to have the transfer documented.
And with that, you were introduced to the getting started and, well, transacting procedures with the solution. Let's see now how the actual depositing process would go.
How to Deposit at Online Casinos with SPEI?
We said that SPEI is accepted across most, if not all, Mexican online casinos. The thing is, ever since Mexico made changes to laws and made online gambling legislation looser, new online casino operators are entering the market non-stop. You will see that countless sites are at your disposal, both local and international, among which we can mention PlayUZU. So, find the right casino for you and create your account with it.
To make a deposit with SPEI, go through the following procedure:
Head over to the online casino’s Banking page.
From the list of offered methods, find SPEI’s logo and press it.
Get the Key, generated by your chosen casino’s bank and displayed here.
In a new tab, use your credentials to enter your online banking account.
Paste the Key where needed and enter the amount you’d want to deposit.
Watch the money arriving on your balance in just a few seconds.
Note here that there’s a minimum amount you could send, as well as receive, as a matter of fact. It is around 1,816 Mexican pesos, which translates to 100 US dollars. This means that your deposit must be at least 1,816 pesos, or else, the transaction won’t be successful.
How to Withdraw Winnings with It?
You can use SPEI for withdrawals, too, but remember that you need to request a withdrawal of at least 1,816, in most casinos. If you still haven’t won as much, you’d need to wait until you do to make a withdrawal request. Some casinos won’t limit your withdrawals, but you’d need to check that with them. Just in case, you better follow the rule.
To make a withdrawal, you’d need to go through a similar procedure as the one just described. This time, you’d need to enter the amount you’d want to cash out and your Key. The money should arrive on your account either immediately or in a few days, depending on the time of the day you requested it and other factors, including the casino’s request reviewal and approval time.
Fees and Limits
We mentioned that the Banco de Mexico charges a small fixed fee, calculated based on the proportion of the sender/receiver’s payment in a period of time that went through the system. These system costs are shared among the participants so that the fee is calculated.
There is also an operations fee, calculated based on the amount of bytes transmitted at the request of the sender/receiver, the number of transactions sent, the money transfer orders, and any returns on the sender/receiver's part.
Allowed Countries
We said that one of the main conditions you need to meet in order to use SPEI is to have an account with a Mexican bank since the solution is part of a system that works through banks.
And we also said that this is a solution launched by the Banco de Mexico, for Mexican users, therefore, it is pretty clear that the only allowed country is Mexico.
Available Currencies
It is pretty obvious from what you’ve read so far that the Mexican peso is the default currency when transacting with this solution.
However, if you’re prepared to pay a conversion fee and you have an account in any foreign currency at your bank, you can use other currencies, too. If you’re the sender, you’d need to check with the receiver whether their bank supports other currencies, though.
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Considering SPEI is a payment system that functions through the Mexican banking network, you'd need to contact your bank if you're looking for information on fees, how the solution works, or any other questions or problems you might be experiencing. Also, contacting your chosen casino's Support team would be wise in case you're having issues with your deposits/withdrawals through SPEI.
Do I need to wait for a Key to generate each time I’m depositing at a certain casino?
No, not really. Once you deposited at a certain casino, the Key that was generated the first time is the same key for any subsequent deposits you’ll be making at that casino. You won’t need to wait for a new one to generate.
Does SPEI have an official website?
No, not really. As said, this is an interbank system that functions through the Mexican banking network, so in case you wish to find out more about it, you’d need to visit your own bank’s website. Or, in case you’re having any doubts, you can always visit your bank in person and ask the desk clerk how the solution works.
Do online casinos charge a fee for using the solution for deposits and withdrawals?
No, absolutely not. Only the Banco de Mexico fee and generated commissions from your own bank would be charged. Casinos won’t ever charge you for depositing or withdrawing with the solution. Using the solution online to make a transaction is cheaper, too, so do not even bother visiting your bank to request a transaction, but do it online, from the comfort of your own home.
What happens if I don’t have enough funds but request a transaction anyway?
If you don’t have enough funds for the transaction to succeed, it will be queued until the next cycle is in process. Considering the solution runs the processes in seconds, whenever you have enough funds on your account, it will immediately process the transaction.
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SPEI is short for Sistema de Pagos Electrónicos Interbancarios which in Spanish means interbank electronic payment system. It was launched in 2004 with the aim to facilitate the Mexican online banking users’ experience and make it more convenient than ever. It is a money transfer system for large value transactions in Mexico, facilitating all kinds of transfers of money to users.
We said that SPEI is accepted across most, if not all, Mexican online casinos. The thing is, ever since Mexico made changes to laws and made online gambling legislation looser, new online casino operators are entering the market non-stop. You will see that countless sites are at your disposal, both local and international, among which we can mention PlayUZU. So, find the right casino for you and create your account with it.
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