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SPEI in Mexican Casinos
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Even though Mexican players have many licensed online casinos to join, they don't get many local payment methods to use for their deposits and withdrawals; thankfully, SPEI is offered across most, if not all Mexican online casinos. This is a regional electronic payment system that allows Mexicans to make effortless transactions across the internet, in their local currency, the Mexican peso. Thanks to its popularity in the country, the solution has managed to get listed as an accepted payment method across a significant number of sites that cater to Mexican players, therefore, if you wish to give it a try, make sure you stay with us to learn more about it. What is SPEI and why decide to try it for your deposits and withdrawals across Mexican online casinos?
Online Gambling Regulation in Mexico
Legal since 1947, the land-based gambling industry in Mexico is one of the most successful in the world. Regulated with the Ley Federal de Juegos y Sorteos, the market is getting stronger each year, with over 300 land-based casinos in Mexican cities working around the clock, to cater to Mexican residents in the best way possible. With such a long history, it is safe to say that gambling in Mexico is poised for further growth, and won't ever cease to exist.
With the amendment to the Federal Games and Draws Law in 2004, Mexico legalized online gambling, too. The Ministry of Interior, in charge of licensing, started accepting license applications as soon as the market officially got the green light. Among the first that applied for and obtained a license to offer online gambling in the country were already licensed land-based gambling operators, who wanted to expand their operations online. But after obtaining a license and partnering with powerhouse Mexican brands, many offshore operators penetrated the market, too, as did software developers.
In a short time, the market was booming and it never stopped, actually. Major global operators like Ladbrokes and Betsson set up their operations in Mexico and never regrated the move, since Mexicans are more than willing to participate in online gambling. The fact that international online casino sites are not blocked but welcome, further proves that Mexico offers one of the most liberalized online gambling markets. Even though in 2013 the country tried to introduce changes to the Ley Federal de Juegos y Sorteos 2004, to further clarify what’s allowed and what’s not on the market, these changes were never implemented and to this day, as a player from the country, you get to join any online casino that catches your eye, and of course, a site that accepts Mexican players.
Naturally, choosing a casino site that is licensed by the Ministry of Interior is the best move you can make, since that’s how you’ll get the adequate player protection that you most certainly need. Across licensed sites, you can never be treated unfairly or be fooled. And don’t worry about the choice of games, as Mexican online casinos are well-equipped in that area. You get to try games by some of the most powerful software developers in the industry, names like Pragmatic Play, Evolution, Games Global, and Yggdrasil. Whether you're into table games, Live Casino, poker, or slots, rest assured that you'll have a variety of titles to choose from to enjoy a world-class online gambling time.
All that’s left for you to think about is the method you’ll use to fund your online casino account and cash out winnings from it. Coincidently, there’s a popular local payment solution that launched the year Mexico legalized online gambling, and as such, it has been around across online casinos for over two decades, since day one. We’re talking about SPEI. On the off-chance you haven't heard about it, which is highly unlikely given its popularity in the country, SPEI is an electronic payment system developed by Banxico (Banco de Mexico), one that has been revolutionary for Mexicans since the minute it launched.
You will learn more about it in the following section, and chances are that you will choose it over any other, as it allows for effortless deposits and withdrawals in your local currency, the Mexican peso, across a great number of licensed Mexican online casinos. So, let’s cut to the chase and tell you everything we know about it.
Using SPEI Across Mexican Online Casinos
Banco de Mexico (Banxico) set out on a mission to design a system that connects all leading Mexican banks and facilitates users’ online banking experience, and that’s how SPEI was born. In 2004, the Sistema de Pagos Eletcronicos Interbancarios debuted, connecting Mexican users with their banks and eCommerce sites they wish to transact to and from.
The interbank electronic payment system allows for all kinds of large-value transactions, as it is based on digitally signed messages, via Banxico’s Public Key Infrastructure. For the transaction to succeed and be processed safely, the sender and the receiver must use digital passwords and authorized certificates. Therefore, the payment order contains information about the sender and the receiver. Any Mexican with a Mexican bank account can use it to send/receive an unlimited amount of money and payments, for a fixed fee. The best part is, that the solution keeps on announcing strategic partnerships with popular brands to further facilitate online banking in Mexico, so you can rest assured that you will be able to use its services as effortlessly as possible.
In close collaboration with third-party financial institutions like foreign exchange firms, investment firms, insurance and brokerage firms, AFORES or pension fund management firms, and SOFOLES or non-bank financial entities, and using an open protocol, SPEI offers improved services to Mexican users, providing them with ultra-fast transactions, thanks to the automatic processing. Seriously, transactions with it are processed within 30 seconds, since both the sender's bank must send the transaction to the receiver's bank and the receiver's bank must credit the transaction to the receiver within 30 seconds. You can rest assured that, basically in real-time, the funds will arrive at the intended account.
Now, you don’t have to go through any lengthy procedures to get started with the solution. The only two conditions that you need to meet are to be a resident of Mexico, and of course, to have an active bank account. Assuming you also have an active online banking profile, you’re good to go, as all you need to do is use your credentials to start transacting with SPEI. To make a payment order, log into your eBanking profile, and in our case, enter the casino’s banking details. After you set the amount you wish to transfer, an Interbank Key will be generated for the transaction, and you need to enter this numerical reference on the casino’s Cashier page to confirm the transfer. The Key is used for identification, as both banks recognize it, so as soon as entered, within 30 seconds, the transaction will be processed. Follow our lead, as in the next section, we’ll elaborate on this, as we’ll take you through the steps to take to make a deposit with it, and later, to make a withdrawal with it.
Casinos for Players from Mexico that Offer SPEI
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Depositing and Withdrawing with SPEI
SPEI is, as you can see, really effortless to use, and that’s probably why so many Mexican players are choosing it over any other option for deposits and withdrawals across licensed Mexican online casino sites. If you’re one of those players who wishes to give it a go, here’s what you need to do.
First, find yourself a decent online casino that accepts it. Register an account with that casino, by providing the required personal details like name, phone number, or email, for instance. Then, follow these easy steps to make a deposit with SPEI:
- Head over to the Cashier page once you enter your registered player account.
- Look for SPEI’s logo on the list of Deposit Methods and select it.
- In the pop-up, the casino’s bank Key will appear; copy it.
- In a new tab, access your online banking profile using your credentials.
- Set the amount you wish to deposit and paste the casino’s bank Key in the appointed field.
- Within 30 seconds, the funds you requested will arrive in your casino balance.
Withdrawals with it are requested similarly, but there are a few steps you need to change. Nevertheless, you can rest assured that as soon as you get the casino's approval, your winnings will arrive in your bank account within 30 seconds, as a rule of thumb.
To request a withdrawal, find SPEI on the list of accepted Withdrawal Methods on the Cashier page and select it. Enter your bank's Key and set the amount you wish to withdraw. The operator will receive your request and review it, and after you get the approval, assuming all was in order with the request, the funds will arrive in your bank account.
Conclusion
SPEI is the ultimate payment solution to use across Mexican online casinos, especially if you're a high-roller who appreciates big deposits and makes big withdrawals. Transactions with it are processed within 30 seconds after approval, and the solution is offered across leading Mexican online casino sites, so do not hesitate to give it a try the next time you're planning on playing an online casino game at your favorite Mexican casino site.
FAQs
Is online gambling legal in Mexico?
Yes, Mexico legalized online gambling in 2004, with an amendment to the Ley de Juegos y Sorteos. Mexican players have access to perfectly legal and licensed Mexican online casinos, where they can enjoy licensed games delivered by world-class software developers.
Can Mexican online casino players access international online casino sites?
Yes, actually, they can. Even though the country attempted to change the law a bit, to clarify things further, to this day, no amendments have been made and Mexican players can join both locally-licensed and international online casino sites that they can access.
Do any transaction limits apply when using SPEI for deposits/withdrawals across Mexican online casinos?
Yes, actually, there's a transaction limit, no matter if you're sending or receiving money with SPEI. Since this is a solution that facilitates large-value transactions, you must request to send/receive at least $100 or 1,816 Mexican pesos.
How big is the fee when transacting with SPEI at a Mexican online casino?
While Mexican online casinos do not charge extra for SPEI deposits and withdrawals, there's a fixed fee that we mentioned earlier, charged by Banxico. This fee is calculated based on the proportion of the payment in a period of time that went through the Banxico system. The system cost is shared among the sender/receiver and that’s how the fee is calculated.
Who do I get in touch with in case my SPEI transaction fails?
SPEI itself does not offer Customer Support, as it is not a standalone product, but a payment system that connects Mexican banks. Therefore, for any assistance, you would need to get in touch with a Support agent provided by your bank. You can also contact your casino’s Support team to see whether they have your answer.