MiFinity Canada Review for iGaming

There are so many of ways to pay and get paid online these days. On the whole, credit and debit cards are the top choice among internet shoppers. For Canadian online casino enthusiasts, however, web wallets are by far the number one choice. While Canada’s banks and card issuers were busy setting up auto-rejections for online gambling payments, the founders of MiFinity were working diligently to increase brand awareness and global accessibility for an iGaming-centric online payment system.

MiFinity has been around a lot longer than most people think. The company was founded in 2002, and spent years serving its native UK market before making its international surge. Now, MiFinity is one of the top-tier eWallets serving the online casino payments industry. Due to limitations in card-based payments, it’s become especially popular here in the Great White North.

We’ll be talking a lot more about this quality payment solution, and specifically, how to make MiFinity casino payments, in the context to come. We’ll cover things like safety and security, speed, cost efficiency, and step-by-step instructions for making deposits and withdrawals. Please use the table of contents below to navigate, and as always, remember to gamble responsibly.

MiFinity Canada – Table of Contents

• • What is MiFinity?

• • How to Sign Up

• • MiFinity Security

• • Speed of Payments

• • Associated Fees

• • How to Deposit

• • How to Withdrawal

• • MiFinity Casinos

• • Did You Know?

What is MiFinity – Securing Global Payments in a Digital World

MiFinity is a web wallet payment service, akin to major brands like Paypal, Neteller and Skrill. The biggest difference between them isn’t how they work, but how and what types of payments they accommodate. Those big name brands stopped processing Canadian iGaming payments years ago. MiFinity stepped in to take their place.

If you’re not familiar with the name, it isn’t because it’s so new. Founded in 2002, MiFinity has been around for two decades already. It’s relatively new to Canada, though. It didn’t begin spreading international wings until a few years ago, and has already become one of the nation’s top choices for secure, reliable, and cost-effective internet casino payments. We’ll talk more about online casinos that accept MiFinity payments below.

Registering Your Free MiFinity Account

You can sign up your eWallet account either by visiting the MiFinity website, or by download the MiFinity App, available for Android and Apple iOS. Just click the sign Up button and follow the instructions.

MiFinity works like any other web wallet. It’s like a digital bank account, where you can send, spend, receive and store real money. Thus, signing up an account means you’ll need to supply some personal information; name, address, phone number, email, etc. You’ll also have to verify your identity, in compliance with KYC/AML protocol.

Once your account is created, you’ll set up your new wallet. This is another painless process, in which you make a few selections, like currency of choice. You can also link any IBAN bank account at this point, if you wish. Doing so allows you to use MiFinity without prefunding the wallet. The funds will come directly from your linked bank account. Or, you can choose from the many alternative ways to fund your MiFinity eWallet (see Funding Methods below).

Why Do I Have to Verify My ID?

As a licensed and regulated payment processor, MiFinity adheres to strict, government-mandated anti-money laundering policies. That means added protection for you, and requisite ID verification for them. Photo ID, bank statement, utility bill – all the usual stuff to prove you are who you say you are. It’s annoying, sure, but remember, this is how you’re protected from identity theft and financial fraud.

From there, you can load funds into the wallet, then use them to pay for things online. You can send money, receive money, transfer money to another MiFinity account, even buy and trade crypto currency.

Ways to Fund Your MiFinity Account

Mifinity supports a multitude of funding options. I’ve listed each one below, per the Mifinity website. I’ve also taken the liberty of highlighting (and in some cases, linking to reviews of) popular methods available in Canada. Please see the Fees and Rates section further down for additional information on transfer costs.

MiFinity eVouchers

MiFinity recently launched its own proprietary line of virtual vouchers. Users can purchase a MiFinity eVoucher online, then use it to top-up their MiFinity web wallet. You can learn more about MiFinity eVouchers, and where to buy them, here.

How Secure is MiFinity eWallet?

Security and fraud protection are at the forefront of the MiFinity payment platform. The company employs the latest, state-of-the-art security and encryption technologies to quickly and safely process payments. According to the website:

“MiFinity complies with PCI DSS Service Level 1 regulations so you know our systems are regularly audited and secure. Our eWallet and all transactions are encrypted and secured with SSL (Secure Socket Layer) technology which protects your information and data. Our IT systems are protected by state of the art firewalls which build a barrier between the internet and our internal systems.” MiFinity Security Centre

Can I Gamble Anonymously with MiFinity?

Unfortunately, no. All that regulation and security has its perks, but it also means there’s no chance of keeping your activity under the radar. If you’re looking for a more privacy-oriented payment method, may we suggest prepaid cards or crypto currency.

Speed of MiFinity Payments – Instant!

MiFinity eWallet payments are fast and reliable. Depositing to your online casino account is instant, assuming the funds are available for transfer. The only thing that might take a little time is setting up your account and and verifying your identity, but that’s a one-time deal.

Receiving money to your MiFinity account can take anywhere from a few minutes, to a few hours. If you’re requesting an online casino withdrawal, you also have to account for the operator’s ‘process pending’ time. Casinos take an average of 12-48 hours to processing a payment; the ‘pending’ period before the payment is approved. The time it takes MiFinity to process reception of that payment does not begin until the casino initiates (processes) the transfer.

Cost of MiFinity Canada – Rates and Fees

Web wallets thrive on fees; some more so than others. As usual, account registration is free. MiFinity is known for being one of the more affordable eWallets for Canada online casino enthusiasts. We’ve put together a table of all fees associated with MiFinity, including loading, sending, receiving and withdrawing funds. This list is current as of writing. For possible rate changes, and a complete list of deposit payment methods available in all eligible countries, please visit this page: MiFinity Fees.

List of MiFinity Fees

How to Deposit at MiFinity Casinos

With a MiFinity eWallet, online casino deposits couldn’t be more simple and secure. All you have to do is choose MiFinity as your payment method, enter the amount of money you want to deposit, and log into your MiFinity account to approve the purchase. The complete step-by-step procedures are detailed below.

MiFinity Casino Withdrawals

The number one reason web wallets are so popular among online casino gamblers is that you can use them for both deposits and withdrawals. Anyone who makes an online casino deposit with a Mifinity eWallet should have the option to withdrawal their casino winnings back to that same eWallet account.

The process for doing so is very similar to making a deposit. Choose Mifinity from the list of withdrawal methods, enter the amount to cashout, and follow the instructions to confirm the payment.

Note that the time it takes for the funds to appear in your MiFinity wallet will vary greatly by the casino’s ‘process pending’ policy. Most casinos wait anywhere from 12-48 hours before approving and initializing a payment. Once this pending time is over, you can expect the money to arrive in your MiFinity account within a few minutes. At most, it could be a few hours, but only if the payment processor is receiving a high rate of transactions at that time.

When your funds arrive, you may want to send them to your bank. You can send money to an IBAN bank for free, or pay a small fee to withdrawal with Interac, Visa or MasterCard. It takes about 1-3 business days for the funds to arrive.

How to Cash Out with MiFinity

Recommended MiFinity Casinos Canada

Our eCheckCasinos.ca team is made up of real people, with real experience gambling at real online casinos. We investigate every gambling site thoroughly before signing up or depositing. Our committment in building this website is to pass that same level of integrity on to you, our readers. We do not promote any site we don’t personally use.

With that in mind, we put together this short list of reputable Canadian casinos that support MiFinity deposits and withdrawals. You can click on the name of any casino on the list to read an in-depth review of its features.

Did You Know? Crypto Currency is Paving the Way to a Digital Future

Thousands of years ago, civilization thrived on bartering. Everyone traded goods or services in exchange for other goods or services. It was a perfect system, eventually leading to the creation of currency. Over time, currency evolved as well, from the Mesopotamian shekel (circa 3000 B.C.), to the first metal coins (1250 B.C.), to the minting of gold and silver (650-600 B.C.), and printing of paper money (600-700 A.D.). The latest innovation in money happened in 2008, with the introduction of the first crypto currency, Bitcoin. Hardly a decade later, there are thousands of crypto coins. These digital tokens are changing the way society views and spends traditional fiat money by creating a worldwide network of decentralized payment options. For now, the volatility of Bitcoin’s value is preventing it and other altcoins from supplanting fiat currencies. As the world continues its ever-quickening spiral into an irrepressibly digital future, crypto currency will no doubt earn its place atop the fiduciary totem pole. The figureheads at MiFinity acknowledged this probable fate when they integrated CryptoPay in August 2021. Through the CryptoPay extension, users can buy, sell, send and receive the world’s leading digital tokens. “We fully appreciate and acknowledge the belief shown by our current and future Merchants and payment partners in our product and look forward to the continued roll out and evolution of the platform.” -Kieron Nolan, Chief Financial Officer, MiFinity

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