Boleto Casino Deposits and Withdrawals

Players making an online deposit via widely accepted credit / debit cards or eWallets get to enjoy numerous benefits, but what is one to do if in their particular country these options happen to be unavailable or costly - as they are in Brazil?

Boleto is a printable voucher with a barcode which customers can copy or scan with their phone. It accounts for about 30% of all Brazilian ecommerce purchases.

Though anyone with a bank account owns a debit card, they can only use them to pay in physical outlets. Local credit cards, owned by about 40% of the population, are available for both online and offline purchases but support only local currency, and less than 20% of residents own an international credit card which would allow them to pay in foreign currencies.

Interest rates related to credit card payments are exceptionally high, banks charge hefty fees, and about 40% of the country’s residents are reluctant to share credit card information online for fear of fraud. That’s why cash payments are their preferred choice when making online purchases

How Boleto Works

When a customer selects this payment option, the merchant will issue a Boleto with a barcode, a serial number, the transaction amount and an expiration date (usually 3 to 15 days).

Barcode or a serial number is used for making the payment at any time until the voucher expires, either via an ATM, a bank, a post office, an authorised drugstore or supermarket, or online. If one tries to pay after the specified expiration date, the transaction will either fail to process or the user will be charged a late fee. The fee depends on the issuing bank and increases with each passing day.

Once the bill has been paid, the bank will confirm the payment within three days and credit the merchant’s account.

Boleto is regulated by the Brazilian Federation of Banks (FEBRABAN). Risk of fraud is virtually non-existent, especially so if one chooses to pay at a physical location, but even customers using online banking can rely on advanced security measures implemented by banks.

Using Boleto Bancario for Online Casino Payments

If an online casino targets Brazilian players, it’s almost certain they’ll offer Boleto as one of the payment options.

The player who chooses it as their deposit method will be transferred to Boleto Bancario server to fill in payment data and provide a valid tax number. The app will open a separate window with a slip that can be paid either by using one’s online banking account or printed out to be paid at one of many authorised physical locations.

Once that’s done, a confirmation is sent to the service provider who then informs the online casino. Deposited funds to a casino to play slots and games for cash will usually become available within 3 days.

Boleto can be used only for funding the player’s casino account but not for withdrawals. If you’re lucky enough to generate profits, the gaming site will offer alternative cash-out options to choose from.

Online Gambling with Boleto: Benefits and Disadvantages

Boleto Bancario is an excellent banking option for customers who don’t own credit cards or prefer not to use them for online payments.

Players need not supply any personal and sensitive information and thus remain safe and anonymous. They also won’t be charged any service fees, which can’t be said for the majority of online payment alternatives. Using Boleto to pay via online banking is extremely simple and printed out slips can be paid at numerous locations across the country.

However, there are also a few downsides one should be aware of before selecting Boleto as a deposit method. The biggest disadvantage when compared to credit / debit cards or eWallets is that it may take up to 3 days for funds to appear in your casino account – not ideal for players eager to start placing real money wagers as soon as possible. Having to choose another payment option when requesting a withdrawal could cause further frustration.

There are monthly transaction limits to take into account, and we’re talking those set by the Central Bank of Brazil rather than the chosen gaming site. But a Brazilian player with limited options and looking to pay in cash may consider these to be minor obstacles – at least that’s what one would assume seeing the large number of online casinos willing to accept Boleto deposits.

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