SPEI Online Casinos

Introduction

When international online casino players join a site, they often struggle when it comes to finding a payment method to use which is available in their country. Mexican players, in this case, can rely on SPEI. This is THE solution, the most convenient payment method to use without a worry on their mind. It is a national solution that has been designed with the aim of making Mexican users’ online banking experience the easiest and fastest out there. What is SPEI and why choose it as your payment method across online casinos?

About SPEI

As introduced, this solution was designed with the purpose of making Mexican users’ online banking experience more convenient. Launched on the 13^th of August, 2004, SPEI is a large-value money transfer system in Mexico, which facilitates the transfer of money among users. Its name is an acronym for the Spanish Sistema de Pagos Electrónicos Interbancarios which translates to Interbank Electronic Payment System.

Each payment order made with this solution contains information about the sender and the receiver, allowing proper identification to whom the payment should be credited. Now, the system works with Mexican banks, as you would assume, but because the Banco de Mexico established the scheme, a fixed fee is charged by the Banco de Mexico that allows participants to receive and send an unlimited amount of funds and payments. The fixed fee is calculated for each transaction, but this will be covered below.

Other than the Banco de Mexico, some third-party financial institutions are involved in the process, such as brokerage firms, insurance companies, pension fund management firms (AFORES), non-bank financial entities (SOFOLES), foreign exchange firms and investment firms. The solution uses an open protocol, where system communication rules are public, allowing participants to develop automatic processes and provide improved services to the customers.

Safety is of primary concern and is based on digitally signed messages. The Banco of Mexico has developed a Public Key Infrastructure, where participants must use authorized digital passwords and certificates for safer online banking.

The best part is, participating banks, meaning the bank of the sender, must send the sender's payment order to the recipient bank within 30 seconds, and the recipient bank must credit the receiver payments within 30 seconds! Therefore, transacting with this solution will be done in almost real time! This is actually one of the main reasons why Mexican online casino players choose this solution over any other payment solution. Thanks to this solution, your deposits and withdrawals will be processed near-instantly! Stay with us to learn how to get started with and use the solution.

How to Start Using SPEI

As you would assume from what you’ve just read, in order to use SPEI, you would have to be a player from Mexico, with an active bank account. In addition, you would need to have an online banking profile, so that the process goes as smoothly as possible.

We explained that this system allows interbank payments, so the money will go from your bank account directly to the recipient’s account, in our case, the online casino’s bank account. This means you won’t need to create any separate accounts to start the transfer.

All you’d need to do is log into your online banking profile, either from your mobile or desktop device. In the transfer section, you’d need to enter the details of the account to which you’d want to send money and the amount you’d want to send. Here, you’ll also be asked for a numerical reference, or the Key, which is generated for each transaction. After you provide all of that, you’d just need to confirm the payment and it will instantly be sent.

The Key is generated for payment identification and is also known as the Interbank Key, which is recognized by both the sender's and the recipient's bank. Before you confirm any transaction, make sure you double-check all the details of the transaction, and even screenshot or print out the receipt before the payment is sent, so that you have everything documented, just in case.

Depositing and Withdrawing with the Solution

The depositing procedure has actually been just explained, but we’ll go into detail shortly. We just want to mention first that SPEI is one of the most popular payment methods across Mexican online casinos. Ever since Mexico took action towards looser legislation and laws, new online casinos have been appearing left and right, most of which are offering it. You might even find it across international casinos that accept players from Mexico, for their convenience. So, as a Mexican player, you can rest assured that you’ll have plenty of casino choices to explore in order to join one and start playing using this method.

To make an actual deposit at an online casino, you’d have to be logged into your online casino account. Then, you’d need to do the following:

1. Go to the casino’s Banking/Cashier/Payments page.
2. Press the Deposit button, and then locate SPEI’s logo from the payment methods offered.
3. Get your Key (which is generated by the casino’s bank).
4. In a different tab, log into your online banking profile.
5. Enter the Key in the designated field and specify how much you’d like to deposit.
6. In mere seconds, the money will arrive on your online casino balance.

We should mention here that the minimum amount you can send, and receive, for that matter, is $100 worth of Mexican pesos (approximately 1,977 Mexican pesos). Therefore, do not even try to make a deposit that’s less than that.

Withdrawals are done pretty much the same way. You’d need to log into your online casino account, visit the “Withdraw” page and select SPEI as your withdrawal method. Enter the needed bank details and the Interbank Key, specify how much you’d like to withdraw and confirm the transaction. Depending on the time of the day and other factors, the withdrawal may arrive on your bank account immediately or within a few days.

The best part is, though, if the casino you're playing at is an SPEI casino, the minimum withdrawal amount of $100 won't apply! That's right, you'd be able to withdraw less than that if you're at the right casino!

Coverage and Restrictions

It is more than obvious that SPEI is a solution that functions only in Mexico. If you’re a player from any other country, you won’t be able to use it.

That’s mainly because you probably don’t have an account with a Mexican bank. This, in return, is the condition you need to meet in order to use the solution, to have an active bank account with any of the Mexican banks available out there.

As for other restrictions, we must mention the fact that in most cases, transactions below $100 worth of Mexican pesos cannot be made. Your deposits and withdrawals must be at least $100.

Fees and Additional Charges

As introduced, SPEI does come with some small fees. There’s a fixed fee charged by the Banco de Mexico. This fee is calculated on the basis of the relative proportion of each participant’s payments during a specific period of time done through the system. The system costs are distributed among the participants in order for the fee to be calculated.

An operations fee applies, too, calculated on the basis of the number of payment orders sent, the amount of bytes transmitted at a participant’s request, the money transfer orders and the returns for which a participant is liable.

Accepted Currencies

The default currency to use when using this solution is, of course, the Mexican peso. However, in case you have a bank account with foreign currencies available, you could use those as well.

Naturally, these will be subject to a currency conversion fee. Also, as the sender, you’d have to check whether the receiver’s bank account supports foreign currencies. In any case, you’d probably want to stick with Mexican pesos, because, that’s your own country’s currency, and that’s what all online casino players look for, right?

Customer Support

When in trouble or you have some questions about how to use the solution to make a deposit or withdrawal, you better contact your online casino’s Customer Support team. They should be trained to help you out with any difficulties you might be experiencing, in terms of technical problems.

However, in case you want to know more about the fees, or how the solution functions in general, you better turn to your bank. You could ask your bank whether it processes SPEI transfers, how, and at what cost, if you wish to be informed on everything.

Conclusion

As a Mexican online casino player, there’s no other payment solution that would suit you better than SPEI. This is a solution designed to facilitate your online banking experience, it is cost-efficient, super-fast and extremely safe, based on your country’s banking system and backed up by the Banco of Mexico, so what else could you ask for?

You can request both deposits and withdrawals with it, you will find it across all well-established Mexican online casinos and you will have your transactions processed within seconds. That’s every online casino player’s dream. Plus, the solution is incredibly easy to use, you don’t need to create any new accounts, but all you need to do is log into your online banking profile and in seconds, your transaction will be processed. With no further ado, as a Mexican online casino player, make sure you give it a try at least once, and you’ll see that it will immediately become your online payment method of choice for further transactions.

FAQs

Do online casinos that offer SPEI charge a fee for using it?

No. Online casinos that offer this solution do not charge fees on their own. All of the fees charged are generated commissions from your bank. Believe it or not, depositing with this solution online is cheaper than depositing with it by going to the bank physically. So, for your convenience, make sure you request your deposit online, via your online banking profile.

When making a second deposit at the same casino, do I need to go through the same depositing procedure?

As a matter of fact, no. Once you've deposited with this solution, your Key will be generated and this is the Key you could use the second time you deposit, the third, and so forth.

What happens if I request a transaction but don’t have enough funds on my bank account?

If the payment cannot be settled due to your lack of funds, it will be held in the queue until the next cycle is in process. The system runs the processes frequently, in seconds, and settles all payments with the available liquidity.

Is there an official website I could visit?

No. Considering that this is an interbank solution, where participants are all Mexican banks, you can visit your bank's official website to find out more about how the system works. You can also visit your bank and have a bank employee explain everything in detail to you, but no official SPEI website is available.

How can I be certain the solution is safe?

As mentioned, the SPEI system was established by the Banco de Mexico, which is the operator and owner of the solution, but all of the major Mexican banks are participating banks. Therefore, you can rest assured that, since the country’s banking system is behind it, this solution is one of the safest out there.