UseMyFunds is the ‘flagship’ product of owner UseMyServices Inc., a Canadian company with more than 30 years of experience in the international financial services providing business. The UseMyFunds online payment system can be found in over 50 countries worldwide (including the US and, of course, Canada) and is allegedly available to 1.6 billion customers. Read all about UseMyFunds as a globally operating online casino payment solution in the review below.
Type of payment: Direct banking
Launched in 2002, UseMyFunds was one of the first online payment systems to use the ‘trusted and known’ regular internet bank account of its clients to carry out their online payments. UseMyFunds provides its users a convenient payment interface that acts like a facilitating platform (and ‘buffer’) between the payer / buyer and his banking institution on the one hand and the bank account of the payee / seller (a web merchant or online service provider) on the other hand. The actual payment is carried out, via UseMyFunds, by the bank of the payee.
It’s not necessary to register for UseMyFunds to be able to use most of their services. As long as the payer is a resident of one of the countries in which UseMyFunds is available and the payer’s bank or payment wallet is listed on the UseMyFunds website as a supported payment funding option the payer should be able to make an online payment with the method.
However, for Canadian citizens it might be interesting to open a UseMyFunds Buyers account in order to get the ‘funding’ bank account (at one of the participating Canadian banks) approved by UseMyFunds for the so-called ‘PAD’ option.
‘PAD’ means ‘Pre Authorized Debit’ and approval, which can be obtained by filling in and submitting special PAD forms on the UseMyFunds website, will allow Canadian users to also receive payments via UseMyFunds on their regular bank account.
The only thing a buyer or payer needs to do to complete a UseMyFunds payment is opt for the service on the payment page of the merchant’s or service provider’s webpage, choose (on the appearing pop-up window) the country of residence and the bank with the bank account from which the payment has to be made, access (after being redirected) the own internet banking account, proceed as required and confirm the payment.
(Note: in some countries also ‘payment wallets’ (e-wallets) can be used as a funding source for the UseMyFunds payments. However, it is not possible to pay by VISA or MasterCard to fund the UseMyFunds transfers.
The payment will be carried out instantly after which the payer is sent a payment receipt and the recipient is sent a payment notification, both in real-time.
The above not only means UseMyFunds payments are concluded within minutes, with the paid amount instantly arriving on the recipient’s account and with the amount instantly being debited from the payers bank account balance. It also means the transactions are completely anonymous as no personal information whatsoever about the payer is revealed to the receiving party.
On top of this is all information about a payment (including cached data) is immediately deleted from the UseMyFunds servers after completing a transaction, which makes it virtually impossible for malevolent entities to interfere with prejudicial actions. Another extra security measurement is de SSL encryption applied to all UseMyFunds transactions.
The services provided by UseMyFunds are mostly completely free of charge for customers; however, their banks might ask a service fee for using their internet banking application in combination with UseMyFunds.
Only (Canadian) PAD users currently need to pay $ 1 per transaction as a surcharged service fee, while PIN Debit (iPIN) users have to pay $ 2,50 or 2,5% per transfer made.
Paying with UseMyFunds in an online casino after having verified the bank with your bank account is supported by the system is really a ‘piece of cake’…
All you have to do is to click on the UseMyFunds button under the tab ‘Instant Banking’ or ‘Internet Banking’ on the cashier page of the online casino.Enter the amount to be transferred and submit. By subsequently (after being redirected) logging in to the own (internet) banking account, following the normal bill payment procedure and ultimately confirming the payment the deposit is immediately carried out and will instantly arrive on the casino account.
Online casinos don’t charge any fees for depositing funds on casino accounts with UseMyFunds.
At this moment it’s not possible to withdraw funds from online casino accounts by using UseMyFunds, except for Canadian players that have their bank account approved for PAD transactions. All other players that had deposited with UseMyFunds will have to look for alternative withdrawal options to get money from their casino account.
The principal advantageous features of UseMyFunds are:
The biggest disadvantages of the use of UseMyFunds are:
As an online payment solution UseMyFunds is getting more popular by the day. It’s therefore likely in the near future also more and more online casinos will accept the method as a legit banking option in their online gaming establishment. In the side-bar of this page you can find the Netent Casinos that already do.
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