What is Boleto Bancário?
Boleto Bancário is a payment system that, in its essence, converts a deposit of cash money into an electronic payment transaction by the use of a bank slip (the boleto). The functioning of the boleto is best explained by an example:
When choosing for Boleto as the payment option on the payment page of a website a pre-filled form, the boleto, issued by a certain Brazilian bank will appear. The boleto holds information about the amount and the recipient of the payment, the payment ID, date of issue and, quite important, the date of expiration of the boleto. On the bottom there’s a 44 digit bar code holding the same information.
This form needs to be printed out and taken to a bank, post office, national lottery agency or retailer accepting the boleto payments , where the barcode is read and the amount due has to be paid in cash money. The payer receives a part of the boleto bank slip, together with a payment receit that confirms the payment is made. The bank as issuer of the boleto further processes the transaction and deposits the payment on the account of the designated recipient.
Logically nowadays Boleto Bancários can also be paid by internet banking and at ATMs, or with a (Brazilian) credit- or bank card at one of the above mentioned boleto processing entities. The boletos are issued with an expiry date after which the form cannot be used anymore to fulfill the payment. In that case a new boleto needs to be created.
After the Boleto is paid it typically takes up to 3 banking days for the bank to process and complete the transfer. The bank will notify the recipient, thus confirming the payment was credited to his or her account, and the recipient in turn will notify the payer and deliver the goods and / or services purchased.
Boleto Bancario is a safe way to make payments, both electronically (by paying with internet banking) and manually (by paying the boleto with cash). On top of this transfers made using the system are completely anonymous: payers don’t even have to identify themselves at the moment of paying the Boleto in a bank or elsewhere.
Paying with Boleto Bancário at an Online Casino
Paying in an online casino with Boleto Bancário is very simple: just choose Boleto Bancário as payment option, complete and / or check the payment details of the boleto, confirm the payment and either print out the form to pay the Boleto at a bank or pay it by using your internet banking account.
The time before the deposited funds are available on the casino account depends on the method used to pay the Boleto and the processing time of the bank that issued the Boleto. Normally the Boleto payment is completed within 3 days.
Withdrawing with Boleto Bancário at an Online Casino
It’s not possible to withdraw funds from online casino accounts by using the Boleto Bancário system.
Advantages of Using Boleto Bancário
The main advantages of Boleto Bancário as a deposit option in an online casino are:
- A Boleto payment is completely safe and anonymous. There is no exchange of any personal and sensitive data taking place between the payer and the payee.
- There are no service fees charged to use the Boleto Bancário system
- It’s possible to upload funds to the casino account with cash money
- Printed out Boletos can be paid at virtually every street corner in Brazil
Disadvantages of Using Boleto Bancário
There are several disadvantages that can be discovered regarding using Boleto a s an online casino depositing option:
- It’s not possible to withdraw funds using Boleto;
- Boleto Bancário payments are far from “instant” regarding payment processing time, as it usually takes 1 to 3 banking days before deposited funds are available on the casino account;
- The complete Boleto Bancário payment procedure can be quite a “hassle” having to print out the Boleto, having to walk around with cash money, standing in line at a bank or retailer to pay for the Boleto etc.
- The system is only available in Brazil.
Where to Pay with Boleto Bancário?
Take a look at the options on this page to find a Boleto online casino which offers NetEnt slots and games!