The choice of a new online casino is often determined by the ease of depositing money and withdrawing winnings. Usually, players want to use a method that is as local as possible. This gives them the confidence that they can have any arising issues solved promptly. Multibanco is one payment method that has grown immensely in popularity because of this factor.
Multibanco is a consortium of 27 Portuguese banks and was established in 1985. It allows members of any participating bank to use ATMs belonging to any other bank to perform transactions in the same way they would with their own bank. The group, owned by Sociedade Interbancária de Serviços S.A., also offers online and mobile payments to its members.
This interlinked model enables users in Portugal to access ATM services from over 12,000 machines. About 23.7 million Multibanco cards are circulating, and members can also withdraw from ATMs using their mobile phones. Members can also move money from one bank to another within the network digitally.
This ease of operation makes Multibanco cards popular with players at new casinos online in the country. If one has a card with bank A, they are able to deposit easily even if their money is held in bank B. It is also possible to maintain a betting bank account with little funds for security reasons.
To use this method to deposit in a new online casino, you need to be a holder of the card issued by one of the 27 members. You can, however, use the card outside Portugal via mobile or online transfer options. Also, ensure that you are playing in a new casino that accepts Multibanco cards as a payment method.
The card is used in a similar way to any other bank card.
- First, select Multibanco as your preferred deposit method on the new casino site (during or after registration).
- Then click the deposit icon. You will be redirected to your Multibanco account, where you should enter your card details and the amount you wish to deposit.
- Once you confirm that the amount is correct, complete the transaction. The money is instantly deducted from your card/bank and deposited in your casino account.
- You can then use this balance to play your favorite new casino games on the casino website.
- In the event of a delay, you should contact both the casino site and your card issuer immediately.
When playing inside Portugal, you can follow the same process with mobile payment.
A withdrawal is very much similar to a deposit, except it is initiated from the Withdraw section. Once you start a withdrawal, the casino will request you to enter your card number or the email address associated with it. You will then be required to enter the amount that you wish to withdraw and confirm the same.
Once you approve, the online casino will initiate the withdrawal immediately. You will receive a notification of the transaction in your email. The duration taken for the money to reflect on your bank/card balance is anywhere between a few minutes and 24 hours, depending on the specific card issuer.