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Update

UseMyFunds is no longer available as a banking method at online casinos or any online or offline retailer.

Introduction

Online gambling is a growing and developing industry, with all kinds of services supporting its progress. In other words, the success of individual online operators is largely determined by accompanying segments.

In this regard, security is definitely a key feature. On the one hand, players are constantly searching for websites protected by the highest levels of encryption. Throughout the time spent at these platforms, they definitely share a lot of personal, and often banking information with their servers. Hence, it is only natural that this would make the top of their list of concerns.

On the other, software provider reliability is no less imperative – the best sites use game software from provably fair companies. Hence, regulated and tested RNGs along with other finishing touches towards completely random game outcomes definitely make for the most popular online gambling destinations.

Variety is just as emphasized, and not only in terms of gameplay. Top software providers normally handle all matters regarding their games in-house, from stability, load time, reliability, variety of themes, layouts, rewards and formats, and even more.

As for banking methods specifically, there are other factors in play. Online casino players, as well as sports bettors and poker enthusiasts usually look for fast and secure payment solutions. Under optimal circumstances, all eligible players at these platforms should be able to make both deposits and withdrawals using their chosen payment method.

With so many interactive gambling markets nowadays, players’ diverse tastes are ultimately met by a range of payment options. One of the more popular options includes the UseMyFunds payment processor.

About the Company

This service was formerly known...

... as UseMyBank, but after a rebranding in 2002, it became known as today’s active payment facilitation solution UseMyFunds. It was released by the UseMyServices company which offers additional products for financial transactions and management, but this has certainly gained most ground on various e-commerce establishments.

The payment method is considered to be revolutionary in its operations – it basically serves as an intermediary between the person’s bank account and their chosen e-merchant. This model of payment processing was later adopted by a number of other companies of this type, and is nowadays available at a range of providers to choose from.

The basic principle behind this type of payment processing is to provide a secure channel in the background, through which individual users could send and receive funds. As a result, UseMyFunds does not normally require registration or involving any personal details – it retains and secures any information that could be of use to optimize the service without sharing it with any third parties involved in the transactions.

So far, this service may be viewed as a bit limited in terms of availability, although it is continuously growing and developing. Users from the following countries have been made eligible to send funds and make payments with this method:

• Australia
• Austria
• Belgium
• Canada
• Germany
• Mexico
• The Netherlands
• Poland
• Sweden
• Switzerland
• UK.

With their current extent of the potential user pool, UseMyFunds have been able to accumulate about 1.6 billion users of their services. A portion of them has been adopted from their ‘predecessor’, while a large number have been attracted by their great functionality and impeccable track record over the years.

Aside from...

... being resident at one of the countries listed above, interested users will additionally need to hold a bank account at a specific bank. UseMyFunds has partnered with a range of banking and financial institutions in order to offer the online payment solution to their account holders. These cover most of the major banks in the territories, but it is still advisable to check for eligibility before attempting to perform a transaction with this method.

How to Make a Payment?

The process of conducting a payment with this banking method is quite simple and issue-free, as long as you are familiar with the process. There isn’t much new to learn, as it allows users to employ their existing online banking accounts and solely conducts the transaction through their gateway.

First off...

... users are advised to check if it is available as an option at their chosen online platform – retailer, service provider or online gambling operator among others. Simply register or log in, select your desired items and put them in the e-cart, or determine the bankroll size that fits your needs and simply moves on to the banking section.

The logo of the payment service should be listed there, and clicking it to choose this method will lead you to a list of banks in your country. Choose the one where you hold the account you would like to use for the payment and the next page you are redirected to will be your familiar online banking platform.

Signing into your online banking account...

... the procedure goes on like any other bank transfer you have done before. Simply input the number of funds you would like to enter, specify the account of the recipient and authorize the fund's transfer. This is where UseMyFunds steps in, verifying and conducting the actual process in the background, while everything continues to run smoothly at the front. In a matter of moments, users should have their funds successfully ‘transported’ to the specific e-commerce platform, and they can expect to receive the service they paid for.

Online retailers and service providers of all kinds...

... have gotten round to adopting this payment method in their banking page. One of the main reasons behind this trend is the instantaneousness of their transactions. They are able to get their money as soon as the customer clicks ‘Send’, making their business more sustainable and profitable than ever. Customer conversion is another benefit of this payment method, as explained in greater detail below, and practically evident in the case of such online casino deposits and withdrawals.

UseMyFunds at Online Casino Sites

At online casino sites...

... this payment method has managed to reach a great popularity rating. One reason for this is its availability across some of the key online gambling markets around the world, including the UK, Australia, Sweden, Canada and more. Plus, it is easy and convenient, attracting people further into using it due to the short and intuitive process.

Most of the casinos that offer this payment method feature some of its main competitors as well. Even with that, many still turn to this payment processor, performing successful deposits and withdrawals through the following steps.

Making Online Casino Deposits

Step 1: Depending on whether you are accessing a new platform or have already used it for online gameplay, make sure to register or log in to your specific account. The list of casinos supporting these kinds of transactions is available at the top portals, this page included, allowing interested players to make the best choice according to their preferences.

Step 2: Once you have entered the casino lobby, head straight for the banking options and select the UseMyFunds icon to get started. This will instantly give you a list of banks, where you are supposed to check the bank with the account you use for these purposes. A link will redirect you instantly, and the next step should be more than familiar – your own online banking service.

Step 3: Be careful when logging in – you should use the regular user ID and password which is normally associated with your online banking account. There is no need to re-enter your casino account credentials, just head straight to the new transaction option and specify the amount you would like to deposit to the platform.

At this stage of the process, it is advisable to go through any casino deposit match bonuses and promotions which would help boost your bankroll even more. Go through the qualifying amounts before depositing, just to be sure you have the money if you ever decide on claiming any of them.

Step 4: Finally, you will be asked to verify the transaction, usually providing some form of identification. After authenticating all details, UseMyFunds will get their work done in the background, and end the process by displaying a link back to the casino website. Finally, players should come back to their online casino site, where the funds balance has changed due to the transaction. With all of this in place, players can head straight to real money gameplay.

Requesting Online Casino Withdrawals

Making a request to withdraw funds from an online casino means your luck has definitely been inclined. However, the situation is a bit different when it comes to choosing UseMyFunds as your banking method.

Basically, withdrawals...

... through this payment processor are solely available for Canada-based players. This is so because they hold bank accounts that are approved for PAD (Pre-Authorized Debit) transactions. Hence, they can make the request and wait for the casino site to authorize and execute the payment once they get to it (which usually takes a few working days).

Still, despite the restriction, the process of executing withdrawals is just as straightforward as depositing. A winning streak should give you more than enough to cash out once you decide to do so, and all you need to do is head straight back to the banking section, and choose the method for withdrawals.

Considering it is only available for Canadians, their banks will be the only ones to qualify for the transaction. Players will need to identify via fax, email or mail, and ultimately verify the deposits made into their bank account (from the casino). After the funds land in the account, players are free to use them for other transactions, cash outs and various payments.

Pros

• Security – The main reason for this service’s popularity is in fact, the principle of operations. By acting as a background intermediary between the casino sites and the bank account, players are sure to protect their credentials, and still, get the funds to and from their online casino platform. The process is further secured by encryption technologies, Secure Socket Layer and anything else to prevent any third party intrusion whatsoever.
• Ease of use – Most players, especially older ones, are put off from using newer payment methods due to the complex procedure. Hence, they end up with a limited choice of their usual Visa or Maestro debit cards or MasterCard credit cards. This method uses the players’ familiarity with their online banking platform to their advantage and achieves great interactivity with the player pool throughout the entire process.
• Accessibility – UseMyFunds has an established reputation, but that doesn’t mean that they can’t progress even further. With 11 countries, thousands of merchants and over half a billion user base, accessibility is already looking good as it is.
• Free of charge – Another significant concern of most online casino players is if they’ll be able to make use of their entire bankroll. Most of the time, they plan it to fit the required amount for some game stakes or bonus requirements. So, when banking methods come with a processing fee, it takes a bite out of the amount. With UseMyFunds, players are the only ones using the funds they have deposited at their casino player e-wallet.

Cons

• Withdrawal restrictions – Canadians are the only ones privileged to enjoy the benefits of this service for both deposits and withdrawals. While it is still better than none, this restriction could push players away and lead them on to try different services.
• Geographical restrictions – While the geographical restrictions are quite evident in terms of cashouts, they are no less notable on the whole. The service needs to do more work on expanding their coverage – it would benefit both interested players and payment processing businesses.