What is SPIE?
This payment method means Electronic Interbank Payment System and is the payment infrastructure of the Bank of India. In other words, it allows payments to be sent and received in the accounts of the participants.
In order to use this service, you must have a bank account. This is where you will make a request based on the type of transaction you want to apply. At the same time, it will be necessary to go through a signature verification process for the bank to confirm your identity. For this reason, it is a highly secure and functional payment method in Indian betting houses.
In the latter case, you may come across a large number of casinos and betting houses that offer an SPEI transaction service. This will redirect you directly to the form you need to fill out to make your payment using a bank account in your name.
How to deposit in an online casino using SPEI?
Time required: 10 minutes
As you can imagine, making a payment with SPEI is extremely simple. You only need to have an account at a national bank and use the payment system. In this process, you will only fill out a series of fields and make sure to enter the correct data. Similarly, here are the steps you will need to follow to deposit at an online casino with SPEI:
- Visit the official casino website: Go to the website of your preferred online casino and log in with your username and password. Or register if you are not yet a member of the casino.
- Locate the deposit section in your profile: Once you have logged in, go to the banking section where you should select the deposit option.
- Select SPEI as the payment method: In the list of available payment methods, make sure to select SPEI.
- Fill in the details: Enter the reference number, payment concept, and the amount of the transaction.
- Keep the SPEI payment receipt.
This last step is only necessary to keep a record in case there is a problem with the transaction.
How to withdraw from online casinos using SPEI?
Just like deposits, withdrawing with SPEI is a very simple process that anyone can do. You just have to use the withdrawal service of the casino you select and fill in the fields indicated by the platform. Once this is done, all that's left is to wait for the transaction to be effective. Similarly, these are the steps to be able to make withdrawals in an online casino using SPEI:
- Enter the casino: Locate the official casino website and log in with your account using your username and password.
- Go to the withdrawals section in your profile: Once you log in, you should go to the banking section where you must select the withdrawals option.
- Select SPEI as withdrawal method: In the list of available withdrawal methods, make sure to select SPEI.
- Fill in the data: Complete all the fields requested by the platform.
- Wait: You must wait for the withdrawal to be effective in your bank account.
Additionally, it is necessary for you to have completed the KYC verification process at the selected casino. This procedure only requires you to submit a series of digital documents within the platform. Once this is done, the page will issue a response indicating that your account has been verified and that withdrawals can be made.
SPEI taxes
The amount that can be debited for a transaction is variable. Generally, there are no fees, so transfers are always free. However, in some banks, they may charge you $4.50 INR per transaction.
At the same time, there are other types of commissions carried out directly by the casino. These are not related to the payment method itself. It is an amount requested by the online casino to manage the payment. However, this is not a common option, so it is usually a free service in most Indian casinos.
SPEI Security
Regarding the security of this payment method, there is no reason to have any doubts. It is a completely secure, legal, and reliable method that any Indian with a bank account can use.
The reason it is considered a safe alternative is the large number of systems it has to control transactions. The most important one is the signature confirmation method by the Bank of India. If this control is not passed, the transaction is automatically canceled.
Pros and cons of using SPEI as a payment method in online casinos
| PROS: | Cons |
|---|---|
| Extremely secure | It requires a bank account. |
| Directly handled in Indian rupees. | Low-quality customer service |
| Generally without commissions. | Extensive procedures and requests |
| Instant transfers | Some payments may be delayed. |
| Interbank connection |