Payment Method: Boleto
Some say the Casino Veteran has eyes in the back of his head, others say he manufactures playing cards. But all we know is that he hopes his valued readers feel a much more informed about Boleto after reading this review.
Some say he can read people’s minds, others that he carves his own dice from diamonds. He is the Casino Veteran, and he thought it would be helpful to let everyone know the ins and outs of the payment method Boleto.
Boleto is a Brazilian online payment processor that permits online casinos to receive payments from Brazilian residents. Boleto was launched in 1993 and is regulated by the Central Bank of Brazil. The company currently processes about 3.7 billion transactions annually.
Any Brazilian player with access to a Brazilian bank that collaborates with Boleto can send deposits to the online casino without the need to provide any financial information to the casino. Currently, about 25 online casinos accept Boleto for making deposits.
Using Boleto at online casinos
Boleto uses a unique system to process payments. Players generate an online payment slip that they then bring to a participating bank, post office or even participating supermarkets. Players present the payment slip, along with a cash payment in the amount they wish to deposit with the online casino, to the participating institution, and that institution will then transmit the payment to the online casino. This casino payment method gives total control of the payment process to the players as they do not have to reveal any personal banking details to the casino. However, only players that have a Brazilian bank account and a tax ID number can use Boleto as a payment processor to fund their online gambling accounts. Players also need to keep in mind that there are significant fees associated with using Boleto and that almost all casinos that support Boleto deposits do not allow withdrawals through Boleto. However, online casinos that support Boleto do offer players other options to make withdrawals from their accounts.
Players who wish to use Boleto to receive their welcome bonus or hard earned winnings to their accounts, they first need to be certain that their online casino supports Boleto, as the number of online casinos that support that payment processor is relatively small. After confirming that the casino supports Boleto, players must visit the casino’s cashier section and select Boleto as the payment method and enter the amount of their deposit. Players can then print out a deposit slip that they can present to any participating bank, supermarket or post office and pay for the casino deposit in cash. The participating organisation will transmit the deposit to the online casino. If players have online banking, then they can also complete the transaction through their bank’s secure website.
Boleto charges players a fee for their services that usually is in the 6% to 8% range. After the casino receives the deposits from the players, it needs to manually credit the accounts of the players, which sometimes results in a delay before players have use of those funds.
Only a couple of casinos claim that they process withdrawals through Boleto. Typically, players cannot use that payments processor to make withdrawals, so they need to rely on other withdrawal methods supported by the online casinos to receive their winnings.
Pros and cons
Boleto is obviously one of the safest methods that Brazilian players can use to make deposits to their online casino accounts, as they do not have to provide any bank or credit card information. Since players make an all-cash transaction, they do not risk disclosing sensitive personal information. However, transactions using Boleto are not instant, and transaction fees are relatively high. Also, Boleto is only available to residents of Brazil.