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Boleto Bancário is a Brazilian payment method regulated by Brazilian Federation of Banks (FEBRABAN) allowing Brazilian citizens to pay bills and transfer cash over the internet.
According to the latest data, Boleto Bancário is a push system that generates 3.7 billion transfers each year. While there’s a consensus about credit cards being the most popular payment method in the country, used for about 80% of e-commerce transactions, data related to the usage of Boleto suggest that the service accounts for 25% of all online transactions.
There are many benefits to using Boleto for casino deposits, especially if you are coming from Latin America. Sadly, the option is Brazil-centred, meaning that you cannot use it outside the country. But the plentiful benefits of Boleto counteract that slight disadvantage, making it one of the safest and most reliable online payment options for the Brazilian gaming community.
In our review below, you can learn who exactly Boleto is for, how does it work, and how to deposit using Boleto Bancário. Scroll down to see Boleto fees and processing times, as well as the pros and cons of using the push service for casino banking.
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Boleto Bancário is a convenient payment method used by Brazilian casino players. It is a widely used option in this South American country and the list of online casinos accepting Boleto payments is a bit limited but with a growing trend. Here at Casino Bloke you will get a list of the most reputable gaming venues accepting Boleto Bancário payments.
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Boleto, which translates as “ticket”, is a kind of proforma invoice issued by a bank. It can be paid until its due date at ATMs, branches of financial institutions, supermarkets and post offices, as well as via internet banking. It’s very adaptable, so it’s easy to locate the place where Boleto can be paid.
Typically, the invoice is issued with a due date for payment, where the set due date is between 3 and 15 days. The slip is pre-filled, so that means that customers need only find a reliable location and pay for the slip, and that’s it.
In most cases, it takes 2-3 business days to confirm the Boleto. However, the company has also created Boleto Flash®, which is an accelerated form of the regular Boleto. With Boleto Flash®, the bank system will confirm paid Boletos within two hours, allowing fast payments.
When paid after the due date, the client is charged a fee which increases daily and varies from one bank to another. There are three main parties involved: an individual or a company whose account will be credited (merchant), a person or a corporate entity that pays it (client), and the financial institution (bank) which, once authorized to collect the payment, credits merchant’s bank account with the amount owed by the client.
For merchants – in our case, casinos – the usage of this payment system is easy. Brazilian merchants only need a bank account with Boleto Bancário, while foreign ones can use an intermediator and don’t have to hold a Brazilian bank account. Customers must have a local bank account, as no foreign bank will work for this service.
Boleto Bancário is a Brazilian service deeply embedded in the Brazilian way of life. Research by World Bank suggests that over 60% of Brazilians do not own credit cards, with the number in neighboring countries being even higher.
Instead of credit cards, citizens prefer fast and safe payment alternatives that are easy to use, and Boleto Bancário is a perfect example of that.
Although it is preferred, customers (players) are not obligated to have a bank account. instead, they can use the payment slips and pay them in almost 48,000 authorized locations, including lottery agencies, pharmacies, supermarkets, and banks. They can even pay using internet and mobile banking.
However, although Boleto is the current preferred payment method in Brazil, Pix has been challenging its position since 2020. Namely, the Central Bank of Brazil launched Pix to make transactions even easier and faster. And indeed, Pix boasts many of the same benefits of Boleto, except its transactions are instant (allegedly, in just 2.5 seconds) and require no physical slip like Boleto.
Boleto Bancário allows for convenient and secure payments using a slip generated online.
The slip contains information such as the amount and recipient, date of issue and expiration date.
Users can pay through their online bank account, or alternatively, print the coupon, take it to any bank branch or post office, and pay the specified amount in cash. If you want to go paperless and cashless, you can use mobile or internet banking apps to pay the slip.
Here is how a typical Boleto Bancário transaction looks like for first-time deposits.
Also, there is a delay in this process and funds will not become available immediately. If you pay the slip in person at ATMs, banks, etc., the money might take up to 4 days to appear in your account. on the other hand, internet and mobile banking make it a lot faster, with the process lasting up to 2 days. This is a major downside for players who are used to fast payments, but that is the price of security.
Boleto allows deposits only, there is no way to use it for casino withdrawals.
Hence, when we talk about fees and timeframes, we can only speak about processing times and fees for casino deposits.
After the Boleto is paid, it will take the bank up to 3 working days to process the payment and complete the transfer. If you sue an in-person method, the wait is longer; with mobile and internet banking, it’s directly and automatically paid. However, the contactless method will still take some time to be confirmed. In most cases, the confirmation takes 1 to 2 full days.
In terms of fees, there are no monthly fees to pay for using this service. The only fees that customers pay are only those incurred by a specific transaction.
They typically range from 1 to 12 BRL, though some casinos may cover this amount for you when a transaction is made online. Don’t forget that fees are also charged if you wait until the due date, at which point Boleto can only be paid at the issuing bank.
The main benefit of using Boleto Bancário is the security. The service enables Brazilian gamblers to make online deposits using payment slips, which means there is no disclosing of personal or banking information to the casino. As many players are concerned about their safety, not having to leave personal data or link a bank account/card to the casino seems like a great solution.
Also, many Brazilians don’t own any credit cards, so this allows them a place casino deposits even without cards or accounts.
Furthermore, the method is very simple to use and exceptionally safe both when payments are made electronically and via outlets such as a bank branch or a post office. Ease of use is a major benefit, as it shortens the process and makes it easy for players from different walks of life to enjoy it. There is also no chargeback risk for all parties involved.
It safeguards your privacy as no personal data need to be exchanged between the one who pays and the party receiving the money. Availability is yet another point in favor of Boleto, with printed slips payable at a large number of outlets throughout the country. Currently, it is possible to pay at 40,000 different locations across Brazil. Moreover, the fees are minimal, which is very important.
Major downsides of Boleto include the long deposit processing times and country restrictions. The process may last from 2 to 4 days, which is not exactly beneficial for players who want to play right away. Also, if you want to use Boleto, you can do so only within Brazil and with an account at a local Brazilian bank.
Another downside is that Boleto cannot be used for making withdrawals.
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