SEPA Payments and UK Gamblers
Have you ever wondered what software, laws, or practices actually facilitate online payments to and from your favourite casinos not on GamStop? If you picture your jackpot earnings going straight from your casino account to your bank account, you’re on track. However, there are quite a few processes that take place during the withdrawal process, so stay tuned.
The service that allows real money transactions to flow across country borders is called SEPA, and it is essential for online casino gaming. Practically, all casinos not on GamStop that face the European market make use of SEPA payments. It’s part of the foundation for the digital economy for the members of the payments scheme, and it lets UK gamblers make real money Euro bets easily and safely.
What is SEPA and its Role?
SEPA is the Singe Euro Payment Area, a financial scheme that services clients from across Europe by using the Euro currency. This system is put in place to facilitate the processing of all digital financial transactions between European Union (EU) member states, as well as others, including the UK and Switzerland.
These payments are secure and fast and underpin many non GamStop casinos digital financial infrastructure. This service ensures gamblers can make smooth deposit and withdrawals at any of the plethora of online venues that allow you to make payments from the UK.
SEPA After Brexit
The Brexit vote removed United Kingdom (UK) from EU, but the UK remains a member of the SEPA payment system. The only requirement for the UK to remain part of the scheme is the use of bank identifier codes (BICs) during payments. This is simply so that the UK has visibility on where and how money is transferred, since within the EU SEPA payments already meet regulatory requirements and do not require these BICs to be processed.
Any UK online gambler will still be able to make use of SEPA and can take full advantage of all the benefits it provides gamblers when making real money deposits and withdrawals at non GamStop casinos that accept SEPA deposits.
This also means that UK players can take advantage of casino sign up bonuses and offers without being penalised post-Brexit. The UK is in a position of privilege regarding SEPA and very few other non-EU nations get to make use of the SEPA system, with one of the most notable exceptions being Switzerland, as mentioned.
Both the UK and Switzerland are far too important for global financial markets to not be made partners in the SEPA payment system. That’s why UK gamblers receive all the benefits that usually would just be exclusively for use by EU citizens.
The Benefits of SEPA
While SEPA in and of itself is not a payment method, it is an essential payments service that just makes online payments throughout Europe and elsewhere so much more fluid and straightforward.
Let’s look at some of the major elements that make SEPA an essential part of making real money online gambling a reality:
- Unparalleled security
Financial systems in the EU are some of the most heavily regulated markets on earth. There are a massive framework of checks and balances in place, which regulate and secure every single cross border payment. For this reason, the SEPA scheme offers unmatched security for gamblers.
As mentioned, SEPA is not a payments’ method in and of itself, but it provides the framework for all digital payments, while providing all players with a secure, snappy, and reliable payment option.
Furthermore, payments and withdrawals from non Gamstop online casinos pass through layers and layers of additional security and data encryption to make sure every customer of an online casino can make real money bets confidently.
- Much lower costs
Bank charges are the bane of everyone’s existence. Even when the bank charges aren’t high, it’s the constancy of the small charges that easily add up by the end of the month. This is especially relevant to real money online gamblers who make regular deposits and withdrawals from online casinos.
One of the biggest features of the SEPA payment system is that it incurs absolutely zero charges. It’s a completely free system that has been put in place under EU cost, to make the whole EU financial system work much better. Cross border payments are an essential part of the modern economy, so it’s the onus of the EU council to facilitate these payments to all member states for the good of the union.
This means the SEPA system doesn’t cost players more money to use, especially for casinos not on Gamstop. Online casino deposits and withdrawals will not incur any additional fees or services charges, regardless of where or how they are used across the SEPA system. Charges do, however, apply when payments are made to non-Euro states or when using non-Euro currencies.
- Lightning fast payments
A considerable part of SEPA’s mandate is a guarantee that payments across the system are received in a certain time frame. It took quite a while, however, to standardise SEPA across all member countries to make 24-hour payments an actual reality, but the union achieved this within a few years.
There were plenty of systems that needed to be put in place to make sure that the SEPA service’s speed matched its security. It was only in 2017, an instant payment service, called EPC SEPA Instant Credit Transfer (SCT Inst) – finally went live.
This service allows for instant payment processing (24/7/365) and allows for the transfer of up to €100,000 in less than 10 seconds. This is of course essential for online gamblers as the faster your jackpot withdrawals are processed, the better it is for you.
Why is SEPA Important for Online Casinos
The SEPA payment system is an essential part of the Non Gamstop gaming experience. It lays the groundwork that allows online gamblers from all over the world to play on Non Gamstop sites, using real money Euros as an accepted currency.
The Benefits of SEPA include:
- Opening up casinos to many people, a corner stone of the online casino business model. It also allows UK gamblers to easily and securely manage the withdrawals of their winnings from SEPA supported casinos.
- The SEPA system lowers the overhead costs of an online casino, who passes on those saving to gamblers through sign up bonuses and additional casino features.
- SEPA simplifies and accelerates UK gamblers receiving their winnings.
- The SEPA system makes casino jackpots and bonuses accessible to gamblers from all over Europe and other areas.
- The only disadvantage of the SEPA system is that it only facilitates the services in Euros.
Thanks to the EU’s foresight, gamblers from all over the UK and Europe can manage how and where they play their real money games. It means that if you are looking for the best casinos not on GamStop to play for real in Euros, you can easily sign up and get in on the action. You will not need to worry and fret about how and if your casino transactions will be processed, as the SEPA system ensures security and fluidity.
