What is Trustly?
Trustly is a financial technical company that was founded in Sweden in 2008 and was first known as Instant Bank. They now have a presence in more than 29 countries, and process more than 2 million transactions each month. Operating as Trustly Group AB, they are authorized by the Swedish Financial Supervisory Authority as an authorized financial payment institution. They also hold a European Payment Services Provider license.
The company provides its services through third parties such as PayPal and Transferwise. In 2019, they merged with PayWithMyBank, a company based in California, USA. This allowed U.S. customers to have access to their services for the first time.
Using Trustly at an Online Casino: Getting Started
To place bets using Trustly, you will not need to set up an account. All you will need to do is verify that your online casino accepts this form of payment. Some older, more established gaming sites may still have them listed as InstantBank, so you should check that option if you do not see Trustly listed.
You should also verify that your casino allows Trustly as a withdrawal method before placing any wagers. If your gaming site does not, then you will need an alternative for cashing out any winnings.
Making a Casino Deposit
Now that you have verified Trustly as a payment and withdrawal option, you are ready to make a deposit. Simply click on the Trustly option and you will then be taken to the company’s website. There you can choose your bank and log in to your account. Trustly will verify your information and process your payment. Funds will be available for you to begin playing with almost immediately.
You’ll follow a similar process when making a withdrawal. Your funds will be placed in your bank account within just a few minutes. However, some banks may place their own holds on deposits, which is something that Trustly has no control over.
For consumers, there is never any fees associated with using Trustly. However, Trustly does charge fees to its merchants, which includes online casino operators. Some gaming sites will pass those fees on to players, so you should always find out what if any will apply before gambling online.
In 2013, Trustly was accused of gaining access to more information than what was needed in order to perform the financial transaction. In particular, a competing bank claimed that Trustly obtained data about a client’s investments, thereby breaching confidentiality. Similar issues have been raised in online gambling forums, as at least one player has reported fraudulent activity on a bank account after using Trustly.
On its website, the company claims they do not store any information that could be used to gain access to your bank account. They also report using the “highest encryption standard available.” Even so, there is some risk of your account information being misused any time you give a third part access to it. As such, you should proceed with caution when using Trustly or any similar service at an online casino.
Advantages of Using Trustly
The biggest advantage to using Trustly is the fact that you do not have to register for an account. You only need your online banking information, which is something you probably can remember very easily.
By using Trustly at an online casino, you can place bets using your bank account. This is often the most convenient payment method, especially for those who do not wish to use credit cards. By using Trustly, you are limited to only the amount in your account. This means you will not have to worry as much about gambling beyond your means.
Despite its past controversy, Trustly payments are very secure. The company has taken additional measures to safeguard information, to include obtaining licenses in Sweden and the EU.
To use Trustly, your bank will need to be associated with the company. Most European banks are, but there could be a few who are not. Gamblers in other parts of the world may not yet have access to Trustly either.
The past security breaches make many people leery of using Trustly. Before placing any bets, be sure to thoroughly vet your casino and read all their terms and conditions very carefully. Pay special attention to the privacy sections that discuss how your online information is collected and stored.
Most players will find Trustly a safe, convenient payment method to use at online casinos. However, there is some risk involved, which is why you should always use it only at the most reputable gaming sites. Always verify transactions by checking your bank statement and then notifying them if anything seems amiss. So long as you gamble wisely, you should have no problem using Trustly to make deposits or withdrawals.