Last updated: 16 June 2021
In theory, every company’s goal should be to expand as quickly and as efficiently as possible, right? At first glance, this statement makes perfect sense, as brands and payment providers are judged by things such as revenue, international presence, and overall popularity. However, things aren’t that simple. The financial industry is a different beast, where companies seek to connect with users in a private and somewhat ‘sensitive’ way. Because of the peculiar nature of the relationship between banking methods and users, it’s becoming more common to see brands focus on a particular region. In this sense, less is indeed more – they get to know the culture and habits of the people there, which results in service that is of higher quality.
iWallet is one such example, as they’re one of the few fintech companies that are both aimed at the Asian market and gambling-friendly. This unorthodox push into a region that isn’t as big of a mecca for online casinos initially puzzled some experts, but everyone soon became aware of the accuracy of iWallet’s foresight. Since we at Casino Banking Methods always like going against the grain, we felt the only reasonable thing to do was to whip up a detailed iWallet review. In it, you’ll get a close look at one of Asia’s hottest deposit methods. In addition to iWallet itself, we’ll also cover the best iWallet casinos and bonuses.
iWallet seems to have been founded at just the right time. 2009 turned out to be an ideal debut year for the company. If they started their operations a few years earlier, people would’ve probably been skeptical towards such a predominantly online transfer method. Online gambling and shopping in the 2000s were mostly based on bank transfers and credit cards, with few eWallets being beloved by the mainstream public.
If they began their life a bit later, they would’ve been late to the party and shunned aside due to the market already being oversaturated. Thankfully, the time was right and iWallet didn’t need much time to attract attention from both individual users and companies. The brand was officially established in Hong Kong, which many consider to be the financial center of the entire Asian continent. This was an excellent decision, as taking their baby steps in this market allowed them to make valuable connections and ponder about other business goals.
iWallet quickly set its sights on Japan, especially due to the fact that online gambling is reaching sky-high levels of popularity in this country. Not only that, but Japan has always been at the forefront of technological developments. It was a match made in heaven, as Japanese online shoppers and casino players quickly embraced the smoothness of the product as a whole.
iWallet also saw Japan as a perfect bit because their platform also comes with a number of features that are incredibly useful in everyday life. So, what better choice than a nation that’s always been willing to turn futuristic ideas into reality? As iWallet slowly became bigger, they also started expanding into other markets, which brought forth the need to add new features and perks, all in an effort to accommodate the needs of everyone that prefers to handle their transactions on the internet.
Today, this is still a centralized platform, with a strong presence in many markets. While they have expanded their goals since when they first started processing payments, iWallet is fully committed to making our lives easier with fast payments and a plethora of options for integrating their services with other payment methods that people use.
Like we’ve already mentioned, iWallet’s main focus is on the Asian market, mainly the Eastern part of the continent. When it comes to online gambling, this is most definitely ‘the road less traveled.’ So many eWallets and other payment methods wanted to tap into the potential of Japanese online casinos, as well as those in adjacent countries but failed to establish themselves in a convincing manner.
Interestingly, iWallet can’t be used for gambling purposes in Hong Kong. Even though it’s their base of operation, the region’s restrictive laws on gambling have thwarted any expansion efforts. Currently, we can confirm that iWallet is available in Japan, China, Malaysia, and the Philippines. Interestingly, they are also licensed to operate in the United Kingdom, but there aren’t many UK online casinos willing to offer this Asia-centric payment method.
It’s also worth mentioning that, in terms of targeting, iWallet is one of the very few platforms that are explicitly marketing themselves as a deposit option for online casinos. Even when you visit their site, you can see lots of banners with links to many prominent sites, mainly in Japan. In a world where payment providers shy away from casinos, due to the stigma involved, it’s refreshing to see companies like iWallet giving players what they want.
But what about currencies? Well, iWallet is definitely on top of the game when it comes to this particular aspect. In terms of fiat currencies, you can deposit/withdraw with: USD, EUR, GPB, JPY, HKD, SGD, IDR, PHP, CNY, THB, MYR, and VND. In 2020, iWallet also added cryptocurrency support. As of now, you can fund your account with BTC, BCH, XRP, ETH, LTC, ZEC, and DASH.
Go to https://iwl.hk and click Register
Right off the bat, everything is straightforward. You simply visit iWallet’s homepage and click on the silhouette of a person located in the upper right corner. It’s highlighted in pink, right next to the display language menu.
Pick your account type and enter your email
Unlike most payment methods, iWallet doesn’t seem to focus on either B2B or B2C services. Instead, they take care of both business and casino players with equal devotion. Thus, you can pick between three account types – Personal, Business, and Corporate.
If you don’t intend to use your iWallet account for work-related purposes, Personal is the way to go. Once you’ve made the pick, enter your email. It doesn’t only serve as a means of verifying your account, but it will also be your username going forward.
Enter your personal information and check your email
Once you’ve selected an email that will be your username, you can fill out the information sheet. What you’ll need to enter is the following: name, surname, DOB, country, and a password. Afterwards, you can read the terms and conditions and agree to them. The only thing left to do to officially activate your account is to check your email and click on the verification link. Congratulations, you’ve created an iWallet account!
Hold your horses... You still need to verify the account!
Even though iWallet claims that their service is usable even without an ID check, that’s not completely true. If you’re using a free account, you have a cumulative transaction limit of $1,000.
To lift this limit, you need to provide a government-issued ID, with the same name that you entered during the previous step. It usually takes around a day or two to get cleared, but once you do – iWallet casinos will be at your mercy.
By now, you’ve probably realized that simplicity is one of iWallet’s calling cards. They refuse to impose unnecessary steps and obligations. Instead, they strive to find the simplest and securest way to complete any and all transactions.
You can see this in the deposit process, too. Let’s see how you can make iWallet deposits at online casinos:
- Go to your casino’s website and log into your account.
- Now, head on over to the Banking section. At some sites, it’s also called Cashier or Deposit – you get the idea.
- Pick iWallet from the provided list of payment methods.
- Enter your account information (email and password) and the amount you wish to deposit.
- Click confirm.
- Refresh the page and you’ll see the funds in your account. That’s it!
As for withdrawals, the process is almost exactly the same, but in reverse:
- Go to the Withdraw/Banking/Cashier section.
- Pick iWallet as your preferred withdrawal method.
- Enter the amount, your personal details, and click confirm. Done!
iWallet doesn’t impose any processing fees on casino players. All the expenses are paid by the merchants (casinos, in this case). According to both iWallet themselves and their partners, these expenses are very reasonable when compared to the cut other payment providers take. Fairness should always be applauded.
The only fees you might encounter will be those connected to currency exchange. iWallet takes a small cut, but this is normal for all eWallets that have this feature. If you gamble and make your everyday payments with the same currency, this won’t bother you. If you want to close your account, there’s a $5.00 fee you need to pay. Unneeded, but we’re going to let it slide because everything else is free.
Overall, iWallet does a nice job at keeping their processing activities running like a well-oiled machine. For deposits, you can expect an instant transfer of funds. Just complete the steps we listed above and you’ll be able to start playing right away.
As for withdrawals, you can realistically expect to your winnings arrive in 2-3 business days. This is not overly long, especially if you’re used to VISA or wire transfer deposits. To minimize this period as much as possible, avoid requesting withdrawals before the weekend.
When you first create an iWallet account, you will have a $1,000 cumulative transfer limit on your account. By providing proof of identity, this limit will be removed and you’ll be able to deposit and withdraw any amount you like.
Most iWallet casinos don’t fall into the high-roller category. The most common minimum deposit is $10, which is pretty much the industry average. As for the maximum amount you can transfer – it depends. In most cases, it will go to $5,000. However, some online casinos allow loyal players to renegotiate this. Read your site’s T&C to find out if this is possible.
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iWallet has this section covered, as well. They use the secure version of HTTP, HTTPS, in order to ensure that everything happening on their platform stays between you and them. In addition to this, iWallet also uses SSL encryption in order to protect all data.
Even though this is pretty much the industry standard nowadays, many payment providers still fail to construct a proper, multi-layered security scheme. The company also has an in-house anti-money laundering officer (AMLO), in addition to a compliance officer (CO). This way, any fraudulent activity occurring on iWallet’s platform is an impossibility.
Here’s where iWallet falls a little short. It’s 2021 and there’s no reason why payment providers need to resort only to email and contact form. We can’t stress this enough, really. And it’s not like adding a few phone lines and a live chat client are a gargantuan task. Everyone and their dog can purchase a VoIP package and add a ZenDesk client to their website.
Our experience with iWallet support
Still, the agents we dealt with were very diligent and forthcoming. They didn’t give simple answers. On the contrary, they were willing to explain things that we didn’t even ask for. Response times were surprisingly fast, so that’s another plus.
Overall, iWallet’s approach to customer support is outdated. Still, the substance is there in the form of well-trained and polite agents. A small modernization effort will improve things drastically.
Honestly, we had a lot of trouble finding negative reviews about iWallet. The ones that we were able to locate, on various forums and review sites, mostly related to slow withdrawals from an iWallet account to another platform.
Of course, this is always an unpleasant experience, but we believe these comments aren’t based on facts. When you withdraw money from iWallet to, let’s say, your bank account, the money is out of iWallet’s jurisdiction once you okay the transfer. It isn’t iWallet’s fault. The other platform is to blame.
Other than that, casino players showered iWallet’s account creation process with praise. They are delighted by the security of the whole ordeal, as well as the overall easiness.
Taking all of this into consideration, we have no other choice but to give iWallet our stamp of approval. They are legit and real people can attest to this judgment.
What iWallet lacks in quantity, they most certainly make up for in quality. There aren’t many extra features, but the ones that are there are legit. The iWallet prepaid card is perhaps the most significant of the bunch, as it allows for players to cut out the middle man and just use a piece of plastic for their online gambling needs. What we like the most is that iWallet won’t let users stick the card in just any ATM.
Instead, the iWallet prepaid card can only be used at modern ATMs with up-to-date security features. This might be a bummer if there isn’t a well-developed ATM infrastructure in your city/town, but it’s awesome to see a company care about security that much.
We would also like to highlight the cryptocurrency deposit feature. You can add funds to your account via BTC, BCH, XRP, ETH, LTC, ZEC, and DASH. Unlike some payment systems that double as a crypto-wallet, iWallet doesn’t want the added security risk. You can deposit any amount you like and it will be converted into EUR once the payment is processed. An innovative way of funding accounts, no doubt.
iWallet has invested a lot into developing their apps, and it can definitely be said that they have some amazing software on their hands. Available on both iOS and Android, the iWallet app is a seamless continuation of what you already experienced on the desktop version of the site.
All the sections are clearly defined and highlighted, allowing even a complete novice to find their way around the app. The UI is incredibly pleasing to the eye, with blue and white being used in all the right places. There were no bugs, unexpected crashes, or anything. It’s your banking app of the future!
- Although iWallet is based in Hong Kong and regulated by the authorities there, you can’t use it for gambling purposes within HK.
- The company was founded in 2009 and eventually opened a second base of operations in London.
- Since 2020, you can use cryptocurrencies to fund your iWallet account. Before, you could only use fiat currencies.
- iWallet has partnerships with most of East Asia’s local banks, so you can use the service for everyday needs.
- iWallet also actively endorses some Japanese online casinos and is open when it comes to their support for the iGaming industry.
- If you have an account at some of Japan’s biggest banks, you can also fund your account with a voucher.
If you play a verified, legal site, then sure. Check out our top list above to see the best ones!
Certainly! The transaction process is exactly the same, so there’s no reason not to.
No, but you need to provide proof of identity if you wish to lift the spending limits for unverified accounts.
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