Global money payments have been around for decades. And money movement services (MMS) have thrived on our need to get cash from A to B as quickly and safely as possible. The industry is worth billions. And every day millions of pounds change hands in every corner of the planet.
In the past, two banks would need to organise a transfer between them. They had to clear the funds at both ends to manually ensure that balances tied up. And these funds could then be passed on to the customer, who had requested for the transfer to take place.
This would take some time. Especially if the transfer involved different currencies.
All in all, it was a costly business. And very few regular customers could afford to make such transactions. So it was the reserve of big businesses and wealthy clients. Only they could afford to soak up the poor exchange rates and fees that came with making these transactions.
New tech and currency conversion
New tech and products opened the door to much simpler and cheaper ways of transferring cash globally. It became possible to move it from one person to another via an MMS service such as Western Union, for example.
As a result, people without banking facilities could receive cash and withdraw it easily. New methods involved less manual help from the bank and sped the process up.
However, this also involved many fees for the customers. And the exchange rates on offer were beyond a joke, in some cases.
While this was faster than previous options, it still kept cash transfers out of reach for most. More so if they were looking to make regular transfers.
The e-commerce boom has laid the path for faster payment gateways. And now, a payment platform is able to authorise a payment without involving constant checks from the bank. And this has helped lower costs and bring businesses to a worldwide audience.
Accepting payments in multiple currencies is a must for many businesses, including casinos not on Gamstop. Their wide net for attracting customers naturally demands payments from various countries. And it is an important part of casinos not on Gamstop’s business model.
Many offshore brands will accept payments in major currencies. And one of the most popular is the Euro. Looking at some of the biggest gambling guides, you can see that most gambling sites not on Gamstop offer the euro currency.
But the gambling boom of recent years hasn’t been limited to the Eurozone. Many other parts of the world have seen similar growth. And the various lockdowns during the pandemic only helped to increase the figures even higher.
India has seen the value of its currency fall sharply compared to many others in recent years. The last 2 years have been hard on the nation’s finances. The obvious health crisis has been a thorn in their side. But beyond that, crude oil prices have also created a problem for the nation.
India imports 80% of its oil and the huge increase in oil prices in recent months has led to mayhem for the currency and economy as a whole.
But it hasn’t stopped online casino deposits from pushing forward in the area. More customers than ever are now using casinos not on Gamstop. And many of them are providing their services in Rupees. This keeps is good news for the customer as it removes currency exchange fees.
Sterling has seen its fair share of problems in recent years too. The currency was riding high against many others, including the Euro. But Brexit landed the first blow in a string of events that brought the Pound spiralling downwards.
In more recent years, oil prices that have affected most parts of the world have also hurt the UK economy. This brought a lack of confidence in Sterling that was already struggling to get back to where it was pre-Brexit. That coupled with the pandemic and various arguments between the UK and the EU has led to hard times for GBP.
But similar to India, the currency issues have not hurt the massive growth of non Gamstop casinos usage by British customers. And even though the rules in the UK are supposed to prevent offshore gambling, there are still a good number of players who brush over these rules every day.
An offshore casino not on Gamstop won’t usually be able to accept payments in GBP. So UK customers will have to suffer the fees that go with currency exchange.
Most UK players using a non Gamstop casino will choose to do so in Euros instead. The Pound is still fairly strong against the Euro. So players will still get a pretty good deal when transferring their cash. Another aspect that UK customers also consider is that the GBP/EURO is a familiar pairing. They are used to making the exchange for holidays etc. and so they have more confidence in the transaction.