Bancontact was previously known as Mister Cash. With its fast and secure transfers, this service took the Belgian market by the storm and is currently the number one payment method in Belgium.
Read our review on this payment method if you would like to learn more about its advantages and disadvantages.
When it comes to electronic payment methods, Bancontact is the market leader in Belgium. It is a trusted name that allows users to make online payments after connecting their cards with a Belgian bank account. In addition, it offers a variety of services like in-store card transactions, for example.
Currently, Bancontact offers its services to 15 million users across 20 different Belgian banks — and that’s a number that is continuously growing. In 2015, for example, they had processed more than 27 million payments, which is a number that only testifies to its popularity.
If you live in Belgia, there are several good reasons why you should use Bancontact. The first one would be its broad representation. Another great thing about Bancontact is that the fees are minimal and set per transaction, which will allow you to spend more while being charged the same fee every time.
Moreover, payments are 100% guaranteed and immediately confirmed. They are also secured by 3D-secure technology. To make things even better, you can download the Bancontact mobile app — it makes the whole process even more convenient.
In order to add funds to your account, you need to follow these few simple steps:
The process of withdrawing funds using Bancontact is straightforward and fairly similar to the depositing process.
The time required for the transfer to finalize depends on the place you are withdrawing funds from.
In order to use Bancontact, you need to be a resident of Belgium and have a Belgian bank account. Even though this form of payment is accepted in a few places in the UK and the Netherlands, it is predominantly reserved for the citizens of Belgium. That being said, there are no sports betting sites in Canada that support this method of payment.
There aren’t many disadvantages when it comes to using Bancontact. Namely, the biggest issue with this method of payment is a small security risk that comes with every other credit card payment method as well. Another disadvantage of using Bancontact is what we have mentioned previously — the method being available only to Belgian residents.
Bancontact is a team of professionals who believe in an innovative and trustworthy approach. As such, they have fantastic customer support that allows Belgians to have a hassle-free shopping experience.
If you have any questions, you can visit their website where you can find the FAQ section. Another option would be sending an email to [email protected] and waiting for someone from their customer support to answer your question.
How long does it take to receive money using Bancontact?
That depends on your bank.
Does it cost more money if I make a large deposit?
No. Bancontact has a small standard fee for every transaction, regardless of the sum that you are depositing.
Can I use Bancontact outside of Canada?
Technically, yes, since only the residents of Belgium can use Bancontact.
Who benefits most from using Bancontact?
Both the user and the merchant benefit from using Bancontact, as it is one of the most popular and most convenient methods of payment in Belgium.
Which banks is Bancontact available through?
ABK Bank, Argenta, AXA Bank, Bank J. van Breda, Belfius, Beobank, BNP Paribas Fortis, bpost bank, CBC Banque, CPH Banque, Crelan, Deutsche Bank, Fintro, Hello Bank, ING Belgium, KCB Bank, Keytrade Bank, Record Bank and VDK Spaarbank.
Do I have to open an account with Bancontact to use their services?
No, the bank issues your credit card. In order to use the service you just need to have the card connected to your bank account. You are not obliged to have an account on their website.
Are transactions via Bancontact protected?
Yes, Bancontact uses 3D-secure technology to ensure the safety of every transaction.
Can I reverse a transaction using Bancontact?
Payments made via Bancontact are confirmed instantly, and funds are transferred shortly after. Nevertheless, it still might be possible to reverse a transaction. However, note that such instances are rare and that a reversal depends on the circumstances and the merchant.