Trustly is a banking method that allows their customers to make fast and secure bank payments and transfers. It can be used in 29 European countries and supports over 3,000 banks. They have partnered up with some of the biggest names in the financial industry, such as Skrill and PayPal. This banking option is not available in India, but we have decided to review it for anyone with family members living in Europe. If you like what you read, feel free to share it with them.
How Trustly Came into Being
Carl Wilson, Lukas Gratte, and Joel Jakobsson founded Trustly in Stockholm, Sweden, in 2008. They signed some contracts with Internet retailers that same year and the following year another technical platform was created. In 2010, the company expanded out of Sweden, opening their first office abroad in Malta. During that same year, they processed over 1 million transactions and increased their revenue by a staggering 200%. They finally launched their second platform in 2011 and sold 25% of their company to Alfven & Didrikson.
In 2014, they formed a partnership with Groupon and PayPal, which led to the introduction of the Payout Express. They hit the 10 million transaction mark and Bridgepoint Capital bought a minority stake for 23 million euros. In 2018, Nordic Capital bought 70% of the company, which was valued at 700 million euros.
You Don’t Need to Open an Account
With Trustly, you do not have to spend time going through a registration process. When you select Trustly as a payment method (let’s say you want to deposit 100 euros at a sportsbook that you just joined), you will either be taken straight to your country or asked to choose it from a list. Once they know what country you are in, they will give you a list of banks in your area that they provide instant transfers for. Choose your bank, login to your bank online, and confirm the transaction. The only thing that you need to remember to make a payment via Trustly is your Internet banking login credentials.
Trustly does not have access to your bank password. In fact, for added peace of mind, the Swedish FSA regulate Trustly, meaning they need to follow the exact same procedures as your bank.
So, to sum up:
- Choose your bank.
- Log into your Internet banking.
- Confirm your payment.
- The case will be added straight to your account.
Therefore, since you don’t need to create an account, you don’t need to spend the time verifying an account either.
In What European Countries Can You Use Trustly?
Trustly is currently available in the following 29 European countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
If you cannot see the relevant country on this list, please don’t be too disheartened as Trustly is always looking to expand, meaning the country you are looking for might be added to the list in the near future.
Is There a Fee to Use Trustly?
One great thing about Trustly is that it is completely free for you to use. You will not be charged anything when withdrawing or depositing money and there are no transaction fees. However, it is important to add here that there are some online casinos that might charge a foreign exchange fee if your bank account is a different currency to the one that the casino uses. Other will also charge you to withdraw money from them. Thankfully, these casinos are few and far between.
Having said that, you should always read the terms and conditions of the casino, so you don’t get any unpleasant surprises the next time you check your bank account balance.
The Pros and Cons of This Payment Method
- Transactions are instant: When you make a deposit at an online sportsbook using this banking option, the whole process will only take a minute or two. Furthermore, the money will be deposited into your account within seconds.
- Extremely safe to use: All transactions that you authorise through Trustly are heavily encrypted, so you don’t have to worry about your financial data getting into the hands of cyber crooks. To add to this, Trustly will never store any of your personal data.
- No fees at all: Okay, we know we mentioned this above, but it is such a great feature of Trustly that we thought we had to mention it again for emphasis.
- Not all banks are eligible: Although Trustly might be available in your country of residence, you still might not be able to use it because your bank might not be on their list of eligible banks. Therefore, before you make a payment, you should always check on their website to see if they cooperate with your bank.
- Not available all over the world: Only those who are in Europe can make use of this great service, which is a big let-down for us if we are being honest. Hopefully, they will spread out of Europe in the future.
- Can only contact them by filling in a contact form: If you ever require their help, you will have to fill in a contact form. It would be better if they had a live chat or at least a telephone number as this would enable customers to get solutions to their problems a lot faster. Before you fill in the contact form, check out the FAQ section as you might be able to find the answer to your problem there.
Is There a Trustly Mobile App?
The answer to this question is no. However, that is to be expected as it is simply a means of making a fast and secure bank payment. There really is no need for the company to create an app.
However, it must be noted that you can still make transactions on your mobile devices using Trustly. This is great as more and more people are now gambling using mobile devices.
Our Final Thoughts on This Company
When it comes to instant payments, Trustly is one of the best payment options currently available for depositing money at online sportsbooks. Transactions are very easy to make and the money you deposit will appear in your account right away. Another great aspect of this payment option is that there are no transaction, withdrawal, or deposit fees to talk of (unless the sportsbook has fees, but that is nothing to do with Trustly).
Our main gripe with Trustly is that it is only available to those living in the aforementioned 29 countries in Europe. However, if you have family members or friends living in one of these countries, share this review with them as they will definitely be able to benefit from it.