How to Refund Your MiFinity Balance: A Complete UK Guide

MiFinity is a convenient and secure way to manage your money onlin - especially if keeping your data safe is your priority. But what happens if you have unused funds sitting in your eWallet and want them refunded?The term “refund” can be a little misleading here. MiFinity doesn’t process direct refunds for eWallet balances. However, you can withdraw your available funds, and this guide will walk you through how.

Understanding MiFinity eWallet

The MiFinity eWallet is a digital account designed to store, send, and receive funds securely, as well as make direct payments on MiFinity partner websites. It’s widely used in sectors like online gaming, forex, and e-commerce. With this wallet, you can:

Make instant payments to supported merchants
Transfer money to friends or family
Fund your account using cards, bank transfers, PayPal, or MiFinity eVouchers.

Once you’ve added funds to your account, you can use them anytime, and they don’t expire (unless you’ve stopped using your account for over 12 months). While that’s convenient, what happens if you want to refund your MiFinity balance?

Can you refund your MiFinity balance?

While many MiFinity users use the term “refund”, that’s not exactly accurate, as refunding means you can get the full amount of money you have deposited into your eWallet back. If you look at it this way, a refund of your MiFinity balance is not possible. However, you can withdraw your available balance - as long as you’re aware of the conditions and limitations. Let’s go through how it works.

How to withdraw your MiFinity balance

If you’ve funded your wallet and later decide you want the money returned, you’ll need to withdraw it using one of the approved methods. Here’s how:

Log into your MiFinity eWallet. Access your account via mifinity.com or the mobile app.
Navigate to the “Withdraw” section. Click on “Withdraw” in the main menu to view available options.
Select your withdrawal method. Options include bank transfer, debit/credit card, or cryptocurrency wallet. Note that you can only withdraw funds back to where you deposited them from. So, if you deposited money from your crypto wallet, you won’t be able to withdraw it back to a bank account.
Enter the withdrawal amount. Ensure you’re within the minimum and maximum limits set by MiFinity.
Confirm the transaction. Follow any identity verification steps and complete the process.

Note that some withdrawals can take up to a couple of days to be processed.

What to keep in mind about refunding MiFinity balance

While it’s possible to get your MiFinity balance back, there are some things to keep in mind:

A withdrawal fee will apply.

Every time you withdraw money from your account, a fee applies, and it varies depending on where you’re withdrawing the funds to. For example, cards have a fixed fee, and crypto wallets charge a percentage of the transaction amount. For the most up-to-date fees, refer to the MiFinity website.

eVouchers are non-refundable.

If you used a MiFinity eVoucher to fund your wallet, those funds cannot be refunded, as withdrawals are only allowed back into the original deposit source. eVouchers cannot receive money, meaning that once redeemed, the funds from a voucher can’t be refunded. This being said, it’s worth contacting Customer Support if you’re in this situation. There may be an exception possible.

Withdrawals must go to an account in your name.

MiFinity prohibits withdrawals to third-party accounts to prevent fraud. You will only be able to withdraw your balance into an account or crypto wallet that’s under your name.

Verification required.

You must complete identity verification to access most withdrawal options or higher transaction limits.

Managing your MiFinity eWallet like a pro

Want to avoid needing to refund your balance in the first place? Here are a few smart tips to manage your eWallet efficiently:

Top up only what you need, especially when using non-refundable vouchers.
Monitor your wallet regularly to avoid unused balances and track spending habits.
Don’t use your wallet regularly? Consider using MiFinity eVouchers as a direct payment method instead. You can use them directly on partner websites, without depositing them to your eWallet. It’s quick, simple, and you can buy a MiFinity voucher only when you need one, rather than letting unused funds sit in your eWallet.

You can get a refund, or know how to avoid needing one

Refunding (withdrawing) your MiFinity balance is possible, and quite simple. However, it comes with fees and may not be an option for all deposit methods. To keep things simple, consider sticking to eVouchers as a direct payment method. They’re easy to buy, easy to use, and you don’t have to deposit them into an eWallet to make use of them. Whatever your preference, MiFinity has a solution available.

Frequently Asked Questions

Can I refund my MiFinity balance?

Not exactly, as you won’t get back the full amount you deposited. However, you can withdraw your balance, taking into account the fees that apply, and some limitations.

Are there any fees for withdrawing funds?

Yes, MiFinity may charge fees depending on the withdrawal method. Check their fee page for the latest info.

What happens if I used an eVoucher to add funds into my eWallet?

MiFinity eVouchers are non-refundable and you can’t withdraw money back to them. In this situation, it’s best to contact Customer Support to find out what your options are.

How long does a withdrawal take?

That depends on the withdrawal method. Some work instantly, and others may take a few days.

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