Casinos grab your attention with generous bonuses. They then introduce you to their best games and give you reasons why you should play games on their platforms. But before you’re allowed to spin reels or throw dice at craps, you’re required to make a deposit. But how do you go about it?
Many online casino payment methods are services you’ve used before. Starting with the obvious-casinos allow players to deposit and withdraw money using credit and debit cards. You can choose between Visa and MasterCard or opt for Maestro on some platforms. Some more payment options include Skrill, Neteller, Bitcoin, bank transfer, EcoPayz, and PayPal.
Each banking option has unique features. PayPal, for instance, features flat-rate fees, which makes it suitable for small transactions. Skrill has the benefit of working with every willing casino, so you’ll always find it in your favorite gambling site.
Bank payments are the best options when you need to withdraw colossal amounts of money. Let’s say that day you hit the jackpot and you’ll want to withdraw £100,000 or more. Unfortunately, they also come at the expense of speed. It takes up to 10 days to complete a wire transfer as opposed to a few minutes for e-wallets.
Picking the Best Casino Payment Method
Choosing casino online payment methods can be challenging for several reasons. First, your preferred banking option may not be supported in your favorite gambling site. If it’s offered, you may have doubts about trusting a gambling company with your financial data. So, how do you choose a payment option?
- Prioritize Security
Your money is at stake. And since you have no intention of losing it, only pick a secure company. Preferably, choose well-known financial institutions that have been audited and proven to be secure by independent auditors.
- Low Fees
If you’re like many gamblers, you spend less than £1000 or casinos. Sometimes you could deposit as little as $10. Working with banking options that charge less than 3% helps avoid losing money through fees.
- Processing Speeds
E-wallets have a solid reputation for completing payments instantly. Whether you choose PayPal or Skrill, Neteller or EcoPayz, your money gets to the recipient within seconds. By comparison, it takes up to one week to complete a bank payment.
Credit and debit card deposits are completed within a few minutes, but withdrawals can take up to three days. Digital currencies, on the other hand, are super fast but are a process to convert to fiat cash. Before choosing a payment because of its speed, also consider its drawbacks.
- Support by Casinos
Lots of speedy banking options don’t process payments to casinos. It’s unfortunate, but it’s the truth. Services like Apple pay and Google Pay refuse to facilitate deposits and withdrawals to and from gambling sites.
So, make sure you choose a payment option that works with casinos. Also, it should be supported by a casino you want to join.
Most Popular Casino Payment Methods
Trusted by more than 100 million people, PayPal is one of the best e-wallets in the world. PayPal charges flat-rate 2.9% + £0.30 in fees, which makes it ideal for small casino transactions. It’s safe and only operates with secured gambling sites. Additionally, PayPal features an all-in-one solution that lets you complete payments in multiple casinos efficiently.
Skrill is one of the most preferred e-wallet payment options in online casinos. While you won’t find PayPal in many gambling websites, you’ll find Skrill in nearly all top-rated casinos. It offers conveniently fast services, secure payments, and the ability to transfer money from Skrill to your bank account.
Neteller is an electronic wallet supported by tons of online casinos. It’s safe, offers low fees and available in 100+ countries. Neteller also comes with a virtual prepaid card that can help lower your fees. It also comes in handy in protecting your against online fraud by capping your expenditure.
Canada-based Paysafecard is a comprehensive online payment solution frequently supported by gambling sites. It operates like PayPal so that you can link your credit or debit card or use it for online shopping. In addition to its low fees, Paysafecard also gives you monthly reports of your payments, including currency conversion fees.
Credit and Debit Cards
Credit and debit cards can be used for almost every online payment these days. You can link your card to e-wallets like PayPal or use it to make a purchase directly. Visa and MasterCard are the most prominent credit cards in online casinos. They’re similar in many ways but keep in mind payment fees are set by credit card issuers, so your Visa fees may vary from someone else’s.
Like credit cards, bank transfer fees are set by individual banks. The average American bank charges £20 to £30 for deposits to casinos and £15 to £20 for incoming payments. When dealing with international casinos, beware of higher fees.
Europe-based gamblers located within the EU enjoy free withdrawal fees where SEPA is accepted as a payment option. They also pay small deposit fees, usually less than $20 regardless of the deposit amount.
Checks were once a standard payment option in online casinos. They’ve since been replaced by the faster, more convenient e-wallets and crypto payments. Still, some casinos support checks for withdrawals. But beware not to be dealt bad checks especially by overseas casinos.
How do you Deposit Funds in Online Casinos?
The best online casino payment methods are easy to use. But many are times when gambling sites make the deposit process a complicated process. On a user-friendly casino website, clicking the deposit section of a casino shows you all the payment methods you can use.
From there, you can enter your financial details and authorize a deposit. With payments like PayPal, you only need to provide your financial information once. If you ever decide to make deposits in other casinos, you’ll complete payments with one click.
Usually, casinos process deposits impressively fast. With e-wallets, your payment is completed immediately. For digital currencies like Bitcoin, your money reflects in your account within ten minutes. Credit card payments are also speedy, but wire transfers may take up to 24 hours.
Is Online Banking at Casinos Safe?
You may have your doubts, but payment companies like PayPal, Visa, and MasterCard wouldn’t let you pay to casinos if it were unsafe. Of course, fraud happens even to the best. But when using the best casino payment methods, you can remain confident knowing your money and data is safe.
For peace of mind, you check for signs of payment methods online casino companies before using their services. Features like SSL encryption, passwords, and other security certificates can help you distinguish a safe from an unsafe company.
Security also applies to online casinos. A payment method may be safe. But if a casino doesn’t encrypt your data, it could be jeopardized. As such, evaluate casinos for safety before transacting with them.
Making deposits and withdrawing money is the most hectic part of dealing with online casinos. But on the best casinos, these two processes may not take more than 10 minutes. There are lots of payment facilitators that now work with gambling sites.
Find a trustworthy casino that accepts your preferred payment option, and you may never have to stress over casino deposits and withdrawals.