Online gambling is more popular today than ever before. It is a safe and reliable source of entertainment, with online casinos offering a huge variety of gaming titles. In addition, an online casino will usually offer a good range of payment options, all of which are reliable and secure and deposits can be made in an instant. With most online casinos you can expect the option of all traditional payment methods such as direct debits, bank transfers, and credit cards, but also there are more modern-day methods such as e-wallets. For those trading in cryptocurrency, many online casinos accept transactions using Bitcoin, Ethereum, and many others. It is always best to check which payment methods an online casino uses beforehand, as it may use what suits you. We are going to look at the payment providers in more detail, but before that, we will have a brief overview of the important aspects to consider.
Choosing one of the best Online Casino Payment Methods
More often than not, the payment providers at an online casino will be reliable, and reputable services. Most reputable online casinos will work only with trustworthy services, as it is a key element of the business. Gaming operators will check the credentials of the payment providers via comprehensive checks and license identification. Transactions are an essential part of running an online casino, and the process will only work well with sufficient security checks in place.
1. What about security?
Sufficient encryption methods are standard when it comes to providing data protection. The payment methods used are reputable and have a proven track record in offering a secure service. A lot of payment methods operate outside of gambling, and this has furthered their trustworthy reputation. A mobile casino will require a more secure data connection, so additional IDs, and licenses are sought.
2. Speed of Payment
The speed at which a payment is made will solely depend on the method of transfer chosen. Deposits are often instantaneous, but withdrawals can take slightly longer. If a player wants a withdrawal as quick as possible, then modern transaction methods should be preferred. For example, the traditional bank transfer could take up to 7 days to complete, whereas internet transactions such as e-wallets can be instant. A player should think of this before proceeding.
3. Withdrawal Methods
This is the one aspect of making an online casino transaction that isn’t always as straightforward as you might expect. More often than not, the withdrawal channel should be the same as the channel used for making the initial deposit. However, that is not always possible, as the casino might take deposits via debit card, but will not transfer to a credit card for a withdrawal, for example. This can lead to some confusion, but online casinos are very clear about accepted payment methods, so it is important to find this information in advance. All payment conditions will be clearly outlined in the payments section of an online casino.
4. Will there be any Transaction Fees Incurred?
Again, this depends on the provider. Deposits almost never come with any fees attached to them, but withdrawals can change from provider to provider. This information will be easy to find on the payments page. It’s important to note that transactions will come with a minimum payment requirement, which again will differ from each provider.
5. What is Involved with Casino Bonuses?
Taking on a casino bonus can get pretty complicated, and the terms and conditions can be slightly difficult to understand if you are new to them. There are certainly benefits in using bonuses, but they are not for everyone. There are several different bonuses up for grabs, each of which will have certain stipulations. You can almost guarantee that there will be wagering requirements attached to each bonus, meaning that any money won with the bonus money will then have to be wagered a certain number of times before a withdrawal is allowed. This can lead to a lot of uncertainty, so a player should think carefully before taking a bonus. It is possible for bonuses to be straightforward, and the casino will make this obvious by stating ‘no wagering requirements’ when signing up for a bonus, although it is rare.
Playing Online Casino via a Browser: Online casinos with their own app available for download are pretty hard to find, but modern devices and browsers can allow you to play through a mobile device. With optimisation, the mobile screen will display the online casino just as well as a laptop or desktop screen, and all games will still be available. There is no need to download additional programs, but a casino will divert from its page for transaction purposes, as these are external service providers.
Typical Online Casino Payment Methods
Now we are going to move on to the specifics. We are going to look into individual payment methods to give an idea of what yo8u can expect. As we mentioned before, there are several factors to consider when choosing the right online casino for you to play at. Bonus offers might be important for some players, whereas the speed of withdrawals may be the most important for another. Other players may only wish to deal with cryptocurrency. The point is, every player has different expectations, so choosing the right casino for you is what is important.
- Classic transfer / direct debit
We will start with the most widely used form of transaction. Almost everyone has a bank account, so direct debits offer convenience and familiarity. The downside to direct debits is undoubtedly the potentially slow withdrawal speeds. Direct debit providers advise a maximum withdrawal speed of anywhere between 3-5 working days. Direct debit transfers are likely to incur charges, and this is one of the reasons why online casinos are reluctant to offer this kind of service – especially for withdrawals.
If a player relies on this method of transaction, then it is highly recommended that they go via an e-wallet, which can act as a reliable carrier between the two.
- Instant bank transfers
Instant bank transfers are generally used for withdrawals when your chosen deposit method is not accepted for withdrawals. Wise.com is becoming one of the most popular instant banking methods today because you can make withdrawals in other currencies. For example, if you are from New Zealand or India and the casino does not accept your domestic currency, you can open a EUR or USD balance on your Wise account and play using these currencies.
Of course, you can use your day-to-day bank/financial provider, but this may include additional costs – especially if you request a casino withdrawal where the balance is not the same currency as you use for your bank.
- Traditional E-Wallets: Paypal, Skrill, Neteller
These are known as ‘traditional’ because they are the earliest forms of e-wallet. E-wallets tick most of the boxes for customers and online casinos alike, as they are secure, reputable, fast, convenient, and possess all the necessary licensing to be included as an option of payment.
Using e-wallets may sometimes mean that bonuses cannot be taken advantage of, and there may be some low fees involved, but these are perhaps the only downsides. With all that being said, this is one of the fastest ways to withdraw, and you do not have to log any bank details or cards on your account. For many online casino players, this is seen as a more secure way to transact with a casino.
The downside is eWallets tend to charge you for incoming funds to your account, which is one of the ways these companies make money. However, withdrawals are free with the majority of eWallets.
- Interac Bank Transfer (Canada)
Players in Canada have a secure payment option that is designed especially for Canadian Dollar transactions. It is a company that is a middleman between your bank and the casino. Players select to use this deposit/withdrawal method, a secure Interac payment gateway page appears, and players simply enter their credentials. The payment then takes or adds funds directly to or from the casino balance, respectively.
As a result, there are no eWallets to top up and no need to enter any financial information into the online casino as you would need to with card payments. And there is only a very small Interac fee involved in the transaction with a small price to pay for the security and convenience this financial service offers.
- Modern E-Wallets: Apple Pay and MuchBetter
Apple Pay has been available for 7 years, but the service is available only through Apple devices, which somewhat limits its appeal. However, Apple has an incredible number of customers, so it makes sense for online casinos to offer this service. Not all online casinos will offer modern wallets, but certainly, most of them will. The likes of MuchBetter is more likely to be included, as it is available across all devices. These payment methods have their own apps, so there are even more layers of security involved.
The appeals of the latest e-wallets are apparent, as they have independent apps, most of the time there are no fees, and they are trendy so it is more likely that a customer will have them, or at least be familiar with them. What’s great about MuchBetter is that players in Canada, the UK, Australia, Ireland, India, New Zealand, and South Africa can sign up and use their domestic currency.
- Credit cards: Visa, Mastercard and Co
VISA and Mastercard have been around a lot longer than online casinos themselves. These cards are a staple part of everyday life. They have moved with the times by constantly bettering their services, and have the most up-to-date security. The flexibility of these cards is part of their appeal, and as such, online casinos are happy to cater to them. Withdrawals will be possible via these methods, but there will almost certainly be a fee charged. These fees could be a standard fee or a percentage fee of the withdrawal. Being aware of this is advised so as to avoid a surprise later.
It is worth knowing that in the UK and Ireland, you cannot use VISA/Mastercard credit cards for any type of transaction. Also, some banks in South Africa, Australia. and India might block casino payments if the operator’s company that deals with the casino’s financial transactions has been flagged as a casino business.
- Paysafecard: Anonymous, but limited
Paysafecard was established in Austria in the year 2000 and has gone on to be used all around the world. Paysafecard is a prepaid credit card. It allows you to pay safely and securely online even without a bank account. First, you buy a Paysafecard code for a certain value and then use the code to pay on thousands of Paysafecard partner websites. Payments are anonymous and guaranteed, which makes them a perfect transaction method for those wanting to hide their identity.
The downside when using this method occurs when it comes to withdrawals, as the online casino will not credit a Paysafecard for the player, meaning that an alternative method will always be required.
Special feature of Bitcoin: Are cryptocurrencies worthwhile in online casinos?
Of all the cryptocurrencies, Bitcoin is the most widely known, but there are several other coins which are commonly found in e-wallets such as Ethereum, XRP, and Litecoin. The rise in popularity of cryptocurrency casino transactions simply cannot go unnoticed, and as such, there are many online casinos now accepting cryptocurrency payments, and you can even game using cryptocurrency as the chosen currency. Cryptocurrency transactions are anonymous, so players are known only by their Bitcoin account, which assures the highest level of security possible.
Using a cryptocurrency such as Bitcoin requires the player to download the relevant apps and software which are needed to purchase trade in crypto, and from there will need to create an address. This means that the initial process requires a bit of work before making online casino deposits, but every method of payment requires some time spent to set up the account. Using cryptocurrency may be the modern way to trade currency, but it is not without its downfalls. There is an upper limit to Bitcoin of 21 million, that will be eventually ‘mined’ into tradable currency, and the coin itself is considered highly volatile, with the potential for the value to fluctuate aggressively on a daily basis. If a player deposited using crypto, then this can be a good or bad thing, with the true value of their online casino account.
Payment transactions with detours: In principle, Bitcoin is similar to using e-wallets such as Skrill and Neteller already described above, but the players first need a wallet address and may need to download the necessary software. At this point, you can commit to fiat currency or crypto.
Online Casino Payment Methods Q&A
What is the Best Payment Method for Online Gambling?
The simple answer to this question is – whatever suits the player the best. Everyone is in a different situation, and some methods are more ideal than others. Time is of the essence for some players, especially if there is a progressive jackpot bulging, so a digital currency could be most suitable for them. Other players might not be as tech-savvy as others, so a more traditional payment method might be more comfortable to them, regardless of whether it is slower.
Fans of bonuses are strongly advised to checkout the terms and conditions of the bonuses against the conditions of the payment methods. Some payment methods do not qualify for bonuses, and so a player would be left greatly disappointed if wanting to take up a bonus and not being able to. Remaining anonymous can be a particularly important condition, so a combination of Paysafecard and a cryptocurrency withdrawal would be an attractive option if that is the case.
Which Method of Payment is Fastest at an Online Casino?
E-wallets, instant transfers, and cryptocurrency (Bitcoin) tick this particular box. Deposits via these methods are as good as instant as a general rule, while bank transfers and credit cards are slower by as much as a few days.
Are There any Fees Involved with Transactions at Online Casinos?
There are almost never any fees incurred when depositing, although there is usually a minimum deposit amount. Withdrawals are different, as there may or may not be any fees to pay. This is something that you should look into before selecting a withdrawal method so to avoid disappointment. Just like deposits, withdrawals will more often than not have a minimum requirement, again, each payment provider may differ.
What About Data Protection?
Licensed online casinos will go through a rigorous vetting process by respecting gambling boards. This process requires an online casino to provide the best security possible that will protect a player’s data. The casino will provide payment security and security for a player’s personal information. The possibility for online fraud to occur is almost zero due to these security measures, and online hackers would also be wasting their time trying.
Is it Possible to Remain Anonymous When Making Payment Transactions at an Online Casino?
There are several reasons why Bitcoin and other cryptocurrencies are becoming incredibly popular – and this is one of them. Making a deposit via this method will guarantee anonymity, but if withdrawing to a bank or credit card, then remaining anonymous is not possible. Online casino accounts can be created using ‘fake’ names, but payment methods will require true information from a ‘real’ person, which can be verified by providing official documentation, such as a passport picture, or a household bill. Paysafecard is great for guaranteeing anonymity on deposits, but an alternative withdrawal method is a must as the online casino cannot issue out a credited Paysafecard.
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