Get the lowdown about deposits and withdrawals at online casinos (Image from rupix on unsplash.com)
While the payment methods offered by an online casino for deposits and withdrawals should be among the top priorities when choosing an online casino, this area is often neglected until the last minute. Players usually get excited by the 1000s of games waiting, the fabulous deposit bonuses offering increased value for your deposits, and the free spins they might receive when registering an account.
Payment methods are not considered a sexy part of an online casino, that is until you need them. Rather than rushing to sign up after being seduced by the bonuses and games, take the time to check the payment methods the casino offers. This could save you wasting your time in instances where you sign up only to find out your payment options are limited.
You might prefer to use eWallets such as Skrill or Neteller and want to make sure they’re accepted. Or perhaps you’re wondering if you can use the same method to withdraw that you use for depositing? Maybe you don’t want to pay transaction fees, or want to have to wait up to a week for payouts? Perhaps you’re looking for online casinos that accept cryptocurrencies such as Bitcoin, Litecoin, or Ripple?
These are all questions that you should establish the answers for long before you create an online casino account. Once you know that the casino has you covered when depositing and withdrawing, you can then consider the other aspects of the casino before signing up.
In this guide, I hope to provide the answers to the many questions you might have about online casino methods. I will give you a brief overview of the methods you can expect to find, list their pros and cons, and essentially give you the information you need to choose which payment options suit you the best.
An Overview of the Payment Methods You Will Come Across at Online Casinos
In the early days of online casinos, your options were limited with regards to funding or cashing out an online casino account. Bank transfers and credit/debit cards were your only options until eWallets started to come along. Today we have a ton of options at our disposal when we want to send money to our casino account, or withdraw our latest win. We can choose between bank cards, bank transfers, a wide variety of eWallets, a handful of prepaid vouchers, and even cryptocurrencies.
Below, I will summarise the most common payment methods you will find when playing at online casinos.
Credit/Debit Cards
Bank cards have long been a popular casino payment method. Most of us have a credit/debit card already, so there is no need to sign up and create accounts or verify our identity to increase transaction limits. We just pull the card out of our wallets and make the deposit. However, in some regions, it is becoming increasingly difficult to use bank cards (especially credit cards). In the UK and Ireland, you’re no longer allowed to use credit cards for gambling transactions. You can still use Visa/Mastercard debit cards, just not credit cards. This makes sense as it prevents those that could have, or develop a gambling addiction from spending credit to gamble. Plus, some banks in countries such as India and South Africa might reject casino transactions.
For those that can use them, credit/debit cards will still provide you with a safe, secure, fast, and low-cost way to get money in and out of your preferred online casinos. They do have some downsides, however. Withdrawals take longer than using eWallets or cryptocurrencies and could have you waiting as long as a week for your winnings. Plus, if you prefer a bit of anonymity, bank cards might be the best bet for your transactions. Your bank will know and record your transactions, while you will have to directly share your bank details with the casinos.
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eWallets
Although there is the inconvenience of creating accounts, verifying your identity, and connecting them to your bank cards/accounts, once set up, eWallets offer an extremely convenient way to transact with online casinos. They also give you a bit more anonymity as they act as a middleman between the casinos and your bank accounts. Plus, they provide instant deposits and withdrawals (though you have to wait for the casino to process your request before you receive it). Skrill, Neteller, and PayPal are the obvious big names here, but in recent years, many other eWallets have emerged to give us even more choice. MuchBetter is an award-winning payment provider that is especially popular in India, MiFinity is another that has become a solid option, and I have seen an increasing number of online casinos that now support Jeton payments. ecoPayz, Google Pay, and Apple Pay are among the other alternatives.
Of the drawbacks, many online casinos will not let you claim a welcome deposit bonus if you use Skrill and Neteller for deposits. PayPal only operates in countries that offer a domestic license such as the UK. It is also difficult to keep up with all the different fees for transactions, currency conversions, and loading or cashing out your eWallet account. I suggest you find an eWallet that you can use in your region, and with your currency, and then research it as much as possible. Learn about each of the fees you may have to pay.
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Prepaid Vouchers/Cards
Another method used to deposit and withdraw at online casinos is prepaid voucher/card/payment systems. You simply purchase a code that you can use when depositing. Obviously, this is great for anonymity but does offer some drawbacks when it comes to withdrawals. The big names here are Paysafecard and Neosurf while CashtoCode is popular in the UK & Ireland. As you do not hold an account with many of these providers, withdrawals are impossible. However, in some cases, you can withdraw if you use Paysafecard. This requires you to sign up and hold a digital Paysafecard account that essentially acts like an eWallet. Not all online casinos support this yet, but numbers are increasing.
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Cryptocurrencies
Decentralised digital currencies are no longer the worst kept secret in the world of online payments. Before they were seen as little more than a volatile trading option, but now they are fast becoming a real-world asset – especially for online casino payments. The number of Bitcoin casinos or casinos that support cryptocurrency transactions is ever increasing. This is mostly due to the high speed, low cost, and anonymous transactions they provide. However, like any other payment method, they do come with some drawbacks.
Don’t lose your wallet key, or type a key incorrectly, as you can say goodbye to your funds. Plus, you need to have a bit of knowledge about cryptocurrencies to use them. Then there is the volatile nature of these digital currencies which means their value can increase or decrease rapidly.
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Other Payment Options
The majority of casino players will use one of the above payment methods for their deposits and withdrawals. However, this is not to suggest there are no other popular alternatives. For example, in Canada, Interac is a secure payment gateway that acts as a middleman between the casino and your bank. You can use this payment option with a variety of Canadian banks. EasyEFT is a good option for players in India and South Africa, while Indians also have Indian Netbanking. Most can use the traditional bank transfer as a last resort too, though this is expensive and slow. The key is to find a method that suits your circumstances and then find reputable online casinos that allow you to use it.
Payout Speeds and Transaction Limits
Your final considerations when deciding on a payment method is how quick you receive payouts and how much you can send and receive. Well, in most cases this will come down to the online casino you choose. All deposits should appear instantly in your casino account no matter what method you use, but when withdrawing, transactions slow down a bit.
This is because the casino will hold your withdrawal request in a ‘Pending’ state. The casino will check that you did not break any betting rules, not use multiple accounts, and all the rest of it. They may also perform checks as required by KYC (know your customer) and AML (anti-money laundering) guidelines. When all is said and done, this can take an average of 2 banking days. You might get lucky and find a casino that processes your withdrawals within 1 banking day, but this is not all that common. Once processed, you will find that eWallet and cryptocurrency transactions will complete within minutes. As for credit/debit cards, these could take a few more days as they go through the fiat banking system – so in total, you might have to wait anywhere between 3 and 7 banking days for your payout. Bank transfers will take even longer.
Finally, you have transaction limits to consider. Again, when depositing this will not matter. You can normally deposit as many times as you like. For withdrawals, however, you’re likely to run into limits. Most online casinos will set a limit on how much you’re permitted to withdraw from your account on a daily, weekly, and monthly basis. Obviously, you should avoid casinos where these limits are too low.
When our team puts together reviews of the best online casinos, they always take a look at the payment methods supported. They delve into the methods on a country-by-country basis, check payout speeds, and find the transaction limits that are normally listed int he T&Cs. This is done to save you a job so that you can just get a quick glance of what to expect at an onlien casino you’re considering.
Questions and Answers About Deposits and Withdrawals at Online Casinos (FAQ)
What payment methods are the most common at online casinos?
Credit/Debit cards from Visa and Mastercard, eWallets such as Skrill, Neteller, ecoPayz, and MuchBetter, and the Paysafecard voucher system are the most common. However, depending on the country you reside in, you may find other common payment methods. In Canada, Interac is extremely common, while PayTM is a fairly common eWallet specifically for players in India.
Can I use cryptocurrencies to deposit and withdraw at online casinos?
There is an increasing number of cryptocurrency casinos (otherwise called Bitcoin Casinos) you can play at while many other online casinos have begun accepting cryptocurrency payments alongside standard fiat currency payments.
Which payment options are the quickest for deposits and withdrawals?
For deposits, it doesn’t matter as your funds will appear in the online casino account instantly. However, for the fastest withdrawals, eWallets and cryptocurrencies complete the quickest. Once the casinos process your withdrawal requests, you normally receive your payment within minutes. Credit/debit cards may take a few banking days while using bank transfers is the slowest way to receive payouts.
Can I deposit and withdraw in my local currency?
This depends on the currencies the online casino decides to accept, and the currencies the payment methods allow you to use. Most casinos will accept major currencies such as EUR and USD, while others may also let you deposit and withdraw using CAD, AUD, INR, NZD, GBP, and ZAR. Many of the most common payment methods accept a large number of currencies, while some support a smaller selection. The Skrill, Neteller, and MuchBetter eWallets, and credit/debit cards support the best range of currencies.
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