Online casinos make it easy, fun and convenient to gamble anytime, anywhere and from any internet-connected device. But getting your account set up]and funded is a little more complicated than heading into a physical casino with a wallet full of cash.
When gambling online, you need to consider your payment method options and which one is best for you.
The Most Popular Online Casino Payment Methods
If you don’t have a card or e-wallet, a bank transfer may be the only practical payment method for you. With this method, money is transferred directly from your bank account into
your casino account.
Bank transfers aren’t the preferred method of most gamblers because:
• Deposits and withdrawals take longer to clear
• Minimum deposit amounts may be higher than with other payment methods
• Some sites won’t accept their currency
In some cases, it can take over a week for funds to be deposited or withdrawn, so keep this in mind if you’re considering bank transfers when gambling online.
Most people are familiar with PayPal, a leading e-wallet provider. PayPal is great for gambling online because deposits and withdrawals are usually instant – or very quick. Playing at a PayPal casino allows you to start playing and take home your winnings faster.
If you don’t have a PayPal account already, it’s quick, easy and free to sign up for one. You can load your e-wallet with your credit or debit cards, bank accounts and more.
Minimum deposits and withdrawals aren’t usually as high as bank transfers. Casinos typically won’t charge a fee for choosing PayPal, but you may have to pay PayPal’s fees when transferring cash from your e-wallet into your bank account.
Like PayPal, Skrill is an e-wallet that makes it easy to deposit and withdraw cash at online casinos. With Skrill, you can link up your credit cards, debit cards and bank accounts for easy and quick online transactions.
Most online casinos will accept Skrill. It’s one of the most popular e-wallets out there. One big advantage of Skrill is that they charge a flat fee for withdrawals. Some other payment methods will charge a fee based on how much you want to withdraw.
Pay by Mobile
If you’re playing on your smartphone and you’re concerned about your privacy and online safety, pay-by-phone may be a good option for you. With services like Boku, all you have to do is provide your mobile number.
Boku allows you to pay using a prepaid credit card, or you can just add the deposit amount to next month’s phone bill.
One great advantage of Boku is that you can make instant deposits. However, you will need to find another withdrawal method, as you cannot use it to take money out of your casino account.
For quick and easy cash payments, Paysafecard is a great option. It works similarly to a prepaid card for mobile phones. First, visit a nearby retailer and pay for a 16-digit code. Once you have the code, you can use it to make deposits at the casinos of your choice.
Paysafecard is really the only practical way to make cash payments at online casinos.
Neteller is one of the most well-known e-wallet providers, and the company makes it easy to transfer money into your casino account.
Deposits and withdrawals are as easy as creating and verifying your account. Once you connect your account to your casino account, transfers are seamless and quick.
Most online casinos will accept credit and/or debit cards. Visa and Mastercard are the most commonly accepted cards.
It doesn’t get much easier than credit cards if you’re looking for a quick and convenient payment method. Just enter your card details, and the transfer process will begin.
Credit and debit card deposits can take longer to process, but it’s hard to beat their convenience.
Some online casinos are starting to accept cryptocurrencies as payment methods. Although not nearly as common as other payment methods, cryptocurrencies like Bitcoin allow you to remain anonymous and ensure that your gambling habits are private.
If you currently hold any cryptocurrencies, then this payment method may be a good option for you. Just make sure that you understand the casino’s terms and conditions for using crypto.
What to Consider When Choosing a Payment Method
If you’re struggling to decide which payment method is best for you, consider the following:
Minimum Deposit Amounts
Some payment methods have higher or lower deposit minimums than others. The online casino should disclose minimum amounts on their banking page or terms and conditions page.
If you have a few different payment methods to choose from, then the minimum deposit amount may be a deciding factor.
Consider the withdrawal minimums, too. Some payment methods will also have higher or lower minimums for withdrawals as well.
Some payment methods are quick or nearly instant. Others can take several days or even a week or more. Before deciding on a payment method, make sure that you understand how long transactions will take on average.
For example, bank transfers can take 10-12 days or more in some cases. Although it doesn’t usually take this long, it can. You won’t be playing right away in either case. With something like an e-wallet or credit card, the transaction time may be just a few hours. In some cases, transfers are instant.
If you’re excited to start playing, then choose a payment method with a shorter transaction time.
When playing at an online casino, the last thing you want is to make a deposit or withdrawal and then find that you had less money than you thought.
Fees can eat into your playing money and winnings, so make sure that you understand them before you start playing.
With some payment methods, there’s a flat fee. Others charge a percentage of the transaction’s value.
Fees, transaction times and minimums are the three most important things to consider when choosing a payment method for online gambling. Generally, e-wallets offer the best mix of convenience and speed, but any one of the other methods on the list will work well.