Casino payment methods the complete guide
May 25, 2021
Gambling guides and strategies
Casino Payment Methods Guide
Online casinos provide players with a variety of options when it comes to games they can play and bonuses they can make use of. However, the multitude of choices does not end here. Online casino players are spoilt for choice when it comes to banking methods as well. In this casino payment methods guide, we will cover some of the most popular options you can use to fund your casino account and clear your winnings from it.
Introduction to Online Casino Banking
Without wagering real cash we would not be able to win real-money prizes at online casinos. So, banking is crucial to a satisfying online casino experience. Most gambling sites we can join today support a wide array of banking methods and currencies, thus catering to players from different parts of the world. Still, not all payment methods are created equal.
On most gambling sites, players can choose from traditional banking solutions such as major credit and debit cards and online bank transfer methods. Many casinos also allow you to use modern payment options like e-wallets and pay by mobile solutions. Lately, cryptocurrencies have taken the online gambling industry by storm with more and more operators accepting payments in Bitcoin, Litecoin, Ethereum and more.
As a newbie to online gambling and online payment systems, you may be overwhelmed by all the options you can choose from. That’s why we have created this comprehensive guide that will introduce you to the most popular casino payment methods you can use to make transactions. Stay with us to learn how they work and what you should pay attention to when choosing a payment method to carry out your casino deposits and withdrawals.
Lowdown on Most Popular Casino Payment Methods
We have compiled a list of some of the most common banking options you can come across at online casinos. Let’s take a closer look at them.
Credit and Debit Cards
Bank cards are probably the most common banking option you can use at online casinos. You won’t find an operator that does not support them. However, if you are a UK resident, you won’t be able to use credit cards for online gambling, though. The most widespread credit and debit cards include Visa and MasterCard. Some online casinos allow their customers to use Maestro and American Express as well.
Typically, deposits made via bank cards do not incur fees. However, some operators may charge fees on withdrawals requested via debit/credit cards. Another downside to credit and debit cards as a means of payment at online casinos is the fact that you have to share your financial details with the operator.
Visa is probably the most widely accepted card on gambling sites. If you have ever used it to pay for any goods or service on the web, you will use it for online casino payments without difficulty for casino transactions. It is supported as a deposit and withdrawal method in most cases. To clear your winnings with Visa, you must have deposited with it. Although most operators won’t charge additional fees on using Visa for banking, make sure to check the terms and conditions and see whether there are some extra charges.
This is the second most popular bank card you can use for your online casino deposits and withdrawals. It functions in the same way as a Visa credit/debit card. At most casinos, if you want to use it to clear your winnings, you must have deposited using MasterCard as well. Again, whether a transaction fee will be charged depends on the operator you have signed up with. The biggest disadvantage of all credit/debit cards is the timeframe within which withdrawals are processed. It may take up to 7 business days.
Maestro is a debit card created by MasterCard as an international payment solution. You can use it only when you have funds in it. The procedure when using Maestro is the same as with any other debit or credit card. Still, not many gambling sites support it, especially when it comes to cashing out.
If you don’t like the idea of sharing your bank details with the casino, e-wallets may be right up your street. These solutions are designed as links between your bank accounts or cards with the casino. So, all transactions through e-wallets are carried out externally. Payments are processed swiftly as well as cashouts that may take up to 48 hours, depending on the casino’s pending time.
Today, e-wallets are considered the most convenient banking methods for casino players. If you want to learn more about them, here is an overview of some of the most popular electronic wallets you can use to top up your casino account and clear your funds from it.
Today, you can use Neteller as the preferred payment method at most online casinos. Before you start making transactions, you have to set up your Neteller account and fund your e-wallet. It can be done through a variety of options, from credit/debit cards to bank transfer and more. If you want to deposit to the casino, simply choose Neteller and enter your credentials to complete the transaction. The same goes for cashing out.
Although Neteller is one of the most liked banking methods at online casinos, there are a few downsides to it. First of all, some operators don’t allow you to claim bonuses on Neteller deposits. Secondly, transactions made via Neteller incur fees. While they are not charged by casinos, you will have to pay a fee when topping up your Neteller account or withdrawing your funds from it. Fees vary depending on the method you use, but in most cases, they are from 1.75% up to 2.55%.
Skrill is another e-wallet owned by the Paysafe Group. It is as popular as Neteller due to many advantages of using it, from safety to almost instant transactions. If you opt for Skrill, you can use it as a link between your bank and casino account or make deposits with your Skrill credit. Another advantage of using Skrill is that it allows you to make smaller deposits. This is a great option if you are a newbie to online gambling who does not want to risk large amounts of money.
Just like with Neteller, you will have to set up a Skrill account. Select Skrill as a payment method of choice and enter your login details to make a deposit. The procedure is the same when clearing your winnings. The good news is that deposits to Skrill are not as high as those charged when funding your Neteller e-wallet. However, you can expect higher fees when you withdraw money from your Skrill e-wallet to a credit or debit card.
PayPal is one of the first electronic wallets ever. Offering its services since 1998, PayPal is one of the most widely used solutions for online payments. Yet, it is not as popular as the two e-wallets we have previously mentioned when it comes to online gambling. The thing with PayPal is that it is available only in the regulated markets, like the UK for instance.
If you are among the lucky ones who can fund their casino account and clear their winnings through PayPal, you can do it easily in the blink of an eye only using your email address. Just like other e-wallets, PayPal can serve as a middleman between your bank card or account and casino account. Or, you can transfer your funds to the e-wallet and use them for online gambling. While online casinos won’t charge fees on PayPal transactions, it can be done by the payment service provider itself. Whether you will be charged when withdrawing funds from your e-wallet or not depends on the country of your residence. These fees can go up to 3.4%.
Check out all casinos that Accepts PayPal
MuchBetter is one of the newest electronic wallets you can use for online gambling. Available since 2017, the app can be used on Android and iOS devices. Not only that you can use it on your smartphone to make online payments, but you can also get a portable keychain fob and pay for goods or services offline to merchants who accept contactless debit cards.
To use MuchBetter, you have to create an account and top it up. Once you find a gambling site that supports this payment option, simply choose MuchBetter and deposit money to your casino account. What sets this e-wallet from the crowd is that it charges no fees when you fund it via your bank account in most cases. However, withdrawal fees still apply, whether you clear your funds from the e-wallet through a bank card or an ATM. These fees and go up to 2%. The best part about MuchBetter is that your payments and cashouts are processed instantly. Yet, withdrawal times may vary depending on the procedures at the online casino you have signed up with.
Another popular payment method with online casino players is ecoPayz that has been around since 2000. There are not many differences between it and other e-wallet options. If you choose ecoPayz as a preferred banking method, you can rest assures that your deposits and withdrawals will be carried out quickly and safely. Besides an electronic wallet, the same company offers a prepaid card, ecoCard, which is powered by MasterCard. You can use it to spend funds from your e-wallet online or offline.
If you have used an e-wallet before, you will use ecoPayz without difficulty. Although ecoPayz may not be available to players from all the corners of the world like some other payment options, they are accepted by most gaming establishments. What you should pay attention to are fees charged when funding your ecoPayz wallet and withdrawing money from it. Depending on the banking method you use, they can go up to 10%.
If you want to use your bank account to make payments to the casino of choice, you can go for online banking systems. In this case, you don’t have to create additional accounts since these methods use the infrastructure of banks for the processing of deposits and withdrawals.
Although these methods are considered the most straightforward, they come with a few disadvantages. Let’s find out more about some of the online banking systems you can use at online casinos, including a few local options.
Also referred to as bank transfers, wire transfers enable you to move money directly from your bank account to the casino’s bank account. All you need to do to complete these transactions is to provide your bank account details. Once you enter your details and the amount you want to deposit, you will receive an SMS with a code to verify your transaction.
While bank transfers may seem convenient as they don’t require new login details, there are a few downsides to them. Both deposits and withdrawals may take a couple of business days. Furthermore, you have to share your financial details with the operator. Last but not least, most casinos charge a fee on withdrawals requested via wire transfer. In a nutshell, making transactions through this payment method may be slow, unsafe and expensive.
If you live in Canada, you can make online casino transactions using InstaDebit. It is an online payment method that enables users to make payments with their bank account. You need an account with a Canadian financial institution to be able to use InstaDebit. Also, you need an InstaDebit account to complete your transactions. If you have not created it yet, you can do it during your first deposit.
Just like e-wallets, an InstaDebit account can serve as a middleman between your bank and casino account. Or, you can fund your InstaDebit account and use your credit to make payments to the casino. If you opt for the former, it will function as a wire transfer, which means that a transaction may take up to 5 business days.
Keep in mind that a CA$1.95 fee applies if you deposit to the casino from your bank account through InstaDebit. On the other hand, deposits made from your InstaDebit account balance incur no fees. The same goes for withdrawals where a CA$2 fee applies when you cash out your winnings from your casino to your bank account. If you transfer your winnings to your InstaDebit account balance, no fees apply. InstaDebit is a highly secure payment option that ensures fast transactions without high fees. On the other hand, it is available to Canadian casino-goers only.
Just like InstaDebit, iDEAL is a local online payment system. However, this one is created by a Dutch team for Dutch people. It enables casino players in the Netherlands to use their bank account to make payments without revealing their financial details to the operator. You don’t have to fund an iDEAL account to make payments as it functions as a mediator between the bank and casino.
Once you pick iDEAL as a preferred banking method, you are taken to the online banking section of the bank you have an account with. All transactions are secured by the 2-factor authentication and processed immediately. The biggest disadvantage of using iDEAL is that you cannot clear your winnings with it.
As we have mentioned in the first part of the article, cryptocurrencies have been quite popular at online casinos lately. Some of the reasons why casino players choose virtual over fiat currencies are higher levels of security and privacy, lower transaction fees and fast withdrawals. There are certain downsides to cryptocurrencies as well, though.
Introduced back in 2008, Bitcoin was not embraced as a cryptocurrency immediately. It took almost a decade to become a widely used payment method. Today, you can use Bitcoin to make both deposits and withdrawals on gambling sites. It comes in handy especially in unregulated markets where players can use it to make transactions anonymously. The biggest disadvantage of using Bitcoin is its volatility. Also, make sure to register only with reputable online casinos that accept it.
Before you start depositing in Bitcoin, you have to obtain it first. You can do it by purchasing or mining it. The biggest advantage of using Bitcoin is that transactions made with it are processed instantly with no additional fees charged by the operator. To make online casino deposits and withdrawals, you will need a Bitcoin wallet. To make a payment, you need the casino’s wallet address. As for withdrawals, you need to provide your wallet address. Bear in mind that exchange fees apply when you want to convert Bitcoin into a fiat currency and vice versa.
Litecoin is another virtual currency popular with casino-goers. It owes its popularity mostly to the fact that Litecoin transactions are processed more quickly than ones using Bitcoin. Also, its price is considerably smaller than Bitcoin’s price. It is also less volatile. Just like with other cryptocurrencies, you need to get a Litecoin wallet to carry out transactions with it.
Some of the advantages of using Litecoin for online gambling include fast transactions, anonymity and no middleman, meaning no fees. However, Litecoin users can notice that fewer online casinos support this payment method. While you won’t be charged fees on Litecoin deposits and withdrawals by the casino, certain fees may apply for using Litecoin wallets.
Launched one year after Litecoin, in 2014, Ethereum has quickly gained popularity in the online gambling market. When compared with Bitcoin, Ethereum is a more advanced currency in terms of transaction times and security. You can buy it using a crypto exchange or CFD broker. Again, you will need a crypto wallet to use this virtual currency for online gambling.
The biggest advantage of using ETH is that transactions in it take seconds. On the other hand, BTC transactions are processed within up to 10 minutes. It is due to the smart contract technology behind Ethereum that also ensures higher levels of security.
How to Choose a Casino Payment Method?
At the best online casinos, players can choose from dozens of banking methods. Besides the ones we have mentioned, they can opt for mobile payment methods, local online banking methods, prepaid cards and more. Here are a few factors you should take into account when choosing one:
• Location and availability
First of all, you should use the method that is the most convenient for you based on your location. It should allow you to use your local currency.
If sharing your financial details with the casino operator is not an option for you, use those banking methods where it is not necessary, like e-wallets or cryptocurrencies.
• Deposit and withdrawal limits
Whether you are a penny punter or a high-roller, make sure to pay attention to deposit and withdrawal limits. They may vary from one banking solution to another. To request a withdrawal of your winnings through bank transfer you may need more money in your account than with an e-wallet, for instance. Also, the maximum withdrawal limits may be lower than via other methods.
• Fees and timeframes
Last but not least, you don’t want to pay extra fees on your casino transactions or wait for your winnings long. That’s why you need to check all the details and see which payment methods work best for you.
Now that you are familiar with some of the most popular banking methods you can use at online casinos, go on and pick the one that fits your needs. Keep in mind that the best payment options can save you money. It simply means that you will have more money to play casino games and have more fun. Don’t forget to manage your bankroll and play responsibly!