Casino payment methods the complete guide

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

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

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

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.

EcoPayz

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%.

Online Banking

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.

Wire Transfer

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.

InstaDebit

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.

iDeal

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.

Cryptocurrencies

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.

Bitcoin

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

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.

Ethereum

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.

• Security

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.

Closing Thoughts

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!