Many payments methods can help you deposit and withdraw money from online casinos. You can use Visa, MasterCard, PayPal, Skrill, Bitcoin, wire transfer or echecks. So, why choose one banking option and not the other?
The short answer is payment methods aren’t created equal. The long answer is that banking providers vary sharply in their fees, speeds, limits and policies. Also, your favorite payment app might be unavailable at your preferred online casino.
Without further ado, let’s delve more on online casino payments. How do they work? Which companies should you choose and why?
Casinos Choose Payment Partners
Online casinos decide on the payment methods players can use for deposits and withdrawals. For a long time, Visa and MasterCard were the default banking options. To date, nearly every gambling website lets you deposit and withdraw using money one of these two card issuers.
In many countries, you can use your debit or credit card. In the UK, though, you can’t use a credit card for gambling payments. That said, you can use Maestro, Visa or MasterCard as long as it is a debit card.
Interestingly, many casinos dictate that you must use the same payment method for both deposits and withdrawals. If you settle on Visa to make a deposit, you can’t use Maestro for withdrawals.
You Can use a Variety of Banking Methods
Although Visa and MasterCard are the most popular casino payment methods, you can use a range of banking options. As mentioned, though, the casino decides what options you can use. Due to that, select a website that offers your favorite payment options.
If you like PayPal, find a PayPal casino. If you would rather use an echeck, look for online casinos that accept echeck. There are not many of them, but you can find the right operator after reading a comprehensive guide to eCheck casinos online.
That said, the modern casino offers 20+ payment methods. It doesn’t matter whether you like crypto, card or direct bank transfer. If you’re determined to deposit money to an online casino, you can be certain of finding a site that supports your preferred payment provider.
Payment Limits and Fees Vary
Everyone has a unique budget. So, don’t change your budget simply because you can’t find a website that supports your limits. It doesn’t matter whether you want to deposit $5 or 450,000.
Minimum deposit casinos exist for a reason. High-stakes casino’s have a target group. If you want to deposit $10, look for a website that supports $10 as the minimum deposit. By comparison, look for a high-roller casino if your goal is to spend $1000 or more.
When it comes to fees, the best online casinos charge zero fees for deposits. However, withdrawals attract a fee sometimes. Choose an operator with zero fees for both deposits and withdrawals if possible.
Payment Methods Affect Bonuses
One of the most interesting things about casino payment methods is that they can be the difference between receiving a bonus or not. As a result, research around to discover which banking options you should use to claim bonuses at different casinos.
At most websites, you can claim a bonus by using Visa or MasterCard. However, bonuses aren’t guaranteed if you choose Skrill and Neteller e-wallets. At some casinos, PayPal might also not qualify for a bonus.
The explanation is that some payment methods make it easy for people to abuse bonuses. With PayPal, for example, you can deposit money to a casino and claim a chargeback after using their bonus.
A few years ago, it was possible to create multiple accounts on Neteller and Skrill without verifying your details. This made it extremely easy for people to abuse bonuses. The result: casinos began to disqualify players from bonuses for using these digital wallets.
Payment Speed Should be a Priority
Because casino deposits tend to be fast, it is easy to think withdrawals are equally fast. That’s far from the truth. Like limits and fees, casinos decide the time it takes to cashout your profits and how long you should wait to get the money.
The fastest casinos processes payouts within a couple of hours. You could withdraw $100 through a digital wallet and receive it in five minutes. That said, the average withdrawal speed at a good casino is 24 hours for e-wallets and 1-3 days for cards and wire transfer.
Some slow casinos take up to three days to process payouts for e-wallets and up to 10 days for bank transfer. While withdrawing large amounts, some casinos could take up to a month to process your money.
Against that backdrop, determine how fast you want to receive your money and choose and appropriate casino. If you like to cashout your money instantly, select quick payout casinos. If you’re a little bit patient, you can select a site that takes no more than a week to complete payments.
You Can Pay ‘N’ Play
Pay ‘N’ Play casinos are new gambling websites that allow you deposit money, gamble and withdraw your profits without registering an account. The casinos work through Trustly’s Pay N’ Play technology.
You create an account at Trustly ad verify your documents. Then Trustly gives you a platform to transfer money straight from your bank account and into Pay N’ Play casinos. The process is instant. But it works in a few countries only: Sweden, Germany and Finland.
Withdrawal works fairly the same. You choose Trustly as your banking option and it allows you to send money from your casino to your bank account instantly. You don’t need to reveal your name, email address and card number to casinos. Trustly does the work for you.
Your Turn
Choosing a casino payment method is an essential process. Not only does it determine the amount you can deposit and withdraw, but it also affects speed, bonuses and fees. Select a safe, convenient payment provider.
Ensure you can claim a bonus by depositing through the company. Also, look for unique safety and convenience features.
