While there are dozens of different banking options for playing at new casino sites, there are really only a few different categories or types that all of those options fall into. Each type has its own pros and cons, and there are advantages and disadvantages to every single one of them. Because of this, there is no “one size fits all” option that will work the best for everyone. Instead, you need to look at your own personal situation and personal preferences and see which of the types fits what you’re looking for.
Credit and Debit Cards
In most parts of the world, credit cards are one of the most popular online casino payment options. One big advantage is that they’re accepted virtually everywhere, and most people will already have some sort of bank card that can be accepted (this includes bank-issued debit cards). The disadvantage is that some people don’t want to share their card information with an online casino out of a fear that this information could be compromised somehow. It’s a trade-off of convenience and a small amount of vulnerability if there was some sort of data breach or shady business practices, though this can largely be avoided if you only stick to the most reputable operators.
Aside from credit cards, the most popular way to make deposits and receive withdrawals is the electronic wallet. The basic idea is that it acts as an intermediary between your bank account and a casino account. You send funds to your electronic wallet, and from there, you use that e-wallet to deposit or receive withdrawals.
The main advantage is that you get to put virtual “space” between your bank account and the online casino, and this is good for people who want a little more security. The disadvantages are that it’s just one more account to keep up with, and you also have a little bit of a set up time to contend with. Once you get started and get used to it, however, both of these disadvantages are pretty minor.
Some of the Most Popular e-Wallett Options
Direct Bank Transfers
There are two main payment options that fall under the “bank transfer” category. One type is just called a bank transfer (or ACH), and the other is called an electronic check. From the player’s perspective, these are virtually the same thing, though the way they work is a little different. The bottom line is that you put in your bank account and routing number, and funds are sent directly to and from that account.
One advantage of this approach is that virtually everyone has a bank account, so it’s a deposit method that’s largely accessible. However, it’s often only available with withdrawals, and players might not always feel comfortable putting out their banking details on the Internet like that.
There are a few different payment voucher programs that are often used in the online casino industry. Before they went defunct, Ukash was an excellent example, but Paysafecard is now the most popular. The basic idea is that you make a payment at a retail location and are given a special code. You then use this code like a temporary electronic wallet to deposit your funds or pay for purchases online. The disadvantage is that it’s a little bit of a hassle to go to a brick-and-mortar store to use this online casino deposit method, but the advantage is that it’s largely anonymous and doesn’t tie any banking or credit card information to you.
One factor that can determine whether or not to sign up with an online casino lies in the funding methods. Does the operator have a wide choice of payment providers and is it easy to add funds to and withdraw from your account?
There are more aspects to take into account as well so let our casino payments guide walk you through it all.
How To Make A Deposit At An Online Casino?
We’ll assume that you have already signed up for an account with the casino in question but if not, you should complete this procedure in the first instance. With that out of the way, it’s time to make that opening deposit.
In some cases, you may be automatically taken to the cashier once you have completed the registration process. If not, simply make sure that you are logged in and look for a button marked ‘deposit’ or ‘cashier’. Click on it and follow a simple process.
The exact nature of the next steps may well depend on which casino you are playing with but it should all be similar. You can expect to be faced with a set of deposit payment methods and you start things off by clicking on your preference. If you are using a bank card, you will need to enter those card details while for eWallets such as PayPal and Skrill, it’s a case of linking your account.
Whichever method you happen to use, you will now need to enter the amount that you wish to deposit and then hit confirm. Once this is complete, the casino will then store your details for future use.
What Deposit Methods Are Available At Online Casinos?
The exact list of available deposit methods will vary depending on which operator you are using but many casinos are similar in this respect. As a very basic minimum, you can expect to add funds using all of the major VISA and Mastercard brands and most operators also provide bank transfers as a means of depositing.
With some smaller and newer casinos, that could be the end of the list but most will go on to provide further options. The majority of operators will also list eWallets and the one that everyone is looking out for is PayPal. The company are very fussy about who they work with in the gambling industry but PayPal can usually be found at the long-established operators.
After PayPal, the most common providers for the industry are Skrill and Neteller. Other deposit options might include eWallets such as PaySafeCard, EcoPayz, Qiwi and Trustly. We’re starting to get a little more obscure now but some providers will include the smaller eWallets as well.
As a final point to note, you may also find that Cryptocurrencies are being added to the list. Online casinos have been a little slow to embrace the world of Crypto but a growing band are starting to provide Bitcoin, Litecoin, Ethereum and the rest.
What Withdrawal Methods Are Available At Online Casinos?
As you will have gathered from the previous section, the list of available withdrawal methods will vary between casinos. The schedule will, however, be similar to deposits with bank cards plus bank transfers likely to be offered as a minimum.
Beyond that, the same set of eWallet providers should be available for withdrawals as well as deposits. In some rare cases, isolated payment methods are for deposits only but in general, both lists will be the same.
What Is The Usual Withdrawal Time Of Winnings?
Withdrawals will generally take longer than deposits. To speed things up, we suggest that you make sure you have completed the verification process. An operator may not ask you to send proof of ID or address upon sign up but you can be fairly certain that they will require these documents before you can withdraw any returns.
Take on board that basic piece of advice and be prepared to wait up to 48 hours before your withdrawal hits your account. It can often be sooner and your operator will strive to make things as swift as possible but 48 hours is a common waiting time.
What Is The Processing Time For Making A Deposit?
In general, online casino customers can expect deposits to appear in their account instantly. Operators want to get you playing right away and that’s one of the reasons why there is unlikely to be a delay when you add funds to your account. The one, regular exception are bank transfers which may take between 3-5 days depending on which casino you’re playing with.
As with all of the guidelines laid down in this review, we ask that you check with your operator to confirm these points but as a general rule, the vast majority of deposits should be instantly credited to your account.
Are There Any Online Casino Instant Withdrawal Methods That Are Recommended?
All of the withdrawal methods listed above are recommended but there are pros and cons attached to many options. A section of players prefer to use debit and credit cards because the transactions tend to be quicker and there are no charges attached to them.
The same theory should apply to the bigger eWallets but some of the smaller providers may apply fees for withdrawals. In summary, bank cards would tend to be more preferable but this does all come down to personal choice.
Are There Withdrawal Limits For The Payment Methods At Online Casinos?
In all probability, your online casino will apply withdrawal limits for individual transactions. These can be quite high and could range between £5,000 and £10,000 depending on the operator in question. The exact amount may also vary depending on which method you are using.
There could also be weekly limits and a number of operators don’t like to handle small, multiple transactions on a daily basis.
Once again, check with the operator that you happen to be playing with but the general answer is yes – you can expect there to be withdrawal limits when you play at an online casino.
Can Previous Deposits And Withdrawals Be Tracked Back?
Under the account section of your online casino, you should be able to find a full list of your transactions. These may cut off at a specific point but all of your most recent dealings for deposits and withdrawals should be listed in full.
If you need to track back transactions that aren’t showing under that account section, simply get in touch with customer services to see if they can resolve your query.
How Much Money Can Be Won At An Online Casino?
It should be remembered that the biggest online casino cash wins are rare but, at the same time, it’s fair to say that life changing sums can be landed at times. In slot games that carry a progressive jackpot, many millions can be on the line at any one time and previous wins show a number of cashouts at 10 million dollars and above.
In reality, most of us will never land that kind of figure but online casinos can provide regular payouts of smaller proportions for those players that manage to beat the house.
Is It Safe To Make Deposits With A Credit Card At An Online Casino?
In general it should be perfectly safe to make deposits and withdrawals using a credit card at online casinos but there are some ways in which you can double check this point. On the casino’s About Us page, they are likely to have some information relating to how they provide Secure Socket Layer (SSL) Security. This helps to safeguard your information from third parties while the latest firewalls should also be installed.
Some players prefer to use eWallets because it means that your credit card details are not stored on the operator’s site. It’s your choice but in general, it should be safe to use a credit card.