Everything you need to know about banking at online casinos
While there are some great no deposit bonuses on offer these days, if you really want to win big at an online casino you’ll have to put some money on the line. When making a deposit or a withdrawal at an online casino, we’re all looking for a fast, secure and simple process. Not sure which payment methods tick all three boxes? Let us take you through the payment options available at the top online casinos, assessing the strengths and weaknesses of each. Once we’re done, you’ll know exactly which casino banking option is your best bet.
Debit cards & credit cards
Credit and debit cards need little introduction – they’re traditional payment methods that are still a firm favourite amongst online casino players today. This should come as no surprise – they’re easy to use, provide instant payments and don’t require any additional registrations! Pretty much anyone with a bank account has a debit card and easy access to a credit card. They’re a familiar, trusted method of payment accepted just about anywhere you can think of, from high street retailers to virtually every online casino.
Debit cards vs credit cards
You’re probably well aware of the difference between the two, but for those who aren’t – you’ll be glad to know it’s fairly straightforward. Credit card users are given a line of credit to make purchases, whereas debit card users can only use the funds available in their bank account. This makes the credit card a great option for players seeking a little extra flexibility.
Advantages
The reason why bank cards such as Visa and Mastercard have remained so popular for online casino players is because they offer multiple benefits. First and foremost, people trust the security protocols provided by the company issuing the card, so they are confident it can be used safely. Additionally, the bank card is the most widely accepted online casino payment method. This means you have the plenty of choice regarding where you want to play. They also provide instant deposits and quite often they have the highest deposit limits, which makes it perfect for high-rollers.
Fast Payouts
Payouts from online casinos have become a lot quicker these days with most taking no longer than 48 hours to process your winnings. Have a lookout for the VISA fast funds logo which will often process your funds near instantly if you are using a VISA card, this will always be one of the quickest methods of withdrawing your funds from a casino. In the grand scheme of things PayPal and other ewallets are generally considered the fastest payout option with online casinos. When using an ewallet your funds do not have to adhere to the long processing times of banks meaning you can expect to see your funds instantly in your ewallet as soon as the funds are released from the casinos side.
Limitations
However, these tried and trusted, easy to use cards don’t come without drawbacks. Once your casino has processed your withdrawal request, you won’t be able to receive your funds instantly. Your funds will then need to be processed by your bank, which can take a further few working days.
Paying with either casino banking method requires you to share sensitive information with your online casino, such as your card number and expiry date. While any licensed casino is required to use industry standard encryption technology to keep transactions secure, there’s a minute risk of this information getting into the wrong hands. Furthermore, some banks charge fees for using credit cards to deposit at online gambling sites.
E-wallets
An e-wallet is simply a digital wallet which holds funds, stores bank cards and can be linked to a bank account. The main attraction for online casino players here is that you can send and receive money instantly, 24/7. This makes e-wallets a great alternative to traditional methods like debit card payments.
Secure payments
You can make e-wallet payments without sharing any sensitive information, such as your bank account details. This layer of security, in addition to the encryption technology present at licensed casinos, eliminates the risk of such information being leaked. It can’t get into the wrong hands if you don’t share it.
E-wallet providers
The most popular e-wallet provider by far is PayPal. However, it isn’t your only casino banking option- Neteller is another popular alternative. E-wallets allow players to receive and send funds instantly with ease.
Most top online casinos will accept at least one e-wallet option so you’re definitely not restricted as to where you can play by using this method.
Limitations
Signing up for an e-wallet is a quick process that usually only requires an email address and a few other personal details. However, if you’d like to link your bank account to your account, you’ll have to go through a verification process which can often take a few days. There may also be fees for depositing and withdrawing using your e-wallet account – fees vary depending on your provider.
Online banking options
Interac, iDebit and Instadebit are popular Canadian payment methods that can be used to complete online transactions. These banking options are fairly widely accepted as online casinos and provide simple, fast and secure payments, so they’re a good alternative if you don’t want to use a bank card or e-wallet to make deposits.
Limitations
The main drawback to using Interac, iDebit and Instadebit is that there are fees involved for some transactions. Make sure you read up on these fees before deciding to go with one of these casino payment methods.
Prepaid & virtual cards
Prepaid cards come in various forms, from virtual cards to single use voucher cards. . Paying with a prepaid card allows you to set limits for ultimate control over your spending. With no links to your bank account, using a prepaid card means you can’t spend money that isn’t on the card!
Paysafecard, for example, provides a great alternative for players without a bank account or credit card. Instead, you can simply pay in cash at retailers that stock Paysafecards, amongst other prepaid card options. Alternatively, you can create virtual prepaid cards with providers such as Astropay.
Limitations
While prepaid cards are great banking options for players looking to budget better or some extra security, there are a few limitations. The amount you can deposit is of course restricted to the value of the card. The maximum value available on a Paysafecard, for example, is quite low when compared to other banking options. If you’re a high roller at the online casino, this could be a deal breaker. Plus, not many casinos are able to offer withdrawals back to the prepaid card. This forces your hand – you’ll have to use an alternative method if you’d like to cash out your winnings.
Pay & Play
Now that we’ve taken you through the pros and cons of casino banking options available to you, you should have an idea of which one ticks all your boxes. Of course, choosing a payment method is only half the job done. If you’re looking to win big and enjoy an unrivalled online casino experience, you’ll have to choose from the very best. Not sure where to start? We’ve put together a shortlist of our favourite licensed casino sites. Our top rated list is jam-packed with the best bonuses, promos and of course a wide range of casino games, so whether you’re looking to play online slots or baccarat, you’re sure to find something for you at one of our featured casinos.
