Types of Casino Payment Methods
As noted, there are a few different types of payment methods available at online casinos, and each has its own advantages and disadvantages. Before choosing one it is important to do your research; you need to make sure that it is convenient for you to use and to check the casino’s policy in regards to it. For instance, many casinos will only allow you to withdraw with the same method as you deposited.
Before looking at specific examples of payment methods, it is worth explaining the different types:
Credit and Debit Cards
Credit and debit cards are probably the most popular payment method and most casinos will accept all major cards, such as Visa and MasterCard. Nearly everyone has easy access to a credit or debit card of some type, which is why they are such a popular payment method.
However, in some jurisdictions, banks are not allowed to process online gambling transactions, and some banks refuse, even if it is allowed. For example, in the UK, it is no longer legal to make deposits with a credit card (but debit cards are still legal). Nonetheless, it remains a very convenient and secure option that is available to the vast majority of players.
E-Wallets
E-Wallets are not far behind credit and debit cards in terms of popularity, and more and more players are using them. They offer very fast transactions, with deposits and withdrawals usually taking less than twenty-four hours to complete. Furthermore, they are highly secure and very easy to setup.
However, most e-wallets do charge transaction fees, which can be off putting. On the other hand, many e-wallets offer loyalty benefits and the transaction fees are small, so they are definitely worth looking into. There are a number of highly popular e-wallets, such as PayPal, Skrill, Neteller and ecoPayz.
Prepaid Cards and Vouchers
Those who are particularly concerned about privacy will often opt to use prepaid cards to top up their casino accounts. Prepaid vouchers can normally be bought in shops for cash and they usually have a number on them that is then entered at the casino cashier in order to transfer funds. This way, the player never has to supply any details about themselves or financial information, such as credit card number. However, it is not always possible to withdraw funds using prepaid cards, which is a major drawback. Popular prepaid cards include Paysafecard and ecoCard.
Bank Wire Transfers
Nearly every online casino will accept bank wires as a payment method. They are broadly viewed as an extremely secure way of moving funds thanks to their strict requirements. Bank wires have more stringent KYC (Know Your Customer) procedures in order to reduce the risk of money laundering. However, because of these procedures, the transfers can take some time, seven days or even longer. Furthermore, there may also be high bank charges for this payment method. As a result, many players will opt for a different way of depositing and withdrawing.
Instant Bank Transfers
This is a bank transfer that uses a third party service to facilitate the transaction. It normally results in much faster transaction times and it can also help to protect privacy. For example, Trustly operates as a bridge between a bank and an online casino and allows for the instant transfer of funds without players having to reveal any of their bank information to the casino, which makes it an excellent option for those concerned about privacy. However, normally only deposits are possible via instant bank transfers, so players will have to choose a different method to withdraw winnings.
In addition to Trustly, iDEAL is a very popular method in Nordic countries and the Netherlands, while Giropay is a popular German service.
Cryptocurrencies
A growing number of online casinos are accepting payments in cryptocurrencies. They offer excellent security and privacy. Furthermore, they offer a legal loophole to some players where Bitcoin gaming is not considered the same as online gambling. There are a number of other pros and cons to using cryptocurrencies. They can be fast, but there are fees for transactions, while they offer privacy, but they are not always easy to purchase. In addition to Bitcoin, casinos may accept other forms of cryptocurrency, such as Litecoin, Monero, and Bitcoin Cash.
Choosing a Casino Payment Method
Understanding the difference between the above types of payment methods will go a long way to helping you decide on the right one for you. There are many things that you need to take into account when making a decision, the first of which is simply whether a payment method is available in your region. For example, PayPal is available in the UK, but it is not available in every European country. Furthermore, very often casinos will offer localised payment methods, so you need to ensure that you are choosing one that is applicable to your location.
It is fair to assume that at a reputable casino all payment methods offer the same level of security. However, this doesn’t mean that they offer the same level of privacy. Some people will not mind providing a casino with their credit card details, but others will. It is up to you how much information you feel you are willing to share with a casino and you should be able to find a payment method that offers a level of privacy that you are comfortable with.
It is of course important to look at the transaction speeds. You may not want to wait for funds to appear in your casino account, so it is well worth checking how long deposits take. Similarly, some methods will charge small fees, and occasionally (albeit, very rarely) casinos will also charge small fees. Therefore, it is essentially that you carefully check. It is also worth remembering that very often casinos will offer bonuses for using certain deposit methods. Similarly, sometimes bonus offers will not be available when deposits are made using particular methods.
Essentially, before choosing a payment method, it is important that you first research the casino’s and the payment method’s policies properly. You want to ensure that you choose a method that is as easy for you to use as possible, delivers satisfactory transaction times, and offers an appropriate level of privacy.
Payment Method Security
It is entirely natural for people to be worried about the safety of their money and private information when banking at an online casino. However, today reputable casinos have to follow very strict requirements to safeguard their players’ information and they make use of a number of technologies to do so.
All casino servers are protected by firewalls that go a long way towards blocking attacks from hackers. Similarly, data transferred between the casino website and the servers is protected using Secure Socket Layer (SSL) encryption, which makes it very hard to intercept. Many operators will also be certified by companies such as VeriSign, which is further evidence that they are secure. Furthermore, if there are disputes they will also offer audit trials performed by either the operator or an accredited third party.
Generally, reputable casinos will make use of security measures that are very similar to those used by banks. As such, if you feel comfortable using online banking, then you should also feel safe when performing transactions at an online casino.
Understanding Casino Withdrawals
Regardless of your chosen payment method, depositing at casinos is always very straightforward. However, withdrawals can be far more confusing. This is not a result of the payment methods, but rather due to casinos’ withdrawal policies. To begin with, casinos will often require players to verify their identities first. While this is not a complicated procedure, it can take time and requires players to submit documents that then need to be reviewed by the casino.
Once a player is able to request a withdrawal, it then needs to be processed by the casino. Once again, this is something that can take time. Often the withdrawal processing time will be linked to a player’s VIP level at a casino. Essentially, the higher the player’s level, the faster the processing time. Processing times can be anything from minutes to days, and it is important to be aware of them.
After a withdrawal request has been processed and approved, it then moves to the payment method. As explained, some methods are very fast, while others can take a few days.
There are other things to be aware of. For instance, many casinos have a maximum monthly withdrawal amount, so you need to ensure that you are not going to exceed it. Furthermore, if you have accepted any casino bonuses, then you need to make sure that you have met all bonus wagering requirements before you are able to withdraw. All of these reasons can make withdrawals seem a slow and complicated process, but it is actually due to the casinos and local regulations rather than the payment methods.
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