Online Casinos bring the fun of winning big money directly to you. Offering convenience and variety, they let you game from the comfort of your home, or even on the go. And with a wide choice of banking methods, you can be sure to find the right one for you. Which casino banking methods are the best? Read our review to learn more!
How casinos manage withdrawals and deposits
Online casinos manage withdrawals and deposits via several different methods. The best will always offer variety, allowing you to select whichever one feels most suited to you. Generally speaking, whichever method you choose to deposit will be the same one you use for withdrawals. Some methods may not be available at all online casinos so it pays to check before you sign up to ensure your favourite method can be used.
Casino deposit methods
Online casinos have the benefit of accepting more payment methods than in-person casinos. Because they are accessed on the Internet, the only method not available is cash. This means that you will have all the following deposit methods at your disposal for your online gaming.
Credit cards, Debit cards & Prepaid Cards
Cards linked to your bank account are one of the most common methods for online purchases. They are convenient and handy as if you have a bank account, chances are, you will have a card attached to it. Online casinos will gladly accept your bank cards in all varieties. Debit cards and prepaid cards have become increasingly popular over the years, and present with a large advantage over credit cards. They do not come attached with an interest rate. Most banks charge hefty interest percentages on top of your owed balance which can add up to a considerable amount of money over time. Debit cards and prepaid cards, however, are not burdened with this additional fee and can be used exactly like a credit card.
E-Wallets are something that has been born thanks to the Internet. An amount of money sitting in a virtual account, ready for you to use for online purchases. You can deposit, withdraw, or use the E-Wallet to directly exchange funds or buy something. Online casinos see the benefit and convenience of E-Wallets and have embraced this payment method. Most casinos will allow you to deposit directly from your E-Wallet, and also receive withdrawals. The advantage of an E-Wallet is that you can set aside specific money for your online gambling, without it coming directly out of your bank account. This can assist you to monitor and control how much you are spending on gambling.
Cryptocurrency once baffled people, being seen as too confusing to be of any genuine value. But times have changed and it is now as real a currency as paper cash in terms of online purchases. If cryptocurrency is your chosen online payment method then you are in luck. Most online casinos do accept cryptocurrency for deposits and withdrawals. It works similarly to using an E-Wallet, in which the funds are stored virtually online, allowing you to access them whenever needed.
If you do not have a card attached to your bank account or any virtual online funds, most online casinos will allow you to make deposits and withdrawals directly from your bank. This is a slightly less convenient method as bank transfers do tend to come with delays for which you will need to be prepared for wait. However, this method is a viable option if you do not have access to other online deposit methods.
What is important when selecting a payment method?
There are several things you need to consider when choosing a payment method for an online casino. Firstly, it needs to be a payment method with which you are familiar and comfortable using. For example, if you have never used cryptocurrency before, it is not recommended you start learning it to gamble online. Your chosen method should be one that you use often, so you will not risk confusion when you start gambling online.
Another important factor is safety. You want a trustworthy payment method. You want one that is reliable and has never let you down previously. The last thing you want when using an online casino is to have your money disappear because your chosen payment method is flawed. You need to feel certain that your funds are safe and secure.
A further factor is speed. Some payment methods are faster than others. If you want your transactions to move quickly, then avoid using bank transfer. Remember not all delays are the fault of the online casino. Banks include delays in processing time for certain kinds of transactions and online casinos cannot control this. However, it is important to check the casino website carefully as they will often be able to offer you a guide on likely transaction times for certain payment methods.
Finally, you should ensure that your payment method is one that you can easily track. This is particularly important if you are a person who has experienced issues with gambling. You should ensure that you are able to closely monitor your funds, incoming and outgoing so that you can keep an eye on your spending and winnings. It is always helpful to be able to keep a good, close watch over your finances.
Which are more safe and secure?
As outlined above, safety and security are one of the most important considerations of online casino payment methods. This is something that all reputable online casinos, your bank, and of course, you, need to take very seriously. The most secure payment methods are the ones that are most direct between your bank and the casino. This is because your bank is likely to have stringent tracking methods and safeguards in place in the event something goes wrong. The methods that are most directly linked to your bank are bank transfers and those using cards associated with your account, such as credit cards and debit cards. Some pre-paid cards may also fall into this category, depending on the arrangement you have with your bank.
What methods are faster?
Also as mentioned above, speed is another factor you want to consider when choosing a payment method for an online casino. The fastest methods are those which rely more heavily on virtual currency, rather than banks. Cryptocurrency and E-Wallets often see swifter transactions than bank methods. Here though, it is important to remember that deposits often work faster than withdrawals for online casinos. While deposits are often instant, withdrawals usually come with a delay. This is due to the processes most online casinos have in place for withdrawals. You should always check the casino website closely to confirm whether you are likely to experience delays in accessing withdrawals.
Should I choose E-Wallet over debit or credit?
Whether to use an E-Wallet or a debit or credit card depends mostly on what you want to get out of your payment method, and your bank. E-Wallets tend to process faster than most bank transactions, however, despite their assurances, they have less advanced safeguards in place than banks do. E-Wallets are also subject to sites going down, errors in processing and possible hidden fees. While your bank may also attract fees for certain transactions, these are often far easier to navigate. If you favour speed over security and value, then you should choose an E-Wallet.
Can I track previous deposits and withdrawals?
This depends mostly on which payment method you select. Any methods done through your bank will be easily tracked via your regular statements. Most E-Wallets will also have a page that lets you check previous deposits and withdrawals. Cryptocurrency a little more complicated, but most of the more common variants of this do have methods for tracking.
How to withdraw money from an online casino?
You will need to do this via the individual casino site, and each will have a different process for withdrawals. Generally, whichever deposit method you have chosen will also be used for withdrawals. So, if you make your deposits via your E-Wallet, your withdrawals will go into that account unless you specify otherwise. You can only withdraw your winnings and some online casinos will have limits as to how much you take out each day. It is important to check the casino’s website to confirm these regulations.
Can I withdraw to a credit card?
If you make deposits with your credit card, most online casinos will allow you to direct your withdrawal funds there. It depends, however, as some casinos may not have software that can process credit card withdrawals. If you wish for your withdrawals to go onto your credit card, you should review the casino’s website to check if there are any limitations in doing this before you sign up.
How do you launder money through a casino?
Money laundering is a criminal offence in most countries. If you choose to engage in this activity, you could face loss of your funds, heavy penalties and even imprisonment.