One of the important things you need to take into consideration when choosing where to play is the online casino payment methods available. This was not a problem when there were only land-based casinos, as you can just go there and pay cash. Nowadays we are living in a world where online casinos are on the rise, due to the many possibilities they offer. Plus, playing casino games without actually going to a casino is a concept that attracts the players.
In the early days of the online casino industry, there weren’t as many options available, which is why the number of players was rather limited. However, as the industry started growing and more online payment platforms were designed, more and more players started replacing land-based casinos with online casinos. Everyone wants to be able to deposit and withdraw funds quickly and easily. To satisfy the player’s needs, online casinos try to include as many payment options as possible.
There is an amazingly huge number of online casino payment methods available. It might be confusing as to which one is best for you, but we will try to help you out decide.
Online Casino Payment Methods
Bank Transfer
Bank transfer is probably the oldest method used for online casino payments. It is still used, especially in countries where the newer online casino payment methods are not available yet. Bank transfer can be used for deposit, as well as withdrawals from your online casino account.
However, the downside is that this method is not quick and easy. First, you cannot do it from home, but you will have to go to the bank. Second, the processing time for the money to be added to your casino account is much longer. If the processing time using a digital wallet or card is instant, that’s not the case with bank transfers. Depositing via bank transfer might take between 2-10 days. This is actually an inconvenience, as you won’t be able to play right away. It was one of the reasons why new payments methods have become the primary online casino payment methods.
Credit/Debit Cards
This is also a method that is already familiar, as nowadays everyone has a credit/debit card that they are using to pay in-store or online. Even if you don’t have one, it is very easy to get one as anyone can apply. Debit cards can be issued by both traditional banks and online banks. Of all the online casino payment methods, cards are probably the only method that is available in every casino. Moreover, online casinos generally accept Visa, MasterCard, and/or Maestro.
However, many banks have strict policy and do not accept online gambling payments. Or, as is the case with the UK where credit cards have been banned from being used for all forms of gambling in the UK. In this case, players need to find an alternative online casino payment method.
Digital wallets
Digital wallets are among the newest online casino payment methods available. A digital wallet is like an online wallet, where you keep your funds. You can deposit by credit/debit card, bank transfer or some other way depends on the digital wallet’s options.
You are probably asking yourself why would you use a digital wallet when you can just use your card. Well, not all online stores or online casinos accept card payments. Depending on the country you reside in, and the bank you are using, you might not be able to use your card. Another very important thing is that by using a digital wallet, your bank information can never be revealed. All that they will be able to see when you make the payment is your digital wallet account’s information. It adds a layer of extra security to protect you from identity theft or fraud.
Furthermore, making payments using a digital wallet is much faster and easier. You won’t need any additional information other than your username and password. Basically, you just log in to your preferred online casino, choose the deposit option and then select the digital wallet you are using. Choose the amount you want to deposit and just provide your digital wallet’s account information, either username or email. The funds are transferred immediately to your online casino account. The process is similar for withdrawals, in just a few steps the money will be on your digital wallet’s account.
You should also be aware that the digital wallets have some fees attached, either for depositing money to your digital wallet’s account or for sending money. But, almost never for making online payments including depositing to your online casino account.
Currently, PayPal is the most popular digital wallet, followed by Skrill and Neteller.
Prepaid Cards
Prepaid cards are also a newer online casino payment method, that is probably the most secure to use, in case you are sceptical about providing bank information. These prepaid cards are actually vouchers containing a PIN that you use to make online payments. The prepaid cards are available to buy in a store where they supply the specific card you are looking for, and have fixed amounts. For instance, you buy a prepaid card of €10 and that is how much you can spend.
The main reason why prepaid cards are a popular online casino payment method among players is that you do not provide any information to the casino. To deposit the money you simply enter the 16 digit PIN of the prepaid card and that is it. However, to use this method for withdrawal you will need to open an online account, where the funds will be withdrawn.
The most popular prepaid cards that are available in many online casinos are Paysafecard and ecoPayz. In order to use one of these cards, you will need to first check if they are available in the country you reside in and check if the casino charges some fee for using this method.
Cryptocurrencies
A cryptocurrency is a digital currency or digital money thus there is no physical coin or bill, it is all online. Cryptocurrency is stored in a digital wallet, either online, on your computer, or on other hardware. As the popularity of these cryptocurrencies rises, more and more online casinos start to accept cryptocurrency as a payment method. On top of that, there are also many casinos that “specialize” in cryptocurrency, so they’re usually called bitcoin casinos, like for example Coinbet24 bitcoin casino. Cryptocurrencies are secured by cryptography, which makes it nearly impossible to counterfeit, so it is a highly secure payment method.
Cryptocurrency payments are fast, although sometimes might depend on the wallet you are using or the casino. But, in most cases, all this is done instantly. There are now more than 2,000 different cryptocurrencies available, with Bitcoin still being the most used after all these years.
Choosing an online casino payment method
Before you dive into the online casino world, you will need to decide the best payment method for you. There are several things to take into consideration and depending on your needs, you can choose the perfect option for you.
If you want the payments to be processed immediately, then you should avoid using bank transfers for making deposits. This is convenient for players that play pretty often, so they are able to deposit any time they want.
Also, always check the fees that the payment providers charge. Usually, there are no fees for depositing money to your online casino account using a digital wallet. But, there might be a fee for depositing to your digital wallet account. On the other hand, always check the casino’s fees for deposits and withdrawals. Make sure to compare them to find the one with the lowest fees.
Another thing to check is whether the preferred payment method is available for deposit and withdrawal in that particular online casino. Some methods are only available for deposit, which means you will have to do the withdrawal using another method. This might become messy, so is best to use only one method.
When it comes to security, all of the above-mentioned methods are completely secure and reliable. If you are playing in a licensed casino, then you shouldn’t have to worry at all. Still, if you have any doubts, we recommend you using prepaid cards to deposit and withdraw, so that you will never have to reveal any bank information to the online casino.
Finally, to see a list of completely secure and licensed casinos, you can go to our online casino review page and choose the best one for you.
