Page updated on 20.09.2019
Online Casino Payment Methods for Deposits and Withdrawals
A common question new players ask relates to how to go about depositing funds into their player account and conversely how to withdraw them. Further still, there are often connected questions, such as what is the best payment method, is the casino deposit safe, how long does the deposit or withdrawal take and if there are any fees. These factors are influenced by the payment method you use, and it is important that you choose a method that suits your needs best, and that is most convenient for you. After all, you want to have a hassle-free experience when depositing and withdrawing at an online casino.
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Payment deposit methods into player accounts:
There are a number of ways to deposit funds into you player account. For starters there are debit cards as well as credit cards, electronic wallets (e-wallets), vouchers, and bank transfers to name a few. Ultimately, the decision is a matter of your own personal preference but you should remember that your choice may influence the speed at which the transaction is effected, determine the limitations for depositing and withdrawing funds and determine the amount of fees if any that you incur.
The increase in ecommerce has also seen an increase in the incidence of fraud and other illegal activities. This could include but is not limited to credit card fraud, and identity theft. You should always feel comfortable before entering your payment details online and that means taking certain precautions to minimise the risk. You should first ensure that your online casino payment is secure and to do this you should ensure that the padlock symbol appears before the website address. Clicking on the padlock allows you view details that can help you to check that the seller is who they claim to be. Another useful thing to remember is to ensure that the website starts with 'https'. This indicates that the session web browser and the web server is encrypted. All reputable online casino operators use encryption technologies to protect your personal data.
Below we highlight some of the more common methods of making payments and attempt to provide a high level list of the advantages and disadvantages.
Credit and debit cards
Credit cards and debit cards are possibly the most common methods of depositing funds into casino player accounts. They offer quick payments and in some cases withdrawals are also possible. Some drawbacks are the risk of fraud or stolen credit cards.
- most credit cards are universally recognised and accepted as a valid form of payment
- quick payment processing
- easy and convenient to use
- credit cards often come with fraud protection in the event of such an occurrence
- fees can incur
- there is the remote risk that your credit card details can fall into the wrong hands
- withdrawals of player funds may not always be possible, and may be subject to delays due to bank processing times
- irresponsible use of easy credit can lead to financial difficulties
Mobile Phone Payments
A mobile payment provider allows users to make transfers that are charged to their phone balance or bill. These payments usually have transaction limits, but they are a good alternative for users who don't have a card.
- payments are processed instantly
- secure payments through use of unique transaction numbers
- good for cost control
- maximum transfer limits is usually limited to the lower end
- fees may apply
Electronic wallets (e-wallets)
An e-wallet, or digital wallet, is a virtual account which allows you to link credit and debit cards and then pay online without using the card directly. All you do is pre-load the funds onto your e-wallet and make payments in place of a debit or credit card. These transfers are secure using encryption technology.
- faster and safer to use since you don't need to enter your credit/debit card details
- they can often be accessed through your smart phone
- you control the amount of money you pre-load subject to minimum amounts for some sites, which is also a good way of setting your gambling limits
- your deposit and withdrawals can be processed within a few seconds, safely and securely
- providers may charge transfer fees
- most e-wallets need to be loaded with money prior to being used
Vouchers can be purchased in stores and redeemed at online casino websites. They are a popular method of depositing funds.
- good work-around when declined by major credit card brands
- good method of monitoring and controlling your spending, since you transfer in only what you are willing to risk
- deposits into casino player accounts are instantaneous
- safe alternative, as no personal financial details are required, as all you will need is the voucher number
- withdrawals are not possible with this method, an alternative method would be required
- voucher needs to be purchased before it can be used
Bank transfers and instant banking methods
This is one of the least common ways of transferring funds, as it can be one of the slowest methods of depositing funds into a casino player account. It can take several days before the amount is credited, though it may be possible to perform instantaneous bank transfers with certain payment providers.
- instant deposits may be possible
- good method of controlling and monitoring your spending, since you transfer only what you are willing to risk
- deposits and withdrawals are possible
- subject to higher fees on transfers
- can take a few days to complete the payment, including withdrawals from player accounts which may take several days before the amount is credited to your account
Crypto currencies are digital virtual currencies that are not tied to federal reserves or other fiat currencies. These highly volatile currencies are an alternative for players who don't have many other payment options, or if they just wish to gamble with cryptos. There are now hundreds of crypto currencies available, the most commonly accepted currencies in casinos are Bitcoin, Litecoin, Dash, Ethereum or Bitcoin Cash.
- quick transfers
- deposits and withdrawals may be possible
- fees for crypto exchanges apply
- highly volatile