When it comes to playing at online casinos for real money, there are a few concerns on the minds of every player. For example, the ease of making transfers, speed of withdrawing, and overall safety of their money on the platform
There are tons of payment methods offered by different online casinos. Some are deposit-only, while others allow you to withdraw your winnings back to your deposit method.
Whether you want to deposit or withdraw funds from an online casino, choosing the best payment method doesn’t have to be difficult. We have put together the best deposit and payment options, ranked by the safest method, that you can choose from for your online casino betting.
Due to the level of convenience it brings, credit and debit cards are one of the most commonly used online casino payment methods. Credit and debit card payments are one of the more reliable methods for online transactions because they are backed by banking institutions and are essentially accepted universally. They also do not take funds out of your account immediately after you have made your purchase. It is also the payment method that is easiest to stop in the event of fraud.
The following are some of the most popular payment solution providers:
- American Express
These service providers allow users to transfer funds from different regions. All you need to do is input your card details or follow the procedure on the casino site.
Pros of Using the Card Payment Method
- Cards are cheaper to use than cheques. They can easily be used over the phone, on mobile devices, or in web apps.
- Most cards, like MasterCard and Visa, are accepted globally. You are likely to get better exchange rates when you use them.
- Ability to monitor and detect which online casino receives cards and set scheduled deposits and limits for your card.
Cons of Using the Card Payment Method
- Debit cards are prone to fraud.
- Some card issuers may charge a token for transactions.
eWallets stands for electronic wallet and is the name for a type of payment processor that acts as a sort of middleman with your transactions. These eWallets are usually linked to your bank account or credit or debit card to enable easy transactions directly from your bank account. Instead of the payment coming directly from your bank, it goes through the eWallet processor.
When it comes to the transactions themselves, the casino site never actually sees your bank details, so you know they are never at risk. All your transactions are sent through the eWallet provider. This is a brilliant idea if you want to always ensure that your bank account details remain away from prying eyes.
Some popular eWallet providers:
- PayPal: PayPal is an online payment method that is super convenient for its users and can be used wherever and whenever. Apart from the convenience PayPal offers, signing up is easy. All you have to do is sign up by creating a new account and linking your digital wallet to your credit card. Then, to complete your payment, log in with your email address and password. Finally, sit back and relax while your purchase or order is completed.
- Skrill: Almost similar to PayPal, Skrill is a trusted, fast, and reliable payment method. How it works is really simple: sign up with your information, complete the verification steps, make payments, and carry out your transactions.
- Astropay: Astropay is swift, secure, and reliable. It is a payment method that allows you to link your payment card to your mobile number. You can make deposits and request withdrawals from your AstroPay wallet.
Pros of Using an eWallet
- eWallets are secure methods of getting your money in and out of an online casino. They come with multiple layers of security.
- eWallets are considered one of the fastest payment options you can use at online casinos, aside from cryptocurrencies such as Bitcoin.
- eWallets enable fast withdrawals. While it might take a day or two for the casino to verify your withdrawal, once it has, it will send it to your eWallet account and make it available for transfer to your bank.
- No, or low fees For personal transactions, many eWallets will have no fees. This means you get to play with the amount you deposit when you put money into your casino account, and you get the exact amount you have won when withdrawing.
- You can link your eWallets to numerous cards and bank accounts. You can also select which source you want to deposit or withdraw from, giving you great versatility.
- Ability to track your bankroll.
Cons of Using an eWallet
- Some casinos may charge a small fee for withdrawals via certain eWallets.
- Players experience some restrictions when using their e-wallets. For example, casinos in the US restrict the use of e-wallet deposits.
- Since eWallets are digitally and electronically driven, most eWallet providers require computers or phones to operate. This scenario becomes disadvantageous when you fail to access your account from your devices.
- Card Support. Since not all cards are accepted, you have to determine the features offered by an e-wallet before opening an account.
Bank transfers are one of the oldest and most popular payment methods. Bank transfers make room for a wide range of credit transfers, including cash payments and wire transfers to local banks. Bank transfers are generally safe and reliable.
When it comes to online casinos, you can initiate payments via online banking, mail a payment form to the bank, or visit the bank and complete a payment form in person.
Pros of Using Bank Transfers
- Safe and secure transactions
- There are fewer issues with payment reversals.
- Transactions are not subject to chargebacks.
- Customer-friendly deposit method
Cons of Using Bank Transfers
- Bank transfers might take hours or even days before they are completed and confirmed.
- There is a limit to the amount you can transact.
- In certain countries where gambling is illegal or restricted to certain domestic operators, bank transfers may be difficult to complete. Some governments place restrictions on banks in terms of performing transactions with foreign banks, and therefore, it can be impossible.
Cryptocurrencies are decentralized digital currencies that exist as numbers in a distributed ledger called a blockchain. This payment method is considered the best way to conduct private and anonymous transactions online. Many online services and marketplaces now accept crypto as a form of payment.
Pros of Using Crypto
- Crypto transactions theoretically offer more security. Because they are decentralized, all transaction details are recorded on a ledger, which is especially helpful when it comes to the verification of payment history. Paying with crypto also comes with the advantage of lower transaction fees.
- The biggest barrier to entry for general consumers is that crypto has quite a bit of a learning curve and comes with a level of volatility that other payment methods do not.
- They are not safe from scammers or online fraudsters. And because there is no central authority, if, by chance, your wallet is accessed by the wrong people, there would be no recourse to reclaim your coins. Therefore, protecting your password is especially important.
Tips for Choosing an Online Payment Method
- The cost of your online payment method varies for each type of payment method and the systems you have to choose from. This can include monthly fees, a fixed fee per transaction, and set-up costs.
- Feedback and Reviews: You need to take your time and do your research. The best way to know how reliable and cost-effective the payment method or system you will use is by looking out for feedback and reviews from customers who have or are currently using their services. This will help you know what you are getting into, and nothing will take you by surprise.
- Multiple Payment Options: If you want to make more than one type of online transaction, then this is a key factor to look out for. Make sure that your preferred online payment system has a feature that you need and would be happy to use.
- Accessibility to Users: How long does it take to complete a transaction? How many steps do you have to go through to complete a transaction? Is it a simple process? These are the questions you should ask before choosing an online payment method.
- Security: this is the most important factor to consider before choosing your preferred online payment method. Encrypted eWallets are the best options for payment methods that have the feature of two-step authentication and will notify you if anything threatens the security of your account to prevent fraudsters from accessing it.
We have provided a list of the safest and most effective methods of funding and withdrawing from your online casino account. However, before choosing a payment method, it is essential that you verify whether or not your card is supported. It is also advisable to search for two or three digital wallets that accept your card. That way, you can avoid inconveniences when playing online casino games.