The Ultimate Guide for Executing Payments at an Online Casino
Many people are transitioning from playing at land-based casinos to online betting sites due to the improved convenience and flexibility. Online betting comes with different requirements, including payments. You need to have a way to deposit funds into your account and withdraw your winnings.
Knowing the right payment options while betting online is one of the most important things. While you only need to exchange the chips you have won in a land-based casino with cash, everything is different with online betting. Here is the ultimate guide to online betting payment options.
Online Casino Payments
Although people viewed online banking as risky in the past, things have changed making it one of the fastest, trustworthy, and easiest methods of transferring money. People have embraced online banking as there have been numerous improvements by online money transfer companies to streamline the industry.
Online casino payment methods are accessible to all users worldwide. They offer players an easier way of transferring money without waiting in long queues in banking halls and casinos. There are numerous accepted payment methods as discussed below.
Credit/Debit Cards
Credit/debit cards are some of the most common payment methods among bettors due to their ease of use. It is also safe and secure to use credit/debit cards to do online transactions. The most common cards include MasterCard, Visa, and the American Express.
To use these cards as your preferred payment method, proceed to the casino’s payment page and fill out your card details as required on the page. Once you have added the correct information, you can proceed to deposit funds from your bank account to your betting account, which is normally instant.
Pros
- Fast deposits
- Widely accepted
- Safe transactions
Cons
- Some casinos don’t process withdrawals through debit/credit cards
- Transactions might incur a service charge
E-Wallets
Recently, e-wallers/digital wallets have gained immense popularity. You can easily store you money online and make fast payments using an e-wallet. They are extremely secure and considered one of the fastest payment methods, especially fro withdrawing funds.
Some of the most popular e-wallets are PayPal, Skrill, and Neteller. Most online casinos accept these payment methods as they are convenient, fast, and secure. Although you might incur some charges while using e-wallets, the speed of transaction compensates for it.
Pros
- Instant deposits and withdrawals
- Widely available
- Easy to use
- Secure transactions
Cons
- They are not eligible for some welcome bonuses
- Service charges apply
Bank transfers
Bank transfers are among the oldest online payment methods. Although they are accepted worldwide, they are also one of the slowest options after bank cheques. However, bank transfers are considered the most secure payment option for both deposits and withdrawals.
Another drawback is that you will pay a fee to transact through a bank transfer. With a bank transfer, your minimum required withdrawal or deposit will normally be greater than when using any other payment method.
Pros
- Extremely secure
- Widely accepted
- Accepts numerous currencies
Cons
- Charges a fee
- Slower than other methods
Instant Bank Transfers
Instant payments are preferred by most players due to their transaction time. Unlike the conventional bank wire transfers that take time to get processed, this method is fast. Among the many types of instant banking in Europe is Trustly. It is commonly used in the betting industry, in which it acts as the middleman. Trustly transfers money from a player’s bank into his online casino’s account without sending the payment details to the casino operator. It, therefore allows players to transact funds safely avoiding fraud in the process.
However, most instant bank transfers only transact deposits, and players have to choose another method for withdrawals.
This payment method is extremely popular in New Zealand, and it is easy to find an instant bank transfer casino NZ. Kiwis are always looking for casinos offering fast transactions, and instant bank transfers offer them this option.
Pros
- Fast transactions
- Safe and secure
- Widely accepted
Cons
- No withdrawal transactions
- Charges a transaction fee
Cryptocurrencies
More online casinos are embracing cryptocurrencies as a payment method. Cryptocurrencies guarantee users enhanced security and anonymity. Cryptocurrencies use encryption technology for enhanced security. Bitcoin is preferred by many US players as it allows them to bet online without breaking any laws. Unlike other payment options, Bitcoin betting is not classified as online gambling in the US which is banned in most states.
Cryptocurrency casinos are cropping up worldwide, and even bookmakers are accepting the currency as a payment method. Apart from Bitcoin, other cyrptocurrencies that are getting accepted are Bitcoin Cash, Monero, and Litecoin.
Pros
- Extremely fast transactions
- More secure
- Cheaper transactions
- Enhanced security
Cons
- Not accepted everywhere
What to Consider When Executing Payments at an Online Casino
Apart from choosing a payment method, there are other things you should consider when transacting at an online casino. Some of them include:
Fees
Most payment methods don’t charge players a fee to transact. However, some payment options attract a certain amount of fee, including e-wallets, credit cards, and bank transfers. Always read the fine print before settling on a payment method to understand the relevant fees.
Deposit/Withdrawal Times
If you want to play at an online casino for real money, you need funds to reflect in your account instantly. While most payment methods process payments instantly, bank transfers are the exception as they take time to get processed.
Similarly, you want to get hold of your winnings immediately. This means choosing a payment option that will process your payout instantly. However, withdrawal time also depends on the casino you are playing at. While some casinos process withdrawals instantly, others are slow in this regard.
You have to face appending period as the operator either approves or denies your withdrawal request. Once approved, the processing time will depend on your payment method. For fast withdrawals, consider cryptocurrencies and e-wallets.
Minimum Deposit and Payout Limits
Minimum deposit limits are imposed by either the online casino or the payment method company. In some cases, it can be from both. When playing at a smaller bets online casino, consider a payment option with a low minimum deposit amount.
Also, casinos set payout limits. They set a cap on how much a player can withdraw in a single transaction. It could be daily, weekly, or monthly. Also, each payment method has it s own payout limit. For example, high rollers prefer bank transfers as it has high payout limits.
Conclusion
The above guide will help you determine what to look for in a payment method. Go for what works best for you.
