Casinos By Payment Options
Online casinos are becoming more and more popular! As such, they urge players to find various ways of depositing and withdrawing money. Though the choice was limited once, now you have plenty of options. Methods vary from credit and debit cards to e-wallets and cryptocurrencies.
Seems confusing, right? It really can be for beginners. As always, CasinoChap is here to do the hard job for you.
We have investigated and weighed up the pros and cons of several banking practices. Just follow Chap’s guidelines for the best and fastest banking methods. Count on our professionalism and reliability for your online safety.
What Makes a Good Banking Option?
You must have been wondering where to start. With so many banking options available, even pros can be confusing. How to recognize reliable banking methods? What’s the fastest option? Is it safe? These and many more questions are surely rambling in your head.
Chap is offering you the criteria you need to consider when opting for a casino banking method. Depending on what you look for, it’s time you discover the most suitable option for your style.
Limits
When you play with small amounts, almost any option is viable. The issue comes when betting sums are higher. Here, you need to stick with a procedure that allows you to transfer larger funds online. CasinoChap browsed the web to serve you with the best ideas.
E-wallets support relatively high withdrawal limits. Yet, bank transfers have even larger limits. This aspect differs from casino to casino. Some online casinos set daily or weekly limits. Others apply limits per transaction.
So, you should check the casino’s terms and conditions before deciding. And even if there is some kind of a limit, don’t worry about the winnings. The withdrawals might come in increments, but the money will be yours, after all.
Processing Times
How fast will you get your money? The truth is – it depends!
Certain gaming providers process the withdrawal requests as much as three business days. VIP players can have their funds processed in one business day. Yet, the amount, transfer method, and so on, do play a significant role in the processing timeframe.
It is well-known that digital wallets usually ensure the shortest waiting and processing time. They even provide real-time instant cash-out. So, if you prefer instant payment, this is the best option for you. Bank-transfers can take a while, so it depends on how fast you want to receive your winnings. Cryptocurrencies offer instant transactions too.
Fees
Some casinos offer their consumers loads of paying out options. Yet, some go with a few. And those few can be the most expensive ones. A financial institution can charge you a rate of up to $60 for a bank wire transfer. You won’t like this, will you? Payment checks via mail can cost twice less or up to $30.
Hence, your best shot is with electronic banking platforms like e-wallets. Bitcoin transactions have no fees most of the time, too. Still, keep in mind that you may have to cover costs when you try to withdraw your funds from your e-wallet. On a similar note, there are exchange fees when cashing our bitcoin, Litecoin, or other cryptos.
Security
What you need when gambling online is 100% security of your data and money. The majority of banking methods are entirely secure. Among others, this refers to phone billing and online bank accounts. Also, you can’t go wrong with credit and debit cards.
E-wallets and prepaid casino cards are becoming more secure than ever, as well. Many people use them, and they seem to be safe and trustworthy.
So, don’t be appalled if a casino requests a personal document copy for security purposes. Gambling venues on the internet ensure your deposits are safe by using a 128-bit Secure Socket Layer. This way, your data is only visible to you.
Wide Acceptance
Always go for a method that is the most widely accepted. Almost all gambling sites accept credit and debit cards, along with bank transfers. Some casino operators also allow mobile phone payments.
Digital wallets are becoming increasingly accepted payment methods. On the plus side, those can be connected to your account or card. Don’t exclude to chance to pay by cheque as some gaming platforms support them, too. Anyways, make sure that both depositing and withdrawing is available.
Option to Withdraw
Some methods, like prepaid vouchers and pay by phone, don’t support withdrawals. This isn’t the end of the world. Still, Chap knows all too well that it can make things complicated. So, you may want to stick to options that support both depositing and withdrawing, like e-wallets and cryptocurrencies.
Ease of Use
What you have to understand is that the first time doesn’t always come easy. Maybe you will need to explore a bit to find out what is best for you. And every next time you claim your winnings, it will be easier.
Nowadays, most money transfer methods tend to be simple. Pros believe that e-wallets provide the simplest way to deposit funds. Equally simple are credit cards and cryptocurrencies. Both take no more than several seconds to top up your online casino account.
Anonymity
It’s not rare for clients to wish and remain anonymous. For various reasons, users play under nicknames or even hide their identity entirely. Not all banking options permit incognito players for sure.
Luckily, you’re not out of options for sure. Prepaid cards can ensure that punters remain anonymous even during payment transactions. If you go for nameless gaming, look for prepaid gambling sites. Further, crypto gaming is gaining popularity here, as well. It gives players the chance to stay anonymous. After all, you can use the bitcoin to top up your account without giving away personal details.
What are the Best Online Casino Banking Methods?
Now, let’s split up online banking methods and address them separately. They all have benefits and drawbacks. Ideal banking processes aren’t hard to find. We just make sure you know how to find them!
Chap handpicked and listed almost all available casino billing methods. Find them below!
E-Wallets
The best option in the online banking market at present is e-wallets. Those provide fast and hassle-free processing. Apart from being preferred by many for their swiftness, they are entirely secure, too. Don’t forget that most e-wallets have a no-fee policy.
Here are some of the most widely accepted and reliable online banking services:
- Neteller – Deposit and cash out are performed instantly. It is present and accepted in many countries worldwide. Gambling sites prefer Neteller as one of the most reliable online money transfer services. The service is directly related to your cards or bank accounts.
- Skrill – This is the most popular payment mechanism among players so far. The opening of the account is immediate, and the money transfer is quick and safe. It is possible to connect your Skrill account to your cards. You can also pay without revealing credit card data every time you play.
- PayPal – For the time being, it managed to become the number 1 payment platform in the world. It is safe and straightforward to use at millions of stores, platforms, and online casinos. One of its downsides is that though depositing is instant, withdrawals can take up to 3 days. This can deter players from using PayPal if they target quick cash-out. It’s also worth mentioning that not all countries support this online payment service.
Chap wants to mention one common issue for Neteller and Skrill, which are, by the way, owned by the same company. These often don’t qualify for bonuses. So, if you use them to make a deposit, that juicy welcome bonus may be off-limits for you.
Credit Cards
You always have the option of credit cards if e-wallets seem confusing and futuristic for your liking. This is the oldest wired payment around. Yet, they prove to be slower.
- Visa – A global payment provider accepted for any type of payment and withdrawal. The advantage is that depositing is immediate. The setback for players is the delayed cash-out that can last up to 5 days.
- MasterCard – Along with Visa, Master Card is another most widely used direct payment method. The reason why those are so valuable is the connection pathway. Meaning, many revolutionary payment providers rely on you having credit/debit cards to connect the accounts and transfer money more quickly.
- American Express – The most popular card among US consumers. For players outside the US, the previous two options remain the logical choice.
Chap has an important notice on using credit cards for iGaming for UK consumers. Starting from April 14th, 2020, Brits won’t be able to use credit cards to gamble at UKGC-licensed online casinos.
Bank Transfer
For many players, this is the “tried and tested” payment method. Its use is also simple as almost anyone has used a wire transfer to send or receive funds. Bearing in mind that it is secure and reliable, people sometimes neglect its slowness. Plus, banks have vast experience in dealing with safe online transfers. And there is almost no online casino that discourages its customers to use bank transfers.
The main setback here is that players want to get straight into the action. They prefer the money to hit their accounts instantly. Further on, many gamblers do not feel comfortable when disclosing personal data. The last negative point is that individual banks refuse to release money used for gambling. Also, such transactions show on your bank reports and may hurt your credit score.
Prepaid Cards and Vouchers
Paysafecard, for now, is the most popular option among European players. It is a prepaid voucher available at numerous local shops, and it exists in increments of $10, $25, $50, and $100. You can buy it at online stores, as well.
No registration is required to start playing. Online casinos request the ID of the voucher, and the funds are there for you to use it. Gamblers can always check their balance on prepaid cards, and it’s risk-free.
What about cashouts? Unfortunately, they aren’t typically supported. Also, the deposit limits are lower in comparison to other billing options. Another big drawback is that prepaid cards entail additional charges. Plus, some cross-border transfers might get blocked.
Cryptocurrency
This is a new and amusing way of depositing and withdrawing at casinos. Cryptocurrencies prove to be extra-secure, private, and untraceable. Have in mind that you need to register at a cryptocurrency wallet provider.
Cryptos enable you to top up your casino account anonymously and swiftly. Transaction fees are non-existent, too. The entire process is performed within minutes. Digital currencies don’t have to be connected to personal bank accounts either.
Moreover, some casinos offer bonuses and promotions for using cryptocurrencies. What players fear is that this method is a novelty. This is far from true as cryptos have been around for years now.
One thing Chap wants you to note, however, is that cryptocurrencies have a value that fluctuates. There’ve been scenarios when the price of a cryptocurrency plummeted by 60% or even more in a single day. It’s good to know this before opting for cryptocurrency gambling.
We list the most popular cryptocurrencies accepted by many online casinos below:
Pay by Phone
The number of casinos that accept phone payments rises daily. What you do is deposit money through your phone and then pay when the monthly bill arrives. Pay by Phone (also known as PayViaPhone) is an ideal process for deposits, as you might guess. But, it is far from useful when it comes to withdrawals.
Another benefit for the player is that they are not obliged to reveal personal banking information. The only detail that you share is your phone number. Deposits follow a smooth path, and often no account is needed. Hence, this is very convenient if you prefer anonymous gambling.
On the downside, phone companies refuse to do refunds for accidental payments. It is also harder for users to track their spending on iGaming.
