PayPal was established in 1998 and was a subsidiary of eBay until 2014. After the two businesses parted company, PayPal became the world’s largest e-wallet provider and now has more than 100 million customers worldwide.
It is a safe and secure internet payment platform that can be used for many different online transactions, including gambling and shopping. Like most reputable e-wallets, PayPal uses the latest encryption software to protect your funds.
PayPal has strict verification, anti-corruption, and money laundering policies and imposes stringent requirements on both their customers and the businesses using their services. They actively monitor its clients and only does business with reputable casinos.
The service links your bank account to your gambling account and you can connect more than one bank account to your PayPal account, giving you access to a range of funding sources.
PayPal also offers you a Prepaid MasterCard debit card that is linked to your account and that can be used anywhere that accepts MasterCard debit cards or to draw cash from the ATM. There are fees for ATM withdrawals, but purchases made with your card are free.
Advantages of using PayPal
- It is a digital depository and a global leader in online payments
- It uses up-to-date encryption software to protect all their online transactions
- Your financial details can never be accessed by the casino site
- Creating an account is quick, easy and free of charge
- They have their own downloadable mobile app for iPhone, Android, and Windows
Disadvantages of using PayPal
- Your PayPal Prepaid MasterCard debit card has a low daily withdrawal limit of about £250. This is lower than the average e-wallet debit card.
- When you use your PayPal debit card, you are charged for ATM withdrawals, over-the-counter cash withdrawals and declined transactions.
PayPal offers all the usual contact and support methods. They can be reached via email or the contact form on their website and you will typically get a reply within 24 hours from the customer support centre. You can also open a dispute or report a problem via their website.
The support can be reached by phone from Monday to Friday from 8h00 until 16h00 (GMT). When you phone the helpline, the customer support team will only be able to assist you if you are the registered account holder and they will not give you any details pertaining to any other accounts.
Making deposits with PayPal
Deposits made using PayPal are mostly free of charge but there are fees for currency conversions and certain transactions specified on their website. For gamblers, this banking method is a quick, convenient and easy way to deposit funds into a gambling account.
Deposits are processed almost immediately, and it doesn’t take long for your money to be available in your casino account.
Casinos also typically offer deposit bonuses between 10 and 15 percent when you make a deposit using PayPal. However, there are some online casinos that charge you a fee when you make a deposit using this method.
Making Withdrawals via PayPal
Withdrawing money from an account with PayPal is easy but while deposits into your online gambling account are usually free and almost instant, withdrawals take a little longer and there can be fees involved.
It typically takes about 24 hours for your withdrawn funds to clear and the withdrawal fees will depend on the casino where you have been playing.
When withdrawing and depositing gambling funds via PayPal some casinos also have minimum and maximum amounts that you need to adhere to.
Depending on where you live, there could also be currency conversion fees applied to your account.