Online Casino Payment Methods
It’s equally important to use a safe and secure payment method as not spending too much when playing casino. On this page, we present the most common payment methods for online casino gaming and give you a breakdown of the most vital information.
A comprehensive guide to various banking methods
Online casinos are very entertaining, and gamblers like to focus on playing and winning as much as possible, but it is not all fun and games and you also need to make sure that your interests are protected and that you are able to deposit and withdraw funds easily and conveniently.
When you visit an online casino for the first time, you need to know that your money is secure and that there are several payment options available to you. As the number of casinos have increased, so have the number of payment options.
At Online.Casino we realise that it is not always easy for players to stay up-to-date on changes in payment methods, fees and banking policies for their favourite gambling sites and that is why we have put together a comprehensive guide to the various banking methods favoured by casinos. Right here you will find out all you need to know about online casino banking methods.
Why payment methods matter when playing casino
When you join an online casino, it is essential to choose a trustworthy payment method. The first thing that you need to consider is online security, this is of the utmost importance when doing any online financial transactions.
Most online banking methods used by casino sites have similar security requirements as financial institutes.
This makes them super secure.
But you still need to ensure that the casinos you visit have encryption software to protect your personal and financial information and SSL certificates from reputable cybersecurity companies.
Transaction fees also need to be taken into consideration when choosing your preferred payment method. Fees do vary on different casinos and depend on the payment method that you choose.
One thing to consider is the fee structure. It’s good having a closer look at this before you deposit and play.
The speed of pay-outs also differs from one payment method to another, and e-wallets are typically the fastest. However, some casinos will not give you a welcome bonus with deposits from certain e-wallets, like Skrill and Neteller, because of the high number of bonus hunters that use these payment methods.
Generally speaking, winnings should be withdrawn back to the same source where the deposit originated. This is however not possible for certain banking methods.
For example; when depositing with credit cards, you usually have to withdraw to your bank account.
Every casino has its own payment terms and conditions, so make sure you are familiar with all the various deposit and withdrawal options.
Choose a banking method that works for you
When you gamble at an online casino, big winnings are important but so is convenience and you want to be able to deposit and withdraw money with ease. Every gambling site has different banking options and fees, and many only allow deposits from certain types of accounts. Before you join a casino site, you need to know which banking methods they offer and what will work best for you. Go to the payment settings page and take a look at all the available payment options, like e-wallets, instant bank transfers, prepaid cards, and credit cards.
And just like every nation have their own laws, different regions also have their unique regulations that affect your payment methods.
For example, in some regions you can get instant bank withdrawals, and in some you have to wait a few days to get you money sent to you.
Each banking method has its advantages and disadvantages but at the end of the day it comes down to personal choice. You can use our comprehensive guide to read all about the various payment options; how they work and the advantages and disadvantages of each one and then decide what is best for you.
Just like the UK Gambling Commission promotes cashless payments at brick and mortar casinos due to safety, you should choose your methods with care.
Depositing money to casinos via a credit card is quick, easy and convenient. This is the most common payment method for both gamblers and casinos in many markets because it is a safe and secure option.
However, e-wallets have now replaced credit cards as the most popular online casino payment method. This does not mean that you shouldn’t still use your credit card to make deposits and withdrawals from your favourite operator and it is still an extremely secure online casino banking option.
If you choose credit cards as your preferred payment method, you will need to fill in the printed information on the front and back of your card. This includes your name, card number, expiry date, and CVV-code.
To make a credit card deposit, go to the deposit page, choose the credit card payment option, enter what type of card you are using and the amount you wish to deposit.
The money you deposit will be credited to your player account within seconds. Payouts can take a little longer and you may have to wait up to three days for funds to be transferred from your player account to your credit card.
One disadvantage of using your credit card to play at an online casino is that it allows you to play on credit and gives you access to funds that you don’t actually have. This is not a problem for gamblers who are disciplined and know that they will be able to pay off their account at the end of the month, but it can be an issue for gambling addicts or people who can’t afford to pay off their account.
The fees for credit card transactions vary from one casino to the next. The most widely used credit cards in the online casino industry are VISA, MasterCard and American Express.
Over the last few years, e-wallets (electronic wallets) like PayPal, Skrill, Neteller, Euteller, and Ecopayz, have become the most popular payment method at new and established online casinos and are in many ways the best option for players. The main advantage of an e-wallet is security and it enables you to protect your personal and financial information from third parties. If you play at various online casinos, you are never providing them with your financial information, and this adds an extra layer of security to your account. E-wallets are also convenient because if you have several credit cards, you can connect them all to a single e-wallet and have multiple sources of money linked to just one secure account.
For security reasons, the casino will pay out your money to the same account you used to deposit funds into your account and a big advantage of e-wallets is that they the fastest withdrawal method. As with credit cards, e-wallet deposits are immediate, but withdrawals are much faster with an e-wallet, with funds usually only taking 24 hours or less to be credited to your e-wallet account. Most online casinos do not charge fees for depositing or withdrawing via an e-wallet, but fees may apply when transferring money between your e-wallet and your bank account.
Most e-wallets are similar, and you need to look at each one’s terms and conditions and decide which type of e-wallet will work best for you. Some e-wallets, like Euteller, are only available in certain countries so check availability before you sign-up. PayPal is currently one of the most popular secure international payment methods and is accepted by almost all reputable UK casino sites. As an incentive for online gamblers to use PayPal, many UK casinos offer additional bonuses if you make deposits via your PayPal account.
Instant bank transfer
Another trusted online casino payment option is an instant or direct bank transfer. Bank transfers involve using direct banking services to transfer funds directly from your bank account to your player account without using a credit card or e-wallet and there are normally no fees. Regular direct bank transfers are the slowest payment method for casino sites, taking three to five working days and withdrawals can take up to ten working days, but they are often the only viable option if you want to make large transactions as the limits are usually higher than other methods.
Companies like Trustly, Zimpler, and Citadel allow users to make instant online bank transfers to their accounts. Trustly is available across Europe and is a quick and easy way to transfer funds online, provided your bank is part of the Trustly network. Zimpler is a Swedish based mobile payment system that is available in the UK, Finland, and Sweden and allows you to make secure, hassle-free deposits and withdrawals to your account from your smartphone. Instant bank transfers are safe, secure and convenient and are favoured by many online gamblers.
Pay by phone
Thanks to a combination of improved technology and an increase in mobile casinos, gambling on the go is becoming extremely popular and more gamblers are using their mobile phones than ever before to play at their favourite gaming website. This has led to operators offering more ways to pay and pay-by-phone is becoming a popular option for making deposits into accounts. This method allows you to make deposits to a gambling website via your mobile phone and the cost is automatically added to your phone account.
To pay by phone you require a mobile phone, a mobile payments platform, like Boku or PayForIT, and a casino account that accepts this form of payment. Go to the casino sites payments page and simply select the pay by phone option to make your deposit. Like an e-wallet, this method does not require you to enter your personal banking details on the casino site and is an extremely secure method of adding funds to your account. It also means you don’t need to have a credit or debit card on hand or any fancy equipment, you simply need a mobile phone. Once you have completed your request, the funds will be transferred to your account and charged to your phone bill or subtracted from your pay-as-you-go credits.
Prepaid cards, like Paysafecards, can be physical or virtual and are similar to vouchers. Prepaid cards function in much the same way as debit cards but instead of withdrawing funds from your bank account, with a prepaid card you need to first purchase the card and then top it up with cash before you can use the funds at an online casino. This makes it easier to control and keep track of how much money you spend at online casinos, making prepaid cards a good option for gamblers who struggle with self-control issues. With prepaid cards, fees vary from one provider to the next and are applied as either a percentage of your transaction or a flat fee, but online casinos will not charge you to deposit money into your account from a prepaid card. Prepaid cards support various currencies and are safe and secure because you are not entering your personal banking details on the online casino site or giving them to a third party. If a gambling site does not accept a Paysafecard but does allow you to pay with Skrill or Neteller, you can fund your e-wallet you’re your Paysafecard.
Pay by invoice
Casinos and fintech companies are constantly working on ways to make online gambling payments easier and more convenient and savvy players are always looking for online casinos that offer greater levels of security, accessibility, and efficiency. Zimpler is a Swedish FinTech company and while this service is currently only available in four countries, including the UK, they have plans to become available throughout Europe in the near future and have linked up with a number of reputable online casinos.
Zimpler connects your card, bank and player account in one place. You simply create a Zimpler account, link your payment methods (credit card, bank account or e-wallet) and use your phone to make payments to your account. As soon as your Zimpler account is live, all you need to do is enter the amount that you wish to deposit into your casino account and your phone number. Zimpler will send a unique one-time pin (OTP) to your phone via SMS so that you can verify the transaction and then the money will be available in your account. Zimpler also allows you to set monthly deposit limits and keep detailed records of all your transactions.