Casino banking methods
So, you’re ready to make your very first deposit, but who do you go with? Online casinos now offer so many banking methods that it can be a difficult choice sometimes. Should you go with your credit card? Perhaps you use e-wallets on Amazon and other shopping sites, so they might be easier?
Are there any charges and fees, and how long do you have to wait to get your winnings? Can you even use a certain deposit method in the country you reside in? These are all questions you should ask yourself before making a deposit and/or withdrawal from an online casino.
You should always know what works best for you, as this part is the most important for anything you will do at an online casino. You also need to feel secure. So, with that in mind; what are you options?
Credit Cards and debit cards
Credit cards and debit cards are the most popular payment methods for depositing funds at online casino sites. The most common of these are of course, Visa and Master Card. Popular debit cards include Visa Electron and Maestro.
Most of the time, there is no processing fee for deposits with any of these options, and transaction times are instantaneous. Although withdrawals are also often free with these bank options, there is usually a processing time of 1-3 working days before you will receive your withdrawal. The average minimum and maximum limits are around $10 up to $20,000.
American Express is much trickier, and sometimes there are lengthy delays for withdrawals, as well as fees for both depositing and withdrawing funds. American Express is now not commonly offered at most online casinos.
E-wallets and pre-paid cards
An e-wallet is an account that you directly transfer money to from your bank. You can then use this to pay for things online. A pre-paid card is similar to an e-wallet, and many consider them the same thing. Here, you purchase cards which you upload onto a website, just like you would charge up your phone with credit.
The most common e-wallets/pre-paid cards are PayPal, Skrill (formerly Moneybookers), Instadebit, Click 2 Pay, Paysafecard, Click 2 Buy and Entropay, Neteller and Ukash. Deposits using all of these methods are always free, and processing times are instantaneous. The minimum deposits vary from $5 to $20, whilst players can often deposit anything up to $8,000 using these options, although Neteller will allow larger sums to be deposited. Withdrawing funds is free too, and you should get your money within 24 hours.
The withdrawal limits are roughly the same as those for depositing. No withdrawals are permitted using Paysafecard, though. This is because you can buy Paysafecards at shops too, and you don’t actually have account with them, just a code to top up your balance at a site.
Wire Transfers and cheques
These are the main payment methods that most people use when they wish to withdraw sizeable sums of cash. Although self-explanatory in what they offer, it is worth noting the specifics of these payment methods, and others like them.
Wire transfers and other similar payment methods are able to assist you in deposits massive sums of cash (often up to $30,000), just as they are able to help you withdraw up to $100,000. However, there are often charges attributed to these options, which can range from $40 up to $300 for deposits.
You can also expect processing times of 2-28 banking days, depending on what method you use. Withdrawals must usually be worth at least $50, and the processing time and fees are relatively the same as for deposits. Small withdrawals with high fees are naturally not worth it!
Regional deposit methods aren’t open to all
Every country has preferred deposit methods. Some banking options simply may not be available in the country you reside in. In other cases, a whole range of additional payment methods may be open you, because you reside in a specific country.
Examples are the Nordea card, if you live in Scandinavia, Solo and Switch, if you live in the United Kingdom or Laser in the Republic of Ireland. It is also worth noting that each casino software provider has their own preferred payment methods too, and two separate casinos that are running different software are likely to have different banking methods.
Some countries do not permit transactions via certain banking methods, even if the casino website says that they do accept them. In the United States, this especially true, and something every player should check out before they commit to using one specific method.
Alternative deposit bonuses
Certain casinos run special offers. These are known as alternative deposit methods, and what they basically do, is offer players a small match deposit bonus, when they use a specific payment method that the casino has a deal with.
These too, are worth noting. Generally, players can expect to pocket a 10% to 15% match deposit bonus for using one of the casino’s preferred payment methods.
Changing your deposit method
Once a player has chosen a banking option, it is not always possible to change it easily. Sometimes the casino prefers it if you stick to the same banking options.
This is a security protocol, to protect against fraudulent cards. However, if you contact customer support at the casino, they can usually help you change this.
Not all banking options can be used to withdraw
This is critically important! Not all banking options at an online casino can be used for both depositing and withdrawing funds.
Some casinos allow some methods to be used for deposits only and others for withdrawals only. Players should check this out, before committing to use any of the banking options presented to them at an online casino site.
Providing your identity for withdrawals
Occasionally, it is common for customer support to want to know more about you before they process your withdrawal. You may need to prove your identity, to make certain that you are actually who you say you are.
This is perfect normal practice. Sending a scan or fax of your passport or your identity card is usually enough for you to get clearance for a withdrawal. You can always call customer support and ask more about this if you have further questions.