Thursday, August 13, 2020

How to Choose Most Suitable Banking Method

Staff Writer in Casino Strategies 26 Feb 2020

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When playing games at online casinos, you must take care of your data and your funds. This should be your number one priority.  If you fail to keep them safe, you won’t be able to enjoy your favourite activity at all. In this article, we bring you a guide to banking methods along with a few tips on how to choose the one that will suit your needs most.

Online Casino Banking Methods Overview

The online gambling industry is flourishing, and there are more and more providers offering different services in this field. Online payments are among them, with a plethora of methods one can use to fund their casino account and clear winnings from it. Some of them are traditional, while others are modern and created exclusively for the web. Let’s take a closer look at the most popular payment methods you can use online.

  • Debit/Credit Cards

These are the most widespread payment method that allows you to transfer your money to the casino and vice versa. Most online casinos today accept Visa, Maestro and MasterCard you can use to make deposits and withdrawals. In most cases, no fees are charged on transactions via debit or credit cards, but you should check out the banking page to be sure.

Downsides: Transactions via debit and credit cards may take up to 5 days, especially cashouts. If you use this method, you need to reveal your sensitive data to the casino. To withdraw your winnings with a credit card, you must deposit with it as well. If you are a UK player, you cannot use credit cards for online gambling any more due to a ban by the authorities.  

  • E-Wallets

E-wallets are great as they allow you to make transactions anonymously. They provide you with a higher level of security serving as a link between your banking account or debit card and the casino. Thanks to it, you don’t have to reveal your data as transactions are carried out externally. What’s more, your transactions are processed swiftly with withdrawals taking only 24 hours. Some of the most popular e-wallets are PayPal, Neteller and Skrill.

Downsides: PayPal is not accepted worldwide, meaning that it is supported only by casinos operating in regulated online gambling markets. As for Neteller and Skrill, deposits via them may not qualify you for a certain casino bonus. While casinos do not charge fees on transactions made with e-wallets, there are fees imposed by payment service providers you should bear in mind. Check out the e-wallets official website and learn more about them. Also, you need to create an account, meaning that there are more passwords to remember.

  • Bank Transfers

This method allows you to move your funds directly from your banking account to the casino account. It is user-friendly as you don’t need another account to create, and at the same time safe as transactions are protected by the bank’s security systems. It is a good option if you have no cards, e-wallets or any other method available.

Downsides: Processing transactions via bank transfer can take a long time, sometimes ten days or more. Besides, they can incur massive fees, which depends on the bank that provides you with a service.

  • Prepaid Cards

Prepaid cards are the most suitable payment method for newbies to online casinos. They are convenient as you don’t have to worry about your sensitive data and you have a limited amount of money. One of the most popular prepaid cards is PaySafeCard you can buy at retailers in your area or online. Once you have purchased a prepaid card, you get a unique code you provide the operator with instead of sharing your credit card or bank account. If you want to limit your spending at the casino, prepaid cards are a perfect fit for you. 

Downsides: Limited amounts are not suitable for high rollers.

  • Cryptocurrencies

There are more and more operators accepting cryptocurrencies, including the most popular one – Bitcoin. Using a virtual currency can help you reduce costs as there are no extra fees on transactions via them. Also, money gets quickly transferred both ways, in a few minutes only. This payment method is convenient for those players who want to join online casinos in markets that have not been regulated yet.

Downsides: Cryptocurrencies may be highly volatile, so check out their value and avoid converting them into fiat currencies.

Closing Thoughts

These are just some of the payment methods supported by online casinos. Players today can choose from dozens of options, yet not all of them offer the same level of service quality. Before you opt for any payment solution, make sure to learn all about timeframes and fees to avoid unnecessary expenses and waiting for your winnings to get to your pockets.

ABOUT THE AUTHOR

Staff Writer


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