Online Casino Payment Methods:
A Complete Breakdown
One of the reasons why online casinos are on the rise is that everyone can enjoy them. No matter who you are or where you live, there is a method for you to play on some type of gambling web portal or another. The variety of payment methods offered by these websites is what makes it possible.
The versatility of the deposit/withdrawal options available in online casinos allows people from any corner of the world to find something that would work for them personally. Preferences in this particular area vary from country to country due to both the availability and convenience of these tools. Each option has its own advantages and disadvantages, so players are advised to study all of them in order to pick the best one in their individual situations.
Factors you should consider when making this decision include:
- Speed of the transaction.
- Some payment methods, like e-wallets, allow instant transfers, which can make a difference when you are trying to use a time-limited bonus offer and need to deposit the money right away. Bank transfers usually take the longest, up to 5 days in some cases. You need to be aware of your limitations in this area if this is the only option available to you.
- Commission fees.
- Note that the majority of online casinos don’t charge extra fees on withdrawals. However, the banking agent might do this for both deposit and withdrawal. If it’s the former, you must make sure that the deposited amount would be sufficient to meet the requirements of the casino after the banker deducts their fee.
Basically, you should always choose the banking method that is the easiest for you to use consistently. Bear in mind that many casinos have specific requirements and limitations for some types of payment methods they offer. For example, they might take longer to transfer your winnings through some of these channels or not accept some particular type of payment from certain countries. You must always study the Terms & Conditions for payment methods in detail before you make your first deposit to the casino. Don’t forget to claim a hefty first deposit or Welcome Bonus while you’re at it!
Online Casino Deposit/Withdrawal Methods: Types and Popularity Rates
Credit and Debit Cards
Credit and debit cards are so popular today, they are steadily winning over cash payments in the most advanced countries. For example, over 56% of all mobile payments in the US are made through debit cards and almost 48% through credit cards. The most popular options of those for online casinos are Visa, MasterCard, and Maestro.
Visa offers a variety of options, such as Visa Debit and Visa Electron, which is definitely the reason why it’s the most popular card used for online casino payments. As it is available almost all over the world, its popularity level is high in all countries. Although, the leaders among Visa users are Europe and North America, as well as Japan. MasterCard is accepted by fewer casinos as compared to Visa, but the general statistics of its use are similar.
American Express cards are in a rather interesting position when it comes to online casino payments. On one hand, it’s one of the most stable and therefore trusted banking cards in the world. However, it’s also ‘American’ and the US has a nation-wide ban on online gambling. Therefore, the vast majority of online casinos don’t accept players from the US and very few of them accept American Express cards.
Payments with credit and debit cards are rather popular in European countries, although the rate of their use is slowly waning as people choose alternative banking options. At the moment, the residents of Spain (36%), France (52%), Belgium (47%) and the UK (49%) are the leaders in using these payment tools for online transactions.
The main advantage of these banking methods is their availability as today you can get a debit/credit card anywhere. The problem with online gambling payments is that they may not be accepted. This is the matter decided by the bank, as it’s determined by their inner policy regarding gambling transactions.
Pre-Paid Cards and Vouchers
Paysafe Card is the definite leader among these solutions. As of today, over 3,500 websites accept this payment method, which includes almost every online casino. Paysafe delivers on the promise of its name, guaranteeing the high level of security as well as minimal fees and fast transactions. This online payment method is most popular in Europe, especially the UK.
Note that one cannot buy Paysafe Cards in the US, but you can buy it elsewhere and deposit money on it electronically. This would allow a person to play in a casino that accepts US citizens and use this banking method.
E-wallets are definitely going to become the leader of online payment methods rather soon. They are leading as the preferred banking route for online casino withdrawals due to the ease of use and speed of the transaction. Unlike with other banking methods, casinos are quite fast when processing transfers through e-wallets, which allows you to get your payment in under 24 hours.
The most popular e-wallet in the world in general, is PayPal. It has almost 200 million active accounts and is the #1 e-wallet in the North America (Canada + the US). However, not all online casinos accept PayPal as their policies regarding gambling payments are extremely stringent. Surprisingly, PayPal is quite popular in Europe as well. It’s the second best choice in many UE countries after the credit/debit cards. It’s most popular in Italy (45%), France (35%), the UK (40%), and Germany (32%).
The most popular e-wallets for online gambling are Skrill and Neteller. Neteller, in particular, is accepted everywhere and was originally created as a payment route for online casinos. Today it services 180+ nations. In 2005 Neteller was processing 80% of all online gambling payments, but this rate has gone down now that more payment methods are available.
Skrill (formerly Moneybookers) is a relatively new player on the e-wallets market, but it’s already accepted in 200+ countries. It’s highly secure and supported by the overwhelming majority of online casinos.
The downside of all e-wallet money transfers is that the providers of this banking service charge a fee for the transactions. However, those fees are usually rather small and offset by the benefits of loyalty programs on offer.
Bank Wire Transfers
Various types of bank wire transfers are accepted by the majority of online gambling portals and are, in fact, the preferred payment method for most casinos. The reason for this is the extreme security involved in this type of transaction, which minimizes the risk for all parties involved.
However, a large part of this security comes from a thorough identity check, which takes a while. As a result, this type of transaction can take up to 7 days. These transactions also come with the bank fees that can be quite big depending on the amount. Bank wire transfers have a higher popularity rate in the countries where faster and more efficient online payment methods aren’t as easily available.
Instant Bank Transfers
This type of bank wire transfers negates the disadvantages of regular transfers due to the speed of the transaction. The most popular type of instant transfer service for online casinos is Trustly. Under the Trustly set-up, a shopper or customer will not directly contact the bank, instead, the customer will pass the banking credentials and information to Trustly, and the platform will complete the transaction in behalf of the shopper.
Please note that these payment methods are almost exclusively used for deposits only. However, they offer a huge advantage for time-limited promotions as your money literally gets to the casino instantly.
iDEAL is an instant transactions provider most popular in the Scandinavian region. It doesn’t charge transfer fees and is very flexible in terms of transactions. iDEAL the most popular online payment method in the Netherlands with over 55% of the population using this service for all their financial transactions.
Bitcoin casinos are rare, but many of the leading portals are starting to cater to this particular type of electronic currency. BTCs (bitcoins) are gaining popularity due to their guaranteed security. The house edge in bitcoin games is a little bit lower, which is another reason many people today are warming up to this payment tool.
Bitcoin is most popular among American players. Mostly, because bitcoin gambling doesn’t fall under the category of online gambling, which allows Americans to play freely in specialized casinos. Bitcoin payments can be instant, but the specifics would depend on the type of wallet you use as well as the casino’s terms.
The Best Online Casino Deposit Methods
When it comes to deposits, no one can argue that instant transfers and e-wallets are the leaders. Trustly, Skrill, and Neteller, iDEAL, EcoCard (EcoPayz), PayPal, and Ukash are the most popular tools for transferring money to casinos. They are accepted universally, but aren’t available in all countries, which makes it a challenge for some players to use them.
These services are reliable and secure. As neither of them allows the gambling portal direct access to your bank account, these payments are the safest option for everyone.
The Best Online Casino Withdrawal Methods
When you need to get your winnings from the casino, the best tool to use is an e-wallet. Bank wire transfers are the second method popularity-wise, but this isn’t caused by their convenience. The vast majority of online casinos today offer ONLY bank transfers or a limited number of e-wallets (usually Skrill and Neteller) for withdrawals. The electronic transaction is definitely the best way to go as it usually involves only a 24-48 hour waiting period.
Deposit and Withdrawal Limits in Online Casinos
One factor you must be aware of when dealing with online payments is that most casinos have daily/weekly/monthly limits for withdrawals and deposits. These limits may vary depending on the currency and banking method you choose.
The exact terms of all monetary transactions carried out by the casino must be explained in the Terms & Conditions provided on their website. If you can’t find information regarding your chosen method of payment, contact the casino support service directly.