Quality Payment Methods and Money Transactions at Casinos
Nowadays almost every casino has a strong iGaming portfolio and hefty bonus deals, but there’s little value in them if the casino fails to offer players a long list of quality payment methods to choose from. There is nothing good in a top-notch game and lavish welcome bonuses if the casino you’ve chosen doesn’t support the banking option that you’re using daily. Of course, there are fans of gambling who only visit quality casinos to play for free and therefore don’t care about what deposit and withdrawal methods the casino works with. But what about the majority of punters who can’t imagine their lives without real-money gambling? The answer is simple. Look for casino with the payment method you’ve used to.
Types of payment methods at casinos
The payment methods can be split into several major categories. Let’s examine them one by one.
Credit and debit cards
This veteran payment method saw the dawn of the e-gambling industry in the 1990s. The most amazing thing is that credit and debit are not losing their foothold in the e-gambling scene. Online casino players are actively using cards issued by several major payment systems, such as Visa, Mastercard, American Express and Maestro. The reason for such longevity has to do with the immense trust that users all over the globe put into these long-established and reliable financial companies.
Bank transfer was among the first payment options used by online gamblers. However, despite its undeniable reliability, this solution has lost its appeal over the years. Why? Because a bank wire is notoriously known for being a very slow payment method. Subject to rigorous verifications and other banking procedures, your deposit transactions may take up to several business days to complete. As for withdrawals, they may take even longer. Modern-day gamblers are increasingly refusing to wait so long, and rightly so. We do not recommend to use this payment method at all.
Electronic payment systems or E-wallets
E-wallets (PayPal, Skrill, Neteller, etc.) are relatively new payment methods adopted at online casinos within the last 15 years or so. There’s no surprise that casino fans are turning to electronic payment systems that boast several major advantages that prove crucial for players. First, setting up an e-wallet is a matter of minutes. Plus, there’s a plethora of ways to send money to your wallet in just one click.
Prepaid cards are another payment method that prioritizes privacy above all else. If you don’t want to leave any traces by providing your personal information, go ahead and use time-tested prepaid cards, such as PaySafeCard and E-сash. A prepaid card is basically a voucher with a unique code that you can buy at your local store. All you need to do is to enter the voucher code into the required field, and your casino account will be funded with the amount that corresponds to the price you’ve paid for the voucher. However, there is also a big minus to this payment option. There is a small amounts of gambling sites which accept this payment method, plus you will need to enter your personal data anyways in case you want to withdraw money from the casino site.
Crypto wallets are the latest addition to the list of payment methods available at many online casinos. It looks like over the past years, cryptocurrencies have taken over the world, with millions of people switching to crypto as a main payment option in online environment. With the number of crypto users growing exponentially, quality casinos had to respond and adapt to the changing environment by starting to accept payments in crypto coins, such as Bitcoin, Dogecoin, Litecoin, Tether, Ethereum, and others.
Mobile payment methods
The number of people using their mobile device to gamble online is increasing by day. There’s a broad spectrum of payment options with your mobile device that make deposits and withdrawals fast and stress-free for gamblers on the go. Top popular casino mobile payment solutions include Zimpler, Boku, Google Pay, Apple Pay and some others.
Why online casinos need to have various payment options?
Regardless of the country player live in, he must be able to choose the payment method you know and trust. Otherwise, player will take his money elsewhere. To draw in real-money players and make them want to come back for more, online casinos must ensure that deposits and withdrawal methods are:
- easy to use.
FAQ About Casino Payment Options
How long does a casino deposit take?
Luckily for players, deposits are processed instantly, regardless of the method you’re using (except for a bank transfer of course).
How long does a withdrawal take?
Withdrawal processing is trickier. If you’re cashing out winnings to your e-wallet, you should expect the money to arrive instantly or in few hours. If, however, you’re using a credit card, debit card or bank transfer, you may have to wait up to several hours or even days. Also, keep in mind that casinos may ask their clients to submit a scan of their identification document or driving license before placing their very first withdrawal request. This may slow down the cashout process as well, but only on your first withdrawal.
What is the best deposit method for gamblers?
There’s no one-fits-all payment solution that would satisfy all players. Your optimal choice is determined by your gambling habits and needs. If you care for your own privacy, go crypto or prepaid cards. If you lean towards more conventional options, go for credit or debit cards.
Do I have to pay a fee when making a deposit or withdrawal?
It depends on the banking option you’re using. It’s important that you check this information on the official website of your selected payment system or by calling a customer support line. Note that most of online casinos don’t charge any extra fees on deposits and withdrawals.
Do transaction limits vary across payment methods?
Yes. Each payment method sets its own transaction limits. You need to make sure that your deposit/withdrawal amount lies within the lower and upper thresholds. For example, your casino may accept deposits starting from 10 dollars, while some payment systems may have the minimum transaction amount set at 20 dollars. Now to withdrawals. If your cash out amount which exceeds the maximum transaction limit, you should simply split it into several transactions. Don’t forget about casino’s own withdrawal limits per day/week/month. Each casino has own limits for withdrawal of funds.