Deposit and Withdrawal Options in Online Casinos
Do you know that online casinos are among the places that offer you the largest number of payment and deposit options? If you want to play games with real money, you can be sure that there is a way you can use to deposit funds. Likewise, there is certainly a way for you to withdraw the money you earn. So, what are these methods? What are the advantages and disadvantages? Most importantly, which one should be preferred? In this guide, we will talk about all these methods and determine which is better. Let’s start by separating the methods into two categories: online and offline. Online methods include debit cards, electronic wallets, and encrypted electronic currencies. Offline methods include postal checks and bank transfers.
Online Payment Options
1. Debit Cards
Theoretically, you can use all debit cards in online casinos. The first thing to come to mind is VISA and MasterCard, but other companies’ cards (Discover, AMEX, etc.) can, of course be used. In practice, however, mostly VISA cards are preferred. MasterCard is in second place, but at some casinos, you can only use them for deposits, not withdrawals. VISA cards, however, can be used for both.
Among the most used online payment methods, debit cards are, above all, a practical and quick solution. Processing times are very short, and often even instantaneous. If SSL encryption is used on the website, they are a very secure method. You also have to pay a commission for each transaction, no matter which country you live in. The amount is variable, but we can say that it is 2.5% on average. Even if the online casino does not charge a transaction fee, your bank will charge a commission.
2. Encrypted Currencies
Bitcoin, which emerged in 1999, is considered to be the first example of encrypted electronic currencies. Today, it is possible to find various alternatives such as Ethereum and DogeCoin. Encrypted currencies are a completely anonymous payment method and cannot be followed by governments, especially tax offices. There is no commission or transaction fee. Transfers happen instantly and provide a high level of security. The identification numbers on the database used by the currency are enough to send and withdraw money. You can use mobile phones or physical wallets too. More and more online casinos are offering encrypted currencies and there are even websites that only accept Bitcoin.
The number of electronic wallet services is quite high, so let’s talk about the most commonly known ones:
- PayPal: Established in 1998, PayPal is now the most popular e-wallet service in the world and has more than a hundred million members. PayPal is known for its low commissions, transaction safety, and speed. You can deposit and accept money using only an email address. However, you must first define a debit card or bank account to the system.
- Skrill / Neteller: These services, which are available since 2001, belong to the same company today. They offer a PayPal-like service, but are especially experts in casino games and sports betting. Neteller and Skrill are the most used e-wallet services in online casinos. However, commissions and membership fees are higher than PayPal.
- Paysafe / ECO Payz / UKash: These are prepaid card services, but they can also be used as electronic wallets. It is possible to see these prepaid cards especially in countries where gambling is illegal. Transaction fees are very high compared to traditional e-wallet services and you also pay to purchase the cards.
Overall, e-wallets are a better option than debit cards because they can be used anywhere in the world and an email address is enough to do the transaction. Because you do not have to enter your debit card number and use the online casino infrastructure, they are a much safer solution. However, commissions and transaction fees can sometimes be higher.
Offline Payment Options
1. NEW! Pay By Phone Bill Casinos
This is a brand new payment method that online casinos present to players. Australia and UK online casinos let their users first to discover benefits of the new pay by phone bill casino style. All you need is to have your mobile device ready. Then you are free to choose how to pay – via prepaid balance or monthly bill. And be sure that depositing by phone bill, you will avail of the full range of casino bonuses and promotions.
2. Postal Checks
Believe it or not, some online casinos still accept this payment method. Mail checks, a method mostly used in America, are probably the world’s slowest and most unreliable payment method. The average processing time is between 15 and 20 days and they are not accepted by newly opened online casinos. However, you can still use postal checks in places known as “Indian casinos”. The only good news is that no commission is applied.
3. Bank Transfers
We can say that this is a very common payment method. Bank transfers are also a very reliable method, but they cannot be used in countries where gambling is illegal. In addition, transaction times are long. We can say that the average processing time is 3-5 working days. Sometimes this can prolong to 11 days. We recommend you to use it for withdrawals, not for deposits. Unfortunately, most casinos require you to use the same method for both transactions. Moreover, if you are not in the same country as the online casino, you may have to pay very high commissions.
Comparison of Options: Which One is the Best?
1. According to Deposit Time
In this regard, online methods come first. It is difficult to make a list, because almost all of them are instantaneous. But we give the first place to Bitcoin. The processing times of other methods can sometimes take up to 24 hours. Bitcoin, however, is a completely automated system, and since it is not managed from a central location, it always offers instant transfers. In this respect, the first three are Bitcoin, e-wallets, and debit cards. The postal checks and bank transfers are the last.
2. According to Withdrawal Time
Bitcoin is taking the first place again. Debit cards and e-wallets also offer instant transaction times, but some delays can occur. In Bitcoin, there is no delay, this is not possible because of the structure of the system. Even the online casino cannot delay the transaction. Bank transfers are at the last place again.
3. According to Commissions
If we show it as a table:
|Service Name||Commission Rate (Approximate)|
|e-Wallets||PayPal: 2.9% + $0.30 per transaction
|Bank Transfers||Unknown (varies according to the country and local laws)|
Therefore, we can say that Bitcoin is the best method in this respect.
4. According to Popularity in Casinos
As mentioned above, Neteller and Skrill are the most commonly used methods in online casinos. Debit cards in the second place and bank transfers in the third place. Bitcoin is in the last place in this respect. Although their numbers increase day-by-day, the number of casinos that accept BTC is still very few.
5. According to Customer Support
Nobody competes with the quality of customer service of banks: Debit cards and bank transfers are considered as methods with the highest quality support services. E-wallets are in second place. There is no support service for Bitcoin. Since the system is automatic and not controlled by a central authority, it is not possible to get any help.
6. According to Bonuses
Online casinos are offering various bonus promotions for some payment methods, as is known. From this point of view, the best method is e-wallets. It is almost always possible to find a campaign organized for a specific e-wallet. However, more and more casino promotions are being organized for Bitcoin too. Debit cards and bank transfers are the worst methods in this respect, because there are no bonuses for them.
Overall, if you know what you’re doing, Bitcoin is the best payment method to use at online casinos. However, if you do not know how to use it or if you do not trust the system for any reason, we recommend you choose one of the e-wallet services. In this regard, PayPal offers the most reliable and lowest commissioned service. If you cannot use an e-wallet service, you can prefer using debit cards. Bank transfers should be your last option.