Deposits and currency exchange rates
The majority of online casinos now operate in more than just one country. This means that most online casinos now support and operate in multiple currencies. Most online casinos will support the popular major currencies which include Euro (EUR), Great British Pound (GBP), United States Dollar (USD) and Canadian Dollar (CAD).
Whenever you sign up to an online casino, you should be checking that that casino supports your local currency. This takes just a few moments and could prevent you running into problems at that casino later down the line when it comes to making a deposit. In fact, it is of extreme importance to choose the right currency upon registering your account at a casino. This way you can avoid any future currency exchanges on your deposits. If you were to choose the incorrect currency, you could find yourself facing some seriously expensive exchange rates. This could result in a deduction of your overall deposit of 2-3% and sometimes even as much as 5%! The last thing you want is to start playing at a casino with considerably less money than your original deposit. If the casino you want to play in does not support your local currency, it does not mean you cannot play in them. You will simply be left with two options:
- Number one is to pay the currency exchange rates
- and number two is to simply pick a different casino that does support your currency.
And with there being so many online casinos these days it should not be hard to find one that does support your currency.
Picking a casino that supports your local currency has numerous benefits. To start off, as we just mentioned, currency exchange can be very expensive. Many e-wallet companies now have built-in currency exchange features. Still, whether you choose to deposit via this method or any other method, swapping currency from one to another is always going to cost you. There is simply no way around it, apart from playing in your local currency, so no exchange needs to take place. We told you the approximate exchange fees earlier, but these can vary from casino to casino. And let's face it - we all want to avoid any unnecessary fee cuts to our gambling bankroll.
Another disadvantage of having to exchange your currency when you deposit is that it adds time to your deposits. Most players want to make quick and easy deposits and start playing. If you have to exchange currencies, especially if you have to do so through an e-wallet, you will have to spend extra time dealing with your deposit and the currency exchange. This could even cause delays at the actual casino when making your deposit. Another thing that comes with exchanging your currency is unwanted hassle. There is no reason to spend time and money and go through the trouble that comes with the exchange, when there are so many casinos out there that offer multiple currencies.
Once you have chosen your preferred currency, which may be at time of registration, some casinos will not allow you to change this later on. So, take great care when choosing your currency. Most casinos will place certain restrictions on players regarding the currency they can deposit and play in. However, certain casinos will allow you to deposit in your local or preferred currency and still, you will have to play in a different currency. The casino will change your currency to play after you have made a deposit. This could prevent you from paying any currency exchange fees.
Euro is one of the more popular currencies that is accepted in most online casinos. If you cannot play in your local currency, depending on the country you live in you may be able to deposit and play in Euros, without having to pay any currency exchange fees. However, only players residing in the United Kingdom or the Republic or Ireland are allowed to open a casino account in the GBP (£) currency. These restrictions are very important and it is crucial to choose the right currency, as this could prevent future issues with your casino.
Another thing you need to be wary of if you are depositing in a currency other than your local one, is the amount of your deposit. If you are accepting a welcome bonus or a deposit bonus, you will need to check the minimum deposit required in order to qualify for the bonus. You will then need to work out the currency exchange rate, including any fees and make sure your deposit covers the full amount. Do not forget that any currency exchange fees will come out of your total deposit amount.
You should always try and deposit in a currency that you are comfortable playing with. The last thing you want is to be depositing in a foreign currency that you do not understand, which will mean you do not even know what you could be betting, winning or even losing.