For casino players, practical and fast deposit and withdrawal methods are (almost) everything. On top of that, understanding the tricks behind a successful online casino payment, knowing should you deposit cash winnings from the casino into the bank and learning how to handle casino cash out are just some of the essential factors for every gambling enthusiast.
Today, we are talking about the most common deposit and withdrawal methods, the best way to deposit cash winnings from the casino, and everything else you need to know relating to this topic.
Gambling online faces a fair share of suspicion and mistrust, especially from new players that are yet not familiar with how things work within a regulated online casino. One of the major concerns is that of online payment. Most new players (sometimes even veterans) are afraid to upload their credit card information, fearing financial data theft and issues alike.
The good news for all casino players is that online casino deposit, i.e. depositing money in an online casino runs the same amount of risk as buying something online or conducting any online transaction. Depending on where you come from, there will be some limitations or restrictions but, for the most part, you'll be able to conduct a transaction safely and securely without too much hassle.
Presently, the most popular payment options for any type of online purchase are credit cards and debit cards. Consequently, they are the most widely used deposit method at online casino sites.
Speaking of card brand names, the most popular deposit options are Visa and MasterCard throughout the entire online gambling industry. Some casinos will accept deposits through American Express and some other cards, but not that commonly.
The main issue with online casinos deposit is whether the transaction will be accepted. While Visa and MasterCard are issued by thousands of banks worldwide, there is always the problem of internal bank policies and the ways they handle gambling transactions. It is not that uncommon that one card does not get accepted at a particular website, but another one does, and similar.
Debit cards are a perfect option for players who would rather avoid racking up debt. This type of card lets the player fund their casino account using resources that are already in their bank account. Most gambling sites welcome Visa, Mastercard, Visa Electron and Maestro Debit.
Using both credit and debit card can pose a problem as, throughout the world and particularly in the USA, card acceptance rates have been low. Banks, together with the online gambling industry, have been struggling for a while to find a system that works for everyone and protects the players. However, don't get discouraged: you can still use credit and debit cards as your primary casino payment methods, but you'll have to experiment a bit in terms of which card matches with what site.
Another way of making a casino deposit is by using a voucher or a prepaid card. This type of payment is suitable for the players who neither have e-Wallets nor Credit cards. This payment method is somewhat easy to take advantage of as all you need to do is to purchase a prepaid card or a voucher that had already been topped up with a certain amount you can use to make deposits at the online casino you choose. Some of the most popular virtual prepaid cards are Paysafecard, EntroPay, EcoVirtualCard, AstroPay, and others.
One of the increasingly popular ways of moving money is through e-wallets. E-wallets are online money storage spaces (i.e. accounts) you can use to either transfer to your (or someone else's) bank account or use it to make online transactions. These sites are equally popular in the online gambling industry as much as in e-commerce due to their convenience.
PayPal is perhaps the most popular e-wallet in the world. However, despite being used by countless websites everywhere, it is not the leader when it comes to processing gambling deposits. At this time, casino sites that accept PayPal are licenced, and in jurisdictions where they are regulated.
Neteller is the most famous e-wallet option available on the market, offering its services to a wide variety of gaming sites. At one point, Neteller was the only gambling-related e-wallet option available.
Formerly known as Moneybookers, Skrill is an e-commerce business that allows online payments and money transfers, focusing on low-cost international money transfers. Skrill is available for both online gambling transactions and regular online transactions.
The most popular casino deposit method in Europe and Canada, EcoCard allows its customers to deposit in a range of currencies. Transactions from an Eco Card to an e-wallet are easy and safe.
Extremely popular in Canada, EcoPayz is what many would call a state-of-the-art deposit method. It allows even 45 currencies for online casino depositing!
One of the best casino deposit methods for all of those who are sceptical about using their credit cards for online transactions, PayNearMe offers the option of depositing with cash at any store around, then using it online for regular account funding!
MyCitadel is a similar e-wallet method to PayNearMe in the sense that it allows players to deposit at any online casino easily and quickly without giving them bank or credit card details.
Pay by Phone
An innovative deposit tool, Pay by Phone is enabling players to make quick and easy deposits at their favourite online casinos by paying with phone credit or via their phone bill. It also allows for seamless transactions from all around the world. As people are becoming increasingly worried about cybersecurity, more and more users are turning to Pay by Phone method.
How can I deposit money via my phone bill?
The first thing to do is choose a casino and select the relevant payment processor. Following, you specify the amount you want to deposit and insert your phone number. You'll get a text message from the casino which will require a reply to the same number for the payment to be authorised.
Are there any fees associated with pay by phone deposits?
There is no universal rule concerning fees; some casinos will go up to 10% fee while others won't charge anything. Check in the casino's T&C what their policy is.
Are pay by phone online casinos safe?
They are. Just as any other regular online casino, mobile casinos that support pay by phone method are safe to play at. Check their licencing before playing.
Do all online casinos accept pay by phone?
At this time, unfortunately, not all online casinos accept pay by phone. To make sure a casino accepts or doesn't accept pay by phone check its terms and conditions as well as its available banking options.
Bank Transfers, Cryptocurrencies and Cheques
Out of necessity, Wire Transfers have become the de facto withdraw option for the majority of US online gamblers. As the circumstances will have it, similar praxis applies to Canadians, too. Since wire transferring requires sharing your bank account information, you need to trust your online casino in order to make a transfer of this kind. With no middle man, you can expect your casino money to arrive directly within 5 to 10 business days.
Cashing out your real money winnings using wire transfers is ideal, especially if you used a deposit option that cannot be used for withdrawals, like MasterCard.
Similarly to standard, physical checks, eChecks are a safe and reliable option, only much quicker. Stick to reliable casinos if you want to get your funds sooner rather than later.
A trusted and preferred online payment processor for Canadian customers, InstaDebit, unlike e-wallets, has no fees involved in depositing or withdrawing money. However, InstaDebit doesn't let you transfer funds directly from your bank account into your InstaDebit account.
To have InstaDebit work, all you need is a bank account at any financial institution because it facilitates transfers from your account to third parties, and vice versa. Also, InstaDebit online casinos can only be used by players with a Canadian bank account.
iDeal is a relatively new Dutch payment method used for making a deposit. Unfortunately, at this time, iDeal cannot be used for making a withdrawal in an online casino. It was introduced in 2005 by Currence and it is more of a protocol to provide only payment than an online payment service.
Anyone can use iDeal subscription-free, as long as they have an online banking account.
Cryptocurrency is growing in popularity together with crypto casino sites, making gambling online safer and easier for players everywhere. Banking with cryptocurrencies like bitcoin, litecoin, ethereum, btc cash, and dogecoin is making it practically impossible for criminals to intercept a player's transaction and take money from their bitcoin wallet. More and more online casinos are now accepting cryptocurrency as a regular form of payment.
Check out this guide to find out more about bitcoin gambling and bitcoin transactions and learn more about cryptos in our podcast episode about cryptocurrencies and casinos.
Cheques could be the best example of an online casino payout option that proves how, on occasion, newer isn't always better. No matter what technical limits you may face, cashing out of an internet casino site via cheque works every single time, within just a few days of processing. Plus, there's something exciting about receiving a freshly cut paper cheque with your name and winnings on it!
With play, there come questions, and we're answering some of the most frequently asked questions:
What is the most popular depositing method?
The most popular depositing methods depend on your country of residence and general personal preference. Nevertheless, universally accepted payment options for making deposits at online casinos such as Neteller or Skrill. Prepaid cards and Bank Transfers as well as vouchers are great depositing methods.
What depositing / withdrawing method is the fastest?
E-wallets are regarded as the fastest payment method as they are designed instant transactions on the spot. However, credit and debit cards can also be a great, fast option for online transactions, but it depends on your service provider.
What is the most secure method of depositing and withdrawing?
All payment options we recommend are trustworthy, world-accepted payment methods and are, therefore, safe for extended use. When using payment methods online, choose one you are sure it protects your identity and is secure in the long run to avoid bad service and even fraud or theft.
What are the currencies in which I can make a deposit?
Most online casinos accept a wide range of currencies, including EUR, GBP, USD and others. In recent years, cryptocurrency has become one of the popular currencies to use, as well. Take note that using the currency of your country won't have you pay any conversion fees which is a great save.
What is a minimum deposit in casinos?
When you deposit online casino, there'll usually be a specific sum set for the minimum acceptable deposit you can make. Typically, this amount ranges from £5 to £50. Remember that the minimum deposit which you have to make also depends on the internal online casino policy as well as the payment solution of your choice.
Is there a limit for withdrawing money?
Every casino has internal policy on maximum and minimum withdrawal limit, so check it before you play. General withdrawal restrictions come in the form of an 'Amount Limit', 'Time Limit' or perhaps a combination of the two. The amount limit dictates the amount you can withdraw in one go (e.g. £5,000); the time limit refers to a specified period a player can make their withdrawal in (e.g. per week).
Are there any fees when withdrawing money?
Paying fees withdrawing money depends on the payment method you are using. It can sometimes also depend on the casino's internal policy. Check before withdrawing. Most of the popular payment methods such as Visa, Paysafe, Neteller, Skrill, Bank Transfer, and others process money without any extra fees.
Do I have to withdraw the same way I deposited?
No, you can choose a withdrawal method that's different than the one you used to deposit money. If your chosen payment solution is suitable for both depositing and withdrawing money, you can use it for both. If not, two different payment methods are used for these individual transactions.
Does my location affect my choice of payment methods?
Usually, yes. Depending on the country you are playing from, there may be some payment restrictions in place due to different gambling laws and regulations. Check with your chosen casino which payment methods are approved to use based on your location.
Are e-wallets better method than cards?
That usually a matter of personal preferences. While some users like to rely on cards for online transactions, others prefer e-wallets. The reason why e-wallets are growing in popularity may be multi-fold; using one convenient digital wallet, users of multi-purpose wallets are able to store all their payment information in one place while staying secure and protected.
E-wallets enable payment directly from a device at a point-of-sale which makes purchasing easier and eliminates the need to carry credit cards. Plus, there is also the issue of security: some people don't like to share their credit card information online, so they choose e-wallets like Neteller and Skrill as a great alternative. Still, it is all really up to the individual user how they like to handle their transactions.
Should you deposit cash winnings from casinos into the bank?
If you are a longtime customer at the bank, they shouldn't care much about the origins of your funds on deposit unless they've been told by the Government that their source might be illicit.
However, look to avoid large numbers of cash deposits as the newest bank policies require the bank to alert the Internal Revenue Service (IRS) of all unusually large transactions. The IRS then requires an explanation on the source of those deposits, resulting in account freezing and assets seizing unless everything checks out.
Final Thoughts on Casino Payments
It has never been easier to enjoy the excitement of a land-based casino straight from your home like it is today. With so many online options out there, players have the chance to filter through everything from specific online platforms to various payment methods that agree with your expectations, budget, location, and all other parameters. We hope the answers above have helped your deposit and withdrawal dilemmas and shed some light on the whole process. Good luck!