Banking and Payment Options at Online Casinos
Online casinos accept a variety of different banking and payment mechanisms for deposits and withdrawals. These methods are pretty varied and not all casinos accept every method of payment, but the best all accept a wide selection. Some players like to use their bank facilities to make deposits, while others prefer a sense of privacy and anonymity, and prefer to make use of online payment services such as eWallets.
It really helps to understand what payment methods are available to you. There may be many factors you have not taken into consideration when deciding on a payment method that you wish to make use of at your favourite online casino, so we’ve outlined the most commonly found options here:
Bank Card Payments
This is probably the most common method for players to make their deposits and withdrawals at online casinos, credit and debit card payments have been around for a while. Casinos will usually accept debit and credit cards from VISA and MasterCard endorsed banks, and in some cases Amex and other brands are accepted too.
The endorsement is essentially reliable proof for the casino that the member is making legal payments, and they are in turn making legal payments to the player.
Debit And Credit Cards
Debit cards and credit cards often offer many of the same payment facilities, but credit cards can be a bit tricky. Often there can be issues encountered where the online casino may not accept your card.
This can be due to a variety of reasons, but is most commonly due to the fact that you may be making a payment to a foreign business, which the bank will immediately flag as a potentially problematic payment despite the casino being legitimate.
It is very tough to predict or advise whether your bank will decline an online casino payment. Your best bet is to speak to your bank, or simply try and process a deposit and see if you are successful.
Bank transfers or wire transfers are a simple way to make deposits and withdrawals. They are generally very safe and secure, but they do require players to provide the casino with their bank details if they are waiting for a payout.
The main downside of wire transfers is that they can be quite time consuming. There is obviously a huge opportunity for fraud with wire transfers, so there are many checks and balances in place to make sure that payments are conducted legally. These safeguard both you and the casino, so they are a necessary part of the process.
eWallets are virtual, online bank accounts that arose from the need for people to make convenient and safe online payments without needing a credit card.
There are many companies that provide this handy service, including PaySafe, Neteller, Click2pay, Citadel and Bpay. eWallets are fast, anonymous and secure, plus you can only use whatever funds you have loaded, so they are incredibly safe too.
PaySafe is probably the most popular form of online casino payment for players who wish to avoid using their bankcards. The PaySafe card is a prepaid card that you can load cash values on, and then make online payments.
Payments are instant, and you do not have to go through a complex application process. You will however not have any credit facilities and you are limited to only using the amount that you have loaded onto the card.
PaySafe cards are supported all throughout Europe and across the globe, with over 2500 vendors selling the cards preloaded. Compared to other payment methods, it’s easy to see why PaySafe remains one of the most popular options for Kiwi players too.
Neteller is easily one of the more experienced company’s when it comes to online payments for casinos. They are based in the UK and the Isle of Man, and their services are popular across the world.
Neteller cards require a quick application process where you have to provide valid bank account details, and then you need to make your deposit. They provide many helpful account options to customers, and you cannot put a price on the wealth of experience this company holds. Deposits are processed instantly and international transfers only take 2 to 5 days to complete.
With helpful customer support staff that are always available, Click2Pay has grown into one of the biggest and best online payment services. They do however place a large emphasise on security, which results in the sign up process being a bit difficult.
Being thorough is of course a good thing, so you cannot complain too much. Another great benefit is that existing Click2Pay customers get instant transaction processing, making casino deposits super fast.
A relatively new and very flexible method for making casino deposits and withdrawals, prepaid cards are a great option for everyone who is money-conscious. These cards look very similar to bankcards and they are endorsed by a variety of e-Wallet service providers.
Prepaid cards let you load on a value via bank transfer or credit card that can then be used to make online payments, in store payments or withdrawals at ATM’s.
A new competitor for the online payment market is Bitcoin. This cryptocurrency is far more than just an online payment service, but that is its main function. Bitcoin is also a virtual currency that has value and an exchange just like the stock market.
There are no commodities to backup Bitcoin, instead the value is generated by networked computers solving complex math problems and recording the results in what is called a blockchain. This not only records all new Bitcoins, but also carries the history of every single transaction ever made.
The Benefits Of Bitcoin
The main benefit of Bitcoin transactions is the complete anonymity they provide. Unlike the other afore-mentioned payment services, Bitcoins are completely decentralised.
The whole financial network is completely self regulating, so you don’t need to supply proof of address, ID or any other method of personal information. This means your payments are anonymous and very secure. It also adds the additional benefit of completely free transactions. If you want your transactions processed faster however, you will be able to pay for the service.
The Down Sides Of Bitcoin
The main problem with Bitcoin payments and deposits is that they are not as widely accepted as other payment methods, purely because they exist in legal limbo at the moment.
There are currently more than 100 000 registered vendors who will accept Bitcoin payments. These include online service providers, or even coffee shops and other land based businesses. It also takes some time to setup your Bitcoin account but no more complex than say opening a bank account or setting up your eWallet service.
Getting The Most From Online Payment Methods
With all these banking options available, online casinos have gone the extra mile and allowed players to claim additional benefits when they use certain payment methods. Usually a payment service will feature an endorsement from an online casino and players can process transactions faster than normal simply for opting for that option.
Benefits can also include bigger deposit and withdrawal limits, which will allow you to withdraw jackpot wins much faster than normal. This is why it is always beneficial to visit a potential online casino and check the information in their banking section. Here you will be able to see what services a casino will support and which banking methods are preferred.
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