Almost every online casino accepts a few popular payment methods, but some offer more than others. For instance, many casinos will only take Visa or Mastercard credit cards. Other casinos will accept most major credit cards, PayPal, and even cryptocurrencies like bitcoin or other altcoins. So, what’s right for you?
Let’s take a look at the most popular casino payment methods, and help you decide which one is right for you.
What is the difference between deposit and withdrawal methods?
The casino will make a minimum pre-authorization on the chosen payment method. The player will be allowed to play with the casino’s money until they stop playing, the winnings are redeemed, or until the limit has been reached. It is, therefore, important to remember that until you have actually made a withdrawal, your chosen deposit method may still be used by the casino. Simply selecting the deposit method is not enough to make a deposit.
Many people use credit cards for gambling, and casino operators are counting on them. If you have a credit card, this is one of the most popular forms of payment.
Visa, MasterCard, American Express and other credit cards are accepted in most online casinos. Usually, the minimum deposit is set at $50, but there is also the possibility to make smaller deposits. The maximum withdrawal varies between $3,000 and $10,000, with some casinos offering an even lower limit.
The minimum deposit by credit card is usually around $50, but sometimes the deposit is even smaller. You can find online casinos that accept deposits as small as $10. On the other hand, there are online casinos offering some luxury payment methods like Neteller or PaySafeCard, where the minimum deposit is usually set at $20.
There is also an option to deposit by phone bill or with prepaid cards such as a mobile credit card.
The withdrawal minimum depends on the casino. Some casinos accept $1000, while other casinos might accept even higher amounts. It is not unusual to see a casino accepting $5000 as the withdrawal limit.
In most cases, you will have to submit documents and proof of ID when withdrawing a large amount of money (usually over $3000). Sometimes, this means submitting your credit card statement containing the deposit to confirm that you made the payment yourself.
Wire transfers are offered by some online casinos and are a faster way of transferring money. You will find wire transfers offered by only a few casinos, most of them being for UK players. Wire transfers usually have a higher fee than credit cards, but they are also more secure as the funds can not be accessed by the operator.
If you wish to deposit or withdraw your money via wire transfer, make sure you choose a trusted casino that offers this payment method.
If you prefer to play with your own private (cold) wallet, banks like Bancontact or Bteller offer secure and anonymous banking tools. You can also use the services of major online payment processing companies like:
PaySafeCard is a prepaid card available at any store in Europe. You deposit the amount you want to spend on it, and you can withdraw the money from any ATM using the code of your card. It is a simple and easy way to deposit money, but there are some limits on withdrawals.
You can deposit $300/month. After you have reached the maximum limit, you will have to wait until next month. Every time you make a deposit on PaySafeCard, the money amounts to £10/$16/€13 (so if you deposit $100, it will be credited as £10).
Okay is a digital wallet that allows you to make payments online. You can make payments in various shops and services and receive money instantly as Okpay deposits are encrypted. The minimum deposit is $1, so the maximum withdrawal amount is $3,000.
PayPal is the world’s leading online payment gateway that allows you to shop online, transfer money between friends and do many other activities with your PayPal account. You can also pay with your PayPal account in most casinos and online betting sites. For the minimum deposit, you will need to use your credit card or a Paypal account.
PayPal is one of the most popular payment methods used by online casino players. The minimum deposit usually starts at $20, but there are some casinos that offer smaller amounts.
Skrill is an instant online payment method that allows you to make payments and transfer money between friends. It is a highly secured method. The minimum deposit amount is usually $10, while the maximum withdrawal amount is $3000.
Entropay is a fast, safe and secure way to make deposits and withdrawals with your EntroPay virtual MasterCard. You log in to your account and use your Entropay card to make deposits at any online casino or site that accepts it.
Neteller is a fast and secure way to deposit and withdraw money online. Certain sites such as Betfair, Ladbrokes or Ladbrokes bookmaker accept Neteller deposits.
Bitcoin is starting to gain popularity in the online gambling world. Online casinos are starting to accept it as a method for depositing money and withdrawing winnings.
Bitcoin is the electronic peer-to-peer currency. It was created in 2009 by a developer known as Satoshi Nakamoto. It can be traded and bought online, much like cash, and also used as a form of payment on various websites.
Bitcoin is becoming more popular among people that gamble online because of its anonymity, low transaction fees, and quick transfers. Bitcoin payments are usually processed within an hour or two from when the money is deposited.
Ways to choose the right payment methods that suit your needs
There are several payment methods that are not mentioned above. Generally, online casinos accept payments by wire transfer, bank transfer, eChecks, money orders (usually from US post offices), cash and passports, and other anonymous methods. It is important to note that these methods will be reflected in the information that you receive from the casino after a deposit has been made.
The most convenient way to make online gambling deposits is to choose a partner that offers the deposit method you want.
The method of payment is one of the most important elements when choosing an online casino. It would be good to start with the most convenient methods for you and check out what kind of support you can get if your funds are lost or stolen.
Another important thing is the code of conduct that a casino has and whether independent organizations audit them. Many casinos offer programs where they will refund players if their money was stolen or lost, and some even cover this loss with their own money. Knowing that a casino will do everything in its power to return your money as soon as possible in case something goes wrong will give you added security.
Their loyalty programs can measure casinos. In the last 10 years, most online casinos have added some kind of rewards program to increase their players’ engagement with the casino and keep them coming back regularly.
Choosing the best online casino payment method can be a difficult decision. There are some casinos that will accept any payment method but expect to pay higher fees for them. Other casinos will only accept credit cards from big-name brands like Visa or MasterCard, or perhaps only accept credit cards from certain countries. Still, other casinos will accept all major credit cards but charge a higher currency conversion fee.
The best thing to do is consider each payment method independently and decide for yourself which one is best for you.