After creating an online casino account, the first thing many people think of is to add money to their account. You can’t play your favorite slot machine for real money unless you make a deposit. You can’t even get a bonus at most websites unless you have money in your account.
Yet, the banking process at many casinos can feel overwhelming. Which banking companies should you use? How much should you deposit? What’s the fastest way to withdraw money? If you’re not decisive, you could end up giving up on making your first deposit.
To ease things for you, we’ve prepared this guide to talk about nothing else but casino payment methods. Here are answers to all the questions you might have.
Which is the Best Payment Method for Casinos?
There’s no right or wrong answer when it comes to choosing casino payment methods. There are benefits and disadvantages of using varying banking options:
- Debit/Credit cards
- Bank Transfer
Card payments are safe, straightforward and convenient. They are also available at most online casinos. But on the downside, cards are a tad more expensive than e-wallets and withdrawals can take up to five days.
By comparison, e-wallet transactions are quick and cost less than cards. On the flip side, casinos don’t accept all digital wallet. Some companies support PayPal and EcoPayz. Others support Skrill and Neteller.
Electronic checks provide a quicker way to transfer money from your bank account to the casino compared to physical checks. They’re cheaper too. But similar to all other casino payment methods, echecks have their fair share of disadvantages.
For example, you must reveal your financial information to casinos. Additionally, not many casinos accept echecks. If you’re looking for a banking option that protects your privacy, opt for cryptocurrencies like Bitcoin, Ethereum and Monero.
How Much are Deposit and Withdrawal Limits?
The amount ranges from $1 to $100,000. Some payment options, like Bitcoin and bank transfer support millions of dollars. However, casinos also limit the maximum you can send and receive.
That said, the minimum deposit amount at many casinos is $10. If you want to deposit an amount less than that, you need to actively find low-deposit gambling sites. You can find a $1 or $5 deposit casino.
Interestingly, high-roller casinos have low minimum deposit limits. However, the maximum you can send can go as high as $100,000. In light of that information, you can be assured of finding a website that supports your ideal budget.
The best part is that most casinos process deposits instantly. So, whether you deposit $10 or $1000, you’ll can start to spend it within a few minutes.
Which is the Best Payment Method for Casino Bonuses?
It is true—you might not get a bonus if you use certain payment methods to deposit and withdraw money. Skrill and Neteller are excellent examples. These two digital wallets are popular deposit methods at many casinos.
Yet, many operators refuse to give you a bonus if you use them to load money into your account. Why, you ask. The wallets are favorites among bonus abusers. Some people create multiple accounts on Skrill and use them to grab bonuses multiple times.
That said, there are numerous payment methods that qualify for bonuses. For cards; you can use Visa or MasterCard. For e-wallets, you have the options to use PayPal, Sofort, EcoPayz, Google Wallet or Apple Pay.
For clarity, read bonus terms to discover the best payments method to use at different casino. You could get a 500% bonus if you use Bitcoin at some websites. Yet, there might not be a BTC bonus at a different casino.
How Long Do Casino Deposits and Withdrawals Take?
As we mentioned earlier, deposits are almost always not a problem. You could use Bitcoin, Maestro, Skrill or an echeck. You’ll have money in your account after a few seconds or minutes. The best casinos and payment methods don’t charge you for deposits too.
Payment speed is a big concern for withdrawals. Take wire transfer, for example. A direct payment to your bank can take up to ten days. Credit card transactions take between one and three days while e-wallets take one to two days.
With that in mind, the main problem is that payment speeds are determined by casinos. You need to choose a fast-payout casino to benefit from same-day withdrawals. Pick a random website and you’ll have to wait for over a week to get your money.
In the worst cases, a casino could decline to process your payout entirely. To avoid this, read reviews to ensure a website you want to join pays out money to winners in good time.
What are the Best Payment Methods for Mobile Casinos?
The best payment options for mobile casinos need to run efficiently on both android and iOS devices. Well, you don’t have to care about android if you depend on your iPhone for all your mobile needs. The vice versa is also true.
Choose a payment options that works properly on your mobile gadget. Also, look at all the other important factors like security, speed, fees and convenience. You can also consider unique factors.
For example, Zimpler and Boku e-wallets have an option to play casino games on credit. You pay the money later on through a phone bill. By contrast, PayPal has One Touch and chargebacks. One Touch protects your financial data. Chargebacks guarantee you’ll get your money back if scammed.
What Else Should You Know about Casino Payment Options?
There’s a trend happening in the online casino space. It involves playing casino games without creating an account. Importantly, you don’t need to fulfill Know Your Customer (KYC) verification documents.
This is all thanks to Swedish digital wallet Trustly. Through its Pay N’ Play service, you can deposit and withdraw money instantly at online casinos. Trustly gives you an ID to help you manage your casino account. But you don’t need to give out your personal information to the casino.
Sadly, the service is available in only a handful of European countries: Sweden, Finland and Germany. If it succeeds worldwide, it could become a game-changer on how people transact with casinos.