Casino Deposit Methods Reviewed
The aspects surrounding casino banking are a very important when it comes to online casinos because it is the financial backbone of the industry. Casinos must be able to process financial transactions securely, so players can make a deposit easily and, more importantly, get paid their winnings with quickly and without much difficulty. The payment methods by which deposits and withdrawals are made become a key factor when it comes to which casino a player wants to join, and not all of the methods are available everywhere, so it makes sense to pay close attention to any of the alternative options that can be used. Here is an overview of the more widely-accepted methods of payment processing:
Casino Deposit Methods
- Major credit cards can be used at many of the online casinos around the world. This includes Visa and MasterCard, and in some cases may also include Diners Club and American Express. They make for instant deposits, though casino payouts will require the use of an alternative method such as cheque or bank transfer because credit card companies do not accept returns.
- Most Popular in Canada - Originally branded as Moneybookers, the company decided to rebrand in 2012 as Skrill. Moneybookers has become one of the most popular international payment solutions in the online gambling industry. Customers can open an account quickly, easily transfer funds to and from bank accounts, and use the Moneybookers account to pay for goods and services with thousands of retail merchants. Casino deposits occur in real-time and cash-outs usually take between 24 hours and 3 days, depending on the operator.
- Upcoming Favourite for Canadians - Instadebit was originally established in Canada, although it has spread to about 30 countries. The signup process is super quick and easy for customers with a Canadian bank account. Canadians can register on the fly - all that is required is to associate the bank account to the InstaDebit account and you're approved. Transactions are very secure and this method is gaining popularity quickly for obvious reasons.
- North American Option - This electronic payment service enables the user to send and receive money instantly in multiple currencies, order a prepaid MasterCard, as well a virtual card (known as the Eco Webcard). Customers can also use an iPhone app to manage an account. EcoCard has relatively wide acceptance throughout the gaming community. Deposits occur in real-time and payouts are usually between 2-4 days.
- Canada Not Permitted - This used to be a very popular destination for gaming-related transactions until the US government banned the method because internet gambling the USA was not yet licensed and regulated. Neteller withdrew from more countries including Canada, but still remains viable in other countries including Australia, the UK and other parts of Europe. Neteller also offers the option to receive a MasterCard connected to your account to use for common expenses such as restaurants, travel, etc. Deposits occur in real-time and payouts are usually between 1-3 days.
- Canada Not Permitted - Probably the largest and most far-reaching electronic payment method, PayPal casinos are less common. The casino banking method cannot be used in the United States, Canada, France and other countries. However, players in the UK, Germany, Italy and other regulated jurisdictions can take advantage of using PayPal to fund their casino account. It is quick and easy, and universally recognized, though other e-wallet solutions tend to have lower transaction fees than PayPal.
More details on payment methods to deposit and withdraw money with online casinos
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Popular Payment Method Reviews
There are literally hundreds of various different methods of payment in casino banking. Some are more popular than others due to a number of factors, so we have reviewed of almost all of them with a more detailed focus on the most popular ones to help you make a better, more informed choice. There are a wide range of factors that we take into consideration when it comes to the viability of a payment method and we present the most common factors that affect players' decision in the selection process.
Convenience - One of the most important factors is convenience. Do you currently possess an account accepted by a casino? Credit or debit cards are common to most customers, but they are not always accepted, transactions get denied or withdrawals are not permitted by the bank. In the online gaming industry, e-wallets such as Paypal, Neteller and Moneybookers are more popular because they facilitate a two-way flow of funds (deposits and withdrawals) much quicker with a high level of security - big selling point for any solution.
Jurisdiction - The country you live in plays an important role in what solutions are available to you. If you are in the United States, most Americans find that credit cards do not work. In the US and France, Paypal does not accept gambling transactions because the industry is not yet regulated by the government. In Canada, the popular casino banking method Neteller is not available to Canadian players.
Security - Another very important factor to consider is how secure your transactions are. Some people are hesitant to give their credit card information directly to a casino, so they tend to gravitate toward electronic wallets which is another reason these solutions are growing in popularity. Another option for such customers to make deposits, but not withdrawals, is the "eCheck,". The customer simply writes a cheque just as it would be written out of a checkbook, except that it is in electronic form. It is very easy and quick, and works just as well as a bank wire transfer. When a player chooses to cash-out their winnings, the online casino will mail a cheque via courier.
Most casinos also offer direct transfers from the player's bank account to the casino. These bank transfers can take a few days and may incur fees from the player's bank, but they are one of the most secure online casino payment methods. Because the transfers require the bank to verify all information and confirm details about the transfer, players can be assured that their funds are safely managed. The disadvantages of a prolonged wait for funds to clear and the possible fees or limits that banks may set on such transactions, though, keep direct transfers from being a popular means of funding.
Players should always investigate and carefully choose the payment method that best suits their needs. If they want quick and easy options, electronic wallets allow for almost instantaneous funding with nothing more than a credit card. If the player wants more security, though, direct transfers are a much better option.