Igaming Payment Methods
Players visit the cashier section of the casino or sports betting site to make two very important decisions; Deposit and withdrawal. No gambling experience can begin or be completed without these two decisions, so either making money transactions are pure fun or a huge problem that gets players shouting in capital letters on the gambling forums! Certainly, online casinos want to make this process simple and fast for all players, so they support a wide range of payment methods, process transactions quickly and without additional fees. Also, they make deposit and withdrawal limit friendly to all budgets. In this article, we will take a quick look at the most important financial means available in online casinos that you can use to conduct your financial operations in different casinos.
Visa
Visa is the leader when it comes to banking cards brands, it is an essential thing in your wallet! There are 1.40 billion Visa cards users around the world. Besides the zero fraud liability and emergency card replacement, it is widely available at all online casinos and sports betting sites. Your deposits will be secured with the sophisticated verify by Visa service which confirms your identity before settling the payment to let you make transactions and shop online with added confidence. In addition, your visa deposits are instantly allowing you to play faster. Unlike Skrill and Netteller, Visa deposits aren’t excluded from any bonuses at online casinos and sportsbooks. The best feature of Visa cards is that they are able to convert between different currencies easily and at the rate of the card-issuing bank without any additional fees.
MasterCard
The second major provider of bank cards is Mastercard and you can also use it in the online casino. However, if you live in the UK, you won’t be able to use the credit card of Visa or Mastercard to make your transactions. You can only use credit and prepaid cards to make your transactions. One serious drawback of MasterCard cards is that they do not accept withdrawals. Therefore, if you make your deposit using a MasterCard, you will not be able to withdraw your winnings in the same way. The only method that you will be able to use to withdraw your winnings is by bank transfer.
Online banking
Although it is the most traditional way to conduct transfers, online banking is still one of the most used methods in the current era. There are many benefits for the bank transfers including safety and security, there is no possibility of payment reversals. Also, the payments are not subject to chargebacks. All payments are fully electronic without any need to visit the bank’s branch to give the signature. Since most people have their salaries posted directly to their bank account, paying by bank transfer is considered practical and easy for most casino players. There are different types of bank transfers that are carried out by different providers, namely:
Normal bank transfer
The traditional bank transfer is outdated. You can hardly top up your casino account by this method. However, some providers allow winnings to be withdrawn via the regular bank transfer – but this requires patience because it can be on the way for a few days.
Trustly
Trustly works in the same way as Sofort. You can use it to make payments from your bank account directly in a secure way and free of any charges. The big advantage of Trustly is that it accepts cashouts, while withdrawals are not possible with Sofort.
Rapid transfer
Rapid Transfer is Trustly’s little brother, even if they are not related at all. This service is run by the well-known PaySafe company which is also the owner of Neteller and Skrill. Rapid Transfer works in a very simple way, you can make your payments via your online banking system and get your cashouts in the same method, all free of charge. This service has many benefits, maybe the best of them is the instant transactions as payments are done as soon as customers complete their transactions. Also, it applies all the rigorous security measures of banks. Also, users of the Rapid transfer service don’t need to create a new account on the service, they only need to enter their online banking data to make the transaction.
Giropay
The last member of the online banking solution family is Giropay. Introduced in 2006, this service allows users to make their transactions using the online banking environment with funds debited from their bank accounts. In other words, this method works as a mediator between your bank and online casinos and betting sites. However, there is no option to withdraw the credit. To do this, you then have to use another payment method. You don’t have to register for Giropay either, you can use your online banking credentials only to make deposits.
E-wallets in online casinos
E-wallets or web wallets are practical payment facilities. They are perfectly tailored to online payments and they are great as casino payment methods.
You have to set up a user account for these wallets. This account can then be used to send and receive payments. So you can easily move money back and forth among friends, but also play in the online casino. Of course, there must be credit on the wallet in order to be able to pay with it. It can be topped up by bank transfer, card payment and sometimes other means.
Payouts to wallets are posted extremely quickly, so you don’t have to wait long for your money. Another advantage of such e-wallets is the ability to manage your budget. For example, if you want to spend a maximum of € 100 per month on gambling, you can simply top up a wallet with this amount. When the wallet is empty, you know: I have reached my budget limit.
Neteller
Neteller is one of the well-known wallets and is represented in almost every online casino. For over a decade they have been part of the checkout area of almost every provider.
Nowadays, deposits and withdrawals via Neteller are free for the player almost everywhere. In the past, you had to pay fees of up to 3.5%.
When it comes to bonuses, too, things don’t always look rosy. Sometimes you are excluded from the rewards with the casino payment methods Neteller and Skrill, or crypto options.
Skrill
Established in 2001, Skrill was the first popular online wallet in the online casino industry. At that time, it was named “Moneybookers” which is still commonly used among online casino punters. Although it deducts high fees compared to the online banking methods, Skrill offers convenience, confidence, and instancy for all users. You can use it on your PC or mobile. Also, it provides native Android and IOS apps. You can link your Skrill account with your bank account or card.