A few years ago, playing online for real money was considered risky. This is because there were no laws that governed online gambling and it was hard to tell which gambling websites were legitimate. However, the advancement of the internet including social media has completely turned things around for online gambling. Today, online gambling is legal in many countries. Furthermore, the industry is regulated, and players are guaranteed of having a great gaming experience without having to worry about fraudsters.
Different players join online casino for different reasons. While some join to pass their time and have fun using bonuses, others join to wager for real money. In order for players to wager for real money in an online casino, players are required to back up their game with the use of real money. As such, online gambling demands deliberation of various banking options to their customers. With the revolution of technology, players can now use different means to carry out their financial transactions
Reputable online casinos support a wide array of convenient, reliable, safe and secure banking options. With these options, players can deposit as well as withdraw funds easily.
Nonetheless, every method has its own merits and demerits. The main variables under consideration are costs, safety, local laws, and speed. Your chosen banking option may reflect the time you take to deposit and receive your funds. This will also vary depending on your country of residents.
Besides safety, convenience, and speed. There are other important factors that you need to consider before settling on a specific banking option. For instance, you need to have a banking option that allows you to reach the customer support team at your convenience. The support team should also be dependable and willing to help. Your banking option has a great impact in enhancing your casino experience by acting as a financial link between you and the casino.
Additionally, you need to check what currencies your chosen banking option supports. This is because depending on the site; your deposit may undergo currency conversion. In this case, an exchange rate may apply and this will cause you to incur additional costs.
Online casino banking options fall into different categories. The most popular methods include credit cards, e-wallets, bank transfers, and cryptocurrencies among others.
Online Casino Debit & Credit cards
This is probably one of the most popular banking options offered by online casinos. This can be attributed to the fact that the majority of people in the world today have a credit card. As a result, they are considered as the convenient mode of payment.
Over the years, credit cards have proven to be dependable, easy to use, and fast when it comes to deposits. In fact, they make use of the best security encryption technology to ensure that your safety is taken care of.
If you want to use credit cards, players are only required to feed their card details to the casino. However, some credit card companies do not allow players to make deposits in online casinos. Therefore, it is important that you find out if you can use your credit card as your preferred banking option with your card provider. Nonetheless, you can still use credit cards to withdraw funds from your account as long as the casino provides that option. Deposits using credit cards are instant while withdrawals can take a couple of days.
Some of the popular credit card companies include Visa, Visa Electron, MasterCard, Maestro, and American Express among others.
Visa card is the most commonly used card payment. It allows you to deposit or even withdraw funds from any reputable casino. With your visa card, you can easily make deposits within a short period. Visa cards issued by your bank may set standards and limitations for gambling sites.
MasterCard users can deposit into their account without any hassle and is relatively similar as using Visa card. Furthermore, most online casinos accept MasterCard. However, it is important to remember that your bank may set restrictions for you to use your card on gambling sites.
Maestro is a product of MasterCard that will lend you money to deposit into your casino account.
Electronic wallets, also known as e-wallets are online wallets that allow players to store their finances to pay for goods or services online. To use e-wallets, you need to register an account with your chosen e-wallet and load it with money. You can then transfer your funds to your gaming account. You can also transfer any winnings to your e-wallet account. Some of the popular e-wallet accounts that you can use include Neteller, PayPal, Skrill, ECOCard and ClickandBuy.
Neteller is one of the most popular e-wallets across the world. This explains why it is one of the leading electronic financial services. It is available in various countries, and it is a widely accepted mode of payments in most casinos. Like any other e-wallet, you can fund your Neteller account through bank transfer, credit or debit cards or any other supported mode of payment available. Furthermore, Neteller allows players to access their account from anywhere and at any time through the website. In fact, online casino players do not need to worry about playing for real money because they can easily pay with Neteller.
Payment through PayPal is another convenient mode of payment to internet users. This financial service is available in over 150 countries and accepts more than 20 different currencies. Some casinos will allow you to deposit and withdraw funds using PayPal. However, some casinos will only allow you to either make a deposit using PayPal or withdraw funds. It is important that you go through the banking page of the casino to get all the necessary information that you may need. Nonetheless, withdrawing funds using PayPal is usually the best option since it is faster compared to other options.
Skrill, formerly known as Moneybookers is a convenient online wallet that allows players to transfer funds online instantly. Established in 2001, the company is one of the most trusted online payment services. The advantage of using Skrill is that you will not need to keep providing your bank details every time you make a transaction. You can fund your account using bank transfer, credit or debit cards as well as instant electronic funds transfer.
Bank Transfers in Online Casinos – Are they Instant?
There are various ways you can transfer money from your bank account. You can transfer funds directly from your bank account to your gaming account using online banking or you can use a third party process. Alternatively, you can walk into the bank and carry out the transaction over the counter.
Direct bank transfer is considered the traditional form of money transfer service and it is popular among online players. With the progression of the internet, many people are using online banking to pay for goods and services online. To use this service, the casino will provide you with their bank details and code. You will be required to provide your unique reference number so that the funds can reflect into your gaming account. This transaction usually takes 3 to 5 business days depending on your bank and the casino.
It is important to note that a good number of online casinos utilizes bank transfer services as a deposit option due to its safety and convenience. However, the use of bank transfer is limited to certain geographical locations to both the players and the casinos. Moreover, bank transfers may take longer than other options. In addition that, banks usually charge a service fee for gambling transactions, making it uneconomical.
Bank transfers through a third party such as Trustly is another way you can transfer your finances. This mode of payment is available to players from Spain, Sweden, Denmark and Poland among other EU countries. It offers fast and secure transactions for free. Trustly is a simple, direct bank electronic wallet service.
Cryptocurrencies in Online Casinos
Cryptocurrency is an online electronic currency that allows you to pay for goods and services without any intermediate. Unlike other currencies, Cryptocurrency is intangible. The currency is not available in the form of notes or coins but allows you to make payments as usual. However, in some countries, bitcoins can be monetized using electronic debit cards that trade with cryptocurrencies.
Established in 2008, Bitcoin is one of the most popular forms of cryptocurrency and is acceptable in most casinos these days. What makes Bitcoin standout is decentralization. Bitcoins are not regulated by the government or any financial institution such as the Central Bank or the Federal Reserve.
In addition to that, Bitcoins are anonymous. Any transaction you make is guarded with a lot of privacy and cannot be hacked. They are safe to use because the coins are kept with a non-transferable code that only the owner knows. Furthermore, they make use of sophisticated encryption system. Bitcoins transactions are also fast and easy since there are no intermediaries.
If you want to deposit into your gaming account using Bitcoins, you will need to have a digital wallet where you will keep your currency. With this wallet, you can create and addresses that will allow you to receive and transfer your funds as you please.
Another form of cryptocurrency is Ethereum. This is one of the latest cryptocurrency in the industry. It works the same as Bitcoin. However, its value is still not as stable as Bitcoins. All in all, it used in some online casinos because it allows fast, anonymous and international financial transactions.
Security in Online Casinos
Majority of online casinos have the best interest of their clients at heart. As such, they offer fast and secure deposit options using 128-bit SSL encryption, ensuring that your details are only visible to you and cannot be accessed by a third party.
In addition to that, the majority of casinos have enforced additional security measures. For instance, you are required to verify your account by providing full details of who you are, such as passport details or birth certificates and the banking option you choose to use. Most casinos will require you to perform an Identity check before they can process your cashout especially if it is the first time you are carrying out the transaction.
However, an online gambler cannot be too safe. Therefore, there are certain measures that you need to consider to ensure you have excellent gaming experience, free from fraudsters. First, you are not allowed to share your personal as well as your casino account details with anyone. Most importantly, ensure that the casino you choose to play supports your preferred banking option.
In addition to that, it is important that you ensure the casino has reliable customer support. This is important because you need to play in an online casino that has your best interest at heart, being able to come through for you when you need help.
How to carry out casino banking transactions
When you are new in the online industry, carrying out a banking transaction may be a daunting task. However, there is no need to panic because it is a very easy process. To make any transaction, whether deposits or withdrawals, you are required to log into your account. You will then fill in a few details of yourself. This information is confidential and not shared with anyone else. Once you have filled in your details, you will be guided through prompts on how to complete your transaction and your account will be credited. This will be followed by an email notification with all your transaction details. This will also help you to track all your transactions. You can also track your finances through your account’s history.
Whether you are new or an expert in the online casino industry, it is important to note that it is key for every player to familiarize themselves with the different banking options available. This will not only guide you in choosing an online casino but also know whether the chosen option meets your financial needs with regards to transaction speed and the currency. Most importantly, the best online casino is flexible and finds joy in accommodating all your needs.