One of the most important features of an online casino is the payment and withdrawal options offered to its users. The more options available, the more choices you have. It is important that there is a variety of choices, because not every user has access to the same payment options.
For example, an online casino that offers bank tellers as the single payment method will not be able to reach the desired number of customers: There are many countries and banks that do not allow transfers abroad. In this article, we will mention both the most commonly used payment methods and what the most advantageous ones are. Do not forget that the concept of “payment method” is bidirectional: You can use the methods mentioned in this article not only to deposit money but also to withdraw money.
How to Make Deposits and Withdrawals
Each online casino allows you to access these transactions from your account page. In other words, you must first become a member of the casino. Follow these steps to deposit and withdraw:
- Open your account page: The design will be different for each casino, but you will see an option called “deposit” or “payment”. Do not be surprised if you cannot see the “withdrawal” option, you still have to use the “deposit” page to reach this option in some casinos.
- In any case, after you find the appropriate link, click on it. Another page will appear where a number of payment methods are involved.
- Once you have selected the method that works best for you, proceed.
- After that, it will be different according to the method you choose. If you’re using a bank account, credit card, or debit card, you’ll be prompted to enter your digital information. For other payment methods, we can say that there will be a screen requesting similar information.
- Make sure the lock icon on the left side of the address bar of your browser is green and closed. This means that your connection (i.e. your personal and financial information) is encrypted.
- Once you have set the amount you want to deposit or withdraw, complete the transaction.
- According to the method you use, your will see the money in your account in a few seconds or a few days. In uncommon methods such as postal coupons, it can last up to 14 days.
The Most Popular and Most Expensive Method: Credit Cards
You can use all VISA or MasterCard credit cards in online casinos. Because they are perhaps the most popular way of payment in the world, they all can be used in online casinos too. The advantage is that the process is completed within a few minutes. However, there are two disadvantages: The first is that the transaction fees (commissions) are quite high. In general, you have to pay 2% of the amount you deposit or withdraw as a commission. The upper limit of this process is usually 2 dollars/euros. If you make regular deposits and/or withdrawals, the total amount of commission you pay will be quite high. The second disadvantage is that they cannot be used from any country. Some countries prohibit the use of credit cards on online casinos due to gambling laws.
The Long, Expensive, but Trustable Method: Bank Transfer
Bank tellers are at least as common as credit cards. The processing time is about 2-3 business days. So you cannot use the money you deposited right away. Transaction fees (commissions) are the same as credit cards, and sometimes even more expensive. It is one of the most reliable payment methods because all transactions are under record. However, some banks limit foreign money transfers to a certain amount. In addition, all transactions are reported to the Tax Office.
The Easy, Practical, but Inefficient Method: E-Wallets
By e-wallets, we mean PayPal, Neteller, Skrill, Paysafecard, debit cards, and similar methods. This is one of the most common among casino deposit methods. It is easy to use and the process takes only a few minutes. The commission is low, but it may vary depending on the amount you deposit. If you deposit/withdraw low amounts such as 10 dollars/euros e-wallets are the advantageous choice.
However, for higher transactions, you pay more commissions than credit cards. Their biggest advantage is that they allow you to limit your budget. Because your budget is limited to the money you have previously invested in the e-wallet option, you cannot spend more even if you want to. But you have to do two things every time: First, you deposit money into the e-wallet and then into the casino. So it is an inefficient solution and can become tedious in the long run.
The Next Generation Method: Bitcoin
Bitcoin is an encrypted and electronic currency. There is no centralized server. All users in the system are represented by a series of letters and numbers. So nobody knows how much money you have and cannot prevent you from using it for the same reason. Bitcoin, which provides full anonymity, is the most advantageous payment method. All transactions are completed within a few seconds. You do not pay any commission
It is also possible to pay with a mobile phone without using the casino account page. Tax Offices cannot follow transactions. It is also an investment method at the same time, your money in the system will continuously gain value. To tell the truth, Bitcoin is the best way to pay and withdraw money if you know how to use it. Moreover, many online casinos offer various bonus campaigns to promote this payment method.