Casino Payment Options
The days of going to the Bank teller to get some cash in hand are long gone, no more nickels and dimes to put in slots. These days it’s all about digital banking, e-wallets and digital transfers. You deposit founds online directly onto your credit balance at the casino.
In the humble beginning, only debit, credit cards and direct bank transfers could be used to deposit money to online casinos. This is still a way many players choose to make their deposits, but due to a variety of reasons, credit cards use is on the decline as an online payment method in general.
In this article we will explain what options are the best and fastest, as well as give you an overview over the options available.
Credit and Debit Cards
As of April 2020, the UK gambling commission banned payment with credit cards for gambling purposes. Other countries like Norway, the government has made it difficult for banks and card providers to make deposits and withdrawals for the purpose of online gaming. Many banks will simply not allow their customers to use their cards, debit or credit to make transactions to online casinos. This is one reason why many alternatives to card payments have been created in later years, to give online players the freedom they deserve to play using their own money wherever they want.
In addition to issues from banks and governments, security is a key factor to why new payment methods are needed for online purchases of all kinds. Scammers and hackers will always be trying to skim your accounts, therefore it makes sense to create a second layer of security for your funds, by using E-wallets, Krypto currency and other new payment methods that allow you to separate your credit, and bank account founds from that used for online shopping and gaming.
Almost all online casinos will accept cards as a payment option for both deposit and withdrawals, if your bank allows this it is a viable option that require little effort.
E-Wallets
Like a traditional Wallet, E-Wallets allows you to “carry” parts of your founds, without the risk of anyone getting to the source of the founds, back at the bank. You transfer money to your E-Wallet to spend online, keeping your online bank account separate and secure. E-Wallets are accepted in most online Canadian casinos and offer a convenient way of spending money online in a safe manner.
Pre-Paid Cards
Pre-paid cards can be bought online, or as a physical card in actual kiosks and stores. This is a good option for players that don’t want to use an E-Wallet or for those who want better oversight or control over their online gaming.
Bank Wire Transfer
For those in no rush and like to do things the traditional way. You can make bank transfer from your bank directly or use one of the online providers that help you with this type of transaction.
Mobile Payments
Some mobile providers and companies that facilitate payment trough mobile carriers, allow you to deposit founds to your online casino balance. The deposits are put on your mobile carrier’s bill. Many online casinos offer this as a deposit method.
Instant Banking
This payment method tethers your bank to the online casino, sharing details through an intermediary for fast transfers. This option means you do not have to register and create an account, you just choose an instant banking option that works with your bank. You don’t have to move money into an account, like with an E-Wallet. The money is taken straight from your bank account.
Cryptocurrencies
Chain-link based cryptocurrencies are not controlled by a central government like other currencies, so the prize of the crypto might rise and fall quite unexpectedly. This method is fairly anonymous and can circumvent laws that prevent online gaming with funds directly from banks and cards. Bitcoin is the most known and accepted cryptocurrency at online casinos, however there are hundreds of cryptocurrencies and many are accepted at some of the best online casinos that offer many payment options to their players.
What are the safest casino payment methods?
Playing slots and other casino games can be a lot of fun, the entertainment value goes up when there is a stake. How can you deposit money in a safe and secure manner? Online casinos prioritize security above all. Heavy encryption makes your transactions secure, no matter what payment method you chose. However, for your own security it is recommended, not only due to the risk of a security breach, but for oversight over your own gambling, to keep founds used for online gambling separate in an E-wallet or Krypto currency account.
If you chose a prepaid option for your deposits you can rest assured no one can access the rest of your money. You can do this by buying a pre-paid physical card, digital or load a virtual card with money.
Can you make anonymous casino payment transactions?
If your deposits come directly from your bank account or credit card, it might not be as anonymous as you like. So, what would be the best way to transfer founds amorously? The answer is Krypto-currency. BitCoin has become a household name, and the marked leader when it comes to the safe and anonymous new way of making payments online, Krypto currency. Many other are available, like Ethereum and XRP.
How to use E-wallets for online casinos deposit and withdrawal?
E-Wallets lets you deposit money from your Bank, card or even Krypto-currency account. Once you have the founds in your wallet, you can use this to make deposits to your online casino balance. The same way you can withdraw money from your balance back into your wallet. From there you can use your winning, paying online shopping, subscriptions and more using the E-wallet.
E-Wallets have become very popular as online casino and shopping become more widespread. They create an extra layer of security. Even if the online shop where you paid is hacked, no one can get access to your bank accounts.
What is the fastest withdrawal option?
Another reason E-Wallets and Krypto-Currency has become a player favorite when it comes to casino payment methods, is how fast the withdrawal is back on your account.
If you chose to make a withdrawal to your bank account or card it can easily be 1-3 days before the money is available for you to spend. Once the transaction has been processed by the casino it will be available within moments, the same goes for Krypto-currency payments.
If the online casino offers Trustly as a withdrawal method you are in luck, if your bank is supported by the Trustly network, a bank payment can be available in your account within a few hours. There are many Canadian online casinos that offer Trustly as a secure payment method.
Why use prepaid or mobile payments?
PaysafeCard is a popular option for making online deposits, as well as using mobile payments. Some mobile payments let you make smaller deposits which are charged directly to your mobile bill.
So why make a deposit with a payment method that does not allow for withdrawals the same way? One reason for choosing to go pre-paid is the control it gives you over your playing. If you play a little now an again you can simply pay prepaid, if you win big, a bank transfer will allow you to gain access to your winnings.
What payment method should you chose?
Once you have decided to try your luck on an online casino it can get a bit confusing and distracting to meet the long list of payment options, you just wanted to spin the wheels on a slot for a chance of a Jackpot or a big with the free spin feature. Luckily you stopped by the GambleGuys for some advice and guidance.
We cannot make the choice for you though, just help you understand your options. Let's look at some of these.
If you are confident in your bank and card providers security and trust that the online casino you have chosen also provides adequate security. If your bank, card provider and government allow card payments from Visa etc, maybe that is the easy route you want to take.
If you want to have oversight and control, as well as an extra layer of security, you might as many others do, chose to register at one or more E-Wallet providers.
If you are the careful and diligent type, maybe a direct wire transfer, pre-paid cards or mobile payment is the way to deposit for you. Remember to look into what options for withdrawals you have if you use Pre-Paid cards or Mobile payments before you deposit though.
Are you someone that invests and speculate in Krypto-Currency, then finding an online casino that takes BitCoin or other cryptocurrencies would be the clear route for you to take when playing at online casinos.
It is worth looking into the different methods, their advantages and drawback before deciding which one is for you.
Below you will find articles explaining in depth the different options you have when it comes to online casino payment methods.
