Casino payment methods

Gambling in an online casino is very exciting and can be very lucrative if you are lucky. You must use a payment method to be able to deposit and withdraw money. You can read in this article what you should pay attention to when choosing a payment method.

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Different casino payment methods

If you want to play at an online casino and also want to win something, you must first open an account. You can then deposit money into that account that you can bet on the various games that you can play at the casino. Your winnings will also be credited to your player account.

Having money deposited or withdrawn with the casino payment methods is often very simple. You can choose from a variety of payment methods, from traditional ways of transferring money such as a bank transfer to a credit card, or you can choose convenient online payment methods such as iDeal. You can also choose to be paid out with an e-wallet such as Neteller or to deposit money with a prepaid card. And nowadays you can increasingly pay with cryptocurrencies such as Bitcoin at online casinos.

There are currently dozens of different casino payment methods available, and not every casino offers the same options. You do not have to use the same payment method that you use to withdraw money. It also happens regularly that casinos do not offer the same methods to deposit money as to have your winnings paid out. The other way around, some argue online casinos as a requirement that you have to cash out your winnings with the same payment method that you used to deposit money, also something that you should take into account.

Depositing money at an online casino
Depositing money at an online casino

The pros and cons of the different casino payment methods

Every casino payment method has its advantages and disadvantages. When choosing a payment method, you need to consider which advantages or disadvantages weigh the most for you. Below we have highlighted a number of properties of payment methods.

  • Speed

    If you want to deposit money into your player account with which you can start playing immediately, it is best to choose online payment methods such as iDeal or Sofort, or deposit money with an e-wallet such as Neteller or PayPal. It often only takes a few seconds for such a deposit to be credited. Paying out with e-wallets is also relatively fast, varying from a few hours to a day.

    Traditional bank transfer is the slowest. It usually takes a few working days for the money to be credited to your account at an online casino, and vice versa, it can also take at least 5 working days for your winnings to be paid out and deposited into your bank account. If speed is most important to you, then a bank transfer is probably not the right choice.

  • Safety

    The traditional methods are probably the safest. Traditional banks have had decades, if not centuries, of experience in keeping and transferring money safely. Moreover, you use your trusted payment environment, and you do not have to get used to a new way of transferring money. That's not to say that modern e-wallets aren't secure. What you should be aware of is that you do not leave your passwords lying around and it is also better not to use a public computer if you want to transfer money with an e-wallet.

  • Anonymity and privacy

    If you'd like to play anonymously, a traditional bank transfer or credit card deposit is probably not the best option. On your bank statement you can see exactly at which casino you have deposited money. With many e-wallets, on the other hand, you only see that you have transferred money to your e-wallet. So you have more privacy by using an e-wallet like Skrill or Neteller.

    The most anonymous way to deposit money to an online casino is a prepaid card such as Paysafecard. Just like a prepaid card for your calling credit or a voucher with Apple credit, you can simply buy such a card in a store or online and then deposit it into your player account using the code that comes with it. An additional advantage is that you can also buy a prepaid card with cash, so it is not traceable who bought the card. The disadvantage of a prepaid card is that you cannot use it to pay out money. You will still have to choose a different payment method.

    That said, online casinos are legally required to adhere to the Know Your Customer policy, and when opening an account or cashing out your winnings, you must provide information about your identity. Really anonymously playing at an online casino is therefore not possible.

  • Deferred payment

    Another reason to choose a particular payment method is if you consider deferred payment to be an important criterion. With the various credit cards such as Visa and MasterCard, and modern payment services such as Klarna, you can make delayed payments. That means you can go gokken with money that you later paid back. You will then receive an invoice afterwards that you must pay within a certain time. This can be useful if, for example, your salary will only be paid in a few days. The danger is that you will gamble with money that you do not have.

  • Payment limit

    How much money you can deposit or withdraw is not only determined by the online casino, but also has to do with the payment method you choose. Credit cards have the highest limits for depositing money, as do some e-wallets. MuchBetter has a pretty high standard deposit limit of $ 4500 per day.
    There are also limits for payouts, depending on the payment method. At some casinos, as a VIP member, you can get a higher payout limit when using certain e-wallets.

  • Availability

    Availability of a payment method is of course also another point. Not all payment methods are offered at every online casino. Credit cards are the most common payment method. Bank transfers have traditionally been the way to transfer money to your player account, but we see that this method is less and less offered due to the long processing time. And not every e-wallet is accepted everywhere.

    PayPal, for example, is the best-known e-Wallet, but is bound by strict rules regarding the casinos where they offer their services. For example, they only work with online casinos in countries where online gambling is regulated.
    When choosing a payment method, it is therefore important that it is used at the casinos where you play a lot. Otherwise, you have to continuously switch between multiple payment methods if you want to play.

  • Transaction costs

    Some casinos have additional transaction costs for certain payment methods. That partly depends on the payment method and partly on the casino. For example, you always have to pay transaction costs if you use a credit card. And at some casinos, for example, you have to pay transaction costs from a certain amount on the money that you deposit with a bank transfer.

    We also know that deposits with certain e-wallets such as EcoPayz sometimes charge transaction costs. You are charged transaction costs when depositing money because these types of financial services do not charge money to consumers, but to the business customers such as web shops and online casinos. Sometimes those costs are visibly charged by the online casino as transaction costs, but usually it is settled in a different way that is less visible.

    Also something to be aware of is that there are almost always costs associated with paying out winnings, regardless of the payment method. And that can be a substantial amount, with Neteller you pay, for example, € 7,50 per payout.

  • Bonuses and free spins

    Finally, you should keep in mind that the payment method you choose may affect the bonuses and free spins that you can claim. For example, sometimes you get an extra bonus if you use a certain e-wallet. But it also regularly happens that you are not eligible for bonuses or free spins when you use e-wallets. So check in advance whether you are entitled to one casino bonus if you choose a particular payment method.