Various Types of Casino Deposits Methods
The goal when it comes to banking on iGaming platforms is to enjoy fast, efficient and secure processes. I hope you do not make too much if you can pick a little prize on your way. Nonetheless, with a trusted bank process, it is necessary to think about the moment you need to replenish your account.
Most US-based online casinos provide an extensive list of payment options to choose from. Then there are those that provide a limited selection, presenting a headache when it comes to deposits or withdrawals. This is often the case when it comes to smaller online casinos. When considering and evaluating casinos, we always explore this aspect
Also, casinos will almost always use the same method to request deposits and withdrawals if no withdrawal options are available. Now that you’ve got a good idea of the importance of this aspect in the iGaming world, next we’ll introduce you to some of the most popular options available in casinos right now.
Credit and Debit Cards
The most widespread casino deposits are credit and debit cards. Its popularity among online casino players around the world is unmatched in terms of ease of use and reliability. This is the only method you’re guaranteed to come across in most online casinos and so far all major casino sites. VISA, MasterCard, and Maestro are the most common card issuers worldwide. But there are others such as Dinners Club.
The percentage of availability means that most people have a payment option that can be easily accessible to use. People already own these cards and they have been using them for other payments including shopping. Instant transactions and favorable limits are some of the benefits of using debit cards or credit cards.
But in some countries, some banks reject the use of this option to fund gambling activities. This is partly due to bank policies and the ever-changing legal landscape in many jurisdictions.
eWallets are right on cue to take over from bank cards as the most-preferred payment method in online gambling. One of the reasons for this is already covered above. Convenience is a great advantage when looking at this method.
We’ve talked a lot about deposits, but e-wallets actually have their own unique function when you start withdrawing your winnings. Instant payment is a general rule of thumb and this is the biggest reason many players opt for this option. However, it may take up to one business day to get your winnings. But this entirely depends on the speed of the casino’s payment team.
The only downside here is the transaction fee sometimes charged when transferring money from your e-wallet to your bank account. However, these fees are often balanced by the various loyalty programs that major e-wallets use with their services. Popular e-wallets include:
Note that the availability of each e-wallet varies by geographic location.
Prepaid cards are a payment method that is starting to gain momentum in the iGaming world including low deposit online casinos across Europe. This is mainly because the level of security is top-notch and require minimal fees. Paysafecard is the most popular among the available options and its logo is visible on almost every major online casino site.
EcoPayz also features a prepaid option known as EcoCard and works like a Paysafecard. The only drawback that often occurs with prepaid cards is the fact that you cannot withdraw winnings to the card. Some casinos are already integrating Paysafe’s withdrawal option, but this is not yet common in all countries. So, you may need to find other ways to cash out at some casinos. Our support team is aware of this and will guide you to the next best method.
Bank transfers are more suitable for online casinos than for players because of the strict requirements it comes with. This reduces the potential for money laundering, a big problem regulators are trying to solve. What does this give us?
One aspect you cannot bank on with this option is fast turnaround times as it can take up to 7 days to get approval. It’s also known to include bank fees, so there’s little to say about the benefits. So, players using bank transfers do so only in countries where other easier options are not widely available.
Instant Bank Transfers
Instant bank transfer is a new, modern way to replenish your casino account and is currently gaining plenty of popularity in Europe. Trustly leads the bunch and how it works, and why it is a popular reason is that it serves as a bridge between casinos and personal banking online sites. In short, it eliminates most of the tight knots associated with banking.
Cryptocurrencies are yet to gain traction in the iGaming world, but that hasn’t stopped some sites from declaring themselves “crypto casinos” and “crypto bookmakers”. In fact, many standard online casinos now offer the option to deposit in both cryptocurrencies and traditional currencies, giving players a full choice of payment methods. Some of the popular cryptocurrencies accepted by casinos include:
- Bitcoin Cash
The tight security offered by these options is a major advantage but it also provides access to online casinos in many parts of the world. This is due to the slow acceptance of regulators who do not define things like gambling on Bitcoin as “online gambling.”
The pros of crypto options are they offer instant transactions whether depositing or withdrawing funds.
Frequently Asked Questions
What banking options do I have?
Generally, you want to load the banking page on your online casino to find out the complete list of options at your disposal. Some platforms have a comprehensive list while others have a limited selection of casino banking options.
What to consider when choosing a casino deposit method?
You need to analyze the speed, security, fees, and limits. Also, check whether the chosen method facilitates withdrawals.
Which is the fastest deposit method?
eWallets, cryptocurrencies, and credit/debit cards are the fastest deposit methods. These options tend to take under 15 minutes to complete a deposit.
Can I use one payment method for withdrawals and deposits?
Yes. Many casinos opt for two-way banking. Although the availability of this option will depend on your payment method since some options don’t support withdrawals.
How do I make an online gambling deposit?
The processes involved in depositing funds at an online casino depends on your preferred payment method. However, most iGaming platforms require players to first provide proof of residence and identity in compliance with anti-money laundering regulations. Generally, these are the common steps: Sign up or log in at your online casino Navigate to the banking section and choose a preferred casino deposit method Enter your preferred amount and wait as your transaction is processed Enjoy your favorite casino games once the funds reflect in your account