For an avid gambler who is in the process of transitioning to gambling at an online casino from a brick and mortar casino, there are two major things that should be greatly considered. The first one is finding the best online casino to play at while the second one is looking for the best online casino payment option to use for transferring the funds.
One of the major obstacles that are usually faced by those who are new in this gambling industry is the entire idea of passing over personal details to be able to move cash in and out of their new accounts. There are so many concerns that surround this entire idea, and the major ones are ease of use, hidden fees, and security among a bunch of other concerns.
In a well-calculated move that seems to be an answer to this menace, online casinos now offer lots of deposit methods as well as withdrawal options that are not only quick but also easy-to-use and secure. It’s all about looking for the right one that fits all your preferences and situations.
Given the expansive selections of payment options available, we’ve provided a quick summary of the most popular online casino deposit methods on this page, as well as what you should look out for when deciding which method is best for you.
Benefits of Choosing the Right Deposit Method
Although you probably use the internet for many day-to-day activities, chances are you don’t worry about things like identity theft and fraud when you’re simply browsing the web or checking social media. However, when it comes to making online payments at online casinos, choosing the right payment method is critical for ensuring that both the transaction and your personal details are safe and protected.
Below are some of the reasons why you must make careful considerations when it comes to deciding which casino deposit method to use:
- No conversion fees – Not all payment methods work with your home currency, and therefore would incur conversion charges if you were to use that method. Instead, choosing one that does means no extra fees.
- Deposit and withdrawal limits – Each payment method has different deposit and withdrawal limits, dependent on your chosen casino. Therefore, choosing one that has greater limits allows you to deposit and withdraw more at any one time.
- Security – One of the primary concern when it comes to making online payments. Choosing a trusted and reliable deposit method is the only way to ensure your financial and personal information are safeguarded at all times.
- Speed – Perhaps the leading benefit of picking the right online casino deposit method is speed. There is nothing as boring and frustrating as waiting for long hours for your deposit to be processed before you begin playing your favorite online casino game.
- Although the Internet is a very vital tool when it comes to a number of day-to-day activities, it is still open to identity theft and fraud if much care isn’t taken. Once you have selected the best online casino site that suits your preference based on the assortment of games that they have, there is one important aspect that you should put into consideration before you start playing; checking the right deposit method.
- Every online casino provides a broad variety of deposit options that are designed to make it appear as simple as possible for players to open an account and pay the stake money. However, it is a fact that a section of these options does not appear as good as others.
- It is important to note that certain methods of payment that are available at online casinos have some restrictions that you will have to comply with to avoid problems later. It would also be of much importance to check the number of currencies that a particular online casino accepts.
Factors to Consider When Looking for a Good Payment Method
Before anything, the first important thing that a player should be aware of are the five main online casino deposit options that are used in this industry; prepaid vouchers, credit cards, electronic wallets, bitcoins and other cryptocurrencies, as well as bank transfers.
These are the factors that should be considered when searching for a perfect method of payment. Each of these payment options has both pros and cons, and it is in your best interest to analyze them carefully before deciding on a preferred method.
Personal requirements will differ from one and another, but below are the general factors that should be taken into account for each of the following methods.
Bank Transfers
This method involves the transfer of your funds directly from your personal account to that of the online casino you have chosen. It is important to note that a number of online casinos would normally remit funds through the use of cheque, and at times they might take a week or even more.
Bitcoin and Cryptocurrencies
Like a match made in heaven, more and more casino operators and gamblers are turning to Bitcoin and cryptocurrencies when it comes to making deposit and withdrawals at online casinos.
There are many benefits such as speed transfers, security and anonymity when using this deposit method. However, like all other payment methods mentioned above, there are factors in which you need to consider before deciding if this method is best suited for you.
In this case, it would be the necessity of creating a cryptocurrency wallet (which is usually a fairly easy process), the volatility (especially in the case of bitcoins), as well as being aware of that fact that the number of casinos accepting cryptocurrencies is still rather limited compared to other payment methods.
Credit Cards
While true that there are downsides to both cards, you can still find reasons to use both. When you opt for a credit card, you can afford to spend more, as you will be playing on “borrowed money,” but don’t let that dissuade you from pursuing it as a method, as proper bankroll management is the key to success. True, there could be associated costs with withdrawing using your credit cards, but those will solely depend on which operator you pick. In this case, doing your own due diligence is as important as learning how to allocate your funds, and most importantly – what payment solution to use.
Debit Cards
We do prefer debit cards, if you have them, though. They are safer, as you cannot lose track of how much you spend. Plus, they are generally less of a hassle to obtain. If something happens to your debit card, for instance, you needn’t worry too much about it. Just block it and ask your bank to issue you a new one. We even recommend obtaining a separate card for all your gambling activities. If pressed, we would recommend VISA over American Express, as the latter charges somewhat heftier fees and has a lower clearance rate.
Electronic Wallets
Electronic wallet is the only payment option that fixes problems associated with the use debit and credit cards. You can only use one electronic wallet provider to open an account and fund it with a credit card. This gives you an opportunity of transferring funds to as many online casinos that you might desire. The common ones are PayPal, Neteller, and Skrill.
Prepaid Cards
This is the latest option of online casino payment and brings an end to the involvement with the banking system. With the code that they contain, accessing the cashier of an online casino would not be a problem. Paysafecard is one of the more popular prepaid methods available though not least the only one. Each country and casino have their own popular options with a wide range of both benefits and disadvantages so we go through what to look for and how to deposit with prepaid methods safely.
Vouchers
While you can protect your financial data by using pre-paid cards, the casinos have gone out of their way to offer you similar rewards with vouchers. Basically, you receive a code that you can use to automatically award yourself a specified number of no deposit free spins or free play money. But this is hardly it. You needn’t deposit with a voucher, but if you do, most casinos will allocate a proper extra bonus amount to your account for the trust & loyalty you have shown them.
To Summarize
It doesn’t take a genius to know that the online casino deposit methods that have been mentioned in this article are the main life source of any successful online casino. Their role is to enable players to deposit funds with their favorite online casino and withdraw the winnings with much ease. That explains the importance of carefully thinking of the kind of payment option that they choose.
