Six Things You Should Know about Casino Payment Methods

You’re ready to play online casino games for the first time. Maybe this isn’t your first-time gambling for real money. But you’re a little bit confused about the banking process. This guide is for you.

Casino payments look seamless on the surface. There are multiple payment methods to choose from. Everyone says deposits are quick and withdrawals only take a couple of days. But in reality, there are seven things you should know about banking at online casinos.

Knowing these things can help you save time and money. It can also help you avoid getting scammed. So, let’s dive right in.

Payments are Generally Safe

If you’re scared about making a casino payment for safety reasons, you’ll be glad to know these payments are generally safe. The only requirement is to deposit money at a safe, licensed website.

Licensing is proof a casino has undergone a painstaking vetting process to prove it’s up to standard. On the other hand, lots of casinos in 2021 use top-notch security tools to keep your data and money safe.

With that in mind, safety isn’t the only concern at online casinos. There are lots of legitimate gambling sites that might not be appealing to you. Let’s start with preference:

Casinos Support Varying Payment Methods

There was a time Visa and MasterCard were the only payment methods you could find at many online casinos. Nowadays, you can use virtually any payment method. The only caveat is that you have to find the right banking provider for you.

Let’s say you use PayPal for all your online banking needs. In that case, choose a PayPal casino. On the other hand, find the best vanilla Visa gift card online gambling sites to deposit and withdraw money using Visa gift cards. You can find casinos that accept all sorts of digital wallets, cryptocurrencies, checks and bank transfer.

But while doing your research, ensure you pick top-rated operators. You see, accessing your favorite payment method at a betting site is great. But it’s even more important to receive quality games, bonuses and customer service.

Tip: choose a payment method that supports both deposits and withdrawals. Most casinos require that you use one bank provider for both types of payments.

Casinos Dictate Banking Limits

Although some payment methods can allow you to deposit from $1, most casinos have a minimum deposit amount of $10. That’s alright. Unlike $1, a $10 minimum deposit ensures you have enough money to explore a site’s games.

Some operators have higher minimum deposits, especially if you want to get a bonus. On the other hand, maximum deposits vary depending on your chosen payment company. Popular card providers like Visa and e-wallets like PayPal allow you to deposit up to $10,000 to casinos free of charge.

When it comes to withdrawals, the same rules apply. Operators dictate the minimum and maximum you can withdraw. Choose a casino that lets you withdraw small amounts. If you’re a high roller, ensure it has a decent maximum withdrawal limit. Also, look out for the following:

Fees
Withdrawal Days
Payout Speed

Although deposits tend to be free, you can be charged up to three percent of your winnings as withdrawal fees. Due to that, learn about withdrawal fees for different payment methods before you pick a specific option.

Withdrawal days are seldom a problem at many casinos. But you can expect issues with payout speed if you choose a random casino. Pick a site with a reputation for fast payout speeds.

Your Payment Method Can Cost you a Bonus

There are benefits and disadvantages to using every payment method out there. Some payment options are lightning fast. But they don’t qualify for bonuses. If you have plans to claim welcome bonuses, therefore, find out whether you can receive a bonus with your preferred deposit method.

Finding out is simple. Navigate to the promotions page and read their policies. What payment methods qualify for a bonus? Usually, Skrill and Neteller e-wallets are exempted from bonuses at many websites.

Sometimes, though, you can find a special bonus if you use a certain payment option. Bitcoin is an excellent example. Some operators have a unique bonus if you use crypto. In light of that information, find out the best payment option to use to get the best bonus.

You Can Pay Without Creating an Account

As a testament to the changing world of casino payments, you can now deposit and withdraw money from casinos without giving them your details. It sounds impractical. But it’s been happening since 2015 thanks to Swedish digital wallet, Trustly.

Trustly has a partnership with several banks in Sweden, Germany, Finland and Estonia. These banks give players an ID they can use to keep tabs with their accounts. Trustly then acts as an intermediary to help players deposit and withdraw money account-free.

There’s not need to worry about account verification. Trustly hands out these details to casinos in the background. As a player, your only job is to validate payments and play. No account casinos save time during deposits and withdrawals, something most casinos fail at.

You Can Pay by Phone

Pay by Phone is yet another emerging online casino payment method in 2021. It works through payment apps like boku. Usually, you receive money to play slots and table games. Then you pay the bill afterwards.

Like no registration casinos, Pay by Phone casinos are not yet popular worldwide. That’s because they are new concept casinos are trying out. If available in your country, though, they are worth checking out.

You don’t need to worry about not having enough money to gamble. You can ask for a loan to gamble and pay it back at an agreed date.

Summary

Paying money at online casinos is not as simple as most people imagine. There are lots of factors to consider: fees, limits, payout speeds and whether you can claim a bonus. As mentioned, some payment options also support game-changing features, say paying by phone or paying without accounts.

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About the Author

Dr. Jerry Doby Editor-in-Chief of The Hype Magazine, Media and SEO Consultant, Journalist, Ph.D. and retired combat vet. 2023 recipient of The President's Lifetime Achievement Award. Partner at THM Media Group. Member of the U.S. Department of Arts and Culture, the United States Press Agency and ForbesBLK.