Online Casino Deposit Options Available to Players in 2020

Recommended safe online casino payment methodsDepositing money into your online casino account has never been easier nowadays. Top casino sites offer a multitude of different options, with some being dedicated to deposits only whilst others will allow you to use the same method to withdraw your winnings as well. Payment options will also vary between casinos based on the gambling laws within the jurisdictions they operate, so it is always a good idea to check the casino’s cashier page to see which deposit methods are and aren’t offered.

Deciding which deposit method to use to credit your new real money online casino account can be a real head-scratcher, especially considering that options vary from one country to the next, and that there are different types to choose from. Ultimately, you want to ensure that your transactions are secure, using the very latest encryption technology, and that your funds reflect quickly with as little hassle as possible.

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What are the different types of deposit options at online casinos?

We have broken down the available options into three main categories to help you understand their differences and choose the method that will work best for you:

Card Payments

Card paymentsCard payments are undoubtedly one of the more popular methods available due to being universally accepted and trusted. They can be used for both deposits and withdrawals, and are normally subject to bank charges.

Options include:

  • Credit Cards such as VISA, MasterCard and Amex.
  • Debit Cards such as Visa Electron, Maestro, Switch, Laser and Visa Debit.
  • PaySafeCard - a pre-paid card solution that can be topped up at participating retailers. Ukash, a well-known deposit method, was merged into PaySafeCard. 
  • Entropay - a virtual pre-paid credit card that can be funded with a variety of credit and debit cards.

Bank Transfers

These types of transactions typically take a bit longer to process but are ideal for making large deposits. Wire transfers can be used at a small fee for deposits and withdrawals, while other transfer methods may be restricted to deposits only – check the casino’s cashier page beforehand to make sure.

Options include:

  • Wire transfers - direct transfer to and from your bank account.
  • Instadebit - bank wire transfer method for Canadian players.
  • Bitcoin - cryptocurrency method that is steadily gaining popularity.
  • eCheck - works like a virtual check payment for Canadian players.
  • iDeal - popular transfer method for players from the Netherlands.
  • iDebit - iDebit connects consumers to their online banking directly from checkout.

E-Wallets

E-wallets are extremely popular due to being quick, convenient, cheap, and very discreet. Some methods like PayPal can be used to both deposit and withdraw, while others can only be used for deposits (again, check the casino’s cashier page to find out what is allowed). We take an in-depth look at these types of transactions in the next segment below.

Options include:

What are web wallets and their pros and cons?

A Web-, Digital-,or e-wallet is an electronic program that enables users to store an amount online, protected behind a password, and manage all their online transactions safely and instantly via one account.

Advantages of using web wallets

  • Because the use of web wallets eliminates intermediate services, such as a cashier for example, it is less costly for the consumer.
  • Electronic transactions take mere seconds and can be done on any smart mobile device, making it highly convenient and time saving.
  • Through the use of passwords and other safety features, web wallet transactions are extremely secure.
  • Sensitive information is not disclosed to third parties, allowing for greater user anonymity.
  • Records of all transactions are kept, making it easy for expenditure to be tracked.
  • Businesses that make use of digital account technology have a competitive edge in the marketplace.

Disadvantages

  • People who often travel internationally can be restricted from using their web wallet in a different country.
  • System malfunction and outages is an ever-present risk as user information is stored on the cloud of business servers.
  • Digital wallets are accepted by limited number of merchants.
  • The service cannot be used off-line.
  • Web wallets are vulnerable should the user’s device be stolen and the password hacked, making the danger of losing money an unfortunate possibility.

Withdrawals

An equally varied amount of similar options exists when it comes to withdrawing casino winnings. Restrictions and fees do however apply, and can differ from one withdrawal method to the next. These include things like the amount of days players would need to wait until funds are cleared into their account, and the allowed minimum and maximum amounts that may be withdrawn per week / month. These restrictions will usually clearly be stipulated on the casino’s banking page.

How to Make a Withdrawal at the Casino

Casino WithdrawalsMaking a withdrawal at a casino is not that difficult. Typically, you can withdraw money from your online casino account into the same account from which you deposited the money. For instance, if you added $200 into your online casino account using Skrill, you can withdraw the same amount to your Skrill account. However, this is not a hard and fast rule as some casino allow you to select your preferred mode of payment.

Account Verification Process

Online casinos allow withdrawals just from accounts where the account holder’s particulars have been verified. This process is added for security reasons and to keep you and your money safe.

To verify your account, you may be asked to present one or all of the following documentation:

  • Copy of a recent utility bill.
  • Copy of your valid driver’s license or valid national ID.
  • Copy of your credit card if you have deposited money using the card. Here, you will have to send a scanned copy of the front and rear of the credit card.

The time to verify your online casino account varies from casino to casino, but typically most casinos verify accounts within 24 to 48 hours.

Making Withdrawals at a Casino

Each time you play, your money stays in your account so that you can maintain your bankroll for your next playing session. However, you can withdraw your money any time. Usually, the procedure for withdrawal at a casino is as follows:

  1. Log on to your online casino account and go to the Bank section from the main menu.
  2. Select Withdrawal at the Bank.
  3. You will be presented with a list of payment options. Select one from the list.
  4. Stipulate the amount you want to withdraw and click OK.
  5. Usually, to ensure that it you and not an authorized person withdrawing money from your casino account, reputable online casinos have a pending period, which varies from casino to casino. During this period, you can cancel the withdrawal, if you like.
  6. After the waiting period is over, the payment will get processed and you will not be able to reverse it.

After your request for withdrawal, that amount is deducted from your casino account and put into Pending. Once the payment is processed, you will be notified and the amount will be labeled as Paid and the details of this payment will be available in your account’s History tab.

Casinos use the pending period to verify the player’s account as well as their gameplay. Once this process is over, the amount is paid to the player.

Security and Encryption

Regulated casinos secure their sites through the use of digital encryption technology. As a matter of interest, encrypted web page urls will always begin with “https://”. In layman’s terms, what this means is that the communication link between the casino site and user’s internet browser is protected. There are two types of security protocols casinos use to protect sensitive data, namely SSL (Secure Sockets Layer) or TSL (Transport Layer Security). Both employ bit keys that encrypt data, making it almost impossible to decipher and gain access to.

KYC Documentation

KYC stands for Know Your Customer and it involves the process of verifying customer information. KYC documents generally include proof of identification and address, and casinos have the right as part of their banking regulations, to authenticate all customers prior to payment or whenever they deem necessary.

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