Online Casino Banking Methods

Perhaps unsurprisingly, depositing into an online casino is pretty straightforward. Where things get a little trickier, on occasions, is when it comes to cashing out. Different online casinos support different methods, some have restrictions and others allow more flexibility. There are occasions when it can become quite frustrating, but you’ll normally find that it’s a “one-off” and once security checks have been completed, the process is usually smooth from then-on in.

Content:

  1. Stuff You Should Know Before Depositing
  2. How to deposit money
  3. Credit and debit cards
  4. eWallets
  5. Neteller
  6. Paypal
  7. Prepaid services
  8. How to withdrawal your money
  9. Security check and ID
  10. The Reverse Withdrawal feature

gambling in Las Vegas

How To Deposit Money At Online Casinos

Each casino’s website will have a “Banking” page that provides a full list of options for depositing and withdrawing. It is important to note that some methods can only be used to deposit, so check this page first. As you’d expect, some casinos are better than others, and cashout handling is perhaps the most important aspect of picking an online casino.

Keep in mind that each casino is allowed to choose which eWallets and banking methods it supports when sending cashed out winnings back to you. Because of money laundering regulations, some choose to only allow you to cash back to the source of your deposit. So if you used a certain eWallet then that’s where your winnings are sent. However this does vary, and is subject to your security status.

Perhaps unsurprisingly, depositing into an online casino is pretty straightforward. Every casino has a “cashier” option where this process is conducted and you will find these very straightforward. All deposit methods will ask you for your PIN number (eWallets) or a security code (debit cards), but the processes are usually fairly obvious. They might send you a security code to your registered phone number as an extra security measure and to confirm payment.

Credit and Debit Cards: The Most Popular Casino Payment Methods

Debit Cards are fairly self-explanatory in that you cannot deposit more than the funds you have available in your bank account. This is therefore preferred over a Credit Card. There are problems with Credit Cards, most notably getting cashouts back to Mastercard. However there are alternatives, called “PrePaid” cards that you may be able to use if you are in a country where Credit Card use is restricted. Have a look at the prepaid methods. Also note that using a Debit Card is more reliable as some online casinos are not able or not willing to refund winnings and cashouts back to a Credit Card, which can come as an unpleasant surprise when it’s time to cashout. You should check with the online casino before you deposit using a Credit Card to see if this option is available (this info is usually available on the “Banking” page on each casino’s website).

However, if you also have an eWallet such as Neteller, you can add funds using a Credit Card or a Debit Card to your eWallet, and then use the eWallet to deposit and withdraw from an online casino. You can then either make a bank wire withdrawal from your eWallet back to your bank account, or use the ATM card if provided by the eWallet provider.

How To Deposit Using Credit and Debit Cards

Making deposits using a credit or debit card at online casinos is simple and easy. Once signed into your casino account, access the Banking or Cashier section and select Credit or Debit Card as the deposit method. You will be prompted to enter your credit/debit card number, name and billing information on file with your bank, card expiry date, and CVV security code typically found on the back.

Note: You should always check that the billing information matches the details you registered your online casino account with, as, if you don’t, you may find the casino asks you to complete additional verification checks.

Enter the amount you wish to deposit and confirm your online casino deposit. If you’re using a card with 3D Secure enabled you may need to complete a quick verification check – and once the transaction is completed, the money will be available in your account instantly!

Fees, Limits, and Processing Times

Credit and debit cards remain the most popular payment method to use for an online casino deposit. VISA and MasterCard are readily accepted, but aside from VISA and MasterCard, most online casinos accept Maestro, too. If you’re wondering about deposit and withdrawal limits, credit and debit cards are pretty liberal, and they usually have no transaction fees imposed directly by online casinos.

Deposit and withdrawal limits can range from $10 minimums up to maximums of $2,500 or more per transaction, although this depends on several factors like your standing at the casino, the type of card you have, and your bank. If you choose this payment method to make a withdrawal, you will typically wait between one and three working days for the funds to appear in your account.

eWallets: Instant Deposit and Withdrawal Time Frames

Aside from the Debit and Credit Cards, there are other ways to fund an online casino account, depending on where you live, with certain “eWallet” services such like Neteller or Skrill. A number of these can be used to deposit to and receive cashouts from an online casino. Your ability to use some of these services may sometimes depend on where you reside and the attitude in your country towards online gambling.

One of the biggest frustrations faced by online casino players is the number of casinos who will not, or cannot, refund winnings back to a “Credit Card”. This is why it always pays to have an eWallet, some of which provide ATM cards and methods for withdrawing back to a bank account. The most popular eWallet is Neteller which is almost exclusively used for online gambling and supported by most online casinos. Lesser use made of services such as Skrill, Central Coin, NetPay,Citadel, Payspark and UseMyBank. The process is very fast and simple and widely supported with integrated connections built into the online casinos. Some casinos even do instant (or nearly instant) Neteller cashouts.

One footnote concerning Neteller and other eWallets. When you deposit and withdraw into your eWallet account, any currency conversion rates (FX) are subject to the rate applied by the eWallet. Thus, you should open casino accounts in the same currency as your eWallet account to avoid subjecting yourself to these conversion rates. VIPs at Neteller are offered Multi Currency accounts and effectively you can have a second Neteller account in a different currency.

Neteller

While not strictly related to casino banking, it’s worth making a couple of notes about the Neteller eWallet. Neteller is free to set up, but you will need to “accredit” it with documentation at some stage, similar to that required by online casinos. Once this is done, a fairly painless experience, you get more options and the ability to transfer money from Neteller to your bank.

Neteller does charge for just about every aspect of use, but they are not unfair for an otherwise free service, and there are no charges for depositing into, or from, your Neteller account. It’s advisable (for people living outside the USA and Canada) to set one up for ease of use and to speed up your online casino cashouts.

How To Deposit Using Neteller

Neteller is an popular e-wallet used by millions for making fast and secure online casino deposits and withdrawals. Start by registering for a free Neteller account and funding it via bank account, debit card, or other payment method. Sign into Neteller and access your account dashboard.

Select “Deposit to Merchant” and choose the online casino from the list of participating sites. Or access the Cashier at the casino site, select Neteller as the deposit option, and you will be redirected back to the Neteller interface to complete authorization and transmit the funds. E

Enter the deposit amount in either currency, confirm and submit. One of the major benefits about this payment method is that deposits and withdrawals are almost always instant. It’s one of the most popular online casino payment method options for good reason, and depositing usually takes just a couple of minutes.

Fees, Limits, and Processing Times

Neteller deposits at online casinos do not have fees. However, currency conversions and withdrawals out of Neteller do incur small charges, so you should always check this. You may also pay a fee if you transfer money from your Neteller wallet to your bank account.

Deposit limits range from $10 minimum per transaction up to $10,000 maximum daily/monthly caps based on account status. However, like other EWallet providers, Neteller operates a VIP program, and if you’re a VIP, the payment method provider will offer you even higher limits. However, the actual limits will still be set by the online casino banking team, so keep this in mind.

Regarding withdrawals; once the casino banking team has processed your withdrawal, it will typically show in your Neteller account immediately. This is why it’s one of the best casino payment methods! However, to withdraw funds to your bank account you may need to wait up to three working days.

Paypal

USA Residents will find that eWallets no longer accept them due to the legal situation regards online gambling in the USA. It’s not actually illegal to gamble under Federal law although in certain states it is illegal and (due to the UIGEA law of 2006) it is also illegal for financial institutions to service deposits and withdrawals between US residents and online gambling sites. Therefore US players should take a look at the Prepaid options.

Most online casino players sign up to an eBanking service, commonly referred to as an eWallet. While not all support gambling activities, there are a number of recognised eBank services that do. Besides eWallet, you could consider PayPal an option, who emerged in the online gambling sector for players in countries where online gambling is legal. It will depend on the casino though, it tends to be the UK bookmakers and bigger brands that offer the PayPal option. But given the popularity of PayPal there are plenty of online casinos that accept this payment method as well.

How To Deposit Using PayPal

As one of the best casino payment methods, PayPal makes it incredibly easy to make deposits and withdrawals. However, you should be aware that PayPal is not widely accepted outside of the UK at online casinos. Make deposits and withdrawals, simply login to your online casino account and follow the steps in the Cashier. Usually, you’ll just need to input the amount of money you want to deposit and confirm your casino deposit.

For convenience, some casino sites have integrated PayPal as a one-click deposit option through their banking/cashier payment system, too.  In these cases, select PayPal as the deposit method, confirm the pre-filled merchant account details match the casino site, and confirm it – it really does take just one click!

Fees, Limits, and Processing Times

PayPal itself does not charge users direct fees for depositing at online casino sites. The payment method provider charges the casino a small fee, instead. Regarding limits; PayPal can actually be used for really small deposits and withdrawals, although most online casinos have a minimum deposit of $10. This, however, isn’t just for PayPal, and usually applies to all payment methods they offer.

Another factor that makes PayPal such a popular deposit and withdrawal choice is the speed of transactions. Like credit cards, making a casino deposit using PayPal is instant. However, regarding withdrawals, PayPal is also instant – which is very different to credit cards.

Once the funds have been sent from your casino account, they will appear in your PayPal wallet immediately. You can then withdraw money from PayPal back to your bank.

One caveat to be aware of; many online casinos restrict payment methods like PayPal from being able to claim bonuses and features like free spins. If you want to claim free spins, always check the terms and conditions to make sure this casino deposit method can be used.

Skrill

Skrill is an EWallet platform and payment processor that allows users to securely send and receive money online. Formerly known as Moneybookers, Skrill was founded in 2001 and rebranded in 2013 as part of expanding its payment method services beyond online casinos – the industry it’s, by far, best-known for. Skrill allows users to set up a free, multi-currency account to deposit funds, transfer to other users, and pay online merchants.

Aside from credit cards, Skrill is the most popular deposit and withdrawal method at online casinos. Unlike other payment methods we’ll cover today, Skrill is available at almost every online gambling website, and making deposits into your online casino account is incredibly simple.

The online payment provider is widely used, with lots of options available to fund your Skrill account – and if you want to choose the best payment method for making a casino deposit, you’ll be hard-pushed to find a better payment method than Skrill!

How To Deposit Using Skrill

To get started with Skrill casino deposits, you first need a Skrill account funded with a balance. Create a Skrill account if you haven’t already, and then, sign into your Skrill wallet and click “Add Funds” or “Top Up”. Enter the amount you want to deposit, and choose which funding method you want to use.

Skrill allows you to make a deposit using your credit/debit card or bank transfer. However, other payment methods may be available depending on your country. Once you’re logged into your Skrill account, you will be able to view all of the payment methods available and choose the best option for you.

Fees, Limits, and Processing Times

Skrill charges no fees itself for online casino deposits, although currency conversion and withdrawal rates of 1-2% + fixed amount apply. The minimum deposit is usually $10, although casinos also have a say in this. Again, the maximum deposit limit varies, but you can typically expect it to stand at around $2,500.

Now, one of the only areas where Skrill racks up some negative points is when it comes to withdrawals. While it’s an excellent casino deposit method, withdrawals can be a bit of a pain. Note: it’s not the withdrawal from the casino to your Skrill account that’s the problem, but the withdrawal from Skrill to your bank. Skrill charges quite high fees for withdrawals – up to 5% – and this can really start to add up, especially if you’re playing at casino sites regularly, so keep this in mind.

Prepaid Services

A Prepaid service is effectively a “foreign” Credit Card, but because it requires the funds to be “prepaid”, it acts more like a Debit Card which is an advantage to those at risk from borrowing more than they can afford! Amongst the more popular in Europe are ecoPayz and Entropay and the netSpend Card may also provide a good alternative.

The netSpend and Entropay Cards are affiliated to VISA. When you sign up, you are issued a VISA card by Entropay which you can top up from your own bank checking account or via Internet banking. The difference between a Prepaid Card and your bank’s Credit or Debit Card is that Entropay VISA’s have fewer restrictions for online usage in countries where online gambling is illegal or discouraged.

You are in effect acquiring a VISA card from a foreign country where online gambling is legal. So if you live in a country where Credit Card providers disallow online gambling with a Credit Card, like in the US, this could be an ideal solution.

How To Deposit Using Prepaid Services

While not widely considered to be one of the best casino payment methods, prepaid services can be useful for your online payment at casinos. It’s also one of the few payment methods that allows you to make casino deposits using cash, as you can load up the cards at retail stores and highstreet shops.

To deposit, login to the casino, head to the cashier, and select the prepaid service you’d like to use. You will then need to simply enter either the card or voucher number to make a deposit. The funds will then instantly be credited to your casino site balance – although again, you should be aware that some bonuses and promotions and free spins offers are not able to be claimed when depositing with prepaid services.

Fees, Limits, and Processing Times

One major benefit of using prepaid services Is that they don’t generally charge any fees to you, the user. Instead, they charge the casinos and payment processors a small fee, but this isn’t something you generally need to worry about.

However, there is a downside to using prepaid services, and the most notable is the lower limits. Depending on which prepaid service you use, you may find that the maximum deposit ranges from $30 to $100, and to make matters worse, a lot of prepaid services cannot be used to make withdrawals.

If you deposit using one of these widely used payment methods, and want to make a withdrawal, the casino may require you to accept your money via Bank transfers or alternative payment methods.

Cryptocurrency

Cryptocurrencies like Bitcoin, Ethereum, and Litecoin, can now be used for deposit and withdrawal purposes at casinos, and they’re quickly becoming one of the most popular casino payment methods. Unlike other casino payment methods, cryptocurrencies are decentralized, meaning no bank, financial institution, or third-party has control over your funds. This has made crypto an ideal payment method for those who are security-conscious, although unlike other payment methods, there is a learning curve with crypto.

Over 12,000 cryptocurrencies now exist, although it’s undoubtedly Bitcoin that’s the most popular. While crypto isn’t one of the most common payment methods available, many crypto-specific sites now exist, and we’re seeing more players moving to crypto-based payment methods than ever before thanks to its speed, privacy, and low fees.

Getting Started With Crypto

Getting started with crypto may seem like a daunting task, but it actually a lot easier to use this payment method then you may think period firstly, you must choose which crypto you would like to use Dash popular options include Bitcoin, Litecoin, Bitcoin Cash, Ethereum, Tether, Ripple, Dogecoin, and USDT.

You will then need a crypto wallet to store your coins. You can use an online service like Coinbase or Kraken, or, if you’re more technologically advanced, download a crypto wallet onto your computer or mobile phone.

The next step is to purchase your coins, and if you are using a site like Coinbase, you can buy your crypto using credit cards, E Wallets, real money, debit cards, bank transfers, and more. Please note; some payment provider services – banks in the UK, for example – have started blocking casino payments and card payments to crypto exchanges, so keep this in mind.

Once you’ve purchased your coins, you can store them securely in your wallet – but we would recommend setting up 2FA, and, if you’re holding large amounts of crypto, you should store them physically, away from exchanges in most cases.

How To Deposit Using Crypto

Assuming you already have your crypto, it’s actually really easy. While cryptos aren’t as widely used as other popular payment methods, they’re getting there – and casino operators are increasingly adding crypto support to their casino.

Login to your casino account as normal, and head to the cashier. Select an alternative payment method – crypto – and then copy down the address they give you. Make sure you copy this address correctly, as failure to do so could result in your crypto being lost.

Then, head over to your crypto wallet, paste in the wallet address you just copied, and choose how much money you want to send. You will then be asked to confirm the transaction, and within a few minutes, your payment will appear on the Blockchain, and be credited to your casino account!

How To Make Withdrawals

The cashier is the place where you also make withdrawals. With very few exceptions, each online casino has a standard banking system which is provided to them by the provider of the software. Thus you will find similarities between all online casinos on each software platform.

To be fair, there are considerations and regulations relating to money laundering and fraudulent player activity that have to be implemented. Casinos in general have separate account departments that handle payouts, and it’s perhaps no surprise that the majority of online casino account staff does not work during the weekends, although there are exceptions and in a handful of cases, automated “instant cashout” options.

Security check and ID

Regarding security and ID checks, it is quite usual to expect from an online casino to ask you to provide two, sometimes three, pieces of ID including at least one piece of Photo ID and a utility bill. Not all do, and it often depends on the amount that you want to withdrawal. When you become a new customer at an online casino and you have made your first deposit and then want to cashout, the casino will / should check your security details to ensure that everything is above board. The strictness of this process varies from online casino to online casino, but is usually a one-time process. Some casinos do not conduct this security check on small cashouts, but a cashout over a “trigger” amount, often not publicised, will activate the security procedure. Therefore, it is very common for an online casino to ask you for “proof of ID” before they send you your first winning cashout.

Proof of ID usually consists of two or three pieces of documentation which can be posted or scanned / photographed and emailed to the casino upon request. You will invariably be asked for a copy of your Passport, driving license or a similar piece of “photo ID”, along with a copy of a recent utility bill, not older than three months old. In case you are not a householder, some other form of official letter displaying your name and address will do as well. Once on record, you shouldn’t be asked again for proof of ID by that casino.

Obviously it is essential that when you first register your online casino player account, you are truthful about your age, address and circumstances or it could lead to cashouts failing security checks. Also, keep in mind that this security ID check will invariably delay your first payment by a day or three.

The Reverse Withdrawal Feature

Aside from documentation, there is one other key area of cashing out that you should be aware of: The “Reverse Withdrawal” feature. Online casinos like to refer to this as a  “feature”, but in reality it’s more of a cynical tactic implemented by some of the casino software providers to give the players the option to withdraw their decision to cashout.

How Reverse Withdrawal works, is that when you cash out, your money sits in a “pending” state before the online casino’s Accounts Department processes it back to you. During this time, which varies from casino to casino, you can log into your online casino player account and “reverse” the money back into your account to continue to play with. For the type of “easy to entice players”, those with time to spare or don’t want to wait for the cashouts, this is of course very tempting.

Some of the Microgaming casinos however, while having the Reverse “feature”, will reduce it to zero hours for you if you ask. Some will also manually “flush” the money out of this pending pool and into the processing queue, following a request after each session by you. But many won’t. With RTG and Playtech software casinos, the casino is unable to reduce the setting in the software, however they are able to take manual control and do the “flush”. It’s just a question of whether they want to! It’s better to shop around if this is a feature that you don’t care for. You don’t have to worry about this at Cryptologic based casinos as the cashout process is instant.

As a generalisation, the “default” reverse times are set as follows: Microgaming casinos have reverse periods between 12 and 48 hours (most are 12 or 24), RTG casinos between 12 and 36 hours (iNetBet usually quicker) and Playtech 96 hours (some process quicker manually).

How To Main Index: