How to pick the best casino payment method
Besides looking for the best online casino in terms of reliability, trustworthiness and security, gamblers need to consider various payment methods as a top priority. Many newbies to the online gambling world don’t tend to give banking options a second thought and this is when problems start to arise.
Being able to make deposits and withdrawals most swiftly and securely is as important as playing casino games and finding the right online casino. The thing is if it takes a few days for a deposit via a specific payment method to go through, it also means that you cannot start playing online casino games potentially for a few days. And after having played for a little while and made a few wins, you would want to make cash withdrawal without any delay.
Online casinos accept numerous payment methods, but they also come with their own set of rules which are lined out in the terms and conditions. Most players opt not to read the rather lengthy terms and conditions and just tick the box. This usually opens up a plethora of problems.
Failing to comply with the terms and conditions will make it difficult for you to make a withdrawal. It is for this very reason that today, we want to highlight some common terms and conditions you might encounter when signing up for a new casino.
Are banking options at online casinos safe?
We wanted to emphasize this as much as possible. All the payment methods listed on here are the safest and most reliable methods around. Most importantly, all these payment providers make sure that your financial, as well as personal information is kept protected.
For example, credit card companies such as Visa and MasterCard use insurance and fraud protection while e-wallets such as PaySafecard use a 16-digit security keychain. All of the payment methods discussed today will ensure the protection of your personal information and thus work hard towards reducing the risk of fraud as well as theft.
Of course, it would be pointless to opt for a secure and reliable payment method if you are signing up for an account at a rather questionable online casino. Make sure to set some time to research the casinos you are signing up to.
Ensuring that the online casino you are signing up to is licensed and regulated by a reputable body as well as making sure that there are security protocols in place is one way to keep your personal as well as your payment information secure from prying eyes.
One of the reasons we recommend you check that a regulatory body regulates the casino is that they would have systems in place for the transfer of funds. Additionally, there is a requirement that the casino must keep customers’ information and other details safe and protected.
Choosing a reputable online casino, that is licensed and regulated, would by far be the wisest option if you don’t want any rogues taking advantage of your finances and personal information.
Which are most popular payment methods at casinos?
When it comes to making deposits and withdrawals at an online casino, there are many options available. There are debit and credit cards, bank transfers, e-wallets, prepaid cards, and instant payment services. Some casinos also accept Pay by Phone.
We have all heard of the above payment methods but what are the best options to make deposits and withdrawals as fast and seamless as possible.
DEBIT AND CREDIT CARDS
Potentially the most used out of all payment options, Visa, MasterCard and Maestro are some of the most preferred methods. When it comes to debit cards, funds in your account are used to facilitate payments, making instant transfers with no additional fees.
Credit cards, on the other hand, work differently. Since they are not attached to any bank accounts, the bank ultimately is offering you a load that you pay back with charged interest. When you use the services of a credit card, transfers are still instant, but of course, in the long run, you are using the money you don’t actually own and with added interest.
If you can keep up with the payments, using a credit card is still a decent payment method. However, if you go months without paying your debts and adding to them, this can, in the long run, lead to financial ruin. There might be extra fees added when you use a credit card to deposit at an online casino.
E-wallets are relatively a new payment method. It combines the concept of instant payment together with prepaid cards. They might be a tad confusing to some people who have never used them before.
To make a payment using an e-wallet, you have to provide your account details, log in to make a payment and you’re ready to go. You can also transfer funds to your account before using it so you can have readily available funds.
Popular e-wallets include Skrill, Neteller, PayPal and EcoPayz. This payment method is considered to be one of the safest and most secure payment solutions around, and many online casinos choose to work with them.
There are also dispute resolution services and protection policies in place to provide you with added security. There are also fees associated with specific e-wallets, but this could vary from one casino to another and one payment method to another.
Probably one of the oldest payment methods around, but bank transfers offer a simple way of funding your account as well as requesting withdrawals. It costs you nothing at all, but funds are still directly transferred from your bank account to your casino account.
Over the years, bank transfers have lost some popularity with the introduction of faster turnaround payment methods. There is also another reason for its sudden decline in popularity. Making a bank transfer means that you have to provide your bank account details and many are not comfortable with supplying this information.
Requesting a withdrawal at an online casino
When it comes to making withdrawals, once again, we recommend that you read the terms and conditions. On many occasions, players have been asked to verify their identity which is a tad inconvenient for many.
Once you have signed up for an account and made a deposit, many think that is proof enough of who they are.
However, online casinos have to comply with licensing requirements, and you would also feel safe in the knowledge that your money is being handled by the right people, not rogues. If you are asked for documentation as proof, it’s best to comply. You will probably be asked for this information once. You won’t need to supply proof for every subsequent withdrawal request.
Whatever method you choose for your withdrawal needs, be aware of any transactions fees and time that so you can avoid any disappointment in the future.