December 11, 2013
Playing in an online casino is easy if you know how you can top up your account and cash out your winnings. Know which payment options are available here.
Choose the Best Banking Option for Your Bitcoin Casino Transactions
You might think that your gaming experience is all about choosing the best Bitcoin casinos and playing the most popular casino games. But in reality, the payment methods also play a factor in your enjoyment in an online casino.
Think about it—you can use all the free credits while playing your favorite casino games. But even if you win, you cannot cash out your winnings. To do that, you must deposit real money into your account. And to top up your account, you must do so in a safe and secure environment, with your chosen payment method.
6 Common Payment Methods in Online Casinos
Thanks to the internet, there are now many ways in which you can deposit and withdraw your casino funds. But with so many options, which method will you choose? Read on to know the most popular casino payment methods as well as their pros and cons.
Cryptocurrencies are quickly becoming a popular banking method in many online casinos. This is because transactions are instant, usually within minutes. Right now, the most common cryptocurrency in online casinos is Bitcoin, but altcoins like Ethereum and Bitcoin Cash are also accepted currencies in other casinos.
Besides speedy transactions, another advantage of using crypto is you do not need to provide your personal information when getting a crypto wallet. Once you receive your wallet, you will transact only with your wallet address, and that is it. The downside to crypto payments, though, is that you cannot reverse your transactions. So make sure to double check your given amounts before sending out your payment or withdrawal request.
Credit and Debit Cards
Credit and debit cards are still the most common banking method online, and this extends to online casinos. As a result, it is easy to pay using cards because they are accepted almost everywhere.
Another advantage of using cards is that transactions are almost instant. If you have funds in your bank account, your payment via debit card will clear easily. And if you have not yet reached your credit limit, your deposit via credit card should go through with no problems.
Of course, there are disadvantages to using cards. For one, not all banks will accept casino withdrawals via card, which means you have to choose another payment method. And another, some cards charge transaction fees whenever you make a deposit.
E-wallets basically function as prepaid cards in which you transfer money into your account, which you can then use to buy items and to receive funds. They are said to be more secure than credit and debit cards because you do not have to provide information like your full name and your card number. While the e-wallet will ask for this information, you will not fill in these details whenever you make a payment. You simply have to provide your log-in details, and then your payment will go through.
On the other hand, using e-wallets have their own downsides. One such drawback is that some e-wallets charge transaction fees. Plus, payment processing takes 24 hours, which is not as quick as payments via crypto wallets as well as credit and debit cards.
Meanwhile, mobile payments are especially helpful if you prefer playing casino games on your mobile device instead of on your desktop computer. Sometimes you can pay via your phone account, while other times you have to download an application. The processing times, though, depend on the channel. Your phone company might have to do some verification procedures before it clears your deposit.
Bank Wire Transfers
If you are still cautious about paying online, you can still make a deposit into your casino account via offline methods. One such way is the bank wire transfer, in which you issue a payment through your local bank or through a cash office. But if you choose this payment method, take note of the fees you have to pay, which may be expensive depending on where the casino’s office is. Plus, bank wire transfers usually take three to five days to clear.
Another offline payment channel you could use, use checks if you would rather not take out cold, hard cash from your bank account. Just make sure that you have enough funds in your account before you issue a check. And double-check the information you write in your check before you send it out. Then, expect longer waiting periods for the check to clear, which could take up to a week, depending on how long the courier delivers it.
When choosing an online casino, make sure to factor in the number of payment methods it offers. While you might be used to paying via credit or debit card, it would be nice to have backup banking options.
5 Things to Remember Before Transacting in an Online Casino
So now you know how you want to top up and to cash out your casino funds. The next step is choosing where to play. While bonuses and games play a big factor in deciding where to stake your finds, bear in mind the following before you make a transaction:
1 | Check Your Casino’s Security Methods
The last thing you want to happen is for your info or—worse—your funds to get stolen by third parties. So before you top up your account, check your casino’s security methods. Does it have SSL encryption? Does it have anti-fraud measures? These terms may be technical, but knowing they are present in your online casino helps you load your player account with peace of mind.
2 | Follow the Casino’s KYC Procedures
Most casinos require you to submit documents like a government-issued ID, a copy of your credit or debit card, and a credit card authorization form, among others. Once you submit these papers, that is when you can start cashing out. While this is a troublesome process, it protects you and the casino. The casino can ensure that it is actually giving the funds to the right person. At the same time, you can be sure that you will receive your hard-earned winnings.
3 | Look for Alternative Cash-Out Methods
While you already know which payment method to use, it is better to have an alternative option. Some banks will allow you to use, say, Visa to make a deposit, but it will not let you use the same card to cash out. In this case, find a backup channel that you can use to make a withdrawal.
4 | Clear the Wagering Requirements Before Withdrawing
Did you claim a bonus? Make sure to read the deal to know how you can cash out your money later on. This is because most bonuses will ask you to bet on your deposit and/or bonus money for a certain amount.
And if it is your first time topping up your account, make sure to play as much as you can before withdrawing. This is because most casinos will charge you a fee if you did not play through your deposit amount. Alternatively, they may not allow you to cash out at all.
5 | Take Note of the Withdrawal Limits
Sadly, even if you won a huge jackpot prize, you cannot withdraw it all. For security purposes, casinos will require you to cash out a certain amount for the day, the week, or the month. And while some online casinos will make an exception, processing will take longer than usual. So it is better to withdraw your money in installments than cash them out all at once.
When it comes to banking, you will encounter two problems in an online casino—one is topping up your account and another is trying to cash out. You can solve these problems by finding a casino payment option suited to your needs. So pick the best payment channel to make a deposit and start playing online.