Payment Options For Online Casinos
When you are playing online, one of the most important factors when choosing a casino are the payment options that the casino provides, both for withdrawals and deposits. While bank transfers are 100% reliable, most online casinos deal with offshore, international bank accounts, meaning your winnings could take up to five days to reach your account. If you prefer faster payments, you could consider using various e-wallets, as well as a few other forms of payment. On this page, we will discuss the most common forms of payments and what their advantages are.
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Bank Transfer
Bank transfer is one of the oldest, yet still the most common form of financial transaction. Basically, you instruct your bank to transfer money from your account to another account. For deposits to casinos, this method exists, however, it is not very popular, as it can take a while before the money is on your account. You should pay attention to what fees your bank charges for deposits, as some banks are free, whereas some banks charge considerable fixed fees or even percentages.
Advantage: fees are generally low or non-existent
Disadvantage: withdrawals can be very slow, depending on your bank
Credit Cards and Debit Cards
Credit cards and Debit Cards in general are very common methods of payment and can be some of the easiest to use.
1. Visa
Visa is one of the biggest payment methods in the world. Depositing on an online casino with Visa is very easy. Simply select the option deposit with credit card or visa once you have logged in your casino account. Select the amount of money you wish to deposit, fill in your details, credit card number and CVV, and your transaction will be immediate, allowing you to play immediately.
2. Mastercard
Mastercard is Visa’s biggest rival, and the way it is used is very similar to Visa. Just log in your account, select the Mastercard payment option, fill in your details and you can start right away.
3. American Express
American Express, or Amex is slightly less common than the two others we just mentioned, so make sure you check if a casino has this option in our reviews.
Paying by credit card is fast and easy, though there might be fees charged by the credit card company, or interests that need to be paid for using credit and not returning it fast enough.
Advantage: fast and immediate deposit
Disadvantage: withdrawals can be slow, be careful of fees, interests and credit card limits
E-wallets
E-wallets are very handy ways to pay. By opening an E-wallet, you can transfer money to and from your E-wallet in a second, allowing you access your money immediately.
1. Paypal
Paypal is the most well-known e-wallet in the world. This company is widely used all over Europe and North America, primarily for online shopping, but also for fast and easy transfer of money all over the world. The company was purchased by eBay in 2002, leading to its high acceptance and reception.
Buying using Paypal is free, however receiving money through Paypal costs 3.4% + 20p for UK customers. That means that you will lose some of your winnings if you withdraw to Paypal.
Even though Paypal is the most common e-wallet, most casinos do not have Paypal as a payment option, preferring to use Skrill or Neteller.
2. Skrill
Skrill is one of the most common methods of payment for casino players. The advantage is that most casinos do accept Skrill. However, there is a 1.9% transaction fee, and a credit card fee of 2.9% to put money on the account.
3. Neteller
Neteller is similar to Skrill in many ways, it too is accepted by most casinos, and the fee structure is very similar. They charge 1.5% for bank deposit and a credit card fee of 1.5% – 4.75%.
4. Ecopayz
Another common e-wallet is Ecopayz. More and more casinos now have this payment option too. Deposits with bank costs 0 – 7%, with credit card 1.69 – 2.9%, and withdrawals cost between £1 and £8.
Using e-wallets is becoming more and more widespread and we expect these fees to go down in the future due to the competition.
Advantage: lightning fast withdrawals and deposits, easy to move money around
Disadvantage: relatively high fees on most e-wallets
Mobile banking options
Several mobile payment options have arisen that can be used to fund your casino bankroll, these include:
1. Zimpler
Zimpler started out in Sweden and is now available in the UK as well. You can use your phone number to simply pay to another phone number. The money will be charged to your credit card or on your phone bill.
2. Boku
Boku is another payment app that allows you to pay directly from your smartphone to any phone number. Here too, you can choose between payment through your phone bill or credit card.
3. Payforit
A few online casinos also offer Payforit. This app allows you to pay easily using your phone bill and is worth a try you have no other payment options.
Advantage: fast and easy deposits using your phone, low fees
Disadvantage: no withdrawals using the system
Cryptocurrencies
Crypto is one of the most highly touted technologies of the decade, and it promises to be one of the most profitable investments around. These currencies promise a way to pay 100% anonymously, using blockchain technology to ensure safety of payments in exchange for delivery of goods or services.
Bitcoin
Bitcoin was the first major cryptocurrency to make a name for itself, and the technology quickly took off leading to plenty of other cryptocurrencies that were a hype the last few years.
Ethereum
Ethereum is another cryptocurrency and the main rival of Bitcoin. Ever since its launch, its value has steadily increased, and this trend has not stopped.
How to gamble using Bitcoin or Ethereum
One of the main advantages of using Bitcoin, Ethereum, or any other cryptocurrency is the anonymity. Even though most casinos would love to allow Bitcoin or Ethereum gambling on their site, most gambling commissions are not to happy about the idea of people gambling anonymously. They want to know the identity of the gamblers, for safety, addiction prevention, and anti-money laundering reasons. Though there are Bitcoin casinos around, most are not regulated by the UK Gambling Commission, or the Malta Gaming Authority. However, there is a way to gamble online on all casinos, using bitcoin.
Using Neteller to gamble with Bitcoin
Neteller allows you to deposit with Bitcoin, using the currency of your choice. You can then use the money to play on virtually any online casino. The money you win, you can withdraw to Neteller again, and use it to buy new bitcoins, deposit on your account, or make online purchases.
Advantage: fast, easy and anonymous
Disadvantage: hard to find good casinos that use Bitcoin or Ethereum, though you can use Neteller or other e-wallets to convert your cryptocurrencies
Other payment methods
Of course, many casinos offer other payment methods as well, however we have discussed the most common ones for UK players. If you want to know more about which payment methods a casino offers, simply read our review of that casino.
Paysafecard and My Paysafecard
Another popular way to pay is using Paysafecard or My Paysafecard. A Paysafe card is a card that you buy that has a fixed amount, usually £100 on it and has a credit card number. You can use this number to make online purchases and to deposit on online casinos. These can be bought with cash in many stores.
My Paysafecard is very similar, except that it is a prepaid credit card that you can use more than once but putting more money on it.
Advantage: easy way to play with cash online
Disadvantage: high fees on some casinos, and no withdrawals possible to Paysafecard, usually limited to £100
Trustly
Trustly in another increasingly popular payment method. It uses your personal bank data to ensure fast and easy payments. This system is new, however, and is not available in all countries.
Advantage: fast payments, low fees, no credit card needed
Disadvantage: no withdrawals to Trustly
Withdrawal methods versus deposit methods
Another thing you should take into consideration is that most casinos have less withdrawal methods than deposit methods. In a way, this makes sense, if you deposit via credit card, you can withdraw by getting a bank transfer to the account linked to your credit card. Casinos also have limitations on the means of withdrawal. In an effort to combat fraud and money laundering, casinos generally have a rule that you must withdraw using the same means as deposit. For example, if you deposit via Neteller, you cannot withdraw the same money to Skrill.
There is one general exception however, most casinos will allow all withdrawals to bank accounts, even if the deposits came from another source.
We at NewcasinoUK hope you will be able to find a casino with the right payment method for you, so read our reviews to see if your favoured payment method is available and good luck!
