What kind of banking options do you get from online casinos? Is it safe or can they steal your money? What other types of accounts do they offer?
Online gambling has become very common these days. Some experts estimate that over 2% of Americans gamble regularly at least once per month. And since online gambling sites tend to attract high rollers, casinos usually offer a variety of payment options such as credit cards, debit cards, prepaid cards, e-wallets, and bank transfers. Some also offer wire transfer services.
It’s important to read through each of these banking features before signing up for anything. If you don’t ask the right questions, you might end up paying too much or using the wrong account type.
Popular Banking Options at Online Casinos
1. Bank Transfers
Bank transfers are probably one of the most popular ways people pay when playing online casino games. Some online casinos even have special deposit bonuses if you choose this option. The reason why people like this method so much is because it’s fast and easy. All you need to do is to go to your bank and give them instructions on how to send payments. In short, all you need to know about this type of payment is that there will be no fees attached to it. You just need to find out which bank supports it first.
2. Credit Cards
If you decide to use a credit card, make sure you understand what it entails. For example, many banks charge additional fees for transactions made with credit cards. In addition, the interest rate applied depends on several factors including the length of time between charges. Check with your bank first and ask about this in detail. They should be able to tell you whether it’s worth using this form of payment or not. This is especially true if you want to avoid extra fees.
3. Debit Card
A debit card works by taking money directly from your checking or savings account. This means you don’t have to worry about any fees and rates associated with it. As long as your bank allows it, this is a great way to fund your account while you play online casino games. However, since it only goes into your account after the transaction is processed, withdrawals take longer than when using a credit card but there’s no fee involved.
4. Prepaid Card
A prepaid card is similar to a debit card. It takes money directly from your balance. Unlike a regular debit card where you can withdraw funds quickly, prepaid cards often require more waiting periods before withdrawing. But this doesn’t mean you’ll end up losing your money if you’re not careful. There’s an added benefit of having an unlimited withdrawal limit. Just remember that prepaid cards aren’t available everywhere. So check with your local bank first if you want to try this option.
5. E-wallet
An e-wallet is a virtual account that exists entirely on the internet. Instead of storing cash in your wallet or purse, you simply store your money online. These accounts are created by third-party companies and they come with their advantages and disadvantages. One advantage is that they allow users to make instant withdrawals without going through any verification process. Another advantage is that deposits can be done directly into your account instead of sending money via other methods. However, the downside is that they don’t offer the same level of security as physical wallets. Therefore, you must ensure that you keep your login details safe and secure.
6. Wire Transfer
Wire transfer requires both sender and receiver to complete the transaction. This means you can’t initiate the transfer until you receive approval. That said, unlike e-wallets, a wire transfer is the safest option if your goal is to protect your personal information. Since you can verify who owns the account, you won’t risk losing access to your funds. You also get the best exchange rate compared to other options. If you live somewhere where banking institutions are scarce, then this might be the ideal choice for you.
7. PayPal
PayPal is another popular option among those who love online gaming. Like Wire Transfer, you can initiate a transfer immediately. On top of that, PayPal offers a variety of payment methods like Cash, Cheque, and Western Union. Withdrawals work instantly and it usually costs less than wire transfer. PayPal can be used anywhere around the world. However, it’s important to note that some countries don’t accept PayPal.
Conclusion
We hope that you found this list helpful! We’ve listed everything you need to know about different forms of funding. Before you decide which one suits you best, consider all the pros and cons. Then, weigh them against each other. To find what fits best, we recommend trying out a few to see how they work. And finally, make sure to do your research regarding your bank’s policies before you deposit. Online casinos sometimes use these restrictions (e.g. minimum age) to prevent underage gambling.
