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Online Casino Payment Methods: Everything You Need to KnowPublished June 14, 2015 by Amir G
What are the mechanics of online casino deposits and withdrawals, and which payment methods are regarded as the best?
When choosing an online casino to sign-up with, checking and understanding its banking methods is of the highest priority. How detailed the specific online casino is about its payment policies is an indication of its qualities, but even at those that do it correctly, players can be left with questions.
This is exactly what this guide is for. We take a deeper look into depositing and withdrawing in online casinos, and mention some of the best online casino payment methods – those mentioned here are optimal good for deposits and withdrawals.
Deposits and Withdrawals
At the core of the online casino banking experience, players are required to do two actions: deposit and withdraw. Deposits are the first step in which players fund their account to be able to start playing in the casino and place real-money wagers. It is common for deposits to be linked to bonuses offered by online casinos, things like welcome bonuses, cashbacks or just standard bonuses that are offered for different sums.
Withdrawals are the opposite of depositing, an action taken when players decide that they want to cash out. One rule of thumb is that withdrawals generally take more time than deposits, because online casino cashiers have all kinds of actions to process before releasing players' wins. The withdrawal times are also linked to the method – withdrawing with credit cards will almost always be faster than withdrawing with e-wallets, however this can vary from casino to casino.
Credit Cards – Tradition and Simplicity
Generally, online casino players prefer to deposit and withdraw with payment methods out of the categories of credit cards and e-wallets. Credit and debit cards the likes of MasterCard, Visa and Maestro are many times picked by players because of tradition and simplicity – they are familiar with the method's workings and don't have to sign-up anywhere.
Fees also usually tend to be lower for credit card payments, and withdrawals are usually faster. Recent figures from popular casinos Crazy Vegas and Golden Riviera Casino have shown that players in countries like Germany, Australia and Canada like to use these the most.
E-wallets – Privacy
The usage of e-wallets has become a standard in online casinos, rated second after credit cards. E-wallets are held in high regard due to their the privacy factor because they serve as an intermediary between the online casino and the player's bank – during the transaction, none of the player's banking information is shared with the online casino.
Skrill and Neteller are considered among the most popular e-wallets, leading the statistics in major online casinos like bet365 Casino, Winner Casino and Casino Cruise. PayPal has also made its way into online casino payment methods, and many new players prefer to use it when they begin because they are already signed-up with the service and accustomed to it. Click2Pay and Sofort also make it to the "best": Click2Pay is especially favored for its benefits system, and Sofort is highly popular with German players.
Read the Fine Print
One thing that's imperative with online casino banking is to read the fine print. We at OCR try to filter out the best online casinos in many aspects, banking included, but it is a must to be familiar with the casino's policies. Players should be aware of withdrawal limits and verification measures taken by online casinos when withdrawing their funds.