Online Banking

Online Banking

Before playing for real money, you should consider the options available for managing your account. We survey the four payment methods and teach you how they work. All that you are left with is picking the method most convenient for you.

It is important to know about the different payment methods available to online gamblers because:

  • you can choose the one best suited to you
  • some online casinos accept only certain payment method types
  • some payment methods are available only for residents of certain countries or cities
  • some casinos offer bonuses and deals upon using various payment methods.

There are 4 payment method categories:

  • Credit card - most of the fears associated with using a credit card online is because of the requirement to provide personal details. However, credit card use on the Internet is safe when a privacy policy is provided, and all reputable casinos will do so. A privacy policy acts as a legal agreement between the site and user (you) not to use your details for any other purposes, and lists the steps taken to ensure your information remains private. Despite these doubts, there are literally thousands of people using their credit cards for online payments, as it is quick and easily accessible.
  • Electronic wallet ("e-wallet") concept - an online funds transaction service. By registering at such a service (e.g.: Neteller), you may deposit money into an online account designed specifically for gambling purposes, by means of credit card, ATM card, or an online banking account from your bank. Once funds are deposited, they can be withdrawn and/or transferred to any merchant website that supports the service. The system is very fast, trustworthy, and secure.
  • Direct transfer from your bank account to the website - if you worry about providing personal details, then this is your best alternative. Transferring money directly into an online casino account doesn't let the casino see your bank details, yet still allows you to make transactions as you please. The time taken to transfer funds will depend on your bank and their response time, yet this system is completely secure. Echeck is a good example of such a system.
  • Manual direct transfers - this is similar to method #3, only that transfers to your online casino account are made manually via your regular banking account. Once the deposit is confirmed by the bank, they automatically transfer the money into your online casino account. Again, the time taken for this process to complete itself depends upon your bank's response time.

It is important to note that due to gambling laws and regulations in the US and other countries, some credit card companies and banks have been blocked from providing money transfers and payments to online casinos and gambling websites. Check your local and national laws to make sure you are choosing a government approved payment option and not wasting your time.

Once done with this stage, you can move on to the next lesson where you will learn some basic rules for managing your budget.

See also

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