One of most crucial aspects of playing at online casinos, especially if you are playing for real money, is banking.
How you get your money into and out of your online casino account, the different banking channels the online casino offers, local versus foreign currency, wait times and security are all things that can affect your playing pleasure and your wallet if not done correctly.
The Guru is here to give you all the options and advice you need to make your real money online casino experience safe and fun.
How do I transfer funds into or out of my online casino account?
When you register with an online casino you will be directed to open an online casino account. This account will allow you to deposit funds that you can use for gambling, withdraw funds from winnings, and keep track of your funds in the account.
You will need to add personal details and then choose your preferred banking method.
What are the preferred banking methods?
Preferred banking methods are all the options you have that allow you to deposit and withdraw money securely. In our modern digital age, there are hundreds of different ways that we can transact online. From direct deposits to credit cards to prepaid cards to cryptocurrency, it seems like there is a new payment method every other day. And this is where we need to be wary. While there are a lot of trusted and secure payment methods on the market, the incidences of fraud related to online activity are increasing at a worrying rate.
To be sure you are transacting in safety, the Guru recommends using these trusted and secure banking methods:
Debit cards from Mastercard and Visa are internationally trusted and secured with state-of-the-art encryption technology. This makes depositing from your debit card into your online casino account easy and secure. Keep in mind that, when you use your debit card, you are transferring money directly from your bank account with no credit buffer. It is essential that you have a fixed and strictly followed budget before you begin playing so you do not use funds that are important for other things in your life like rent or food.
Deposits from your debit card are usually immediate so you do not have to wait while your funds clear.
Like debit cards, credit cards issued by Mastercard and Visa are internationally accepted and PIN- and password-secured. The credit facility on your credit card makes this banking method better than a debit card in that you have a buffer between your playing funds and your actual-in-the-bank-account money.
Deposits from a credit card are normally reflected in your online casino account immediately.
Direct deposits or Electronic Funds Transfers are bank to bank payments and are widely accepted at online casinos. They are transfers between bank accounts and are very secure. However, there is normally a 2 – 3 working day delay while the different banks reconcile the transactions and check that everything is legitimate. If you are looking to deposit funds and play immediately, this banking method is not for you. However, if you are making a monthly deposit, for example, that you then use to play over an extended period of time, then EFTs are a very good choice.
Prepaid cards are cards with preloaded cash on them. Think of them as gift cards that you can reload if and when you need to. Prepaid cards are accepted at online casinos but you need to check which ones they are happy to use.
There are many pros and cons to prepaid cards. For the Guru, the biggest pro is that you cannot spend more than you have loaded onto the card so it’s really easy to budget. A con is that you have, mostly, a set value on the cards so you may need to buy multiple cards to get the total you want. Another pro is that your personal banking details are never needed when you use a prepaid card as the funds come off the card not through your bank account. While another con is that some prepaid cards are one use only so you have to go out and buy a new one each time you want to load your online casino account.
There are many prepaid cards available on the market. Two of the most popular for online casinos are EntroPay and PaySafeCard.
Digital wallets are growing in popularity and mainstream institutions like Mastercard are beginning to offer their own versions of digital wallets.
Digital wallets allow you to transfer funds from your bank account into a virtual electronic payment system that you can use online for any digital payments. You will need to register with the digital wallet issuer for security and legal purposes but when you transfer money from the digital wallet into your online casino account, your personal banking details are completely confidential.
Skrill, ecoPayz and Neteller are the most popular digital wallet banking methods for online casinos and players.
Bitcoin, Ethereum and Litecoin are becoming very popular payment methods in the online casino community. In fact, there are a growing number of cryptocurrency casinos emerging. The drawback of using cryptocurrency is the value of your investment. Crypto is a very fluctuating currency and its value can rise or fall dramatically in the course of hours.
Not all online casinos accept cryptocurrency as a banking method, so you will need to check before you can start transacting.
Do banking methods affect withdrawal times?
Yes. There are different wait times between the different banking methods. Credit, debit and digital wallets can be instantaneous. Cryptocurrencies can take a few hours. EFTs can take a few days. This is largely due to the banks and banking systems themselves, but the terms and conditions of the online casino can also play a role in delating withdrawals while the verify your details to make absolutely sure they are paying the right amount to the right person via the right method.
The Guru offers this advice:
- ALWAYS verify that your online casino is licensed and registered.
- Choose the banking method that offers you the best peace of mind and the
- best security for your needs.
- Find online casinos that let you play in South African Rands so you do not get hit with exorbitant foreign exchange fees or lose value through changing foreign exchange rates.
- Set a budget and stick to it.
- ALWAYS follow the strictest security protocols when transacting online.
- Be responsible and have FUN.