A complete guide to banking options at online casinos

With a world that’s constantly in motion playing casino online has never been more convenient than what it is today. Not only do we have thousands of gambling sites to choose from, but we also have a wide variety of ways to make our casino payments.

Some banking options are of course more commonly supported by casinos than others and some sites also provide a much better gambling experience than others. However, no matter what payment method we prefer using we can be sure to find plenty of high quality casinos offering it.

In the following guide we will make you well aware of this as not only have we listed and explained the majority of payment options offered by casinos. We have also created subpages for most of these methods and listed some of the best gambling sites supporting them.

Provided in the guide is also answers to a heap of frequently asked questions about banking options and casino payments.

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What type of online casino payment methods can I find?

As mentioned in the introduction, banking options will vary from one gambling site to another, but all in all you’re able to find the following ones:

  • Debit cards
  • Credit cards
  • e-Wallets
  • Bank transfers
  • Mobile payments
  • Cash vouchers
  • Cryptocurrencies

Red the full fledged casino payment guides below

PayPal casino Skrill casino Visa card casino
Neteller casino Debit card casino Credit card casino
Mastercard casino Paysafe casino American Express casino
Payforit casino Wire transfer casino ecoPayz casino
  Bitcoin casino  

 

Debit cards as a payment options at casinos

Ups and downsides of credit cards

+ Quite convenient method
+ Accepted by almost every casino
+ Welcome bonuses can always be used
– Long withdrawal times
– Sensitive details must be shared
– Could potentially cause a lot of debt

Common types of credit cards

– Visa card
– Mastercard
– American Express (read about American Express casinos)

In common day speech there are many of us who incorrectly use the term credit card when we’re actually referring to a debit card. This is most likely due to the fact that a debit card can sometimes be a credit card as well and vice versa. That’s why you find Visa and Mastercard being listed as examples here too. It is, however, important to know the differences between the two card types.

While a debit card is always linked to a bank account that it takes funds from when used, a credit card is linked to a financial institution that money is being borrowed from. Based on the owner’s economic situation, he or she has been given a certain limit on the card, which is a certain amount of money that can be borrowed over a given time.

As a payment option at online casinos the pros and cons of credit cards are very similar to debit cards. The only difference is the possible danger that borrowing money to play casino comes with. Even though most of us have no problem controlling our gambling, there are unfortunately some that have a hard time playing responsibly

 

Debit card casino

e-Wallets as a way to make casino payments

 

Ups and downsides of e-Wallets

+ High level of security
+ Incredibly fast withdrawals
+ Accepted by almost every casino
– You are likely to experience fees
– Welcome bonuses can’t always be used

Common types of e-Wallets

– Skrill (read about Skrill casinos)
– Neteller
(read about Neteller casinos)
– PayPal
(read about PayPal casinos)
– ecoPayz
(read about ecoPayz casinos)

 

If you haven’t heard about e-Wallets before, these can be described as an alternative bank account as they have many similarities with each other. You can store money on them, instantly transfer cash to users of the same e-Wallet brand and make online purchases with them. Not to mention the possibility of ordering a Mastercard that will be linked to the e-Wallet account. This card is known as a prepaid one, but is used in the same way as a debit card and accepted almost everywhere.

As a banking option at casinos e-Wallets have become very popular. They provide a high level of security as they allow you to deposit without sharing any sensitive details. All you have to do to fund your gambling account is to log in to your e-Wallet through the casino’s cashier. It’s not as bulletproof of a method as some other payment options offered by casinos, but it’s more secure than credit and debit cards.

A part from the fact that almost every gambling site offer casino payments to be made with e-Wallets, another highlight is that withdrawals with them have no transaction times. As soon as a cash out has been processed by the gambling site the withdrawn money will instantly show up on the e-Wallet.

There are downsides with them too though and fees are one of these. The casinos themselves will rarely charge you anything for using e-Wallets as a banking option. However, when depositing to or withdrawing from the actual e-Wallet you will always encounter some fees.

Another downside, which is mainly the case for Skrill and Neteller, is that some casinos don’t allow e-Wallet users to take part of their welcome offers. The bonuses simply won’t activate if the deposit is made from these. It’s a route that some gambling sites have chosen to take to efficiently protect themselves from players abusing bonuses.

Bank transfers as a payment option at casinos

Ups and downsides of bank transfers

+ Highest level of security
+ Accepted by almost every casino
+ Withdrawals can be incredibly fast
+ Welcome bonuses can always be used
– Withdrawal and deposit times can be long

Common types of bank transfers

– Wire transfers (read about Wire transfer casinos)
– Instant banking

 

Just like debit cards, making a bank transfer is a payment option that most of us are very familiar with. It’s simply the act of transferring money from a bank account. There are, however, two different ways that this can be done – by wire transfer or by using an instant banking service.

Wire transfer is the traditional way. This means logging in to your internet bank or visiting a local bank office to transfer money by entering the receiver’s bank account details. As a payment method at online casinos this is rarely being used as depositing funds can take several days. Withdrawals are also just as slow.
A much more modern and popular way of making a bank transfer is using an instant banking service. With the help of a third party company this allows you to instantly deposit and withdraw funds from a gambling site. Simply by logging in to your internet bank through the casino’s cashier.

Both alternatives are accepted by the vast majority of gambling sites and provide the highest possible level of security as you never have to share any sensitive details. The transaction is always being made through your bank account and if you’re not visiting a local bank office this is securely logged into with the help of a bank card reader or a mobile bank ID.

Cash vouchers as a banking option

Ups and downsides of cash vouchers

+ Very high level of security
+ Great if you have cash lying around
– Can only deposit £100 at a time
– Not the most convenient method
– Can’t withdraw back to them

Common types of cash vouchers

– Paysafe (read about Paysafe casinos)

With the help of cash vouchers, money that you have lying around at home can quickly be turned into a gambling balance. The most common brand of a cash voucher supported by online casinos is known as Paysafe. This is a global company that has numerous local retailers selling so called Paysafecards all over the world. You are likely to find them in many of the stores around the area where you live.

These Paysafecards are cash vouchers that come in many different values. You buy them for real money and then use a 16 digit code provided on them to deposit at your preferred gambling site. This code is of course holding a balance that is equal to what you bought the card for. You can either deposit the entire balance at once or a portion of it and save the rest for another time. 

As a banking option at casinos Paysafe is not only great if you have a lot of cash lying around, but it’s also a very secure payment method. The reason for this is that a single card can’t hold more than £100. So even if you don’t use the entire balance at once and a rare event occurs where someone gets a hold of your code, you can’t lose that much money.

This limit is, however, also a downside with the method – at least so for high rollers. Depositing £1000 would mean entering a 16 digit code ten times which is not very convenient. Another drawback with cash vouchers is that casino’s payment processing of them is a one way street. You can deposit with them, but to withdraw your winnings you have to use another method. Sometimes you’re forced making a bank transfer.  

Mobile payment options at casinos

Ups and downsides of mobile payment options

+ Highest level of security
+ Convenient for smartphone gambling
+ Welcome bonuses can always be used
– Deposit limits can be low
– Can’t withdraw back to them

Common types of mobile payment options

– Payforit (read about Payforit casinos)
– Boku
– Siru

As a thrill seeker regularly gambling from a smartphone one of the most convenient ways to deposit at casinos is using a mobile payment method. There are a few different ones to choose from and even though these have some differences between them they all work in a similar way. Your deposit to the online casino is made as an SMS payment. This means that the deposited amount will either end up on your monthly contract bill or be charged from your available phone balance.

Making the transaction is super easy. You type in your phone number and your desired deposit amount at the gambling site and will then receive a text message with a code. By entering this code at the casino the transaction is confirmed and you instantly receive the deposited amount.

The banking option is not only a convenient one for smartphone gamblers, but it’s also as secure as a payment method can get. You don’t share any other details than your phone number and this is pretty much useless to a fraudster.

A big drawback with funding your online casino account through SMS payments is, however, that you can’t do it as much as you may want to. There’s a limit to how much you can deposit each day. With some services you’re capped at £30 while others allow you to deposit up to £250.

Just like cash vouchers, the casino’s payment processing of mobile banking options is also a one way street. You’re always required to withdraw your winnings to another method.

Cryptocurrencies as a banking option

Ups and downsides of cryptocurrencies

+ Highest level of security
+ Fast withdrawals
+ No banks involved
– Quite difficult to get started with
– It’s a very volatile type of currency
– Deposits aren’t always instant
– Fees apply (only small ones though)
– Only a few casinos support them

Common types of cryptocurrencies

– Bitcoin (read about Bitcoin casinos)
– Ethereum

Many of us have heard about cryptocurrencies, but only a few of us have actually taken the time to fully understand what they are. It’s not only a unique banking option, but it’s a completely different monetary system from the pounds, dollars and euros (known as fiat) commonly used today.

There are many different cryptocurrencies and even though they have similarities they can also work in very different ways. The by far most popular one, most likely to potentially replace our fiat currency one day, is Bitcoins.

Without going into too many details, Bitcoins only exist virtually and have a limited supply that makes inflation impossible. The currency is decentralized (not controlled by anyone) and operates on blockchain technology. This allows for incredibly fast, highly secure and cheap transactions to happen between any two parts of the world.

As a payment option at casinos one of the downsides with cryptocurrencies is that only a few sites accept them. You’ll also find that deposits aren’t always instant, but with Bitcoins you do for instance have to wait about 30 minutes before your casino account is funded. In addition, every transaction made with Bitcoins comes with a fee. This is, however, only a very small one at around £0.2.

A drawback that is currently much more severe, at least so for Bitcoins, is that the currency isn’t stable at all. It is very volatile and can easily double or halve in value within a few months. Another big downside is also that it’s quite difficult and time consuming to get started using cryptocurrencies.

On the plus side we do, however, find some great things. Crypto is an incredible secure payment method as transactions to the casino take place from a wallet that you have your currency stored in. It’s kind of like making a wire transfer, which means that no sensitive details are ever being exposed. Withdrawals are also very fast. With Bitcoins they’re usually received within 30 minutes after the casino has confirmed them.

For most people the best thing about using cryptocurrencies for casino payments is, however, that they’re supporting a new monetary system – a better one that can’t be manipulated by banks and governments.

FAQ about banking options and making payments at online casinos

There are many questions about banking options, deposits and withdrawals that are constantly asked by casino enthusiasts. Below we have tried to answer as many of these as possible as pedagogically as possible.

What is the most secure way to make payments at online casinos?

Generally speaking it’s always safe to deposit at casinos as the transactions are encrypted. If you want to feel as secure as possible, payment methods where you don’t have to share any sensitive details are, however, to prefer. These include making a wire or instant bank transfer, funding your online casino account with SMS payments or depositing using Bitcoins.

What is the fastest payment method online casinos offer for cash outs?

The fastest type is e-Wallets such as Skrill, Neteller and PayPal as withdrawals made to these have no transaction time at all. As soon as the casino has processed your cash out the money is instantly received. The very same can usually be said about instant banking options too. However, depending on the bank that you have you may experience a transaction time of 24 hours.

How quickly do casinos handle payment processing of withdrawals?

This can vary greatly from one gambling site to another. Those that we recommend here at casinowebsites.com are usually very quick and rarely take longer than 24 hours to process a cash out. With other casinos it can, however, take several days.

It’s also important to know that every licensed and legit gambling site requires you to go through a verification process at some point. This can either be requested on your first cash out or when you have reached a certain amount of total withdrawals. When this process is triggered casinos won’t do any payment processing until it’s been completed.

What verification is needed for casinos to begin payment processing my withdrawal?

This can vary depending on the circumstances, but you’re always requested to provide a photo copy of a valid ID as well as a document proving your home address. In addition to this, it may be that you have to verify the payment method you’re withdrawing with as well. This is more or less always the case if it isn’t the same one as you have deposited with.     

Why do I have to verify my account?

Legit casinos are highly regulated and are required to follow certain laws to operate. One of these laws is an anti-money laundering act demanding that every player is verified.

Can I trust that online casinos’ payment systems are safe?

If you play at a legit casino licensed by a reputed entity such as the UK Gambling Commission you certainly can. As mentioned above, these gambling sites are highly regulated and wouldn’t be allowed to operate if they didn’t live up to a certain level of standard. This standard includes the use of an SSL 128-bit encryption on all the casino payments that you make.

Are payments for online casino gambling always instant?

With the vast majority of banking options they are. Should you, however, deposit by wire transfer it could take several days to fund your casino account. Bitcoin is also a payment method that isn’t instant as it usually takes around 30 minutes before the deposited amount is credited.

Can I make a casino payment with one banking option and then withdraw with another?

This depends on the situation, but generally speaking you won’t be able to do it. Part of the anti-money laundering act that casinos have to follow is that the money deposited from one banking option must also return to that very same banking option. In other words, if you deposit £50 with a debit card this £50 must also be withdrawn back to that same card when cashing out.

An obvious exception to the rule is if the method you’ve deposited with can’t be withdrawn back to. For instance if you’ve funded your casino account with a mobile payment solution. You may then be allowed to cash out using any method that you like as long as the withdrawal is done to an account owned by you. Do, however, note that some casinos will force you to cash out by bank transfer.

Another exception, which is sometimes allowed and sometimes not, is withdrawing excessive winnings to another method than the one you’ve deposited with. If you deposited £50 with Visa and won £100 playing casino you would always be required to withdraw £50 back to Visa, but could be allowed to withdraw the rest using another banking option.

How do I know what payment options an online casino is offering?

Perhaps the easiest way of finding out is speaking with the customer support or creating a casino account to check for yourself at the cashier. Many gambling sites also front with their banking options at the footer of their page. This can, however, not always be trusted as it’s common for some payment methods to only be offered in certain countries.

If you’re looking to make your casino payments with a particular method and want a high quality gambling experience, we recommend checking out our banking specific pages. We have a page for almost every available payment method and list many of the best casinos on these.

Can I use the welcome offer with all of the online casino’s payment methods?

You may think so, but this isn’t always the case. It’s actually quite common for gambling sites to block e-Wallet users from taking part of their welcome bonuses. Especially those depositing with Skrill and Neteller. Not every casino does it, but if you read the terms and conditions of the gambling sites’ offers you’ll find that many do. The reason for this is that these payment methods are over represented when it comes to bonus abusing.

If a casino is offering Bitcoins as a banking option you may also find that their welcome bonus isn’t supported with this as it’s a completely different currency. Some will have a specific offer for Bitcoins, but not everyone does.

Will I encounter any fees when making casino payments?

You may depending on the situation, but generally speaking it’s quite rare to come across any. These days there aren’t that many gambling sites that charge you for making deposits and withdrawals and those that still do are usually shitty options anyway.

Fees may, however, occur if a currency conversion is taking place. For instance if you deposit from a bank account in pounds and have your casino account in euros. It’s not the gambling site charging you for this, but this fee is usually included in the payment method that you use.

In addition to currency conversion fees, included in the payment method is also a fee whenever you make a transaction using wire transfer and Bitcoins. For the later it’s only a very small one (around £0.2). Wire transfers usually don’t cost that much to do either, but it depends on the country as in some they can be quite expensive.

Although not a fee occurred as part of a casino payment, it should be mentioned that e-Wallets usually have fees included in them. Either when you’re funding your e-Wallet account or when you’re withdrawing money from it.

What is an online casino SMS payment?

It’s a way for you to fund your casino account with your mobile balance or if you’re on a contract having the deposited amount debited to your monthly bill. Although not as commonly found among casinos as some other banking options, there are several different services that offer online casino funding by SMS payment. One of the most popular is known as Payforit.

Making your casino deposit with this mobile payment solution is quickly done by entering your phone number, receiving a text message with a code and then entering this code on the gambling site.

What’s the best casino offering mobile payment alternatives?

To answer this we highly recommend checking out our subpage about playing casino with Payforit. This has several quality gambling sites listed that you don’t want to miss out on.