Online Casino Deposit and Withdrawal Methods [2022]

The payment options available are an important consideration when selecting an online casino. Not all casinos offer the same banking options, so it’s essential to find one that best suits your needs. In this article, we’ll look at some of the most common payment methods used by online casino players, as well as the advantages and disadvantages of each.

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The Payment Types Accepted by Online Casinos

The leading online casinos in 2022 will provide you with a number of different payment options to choose from. This will give you the freedom to select the option that best meets your needs. Credit and debit cards, e-wallets, cryptocurrencies, wire transfers, mobile payments, and online vouchers are the most common payment types offered to players for topping up their casino gambling accounts. See more details on each below.

Credit and debit cards

Credit and Debit Cards

The most popular payment method used by online casino players is credit and debit cards such as Visa and MasterCard.

When using a credit or debit card to fund your casino account, you’ll need to enter your full name, card number, expiry date, and three-digit security code (CVV – Card Verification Value). The funds will then be transferred instantly into your account.

  • The fact that credit and debit cards are widely accepted is one of their benefits. There are, however, a few drawbacks to consider. First, your card issuer may block your transaction if you use your credit or debit card to gamble. Second, there is always the possibility that your credit card information gets stolen and used to make fraudulent transactions.

It’s also worth noting that credit cards are entirely prohibited in some countries from being used as a payment method at online casinos.

This is because players are gambling with money they may not have, and as a result, they can end up in a lot of debt.

Electronic Wallet - ewallet

E-Wallets (Digital Wallets)

Another popular payment method used by online casino players is e-wallets. PayPal, EcoPayz, Neteller, and Skrill are the most popular e-wallets. To fund your account with an e-wallet, enter your e-mail address, password, and confirm the transaction via SMS or by tapping on your mobile app. The funds will then be transferred to your casino account immediately.

  • One advantage of using e-wallets is that they are extremely convenient and allow for near-instant withdrawals. You can typically use them to make deposits and withdrawals at most online casinos. Another advantage is that they provide an additional layer of security because you do not need to enter your credit or debit card information when making a transaction.

There are, however, a few disadvantages to consider. First and foremost, not all online casinos accept popular e-wallets, such as PayPal for deposits and withdrawals. Second, you may be charged a fee when transferring funds from your e-wallet to your primary bank account. Another disadvantage of e-wallets is that most online casinos will not allow you to receive the first deposit welcome bonuses if you deposit using Skrill or Neteller, for example.

Wire Transfer Slip

Wire Transfers

Most online casino sites accept wire transfers; however, this option is not as popular as electronic wallets and Visa bank cards because it takes a long time for the transaction to be processed and the funds to become available.

When transferring funds via wire transfer, you must provide your bank account information as well as the casino’s SWIFT code. Your bank will then process the transaction, which could take up to 5 business days to reach your online casino account.

One advantage of using wire transfer is that it is a very secure method of payment. Another advantage is that your credit or debit card will not be declined.

A local bank transfer symbol

Local Bank Transfers

Local bank transfer is another option that can be used for funding your online gambling account. This method entails transferring funds from your personal bank account to the casino’s bank account. The transaction will usually take a few days to process, and your casino account will then be credited with the funds.

Prepaid Card

Prepaid Cards

Prepaid cards are yet another option for funding your online casino account. These are available for purchase with cash at a variety of retail locations, authorised online distributors, and official provider websites. When you get a prepaid card, you must load it with money before you can use it. The amount of money that can be loaded onto the card will depend on the issuer.

Prepaid cards are convenient and easy to use, and they provide an added level of security because you do not need to enter your credit or debit card information when making a transaction, and you will never overspend because you can only spend the amount loaded onto the card. This is an excellent payment option for players who want to control their online gambling budgets!

Paysafecard, for instance, is a popular prepaid card for casino deposits that can be used at a number of online casinos. You’ll need to purchase a Paysafecard voucher from an authorised store and then input the 16-digit PIN number when making a deposit at your preferred casino site.

There are some drawbacks to consider as well:

  • not all online casinos accept prepaid cards;
  • some prepaid cards have expiration dates and/or fees.

Prepaid Cash Vouchers

Online Cash Vouchers

Online cash vouchers, like prepaid cards, can be purchased with cash at retail locations or through official provider websites. Cash vouchers are typically available in denominations ranging from 10 to 100 EUR.

For instance, CashtoCode eVoucher is a popular option that can be purchased from official distributors such as dundle.com. After making an online purchase, you will receive your digital code via email, which you can then use to deposit funds into your casino account in a matter of seconds.

This is another excellent option for players who are concerned about online security or who have difficulty controlling their gambling habits.

There are some drawbacks to consider as well:

  • not all online casinos accept cash vouchers;
  • if you lose your voucher or PIN code, there is no way to recover it;
  • you cannot withdraw money from an online casino using a cash voucher;
  • some voucher providers may charge fees (read their terms and conditions before purchasing one);

Secure Open Banking

Open Banking

Open Banking such as Trustly is considered one of the best payment methods available in online casinos. It’s fast, secure and convenient. Open banking is a relatively new way to make financial transactions between you and a merchant, and it essentially uses your online banking ID or login credentials to complete the transaction (see the video below).

This eliminates the necessity to create a separate account or log in with another provider, making it a highly convenient online casino payment option. Moreover, since the transaction is completed through your bank’s infrastructure, it is extremely secure.

In addition, Trustly can be used for both deposits and withdrawals. In most cases, withdrawals are instant or within a couple of hours, depending on a casino site’s cashout processing times.

The only drawback of using Trustly is that it’s not available in all countries. Currently, players can use it in 29 European countries as well as in Canada.

Crypto transfer (the movement of crypto)

Cryptocurrencies

Crypto has grown in popularity and is now accepted by an increasing number of online casinos. Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Tether are the most commonly used cryptocurrencies. When using these cryptocurrencies for gambling online, you’ll need to transfer your digital crypto coins to your casino wallet address. After that, the transaction will be processed, and the funds will be available for gambling.

One advantage of using cryptocurrencies is that they provide an additional layer of security because your personal information is not shared when you make a transaction. Another advantage is that they can frequently be used to receive welcome bonuses, which is not the case with e-wallets. Furthermore, withdrawals of Bitcoin or other cryptocurrencies are typically processed much faster than using usual real money payment methods.

A few disadvantages to consider:

  • not all online casinos accept cryptocurrencies;
  • the value of cryptocurrency can fluctuate greatly;
  • you could end up losing money if the value goes down;
  • if you lose your cryptocurrency wallet password, there’s no way to recover it.

YouTube Video: Use of Trustly open banking (our favourite method for online casino deposits and withdrawals).

Alternative Online Casino Payment Options

  • Apple Pay
  • Google Pay

You’re probably already familiar with Apple Pay if you own an iPhone. It’s a digital wallet service that lets you make purchases online, in apps, and in stores using Apple products like iPhones, iPads, and even the Apple Watch.

— Google Pay is the Android equivalent of Apple Pay, and it operates in the same manner. Using your Android phone or tablet, you can use Google Pay to make purchases online, in apps, in stores, as well as make a deposit into your gambling account.

— The main benefit of using Apple Pay and Google Pay is that they are incredibly convenient. Both of these payment methods allow you to send and receive money to friends as well as fund your online casino account. Furthermore, both services are extremely secure because they employ cutting-edge security technologies.

— While both methods are very convenient and secure, they are not available at all online casinos, so you must first check the casino site’s banking page if you want to use one of them.

Conclusion

The best payment method is determined by your individual preferences and needs. We recommend Trustly and PayPal if you’re looking for a quick and easy way to make online casino payments. If you want to remain anonymous, you can try using crypto. And if you want to make larger deposits and withdrawals, you can use the bank transfer method or crypto payment options offered by casinos.

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