From debit and credit cards to e-wallets and cryptocurrencies, there are many payment methods available to casino players. The BonusBets team has picked out the top-rated online casinos that offer a comprehensive range of banking options.
Along with our list of first-class gambling sites, this guide explains the ins and outs of making casino deposits and withdrawals. You’ll learn about the key aspects, such as payout times and banking limits; plus, we’ll introduce some of the most widely accepted payment methods you can use in 2021.
Understanding Deposits and Withdrawals
Unless you bag a no deposit bonus, you will have to make a deposit with your own funds to play real money casino games online. Later, when you want to collect any possible winnings, you’ll need to make a withdrawal. With a variety of payment methods around, it’s important to know more about them so that you can save time and pick the best option first.
Most payment methods for making casino deposits are instant (within a few seconds). The exceptions are offline bank transfers, which can take one or days, and Bitcoin. The latter may take a few hours if the network is busy and the user sets a low gas fee.
While deposits are instant, the same doesn’t apply to casino withdrawal times. Firstly, when a player makes a withdrawal request, it has to be processed by the operator. Depending on the site, this can be done within a few minutes, or the casino may have a mandatory 72 waiting period.
Once the withdrawal request has been processed, the cash is then sent to the player’s payment provider, and yet again, these times vary considerably. If you use an e-wallet, such as PayPal, Neteller or Skrill, the payment is processed instantly, so your winnings appear in the e-wallet account within minutes. Bank transfers, online banking and card withdrawals tend to take a lot longer, so expect to wait between 1 and 5 business days for your cash.
A new system being used in several Scandinavian online casinos is ‘Pay and Play’. This uses a service like Trustly that securely connects a player’s bank account to the casino. The player decides how much money to put in their casino balance. After playing, the player hits ‘Withdraw’, and the money in the casino balance is sent back to the bank account within 15 minutes.
Minimum and Maximum Limits
Something else to be aware of with payment methods is that there are different minimum and maximum deposit and withdrawal limits depending on both the casino you play at and the payment method you use.
High rollers typically favour bank transfers or card payment methods as these offer higher limits than the other banking options. At the other end of the spectrum, prepaid cards, such as Paysafecard and AstroPay, usually have the lowest maximum limits.
You may find that specific casino payment methods are excluded from claiming deposit bonuses. It’s unclear as to the reason for this, but still, it’s something to consider. You can find out if a payment method is excluded by reading the terms and conditions of the casino bonus. Generally speaking, it’s e-wallets, such as ecoPayz, Neteller and Skrill, that may have this issue.
Each payment method that we list on BonusBets.com is proven to be safe, trustworthy and reliable. However, they all offer different ways to keep your information secure. For instance, card payments have your bank or card issuer monitoring transactions. With e-wallets, you don’t need to share any financial data with the casino. And, of course, the casino will utilise SSL data encryption software among its security protocols.
Popular Online Casino Payment Methods
Debit and Credit Cards
Although there are dozens of payment methods now available, credit and debit cards remain the most popular way to fund and withdraw winnings from an online casino. Most people have one or both of these cards, which makes them convenient for recreational players and high rollers alike. Kindly note, players from the UK cannot use any type of credit card for gambling purposes.
E-wallets offer many benefits to casino players. Firstly, they are extremely secure because the player doesn’t hand over any sensitive financial information to the casino. Also, they have generous deposit and withdrawal limits to cater to a wide range of players. And, lastly, e-wallets offer super-fast payout times compared to card payments and bank transfers.
Paysafecard is probably the best known prepaid card in the gambling industry. It’s a very straightforward system - the player purchases a prepaid card/voucher which contains a unique 16-digit PIN. They then enter this PIN to make a deposit at the casino. The maximum amount of the deposit is restricted to the value of the card, which helps players control their expenditure.
Essentially, this is a bank transfer conducted over the internet. Therefore, you’ll still need a bank account of some description to use this service. Backed by the security features of the bank and the casino, it’s a very safe method of depositing and withdrawing. The main drawback is that withdrawals take longer than e-wallets.
What is the best payment method for fast withdrawals?
The Pay and Play casinos are easily the best for fast withdrawals, but unfortunately, these aren’t available globally just yet. In the meantime, e-wallets and some forms of cryptocurrency are the best payment methods to use for fast withdrawals.
Can I set limits on how much I deposit?
Yes, you can. Our approved casinos have a series of tools for responsible gambling, which includes one to set daily, weekly or monthly deposit limits on your account.
Do I have to pay fees using depositing to the casino?
In most cases, the casino absorbs any fees involved, so players get the full amount of their deposit to play with. However, some credit card issuers charge fees for transactions made to gambling sites and some prepaid vouchers also incur a small fee.