Types of Casino Banking Methods
Here are some of the main casino deposit methods you could use.
Debit Cards
Typical deposit speed: Instant
Typical withdrawal speed: 1-5 working days
Almost universally accepted at online gambling sites, debit cards consistently rank among the most trusted deposit options for casino players. Many people already use debit cards in their daily lives, making this a convenient way to fund their casino account.
However, while banks and casinos protect transactions with encryption technology, some players may still feel uncomfortable sharing their debit card details whenever they sign up to an online casino. Another potential drawback is that withdrawals can take several working days to hit your bank account.
PayPal
Typical deposit speed: Instant
Typical withdrawal speed: Within 48 hours
Since launching its European operations in Dublin in 2003, PayPal has become one of Ireland’s most trusted e-wallets. Users can link all their bank accounts and debit cards to their PayPal account and can fund any casino transaction using just their email address.
Coupled with world-class encryption, it makes PayPal an incredibly secure payment system that’s ideal if you prefer not to share financial information online. Generally offering fast withdrawals as well, there are few drawbacks to PayPal. You should, however, confirm it’s an acceptable payment method for any casino bonuses you hope to claim.
Other e-Wallets
Typical deposit speed: Instant
Typical withdrawal speed: Within 48 hours
PayPal isn’t the only digital wallet you can use to make online casino deposits and withdrawals. Popular e-wallets like Neteller and Skrill present a reliable alternative. Although perhaps not as widely accepted as PayPal, they work in much the same way by allowing casino players to gamble online without the need to share their card or bank details.
Both Neteller and Skrill come complete with trustworthy security measures, generous reward schemes and the ability to cash out winnings rapidly. As with PayPal, you should ensure that these alternative e-wallets satisfy the terms and conditions of any sign-up bonuses.
Prepaid Cards
Typical deposit speed: Instant
Typical withdrawal speed: Check casino site
Prepaid card systems like Paysafecard offer an ideal payment solution for players who
want to keep their gambling spend entirely separate from their bank accounts or e-wallets. Paysafecard vouchers of various denominations can be purchased using cash or your bank card in physical retailers or online.
You then just enter the 16-digit PIN to move the funds into your casino account. Withdrawals are not possible using a Paysafecard, however, and you will have to use a different banking method to claim any winnings you may have made.
Pay by Phone Bill
Typical deposit speed: Instant
Typical withdrawal speed: Not available
Another online casino payment option is to make deposits through your mobile phone bill using a payment processor service like Boku. This service lets you add to your bankroll by entering your mobile phone number at the casino cashier page, rather than your sensitive financial information.
Your deposit amount will then added to your next phone bill. As this essentially offers a way for players to gamble on credit, tight deposit limits apply, and withdrawals aren’t possible using these kinds of payment services.
Wire Transfer
Typical deposit speed: Up to 24 hours
Typical withdrawal speed: 1-5 working days
With the range of online casino payment methods available these days, it’s easy to forget you can also take the classic route of moving money to and from your online casino account by bank wire transfer.
This can be a good option for high rollers, as you’ll often be able to deposit and withdraw far higher amounts by wire transfer. Processing times can be longer, though, and you should check if fees are attached to transactions.
Cryptocurrencies
Typical deposit speed: Instant
Typical withdrawal speed: Instant
If wire transfers are among the oldest casino payment methods, then cryptocurrencies may be the newest. While licensed casinos that accept cryptocurrencies like Bitcoin and Ethereum are still few and far between, things may well evolve rapidly as crypto becomes increasingly mainstream.
Depositing with a cryptocurrency is usually instant, and the same applies to withdrawals. You will need to be up to speed with the volatility of these digital currencies and how they work, though, to ensure you’re not caught out by any sudden changes in price.