When playing at Playtech casinos, one can be overwhelmed with the choices to fund his account. There are cryptocurrencies, e-wallets, credit and debit cards, kiosk payments, and so much more. Here, we will be taking a look at several of these casino payment methods and help you understand how they work.
A payment method can mean two things: a deposit method and a withdrawal method. Most of the time, you can use the same method to fund your balance or to withdraw money out of the online casino.
A deposit means that you are putting money in your gambling account. The money you put in there will be recorded in the system, and this is the money you will use to place bets on the games. A withdrawal means you are taking money out of the casino, and putting it back to your own pocket. Nowadays, there are many fast withdrawal casino options, which transfer your winnings to your bank account almost instantly.
There are many ways to do both using the same method. But in some cases, you cannot use a deposit method to withdraw money. This is why it is important to check the payment methods page of a particular casino as not all of them offer the same types.
The available payment options will depend on your region, too. For example, there are financial institutions that can only serve those who live in Europe because that is the only region where they provide their services. If you are a player from Asia, you cannot use that service. For example, there are casinos in the UK that allow you to fund your account through a physical kiosk. You can visit any kiosk in a mall to fund your account, but you cannot do this if you are from Asia.
Casino Payment Methods to Choose From
Here are some of the general categories of the kind of financial institutions and systems that you can use to fund your online balances or to cash out your casino winnings.
- Cards: This is the most common method used to fund your accounts. Not all cards are accepted, as some credit card issuers do not allow their cards to be used in casino operations. The most common credit cards that you can use are Visa, Mastercard, and American Express. Debit cards will also work, provided that they bear the brand of a card issuer that the operator accepts.
- e-Wallet: An e-wallet is an online payment system that people use to pay for online goods and services. As such, people can also use this to receive money. In an e-wallet, a user adds his credit card or bank information so the e-wallet company can electronically take and transfer money to the bank or card. The thing that makes this eWallets one of the most popular casino payment options is that whenever you make or receive a payment, no one will know the details of your financial information, so it adds another layer of security.
- Cryptocurrency: Cryptocurrency is digital money that is not regulated and controlled by any government. It is traded online, and its value shifts up and down primarily because of supply and demand. The most popular kind of cryptocurrency is bitcoin. You can send money to the gambling site, where your bitcoin will be converted to legal tenders, like USD, GBP, EUR, or YEN.
- Bank Transfer: A bank transfer is a direct transfer between your bank and the casino’s bank. You can use several types of services to facilitate this, such as wire transfer, bank wire, InstaDebit or electronic checks.
- Pay by Phone: This service is a method where you will deposit money to your account using your phone provider. There is typically a limit to how much you can transfer, and not all phone companies offer this. Once the process is completed, your phone company will bill you for the amount you deposited to the casino.
Not all of these services can be used as online casino withdrawal methods. In many cases, you can deposit using cards, but you cannot use that to withdraw money. The solution to this is to have at least two options ready, so you should find a fast withdrawal casino and not wait for a long time to get your money.
Featured Method: PayPal
PayPal has been in the business of processing money since 1998. Today, it is the world’s premier online payment processing system. There was a time when PayPal could only be used for sending and receiving money in online sales, or for transferring money between friends. At that time, it couldn’t be used for gambling.
It is only in recent years that you have been able to use the system in an online PayPal casino. The way it works is that you need to have money in your PayPal balance to be able to send the money out. You can add a balance to your PayPal balance by receiving funds from friends or from online sales.
If that is not possible, you can add your bank account or credit card information to your PayPal account, and PayPal will charge money from those two to fund your online payment or purchase. To make a casino PayPal payment, you just have to click that option from your online casino cashier, and then log in to your PayPal account.
Once the transfer is complete, you can start playing your favorite Playtech games. You can also withdraw funds from the casino to your PayPal account, but PayPal charges a fee every time you receive money through it. The average fee is 3% of the transaction. From your PayPal account, you can transfer the money to your bank account that is also registered there.
You can also review other options and transfer your PayPal money to your credit or debit card or some other means like a physical check or to your PayPal Debit Mastercard if you have one. For checks, it usually takes one to two weeks for you to receive it via snail mail if you are from the US. For other countries, it can take up to six weeks, and you will also need to pay $1.50 per check.
Differences Between Online Casino Payment Methods
Whether you are playing regular, live dealer or slot games, each payment method has its pros and cons. This is the reason many online gambling sites offer several payment methods. It provides gamblers with a lot of choices on how they want to handle their money. Below are some key differences:
- Card – the most widely used and accepted payment method in the online gambling industry. Payments are instant, and it is the least cumbersome method to use. For as long as you have a card, you can instantly use it to fund your account, provided that it is issued by a country of origin where online gambling is legal.
- e-Wallet – has an added layer of security because no financial information is exchanged. There are e-wallets primarily designed and built for casino use.
- Bank Transfer – has the highest limits, but it is also the most troublesome. Banks may not always approve your transaction, as there are many banking institutions that do not want to get involved in online gambling. This is also the kind of transfer that can take the longest, as the transaction passes through many channels and verifications.
- Pay by Phone – this process is instant and convenient since you only have to provide the online gambling operator with your phone, and then verify your identity via a text message. This is also the least popular as very few phone companies offer a payment service from where they can charge you through your bill.
How Fast Do Transactions Process?
The duration of transactions varies per method. The fastest ones are credit cards, e-wallets, and pay-by-phone. These deposits can only take a few seconds, and you can start playing right away. For bank transfers, it can take up to four business days for your deposits to show on your gambling balance.
For withdrawals, prepare to wait at least 24 hours for the casino to verify your transaction. The fast withdrawal casino UK methods are e-wallets and cryptocurrencies.
Fees to Prepare For
Moving money into and out of your casino account is not always free. You would be lucky to find casinos that shoulder all the expenses for these money transfers. Most deposits are free, and the amount of money you put in your balance is the exact amount you will be playing with even without your bonus from Playtech casino.
However, withdrawals have a fee. Although some gambling operators may offer this for free, the common practice is that the recipient of the money will shoulder the cost. Often, the existence of a fee will depend on your country and your chosen payment methods.
Typically, customers will pay 3% to 5% fee if they move money out of their balances to their banks. The reason behind this is that the institution that sends the money is the one that pays the banks the wire transfer fees. In this case, it is the casino that initiated the fund movement, so it is accountable to pay. In turn, the gambling operator will charge you for it.
There is no such thing as an instant withdrawal casino. And this is because all gambling sites have a requirement where the management has to verify if the money you are withdrawing was won in a legitimate way. This verification usually takes more than 24 hours, and only then, the actual withdrawal transfer will commence.
All in all, you will be paying fees if you cash out. This fee is taken by the casino, and it does not include the fees you have to pay to the financial institution of your choice. PayPal, for example, charges 3%. If a casino charges 2% of the withdrawal amount, you will pay £2 for every £100 you take out. And then PayPal will charge 3% off of the £98 it received.
How Available Are These Payment Methods?
Not all gambling sites offer the same choices. The most common of all, which you will find on nearly 100% of all sites, is credit cards. This is the easiest and fastest way to transfer money electronically. Besides, credit cards have been around for ages, so it is easy to set-up.
The next most available option is cryptocurrency. Companies that operate cryptocurrency trading platforms typically do not have a prejudice against where you are from. Any person from any country can buy digital currencies. However, not all online casinos accept this form of payment, so even if it is available, you are limited in options.
e-Wallets are the third choice. Many online gambling sites accept three main e-wallet systems. These are Neteller, Skrill, and PayPal. The first two are more prominent in the gambling industry, while PayPal is a much more a versatile player as it is most commonly used for both goods and services. Skrill and Neteller are usually only available for gambling.
Pay by Phone is rare, along with funding your account via kiosks. Most of the time, these options are only available in the UK and other European countries where online gambling laws are much more lenient than in other countries.
If you are exploring online casino payment methods, you should also not expect to be able to use all the funding methods available. For example, the casino may advertise that it accepts PayPal. Once you register, it will show that PayPal is not part of your payment options, even if PayPal operates in your country.
The reason behind this is that your country may have laws against online gambling, and so companies like PayPal have to adhere to these laws. The only real way to find out if you can use it is to sign up for an account in the casino and then check if you can use it as a payment option in the cashier.
Other Online Payment Methods You Can Use
Apart from what was discussed, there are operators that offer more than these online payment systems. Below are some unpopular but legitimate ways to fund your account:
- Virtual Cards – examples of virtual cards are QiWi Visa, AstroPay, and Paysafecard. In these systems, you need to create an account and then fund that account. In exchange, you will receive an online debit card, called a virtual card, which has its own 16-digit code. You will use this online card to fund your casino as if you are depositing with a usual credit card. The downside to this method is that it usually cannot be used for withdrawals.
- Reloadable Cards – these are prepaid cards that you can buy from a store. You need to activate them and transfer funds to them. You can use them like any debit card, and they are usually offered to the underbanked who cannot get approved for a checking account or a credit card. There are many ways to fund these cards, such as Direct Deposit that comes from your salary. The popular brands for this are NetSpend and Todito Cash.
There are more payment solutions out there than you can think of, and their availability will vary from one region to another. There are online wallets that are only available in Russia, and other instant banking systems that can only be used in Europe.
Online banking, it is you who will do the direct transfer of funds from your bank’s online system to the casino operator, like as if you are sending money to someone else. This process, however, is a bit tedious. In many cases, you need to register or enrol the casino as a biller, and once approved by the bank, that is the only time you can start using the online fund transfer service. Even if the money goes out of your account instantly, it does not mean that the casino will receive it instantly.
There are also processes that these banks have to comply with, such as the automated clearing house or ACH. It is a transfer that takes three to four business days. What this means is the money is gone from your bank, but it is still in transit, and you need to wait.
What is the best way to make fast deposits using a bank account?
The best way to make fast bank deposits is by using third-party options like InstaDebit. PayPal also allows you to make this happen, provided that you have a back-up credit card and bank account in the system.
Which deposit method is the safest?
All deposit methods are safe, but the safest is e-wallet because you will not share any financial information with the casino.
How can I deposit at a casino using my mobile phone bill?
You can do this by clicking on the deposit button. Once your options are available, click on the pay by phone option. Choose the amount you want to deposit and then hit OK. Once it is processed, the amount will reflect on your next billing cycle on your phone bill.
Any tips for spotting casinos that will be slow to pay?
Always read the deposit and withdrawals terms of the casino website. All information you need will be found there, including the time frame required to verify the withdrawal, plus the verification IDs you need to submit.
Are cryptocurrency casinos any different than regular ones?
No, the game offerings are the same, albeit you will be subjected to the fluctuating value of the cryptocurrency. You cannot wager using cryptocurrency. It will first be first converted into Fiat currency.
What’s the best casino payment method for players in the UK?
The best methods are still credit cards. They reign supreme as the fastest and easiest way to fund your online casino balance. Your next best option is e-wallet, followed by kiosk payments if it was available to the casino.
Can I use PayPal to deposit/withdraw at online casinos?
Yes, you can use PayPal to make deposits and initiate withdrawals. However, PayPal does not offer gambling transactions to all countries where it operates. It has to comply with the legal requirements of that country, so you may not be able to use it at all if your country prohibits online gambling.