The Processes – How to Deposit and Withdraw in Online Casino Sites?
Putting money into an online casino account is as easy as shopping online – that is, if you prefer to use a credit or debit card for it. There are many other methods which a casino member can use to fund their account, or withdrawing winnings for it. Depending on the used banking option, this may happen swiftly or take some time. We will explain how the entire process works, along with any minor caveats they might have.
Available Online Casino Payment Methods
The most used online payment method used after credit and debit cards are e-wallets. Online service providers such as NETELLER, Skrill, and PayPal, facilitate online payments by allowing their customers to transfer money from their banks to their e-wallets. Approximately 80% of online casinos worldwide, still utilize the classic “direct bank transfer “, as it is considered to be the safest financial transfer method.
A few years ago, there were only a handful of casinos that could support deposits and withdrawals with cryptocurrency – today, there are many others. While Bitcoin continues to be the most famous supported crypto, there are online gambling establishments that accept Ethereum, Litecoin, Monero, and others. While casinos use cards, e-wallets, wire transfers, and cryptocurrency, some even support checks and prepaid vouchers!
Funding Your Account – How it Happens
Every available online casino on the Internet has almost an identical process when it comes to depositing. Once a member has logged into their account, they navigate to the “cashier” section. The available banking options will be located in the “deposit” category. Once they have chosen a method and have inputted their desired amount, they will proceed to a “cash-out” section, where they will confirm their deposit order and provide their banking information. Players that choose e-wallets and credit/debit cards will see their deposit arrive in their account in a manner of minutes!
The Process Of Withdrawal
Similarly to the way deposits are made, casino members must navigate to the “Withdrawal” section via the “Cashier” category. The person would then choose a banking method, and input the amount of money they would like to have transferred to a desired bank account. The differences here stem from the fact that online casinos might support a lot of deposit methods, but when it comes to cashing out, not all of them use the convenience of e-wallets and Bitcoin. E-wallet withdrawals are considered to be almost instantaneous after the “payment processing procedure” has been completed by the casino’s financial department.
Bank wire transfers, on the other hand, may take up to a few weeks!
Some Payment Methods Apply to Specific Jurisdictions
In most cases, some banking methods aren’t going to be made available by a government’s legal system. Jurisdictional regulation of online casino services “goes hand in hand” with the banking sector, and this is why one of the most limited methods out there are e-wallets. The decentralized cryptocurrency Bitcoin is also one that’s not widely accepted by the casino industry. So far, only three types of payment methods have proven to be somewhat universal – Visa, Mastercard, and bank wire.
Keep In mind Transfer Fees
In almost all cases, depositing in a casino account by using cards or e-wallets is charged neither by the casino, nor the financial service provider. There are some online gambling venues out there that might charge a small percentage on a card deposit. The same can be said about initiating payouts – if a fee of any kind is present, it will either be in the form of a flat rate, or a percentage of the currency being transferred.
General Things You Should Be Mindful of
Transfer times, fees – these are all considered to be essential factors when it comes to operating with money in an online casino. Perhaps, the most important thing to watch out for is the availability of a banking method within a specific jurisdiction. Options such as direct banking and cards are considered to be “longest accepted” services in the industry, and if your country allows online gambling, there is a pretty good chance that the casinos operating there support those methods.