Banking Methods for Online Casinos

  • Oct 22, 2020

iGamers are always looking for the most seamless way to enjoy their gaming escapades online. In the same vein, baking methods offered by different casinos are highly integral in ensuring that your experience is without glitches. Click here to find different payment methods offered by casinos.

E-wallets for casinos

E-wallets is an abbreviation for electronic wallets. This is among the most common banking option that most casinos offer. Indeed, most iGamers opt to use electronic wallets as opposed to other types of banking options. Below are some of the most common electronic wallets you could opt for.

  • Skrill
  • Neteller
  • Paypal
  • Paysafe
  • Web Money

E-wallets are considered as some of the best forms of payment for online purposes including online casinos. Further to this, these payment methods come with quite a number of advantages as compared to other payment methods such as bank transfers and ACH transfers.

Advantages of E-wallets

E-wallets are more convenient as compared to most other payment methods in the sense that their transactions are instant. For instance, if you make a deposit to your casino account via Skrill, funds may reflect instantly as opposed to some other common methods.

E-wallets also come with very small fees on your transactions, making them affordable and more cost-efficient. Indeed, a Neteller transfer could charge you about 0.5% of the transfer amount, while methods like bank transfer or ACH could charge up to 3% transaction fees.

Bank Transfers - Payment Methods

Bank transfers are some of the oldest payment methods used by online casinos. There are essentially two types of bank transfers one would consider. There is the traditional wire transfer and there is also the ACH transfers. ACH is an abbreviation for Automatic Clearing House.

These methods are preferred anytime you are looking to transfer large amounts of money from your bank to your casino account. They are also more trusted by casinos since they are less susceptible to fraud. Bank transfers, however, take long periods of time to be processed.

  • Bank transfers are processed within 3 to 5 business days
  • ACH transfers are processed in 24 business hours.

Credit Cards - Online Banking

Credit cards and debit cards are another very common payment method as well. Indeed, these payment methods are the most commonly used in most casinos on the internet. Credit cards come with a number of advantages as well. Some merits of this payment method include:-

shorter processing periods for credit cards as compared to bank transfers is one of the reasons this banking method is opted by most users. Additionally, its transfer fees is also friendly as compared to bank transfers and some types of E-wallers as well.

  • More secure compared to E-wallets
  • Credit cards are accepted by most casinos on the internet.

Some Final Thoughts

The payment method you choose could be determined by quite a number of factors. Top on the list is the cost of the transfer. Users will generally opt for banking methods that aren't highly-priced. For this reason, most users prefer electronic wallets mostly.

Another factor that users may look into when looking for a payment method could be the speed of processing for respective transfers. Again, E-wallets win this category as well. They offer shorter payment processing periods as compared to other payment methods on the internet.

Banking Methods | Online casinos