While our website’s main focus is on delivering the latest and greatest no deposit bonus codes, we realize that most people do like to also take advantage of the large deposit bonuses. Of course, if you are just a beginner in this industry, the sheer number of different banking options at the online casinos may feel overwhelming at first. There are so many ways one can deposit money into their account and withdraw their winnings, that we felt warranted a comprehensive guide to casino banking options.
This is exactly what you will find here. We have taken an in-depth look into various way one can deposit and withdraw money with the online casinos. Some of the methods you may be familiar with, others may seem a bit strange and unwelcoming at first, but overall, they are all very easy and convenient to use. So let’s take a look at the safe and secure payment options at the casinos.
Bank Cards: Debit and Credit Cards
Perhaps the payment method everyone is most familiar with – the bank cards. They come in a variety of flavors and types, some have extra perks like bonus points or miles, but nearly everyone these days have one. Coming as two main forms, the credit card and the debit card, they are all accepted at nearly every online casino.
Since we are not a financial website, we won’t spend much time on the differences between credit and debit cards. That said, we should note that debit cards are linked to checking accounts and you are spending your actual money you have in the bank. The credit cards, on the other side, are simple lines of credit a consumer can tap into at any point for purchases and other payments.
And, yes, you can you a debit card at the online casino to add money to your player’s account. However, we recommend not only that you don’t use a debit card for gaming transactions, but that you don’t use your debit card at all. They don’t carry the protection that a credit card does, and with so many companies getting hacked these days, it’s just not safe to use a debit card anywhere, even offline.
Credit cards, on the other side, are a very safe form of payment, with fraud prevention, chargebacks, enhanced security, etc. And that’s’ understandable, since the bank’s own money is at risk, rather than yours. Thus, we recommend you always choose credit cards over debit cards.
All online casinos are more than happy to facilitate payments with credit cards. Most of the time the threshold of minimum deposit using a credit card is very low, sometimes as low as $10, but generally around $20 or $25. This makes the credit card the perfect option for those players who don’t want to commit, or cannot afford to commit, too much money at the casino. There are plenty of deposit bonuses that one can redeem when adding money with a credit card and none of the reputable online casinos charge any fees for using them.
Another plus for using this casino payment method is the speed of processing. Credit card deposit are cleared instantly, and you don’t have to wait before playing the games. You get to start playing right away and your deposit bonuses are added to your bankroll in a matter of seconds. Among all the casino payment methods, the credit card deposits are the fastest.
The most popular credit cards, and those with the widest acceptance by the online casinos, are the cards branded with the VISA and MasterCard logos. Those companies don’t directly issue the cards but provide the backbone network for the payments. If you have ether one of those brands, it’s near guaranteed that you will be able to fund your casino account using it.
The drawback of credit cards as a banking option at the online casinos is that it’s only good for depositing money. None of the top casinos we know of let you withdraw money to a credit card. Therefore, while the credit cards are an excellent payment option, they are not suited for a cashout and the player must choose a different way for that type of transaction.
Cryptocurrency: Bitcoin, Ethereum, LiteCoin and more
What began as a futuristic idea adopted by only a handful of online casinos at first, it is now the preferred payment method at the gambling websites. Cryptocurrencies took over not only the financial and investing world by storm, but the online casinos, as well. And while the prices of the major cryptos have always been fluctuating quite a bit, it hasn’t stopped the casinos’ commitment to this form of banking.
Bitcoin remains the most popular cryptocurrency at the online casinos, with virtually every one of them accepting it as both a depositing and a withdrawal method. LiteCoin is surprisingly the second most popular, ahead of Ethereum, and this is mostly due to the fact that Litecoin was adopted by the gaming sites long before Ethereum came about. But no matter which crypto-currency you choose to use, it is the best option at the cashier, as long as you feel comfortable using it.
There is a lot that goes into the popularity of options like Bitcoin and ETH. The transaction fees for the casinos, unlike credit cards and others, are miniscule. The transactions are secure on both side of the equation, for the players and the casinos. And although the casinos usually have to wait a few minutes for the transactions to clear, they have taken the extra step to encourage player adoption by offering instantaneous transactions to their players.
And speaking of adoption, the online casinos were quick to realize that while their younger and more tech-savvy audience was quick to learn how to work with crypto-currencies, a lot of people steered away from it in favor of the more traditional payment options. In order to encourage adoption of Bitcoin and other cryptos, the casinos began offering some of the largest bonuses possible to those customers who deposited using their preferred cryptocurrencies. In some cases, those bonuses are rivaling the famously large welcome bonuses and this trend continues to this day. So, if you are after big deposit bonuses, using cryptocurrency to deposit money into your casino account is a great choice.
Another benefit of using cryptocurrency is that it is suitable for both depositing and for cashing out your winnings. Having a crypto wallet is a good way to keep all of your transactions with the casino, both incoming and outgoing, under one simple interface. The transactions themselves are extremely secure and offer unparallel privacy. On the downside, those transactions are irreversible, so one should make sure that there are no mistakes in the address to which they send the coins, since there is no recourse of getting them back once they have left your wallet.
This type of casino payment method may have fallen out of favor in North America, especially in the United States, but remains a very popular option in Europe and other places around the world. The best example of virtual wallet is PayPal and it’s also one of the reasons why virtual wallets lost their share in the casino transactions. Years ago, PayPal decided to stop processing gambling transactions (although they have recently reversed course) and there wasn’t really a viable alternative for most people in the US.
But in Europe and other regions, virtual wallets such as Neteller and Skrill continue to be a popular banking option for both deposits and withdrawals. The transaction fees are small to none for the player, and the speed of processing is on par with credit cards. Usually there are no special bonuses for choosing this payment option, but the minimum deposit is among the smallest, many casinos accepting as little as $5 per transaction.
Bank Transfers: Wire, ACH, Check
And finally, we get to the various bank-direct payment methods at the online casinos. Among those we count the wire transfers, ACH deposits and all payment processing via checks. Despite giving archaic air to financial transactions, the bank transfers’ popularity remains unwavering and for a good reason.
For anyone not interested in working with crypto or without a convenient virtual wallet, the bank transfers continue to offer a viable solution. And this is not only on the depositing side of the transactions. If, for instance, your only option for depositing is a credit card, and the casinos are unable to send winnings back to it, getting your cashout either through a bank wire or sent directly to your door via a check, are pretty much your only two options. That said, most people still only use bank transfers for withdrawal of their winnings. This type of banking at the casino has the hindrance of being the slowest way you can move money. Whether you are depositing or withdrawing your wins, choosing wire transfer, for instance takes a few business days. And if you go with the check method, not only is it slow to leave, but even slower to reach you. On top of that, one still must wait for the check to clear before they can enjoy their casino winnings. Using cryptocurrency or virtual wallet is still much faster, but for those who want to stick to standard options, bank transfers remain a feasible option.