Payment Methods for Online Casinos

Payment-Methods-GuidePlastic is Fantastic – By Far the Most Common Payment Method
E-Wallets: The Most Convenient Option for Mobile Casinos
Old and New Favorites – Bank / Wire Transfers and Cheques
Alternative Options – Prepaid Vouchers
Pay By Phone / SMS – The Most Rapid Growing Payment Method

With so many different payment methods out there it can be difficult to know which one offers the best option for a new online casino player. On this page we are going to take a look at some of the alternative payment methods commonly offered by online casinos and try to help to find the perfect match for your needs. Online gambling has never been more popular across the world, with the UK in particular seeing a massive boom in online casino play as a great way to have fun and maybe earn a little money at the same time.

Naturally before you open an online casino account, it is very important to make sure that you will be able to both fund your account and withdraw your winnings. As such, it’s worth taking a little time to look at some of the different funding methods out there to see which one is going to meet your needs. If speed is of paramount importance to you, then an e-wallet like Skrill, PayPal or Neteller may be the answer. These electronic wallets offer instant deposits and withdrawals back to your online wallet in less than 24 hours. Fees for these e-wallets are not overly expensive, although Skrill and PayPal tend to be the cheaper options, and they are becoming increasingly popular in new casino sites in the UK.

Traditional banking methods are still the most popular option for deposits and withdrawals, with debit/credit cards most people’s first choice. Offering instant deposits and withdrawals back to your bank in a few days, and with low fees an added bonus, cards remain very popular although people can tend to forget that those credit card bills come with hefty interest payments. Prepaid virtual cards are a good way to get around country funding restrictions if you don’t mind the extra fees. Bank transfers are the slowest method around and can come with heavy charges, while an option like Western Union is too restrictive and expensive to suit most people. Easy and cheap options like phone bill payments are growing in popularity these days, although are not commonly offered outside of Europe for casino players.

Plastic is Fantastic – By Far the Most Common Payment Method

Credit and Debit Cards are generally the first option most people think of when it comes to funding online casino accounts, and is still the number one payment option in the UK. After all, most of us own at least one or two of these plastic cards and have become accustomed to paying for a variety of goods and services online with our flexible friends. However, when it comes to using cards to fund your online gaming account there are a couple of very important factors which need to be taken into consideration. On the positive side of the equation, debit and credit cards are an easy and secure method to make instant Deposits to your gaming account, and Withdrawals are generally processed within 1 to 2 banking days. Most casinos will not charge any fees for either deposits or withdrawals by this method, although you may need to check to see if your bank will deduct a small fee for processing these transactions. Another advantage, compered to the other banking options, is the high amount limits on deposits. In some cases, some online casino do not even have a limit.

Short Facts About Costs and Transfer Limits

Min Deposit: Normally around £10
Min Withdraw: Normally around £20
Process Time Deposit: Instant
Transfer Cost Deposits: No Fee – Some Casinos Charge up to 2,5%
Max Deposit: Up to Unlimited
Max Withdraw: Up to Unlimited
Process Time Withdraw: Up to 48 Hours
Transfer Cost Withdraws: No Fee – Some Casinos Charge up to 2,5%

Newest Credit and Debit Card Casinos
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The major disadvantage when it comes to credit cards is that there are a number of restrictions in place depending on the card type and your country of residence. While Visa cards are an easy option when it comes to depositing and withdrawing from online casinos, Mastercard will not allow withdrawals from gambling sites back to their cards unless you happen to live in the UK and Ireland. That means that if you deposit by Mastercard you must withdraw via bank transfer in most cases. Meanwhile a brand like American Express simply does not permit any transactions to or from gambling companies, so this is just not an option. Some other branded cards may have similar restriction, check our casino reviews to find out which ones allowing that.

E-Wallets: The Most Convenient Option for Mobile Casinos

The rise of E-wallets, as a money transfer method in the online casino industry, has to do with a few things. First of all the convenience to use on the mobile devices, it is not a coincidence that this form of transaction took of at the same time as the Mobile Casinos did. Then, the restrictions imposed on credit and debit cards go some way to explaining why more and more online casino players in territories like the UK are using electronic wallets to make payments to their gaming accounts. PayPal has led the way for many years, and has helped to make the use of online payment wallets become normalised and seen as a more secure way of making transactions online.

E-wallets like PayPal, Neteller and Skrill are the primary electronic wallets available today with most web casinos, and all of these offer instant deposits and withdrawals in less than 24 hours, sometimes as fast as between 1-4 hours for PayPal and Neteller at selected casinos. Deposits and withdrawals to and from your online casinos are free of charge when using these payment methods, but it will often cost you fees to fund your electronic wallet in the first place and also to withdraw from there to your bank account. Funding your Skrill account using a debit/credit card will cost you about 1.9% which is cheaper than rival e-wallets, with both Neteller and Skrill liable to cost about 1.75% for withdrawals. We recommend you to read our guide on each E-Walled for a detailed break down of the fees.

Short Facts About Costs and Transfer Limits

Min Deposit: Normally around £5
Min Withdraw: Normally around £20
Process Time Deposit: Instant
Transfer Cost Deposits: No Casino Fee – E-Wallet Fee 1-2,5%
Max Deposit: Up to Unlimited
Max Withdraw: Up to Unlimited
Process Time Withdraw: Up to 24 Hours
Transfer Cost Withdraws: No Casino Fee – E-Wallet Fee 1-2,5%

Newest E-Wallet Casinos

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Minimum deposits using e-wallets vary from one casino to the next, but are generally between £5-£20 and withdrawals at the same level. The maximum deposits and withdrawals varies and depends on each online casino, but in most of the cases there is no limit.  Although the electronic wallets mentioned above are definitely the most popular in markets such as the UK, there are other options in certain casinos such as Citadel, Nordea, ecoPayz and Webmoney. You won’t find PayPal available as an option for residents of most countries except for the UK, but Neteller and Skrill are widely available. If you are a UK resident then PayPal is a cheap and easy way to make deposits and withdrawals, and there are many online gamblers living in other countries who would love the opportunity to use PayPal to fund their accounts. The main disadvantage of using e-wallets to fund your gaming account is the fees, in most of the cases online casinos do not charge for that but the E-wallet it self will do. Then you have to be aware that some deposit bonuses will be out of your reach if you are using some specific E-Wallets.

Old and New Favorites – Bank / Wire Transfers and Cheques

For those people who are not so comfortable with the idea of electronic wallets, most casinos will still offer the option of bank wire transfers. There are various different bank transfer options out there – depending on your country of residence – including POLi, Sofort, Trustly and Trustpay, to name a few. While this payment option has the advantage of simplicity and security, the disadvantages tend to outweigh the plus factors for most people. For one thing you can expect delays of between one and five days before your deposit is processed, and from 1 to 10 working days until withdrawals hit your bank account, so this kind of waiting time is too long for a lot of gamblers. Plus you will be hit with pretty hefty fees both ways, although the amounts can vary greatly depending on the casino and on your bank. Deposits and withdrawals usually have a minimum of $25, although if you are moving 5 figure sums of money around then bank transfers are probably your best option.

Newest Bank / Wire Transfers and Cheques Casinos

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Some casinos offer Western Union as a payment method although you can expect to pay high fees and endure a waiting time for deposits and withdrawals with this option. Believe it or not there are plenty of online casinos which still allow cheque payments and withdrawals too, although this is one method that’s likely to become extinct in the next few years.

Alternative Options – Prepaid Vouchers

We mentioned Entropay in the first section of this article, but other prepaid card systems include the increasingly popular Paysafecard as well as Postepay and Neosurf. It just depends whether you can find an outlet selling Paysafecard or its competitors in your locale, and whether you are willing to pay the monthly fees for a subscription. There are also limits on your deposits depending on your degree of verification with Paysafecard. Many UK casinos now offer payments from your mobile phone, which is a quick and easy way to make small deposits, although not one for the big time players.

Newest Prepaid Vouchers Casinos
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Pay By Phone / SMS – The Most Rapid Growing Payment Method

As an increasing amount of UK players do their online casino play via smartphones, it makes sense for many to have access to direct Phone and SMS funding to keep their online account topped up. It is really convenient to do the transaction and also very practical for the casino players since they will pay the amount by the end of the month once receiving the phone bill.

Short Facts About Costs and Transfer Limits

Min Deposit: £5
Min Withdraw: NA
Process Time Deposit: Instant
Transfer Cost Deposits: No Casino Fee – Some Providers May Charge a Fee
Max Deposit: Up to £50
Max Withdraw: NA
Process Time Withdraw: NA
Transfer Cost Withdraws: NA

Newest Pay By Phone or SMS Casinos

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Then there is deposit methods such Boku that allows British players to instantly fund their mobile betting accounts in a couple of clicks. The drawback with that option is that you can only deposit between £10 and £30 per day, so it’s not an option for high-rollers, but it’s a handy way to keep your account topped up without worrying about fees. As smartphone use becomes the primary option for casino play online you can expect this method to become a standard option for the UK online casinos. Then it is important to mention that it is not possible to make any withdrawals with this method.