When it comes to your personal security and privacy, a trusted banking method is imperative when playing at online casinos. Though the options have changed over the years, it could be argued that modern online casino banking methods are more dynamic and secure than ever.
From cash wire deposits to withdrawals via Bitcoin and other cryptocurrencies, the options for depositing and withdrawing money at online casinos are expansive.
The following is a list of the primary and most commonly accepted deposit and withdrawal methods at online casinos around the world. These methods are not available to all players, but they tend to all be offered by major online brands. The limits, fees, accessibility and processing times associated are varied.
There are a number of elements that come into play when choosing the best banking method for you as a player. First, your location will play a large role in determining which deposit options are available to you.
Players in the United States will frequently have significantly different casino banking options than those in the UK or even in Canada. There are certain services that are available in select countries only, so you may not be eligible for all of the options that a casino has listed on their website.
One of the biggest differences between deposit methods is found in the minimum and maximum amounts allowed. For example, a credit or debit card deposit via Mastercard or Visa may have little or no minimum, while a bank wire may have a minimum of $500, $1,000 or even $2,000.
The minimums tend to be higher for the banking methods that require more manual work on the part of the casino and processor. While a credit card is virtually hands off and can be processed automatically, an ACH or bank wire will require manually finding the deposit information, confirming the transaction, and then ultimately crediting the account. Larger players will find a bank wire to be one of the most viable options, but low or mid limit players would not generally transfers to be the best option.
There are still several options, depending on the casino, that allow for deposits without any associated minimum. Cryptocurrency like Bitcoin has become popular largely due to its ability to move even small amounts of funds with relative ease. Some online casinos will not have minimums for deposits with cards as well, but these vary from brand to brand.
As payment processing at online casinos has evolved, so too have the associated fees. There was a point in time where it was rare for a casino to charge players for making a deposit, but today fees for funding an account are fairly commonplace. The method that you choose to deposit with will determine how much, if any, fees are incurred on your transaction. Credit cards tend to have the most fees and can be around 3-5% on a deposit. Because of this, many players now use more cost efficient deposit methods including ACH or even cryptocurrencies.
Your fees for a casino deposit may be refunded or otherwise credited back to you depending on your level of play. Large volume or loyal players may be entitled to their fees being given back, either in the form of cash, bonus, free play, or some combination of all three. It never hurts to ask live chat or support whether you may be entitled to having your casino deposit fees refunded.
Online casino withdrawals tend to have different sets of parameters than you will find for deposits, even when comparing the same banking method. First, a player can’t deposit with a credit card and make a withdrawal the same way, since there is no way to issue funds onto a credit card. Because of this, a different method will need to be utilized when making a withdrawal. Beyond this, the limits (both min and max) will usually be different when withdrawing than when depositing.
The most common methods for payouts through online casinos are check by mail (standard paper check), ACH, wire, or cryptocurrency. Other methods, like Neteller or Skrill, are also offered, but are available to less players and have more restrictions. Check and ACH payouts are both easy and straightforward, and the majority of online casinos will offer these options with little or no fees. If there is a fee for a check, it is usually only on the second or third withdrawal within a month, and the first cashout is typically free.
Bank wire and other cash equivalent withdrawal methods will generally either have larger fees, larger minimums, or both. As is the case with deposits, however, most big players will be able to negotiate for these cashout fees to either be reduced or eliminated altogether. Another factor in the payout fees will be whether your withdrawal is international or domestic, as the payment processing for the casino will either be cheaper or more expensive depending on where the payment is going.
The one option that is almost always free, for both deposits and withdrawals, is Bitcoin and/or other cryptocurrencies. If you are, or expect to be, an avid online casino player, it may be most beneficial for you to convert your real money into Bitcoin in order to make the banking process that much easier. Almost every single online casino now accepts Bitcoin for banking transactions, and you will be able to receive your payouts much more quickly, which makes it a win win option for players and the casinos alike.
Since online casinos tend to use “middle men” third party processors for their deposits, you may see an obscure or seemingly random name show up on your bank statement. This is most applicable to card deposits, but if you send an ACH or wire to fund your player account, you may also be required to send the funds to a name that doesn’t match the casino you are playing at. While this may feel concerning, it is fairly common practice in the industry.
As is the case with all online casino play, you should consider the risks and laws and regulations in your local area. Each online casino presents its own unique set of risks and history to consider, which is very important when you are depositing real money. Make sure you perform your own due diligence in making responsible decisions when playing for real money at any online casino.