If you are going to gamble online for real money then you need know about online casino banking options. In this article we cover the most common purchasing and withdrawing methods as well as give you information regarding security. After reading this you should be ready to deposit at any online casino as the information is not casino specific but an overall outline of the banking options.
First things first - security. Whenever making a purchase online, be it at an online gambling site, an auction site or a book store security is of utmost importance. You should always be sure that when entering sensitive information such as credit card numbers that you are on a secure page. In your web browser this can be determined by a padlock appearing and the web address starting with https://.
When it comes to online casinos the good news is that we are yet to come across a casino that does not have a secure banking section. Quite simply it is in the casinos best interest to make sure that all deposits, withdrawals and other private information is kept as secure as possible. All casinos use P128-bit SSL (Secure Socket Layer) Digital Encryption. This is the same level of security that all online financial institutions use such as banks and online trading sites.
The quickest deposit method is credit card but in recent years many banks have decided to act on the side of caution and not allow their customers to use their credit cards for anything gambling related. While this does not effect all credit cards it does happen so if you find that your credit card is rejected than we suggest looking at one of the popular virtual wallet alternatives.
Virtual wallets are a very popular online payment method as they not only offer an easy way to transfer money but they also give you additional security. They are great fro online gambling as you can keep a simple record of all of your gaming purchases separated from your usual spending on other items. They can also be used as a money management technique - See our Bankroll Management section.
These are the most popular virtual wallets for online gambling. Below we outline how they work, why they are useful and how to use them.
- NETeller - The most widely accepted web wallet at online casinos
- Click2Pay - A simple and secure web wallet solution
- Money Bookers - Very popular in Europe features many currencies
The three choices listed above are the most popular although there are others. They all work in the same way. You open an account which is free. You then get a unique account number and PIN number much like you get when you open a bank account. You then fund your web wallet via a range of options such as credit card, wire transfer or check and you then transfer money from your web wallet to the casino.
They are a great option if you are wary of using your credit card for online gambling purchases or your card gets rejected as you will only ever give the casinos your web wallet detail and they will never see your credit card or bank details.
Transfers from your web wallet to the casino are instant and all good casinos will pay your winnings straight back to your e-wallet account.
You can then withdraw your money from your web wallet via a range of options such as check, bank transfer or as you will find at NETeller you can get an ATM card which means you can withdraw your online casino winnings in cash! Overall there are quite a few advantages to using a web wallet including the fact that many of the better online casinos will give you an extra bonus as a NETeller user.
There are of course other ways to deposit such as check, wire, bank transfer and direct deposit. Each casino offers slightly different options so check with your casinos banking section for all of the details.
When it comes time to withdraw your winnings you will also have a range of options. The fastest withdrawal method is transfer to a web wallet but for really big wins you might want to go for wire transfer as the winnings go straight into your bank account within days.
One thing to note is that if you are making a big withdrawal it is quite common for the online casinos to require that you fax them some forms of identification such as a drivers license to prove your age, address etc. Always use your correct details when joining a casino to avoid problems later.
If you join a casino using false information and then try to make a big withdrawal you will likely run into trouble and your wins may be voided.
As always if you have a question about a particular casinos banking options then the best thing to do is to give them a call via one of their toll free numbers or send them an email. Support at all good sites is offered 24/7.