by After you find a good online casino, the next step is to determine how much money to add to your account. More importantly, you need to figure out how to deposit your money.
There are many ways to deposit and withdraw money from online gambling sites. They all have their benefits and disadvantages. Here, we’ll take a look at the popular payment providers and when to use or not to use them. Let’s get started.
1—Bank Transfer
Bank transfer has been around since the beginning of online gambling. In fact, it precedes Las Vegas, the gambling capital of the world.
At many casinos, wire transfer is an option you can use to deposit money. The benefit is that you can transfer a huge payment safely and at a considerably low cost. The main disadvantage is that it takes too long: ranges from one to 10 days.
Additionally, wire transfer is costly for small payments—many banks charge a fixed fee of $5 to $20. That said, wire transfer is a great banking option for withdrawing money from casinos.
Imagine if you hit a $1M jackpot. Not many payment providers support such a huge amount. Wire transfer and crypto could be your only solution.
2—Digital Wallets
Digital wallets like PayPal, Skrill and Neteller mushroomed in the early 2000s as the Internet grew in popularity. Some of these companies supported payments for all major industries. Others like Skrill and Neteller opened with online gambling in mind.
Below are some of the most popular e-wallets used for online gambling payments:
- PayPal
PayPal is the king of e-wallets. Established in 2000, the company has been growing rapidly all around the world. PayPal operates in 200+ countries, supports millions of merchants, including online casinos.
Now, not every online casino supports PayPal. If you like the e-wallet, dig around for a good PayPal casino. The biggest benefit of using PayPal is its speed, flexible limits and top-notch security.
In the past, PayPal was considered a cheap e-wallet. Nowadays, it’s considerably expensive, at least compared to its peers.
- Skrill
As mentioned, Skrill is an e-wallet designed to facilitate payments in the online gambling industry. Due to that, it’s extremely popular with online casinos. It’s safe, easy to use and affordable.
All you need is a good Skrill casino India and money in your Skrill account. To expound more, you can fund your Skrill account through wire transfer, debit cards, Paysafe or Neteller—both Skrill and Neteller are owned by Paysafe.
- Google Pay
Google Pay is a modern generation e-wallet. Google launched this e-wallet in 2011 as an alternative to PayPal. Back then, it was named Google Wallet. It rebranded to Android Pay in 2015 and then Google Pay in 2018.
Google Pay operates in a handful of countries, including the US and India. All the same, this means you won’t find it in as many countries as PayPal or Skrill. It’s a secure, fast and low-cost e-wallet though.
3—Credit/Debit Cards
For a long time, credit and debit cards were the most preferred deposit methods at online casinos. It’s easy to see why. Unlike wire transfer, you can send from $1 to $10,000 using Visa, MasterCard, Maestro or Discover.
To date, depositing money through credit/debit cards is popular all over the world. The only differences regard the credit card issuers and whether to use credit or debit cards.
In the UK, the government no longer supports credit cards for gambling payments. However, people can use debit cards. What’s the problem with credit cards?
Credit cards lend you money while debit cards use money from your bank account. Due to this difference, the UK government believes credit cards increase gambling debts.
4—Cryptocurrencies
Bitcoin keeps making headlines. Somedays headlines are talking about its steep fluctuations. Sometimes it’s about how it helps people transact money safely regardless of their geographical locations.
Casinos support cryptocurrencies due to their growing popularity. More importantly, they’re safe, convenient and affordable. Now, some casinos only support the major coins: Bitcoin and Ethereum.
However, plenty of online casinos also support altcoins like Solana, Ripple, Polkadot and Fantom Coin. What’s more, there are software programs you can use to convert major altcoins into Bitcoin or Ethereum.
What are the benefits of using crypto for gambling deposits? First, they are cheap. You can transact millions of dollars through crypto for less than a dollar. Next up is speed. Although Bitcoin payments can take up to 10 minutes, some altcoins support lightning-fast transactions.
That said, cryptocurrencies are not perfect. In some parts of the world, it’s considerably difficult to find a site for trading fiat to crypto. Then there’s the issue of security. If you don’t secure your crypto through a good wallet, you can lose them.
5—E-Checks
In the early days of online gambling, QQ POKER ONLINE it was not unusual to deposit money to casinos through checks. Likewise, you could withdraw money through a banker’s check.
Over time, physical checks became problematic: Delays, bouncing checks and scam checks made people look for alternatives. At the time, the alternative was credit cards and e-wallets.
E-checks are back in 2022. They are safer than their physical counterparts. They’re much faster than physical checks and casinos love them. Why do casinos love e-Checks? They come with a guarantee the sender has money in the bank.
With physical check, anyone can write a check even if they have nothing in their bank accounts. With e-Checks, you need money for your bank to approve of your transaction.
With that in mind, e-Checks are still not popular around the world. Due to that, it can be challenging to find a good e-Check casino.
Your Turn
If you want to deposit money to a gambling site in 2022, you have plenty of choices. All you need is to determine which payment provider is ideal for your situation.
Perhaps you want a fast payment method with low fees and a chargeback option. Maybe you want a way to transfer thousands of dollars. Learn the advantages of various payment providers and find an appropriate casino.
