Whilst we explain all the payment options in more detail on the dedicated pages we have prepared for you, here are the main categories that we sort all these payment methods into:
Credit/debit cards – All online casinos allow you to deposit or withdraw money using credit cards. Some will also allow debit cards. The latter are usually banking cards with a Visa or Mastercard function. Though instead of using a real credit card where you later receive a credit card bill that you then pay accordingly, a debit card only uses the funds available in the connected debit or checking account.
We would count traditional bank transfers and instant banking options in this category as well, because there is a direct transfer from your personal bank account (or credit card account) to the online casino account with no third-party provider involved. Whilst credit card payments are mostly instantaneous, bank transfers can take a few days to process. Instant banking options are, of course, instantaneous as well.
These types of transfers are usually free of charge, though some casinos will impose a fee. You’ll always have to check with the cashier at your online casino to find out which fees might be applicable. Additionally there’s usually a required minimum deposit or withdrawal amount and a limit to how much you may deposit or withdraw as well.
e-Wallets – Here you create a specific account with a third-party payment provider such as Skrill, Neteller or PayPal, which then lets you make financial transactions online. The e-Wallet is always connected to your credit card or bank account, where money is withdrawn from or deposited into. But e-Wallets allow you to send and receive money to and from just about anywhere around the Internet.
e-Wallet accounts are easy to set up and generally free of charge. Prepaid credit cards may be available through them, but fees generally apply when making transactions to and from your own accounts. They are fast, secure and instantaneous, which makes them very popular. And since you can use them for many types of online purchases besides using them with online casinos, they are very convenient to have even when you’re not playing at an online casino.
Prepaid options – Prepaid payment options mean just that, you already paid a certain amount for something like a prepaid card and use that to fund your online casino accounts. Here, too, transfers are pretty much instantaneous.
This particular option used to be a little more common in the past, especially with methods such as Paysafecard or Ukash. The advantage is that you have a good control over your budget, because you decide the prepaid amount in advance.
Crypto currencies – This is the newest type of payment option and no longer just refers to Bitcoin. A number of different virtual currencies have now been established, though Bitcoin is still by far the most commonly used and the best known. We’ll introduce Bitcoin in a separate article. The main information for you to know is that this is a virtual currency, which you have a separate account for. Crypto currencies can be transferred into normal currencies such as £, € or $ as well, of course. Transactions using this type are fast and extremely secure. And whilst more and more online casinos venture into the crypto currency realm, they are still relatively few and far in among all the others.
When considering which payment method to choose, you’ll be comparing the main differences between the different options before anything else. These are the points to look out for:
There are, of course, a lot of other differences to consider, but these are the most relevant ones no matter which payment option you choose.
Apart from that you’re going to decide on how closely you want your personal bank account or credit card account linked to your online casino account. Using an e-Wallet certainly puts an added layer of security between your personal account and your online casino. And they’re convenient to use far beyond that.
A prepaid card on the other hand allows for tight control of your budget and the good old-fashioned bank transfer means there’s no need to involve a third party payment solution and yet another account to supervise. There are pros and cons to each option and you’ll learn more about them by following the links to our more detailed introduction to each of them.
Let us know, if you have any questions or suggestions.