One of the most important features to look for when it comes to choosing an online casino is the ability to quickly withdraw funds. This depends on the policy that the casino has established and the payment method that you’re using.
In some cases, you won’t be able to withdraw your funds instantly since that’s the company policy and it doesn’t matter what kind of payment method you’re using in the first place. There are also fees that you need to pay for accessing funds, and this can be an important issue if you’re a small-time player.
Do Your Research First
The first thing to do when choosing a payment and withdrawal method is to check the online casino withdrawal guide. That way you can be sure what payments are available and what kind of rules are attached to using them. There are also national tax regulations that apply to you once you withdraw the funds you should be aware of.
All of this data is easy to find and both the casino and the tax authorities are obligated to present them clearly and for everyone to use.
PayPal is one of the most commonly used transfer methods. It’s used for both casinos and other online purchases and this is done in pretty much every country in the world. Chances are that every casino will have this e-wallet as an option.
There are fees that you need to consider before opting out of PayPal. Those are paid every time you transfer the funds from the app to your card and there are also fees for the card itself. PayPal also has fees for instant transfer or a free option that will take a few days.
Skrill is another e-wallet and it works similarly to PayPal. It’s also popular within the gambling community and online freelance workers since it’s easy enough to use and set up. Most casinos in the world will offer this payment method and there’s an option to withdraw the funds right away.
There are also fees that Skrill will charge you for transferring the funds to your cards. These can range from 2 percent to 5 percent depending on the amount you’re transferring and which currency you’re using. Skrill isn’t as widely available as PayPal.
Neteller is one of the oldest e-wallets out there and a giant in the field. It was founded in 1999 in Canada and it’s been operational ever since. For a while, it had a monopoly in the online purchasing market, and PayPal was partly designed to break this monopoly and set up an alternative.
There are a few downsides to using this payment method. There are different levels of fees depending on what currency you’re using and in some cases, there’s a low monthly limit as to how much you can withdraw at once. It’s only available in Canada and the US.
Unlike the other services on our list, Paysafecard isn’t an online wallet. Instead, it’s a card that you could use to transfer and store funds. The difference between it and other cards is that it’s not connected to any banks and therefore a player won’t need to reveal any of their bank details when using these cards.
There are no fees to pay when using Paysafecard and the only charge the player will have to pay is to cover the setting up of the card in the first place. The biggest issue with this service is the fact that you can’t transfer more than $1000 at once.
Payoneer is another e-wallet service that’s somewhat similar to PayPal. Many if not all major casinos will let players use this payment option and you can transfer funds from a casino to Payoneer and the other way around without any delay.
There are the usual issues that you should be aware of if you plan to use this payment service. Fees are involved with any transfer and they are flat regardless of the amount you’re sending. There’s also a delay when sending the funds from the wallet to a bank account.
Lately, more and more casinos are using cryptocurrency as a payment method and Bitcoin is one of the most popular out there, due to its size, notoriety, and relatively stable value. The biggest advantage of using cryptocurrency as a payment method is the fact that the process is decentralized and you don’t need to provide any personal data in order to use it.
The main downside of using cryptocurrency is the fact that it doesn’t have any stable value, instead it’s subjected to market forces meaning that it can be worth less once you’ve transferred the funds won at the casino. There have been both dips and rises in the past.
What To Consider
Regardless of which payment method you use, there are a few qualities to look for that will help you choose the best payment option for your needs. The key features to look for are the fees and how quickly the transfer can be made.
It’s also important that the transfer method that you decide on supports the currency you’re using. Keep in mind that in most cases, making such transfers leaves a paper trail of the transaction and that it can lead to alerting the tax authorities.