Payment Methods

The online casino space continues to grow making payment providers develop more and more advanced, convenient and modern solutions to players. Every casino enthusiast willing to gamble online should have access to trustworthy and completely safe payment methods guaranteed by top-quality casinos. With so many available solutions out there, it might be a hassle at first to understand how those options differ from each other, what their key characteristics are and what their strong and weak points are. The guide below will introduce you to the most popular and fully secure payment methods, making you feel ready to play for real cash in no time!

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Common Banking Options for Casinos

Luckily for all of us, the world of virtual gambling is famous for its rich variety. It does not only apply to the choice of games but also preferred payment solutions. Both traditional players and those of us who love new technology can easily find suitable options.

Take a look below to find out the most common financial solutions for casino players online and learn what options are particular for each of them.

  • Card Payments – deposits with credit cards and debit cards are an option that most online casinos offer. All you have to do is to enter your card information at the casino and transfer money directly to the operator’s account using your card. The most well-known cards that are accepted at online casinos are Visa and Mastercard but many casinos also accept other cards such as American Express or Maestro.
  • E-wallets – digital wallets work in many ways similarly to an online bank where you get your own virtual wallet online. You can top up this e-wallet with money from a card that you can later transfer to the casino. The transfers are usually lightning-fast and are often free of charge. Neteller and Skrill are perhaps the two most common digital wallets you will find at online casinos. Signing up is easy and you get quick access to your account.
  • Bank Transfers – this payment method works well at most online casinos. The option makes it possible to transfer money directly from your bank account to the casino you want to deposit money at. The only downsides to it are longer transaction processing times and a bit more hassle from a player’s perspective – introducing all bank details might take you a while!
  • Mobile Apps – nowadays, you can often use your mobile phone to top up your gaming account. Thanks to solutions such as Pay by Mobile, Boku or Payforit, you can deposit money via SMS. The amount transferred to the casino is usually then charged on the user’s phone bill.
  • Cryptocurrencies – more and more Canadians decide on playing for real money using cryptocurrencies in online casinos. Not only Bitcoin casinos are available to players but many more cryptocurrencies including Ethereum, Dogecoin or Litecoin. The biggest advantage of this method lies in its high degree of anonymity, as crypto transactions are decentralised, meaning there is no central control over them and users have power over these funds at all times.

Read More About These Popular Payment Methods

Choose a Payment Method Suitable to You

You might be wondering which payment option is best for you. There is no “perfect” payment method for everyone as it is totally dependable on players. Different casino users have different needs and expectations, hence why it is hard to pick one option that ticks all the boxes on the checklist for everyone.

Before committing to using one of the methods given by the casino, you should always know what you expect from the chosen option and have a clear understanding of how it works. Make sure you know what you care about the most – convenience, fast deposits or withdrawals, compatibility with your bank accounts, etc. This way you will make an informed decision regarding payment methods and, at the same time, guarantee yourself a seamless gaming experience.

Payment Methods Canada

Withdrawal Limits and Fees

Due to the increasing competition in the virtual casino market, most of the operators strive to provide players with payment methods used free of charge. Top online casinos give you an option to choose among many free payment solutions, meaning that you can deposit money on-site and withdraw your winnings without any extra fees.

Although this is becoming a new norm in the e-gambling space, some operators might still charge you for cashing money in and out of the casino. This, however, is rather subject to selected payment methods, not all the options features on the platform. Most probably you will come across the 1-3% fee for withdrawals – this can be connected strictly to the payment provider, rather than the casino itself.

Another case might be using a different withdrawal method to the picked deposit option. Some online casinos will not allow you to use two different options for each type of transactions. Such decisions give operators an extra layer of safety and help minimise the risk of money laundering. Other casinos, though, might let you use a different banking option for withdrawals but this can, too, be subject to extra fees.

Make sure you always know in advance whether the casino operates any fees for particular types of transactions and, if yes, evaluate how much it will affect your account.

Safety When Banking at Online Casinos

When real money is involved, gambling becomes something else than just a random game played out of boredom. Every player who decides to play for cash wants to feel assured their funds are safe and they do not endanger their personal or financial details.

A decision to play for money must be based on the choice of trustworthy, secure and licensed payment options. No matter what our preferences are, our payment method of choice must be well-tested and known in the industry. Do not ever risk your money by choosing a random provider – stick to those who have a licence to provide financial services online and are reputable.

Bear in mind that each operator has different terms and conditions which might also affect your deposit and withdrawal options. If you use a casino bonus on-site, you can face various wagering requirements before any withdrawal takes place. For this reason, it is absolutely crucial to get familiar with the rules and policies of both the chosen casino and promotional offers.

For your own safety, do not ever play at online casinos which are not licensed by well-known governing bodies. No matter how lucrative their bonuses or fantastic their games seem to be, by choosing to gamble on such sites, you not only risk your funds but also private details which could be potentially exposed to unwanted third parties.

Account Verification 

Know Your Customer (KYC) procedures are conducted by online casinos to verify you as a customer before you can play for real money. This is a very common and required procedure that everyone who plays at a licensed casino must go through sooner or later. 

  • Sometimes, you might be asked to verify your identity the first time you request a withdrawal, whereas other operators might require you to do it the moment you register on-site. Most often you will have to provide a copy of your ID or passport so that the operator confirms you are a physical player and knows your details. This way the casino always makes sure you are an adult player and prevents gambling of minors.
  • Additionally, you could be asked to confirm your address. A copy of an official letter addressed to you could be substantial – operators always specify what type of document they need. Bank statement addressed on your name, a utility bill… there are various options to ensure you pass the check.
  • Finally, you will be asked to verify your payment method. Again, these checks could take different forms, depending on your preferred banking option. Some operators will ask you to provide a scan of the front and back of the card used to fund your account or your bank statement. In other cases, you could be required to provide other proofs of earnings or payments made to you.

Summary of Casino Payments

Although we all visit online casinos to find the best possible entertainment, we must never forget about the importance of payment methods featured on gambling platforms. This sector grows as fasts as the gaming industry itself and it is recommended to always keep up to date with the latest developments to guarantee ourselves safe, easy and convenient solutions.

Always choose banking options you are sure of and those which you completely trust. No game can fully be fun when your funds are not secured.

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