Types of Casino Payment Methods
There are many different types of casino payment method and each has its own advantages and disadvantages. Before choosing one, you will need to do your research so that you can be sure it offers the features that you need. The first stage is to understand the different types of payment methods, after which you can begin looking at specific ones. Here is a rundown of the most common payment methods.
Credit and Debit Cards
Credit and debit cards are used to make payments across the world, both online and in shops. The vast majority of online casino will accept many forms of credit and debit cards, such as Visa and MasterCard. Furthermore, nearly everyone has a card or can apply for one, which is what makes them such a popular and convenient payment method.
However, there are some restrictions. In some countries, banks will not process gambling transactions, in which case it is not possible to use credit or debit cards. In the UK, it is illegal to made deposits using a credit card, but not a debit card. As such, you should check your local regulations before attempting to use your card at a casino.
e-Wallets have been a hugely popular way of making an online payment ever since they were first invented and they are used by casino players across the world. They offer extremely fast transactions, both deposits and withdrawals, and very often, they will be instant. Furthermore, they have been designed to be as user-friendly as possible and they offer a high level of security and privacy.
However, many e-wallets do charge some form of fees, often for depositing in them or withdrawing from them, or for each transactions. On the other hand, these fees are generally very small and for many people the benefits of using an e-wallet will make it worthwhile. Popular e-wallets include Neteller, Skrill and PayPal.
Prepaid Cards and Vouchers
Prepaid cards and vouchers are a popular choice for those who are concerned about privacy or generally prefer to deal with cash. They can be purchased in a wide range of shops and they will usually come with a PIN number on them that you simply enter into the casino cashier to transfer the funds into your account. The major advantage of this is that players never have to provide any personal financial information and there is very little opportunity for the money to be stolen. The disadvantage is that normally it is not possible to withdraw to prepaid cards or vouchers. Popular prepaid cards include Paysafecard and ecoCard.
Bank Wire Transfers
Some players will choose to transfer funds directly to their casino account using a bank wire. Bank wires are considered to be one of the most secure ways of sending money thanks to the strict requirements and Know Your Customer procedures involved, which are designed to prevent money laundering. However, this means that bank wires can be very slow and take seven business days or longer. Furthermore, banks and casinos may charge a considerable fee for them. As such, it is not a particularly popular payment method.
Instant Bank Transfers
This is a type of bank transfer that makes use of a third party service to carry out the transaction. Because of this, the transfers are normally very fast and there is a high level of privacy. The service acts as a bridge between the player’s bank account and the casino, which means that players do not have to provide the casino with any bank information. However, not many of these services can be used for withdrawals. There are many such services available such as Trustly, iDEAL, and Giropay.
More and more online casinos are beginning to accept cryptocurrencies. They are considered to be very secure and offer extremely high levels of privacy. On the other hand, while transactions are fast, they do come with fees attached and the currencies are not always easy to buy. Bitcoin is the most famous cryptocurrency and other popular ones include Litecoin, Monero, and Bitcoin Cash.
Selecting a Casino Payment Method
Once you have understood the different types of casino payment methods available, you can begin to research which is the best for your needs. There many different things that you will need to take into account, most of which are very simple. To begin with, you need to be sure that the payment method you are interested in is both available where you live and also accepted at the casino. For instance, Neteller cannot be used in in some Scandinavian countries for casino payments while PayPal is available in the UK but not many other countries. Furthermore, you will also find that there are localised payment methods on offer, so you need to make sure that they are available to you.
Today, it is safe to assume that at a licensed casino all of the payment methods offer the same security. However, there is a difference in the level of privacy offered. Some people will be comfortable making payments online using their bankcards but others would prefer not to. It is up to you to decide how much information you feel comfortable sharing with a casino but whatever you decide, you are sure to find a number of payment methods with the privacy options you are looking for.
Another thing to be aware of is transaction speeds. It may not bother you to wait a few hours or days for the money to arrive in your casino account, but for many people this will be hugely off-putting. As such, you should look into the deposit speeds and whether there are any fees for depositing. Similarly, you should be aware of how long withdrawals take. These are less urgent than deposits, but some methods may take days where others may take just minutes or hours.
The most important thing is that you do your research properly. Make sure that you choose a method that is easy for you to use, that offers privacy and security features you are comfortable with, and that is fast enough for your needs.
Depositing at a casino is extremely straightforward but withdrawing can be a little more confusing. This is because of withdrawal policies and legal requirements. To begin with, you will have to verify your identity in order to withdraw funds. This means you have to submit some form of official photo ID, such as a passport or driving license as well as proof of address. The procedure is straightforward, it does not take long, and it only needs to be done once. However, it is important that you are aware of it.
The casino will then take a few days to process your withdrawal. The amount of time will vary according to your loyalty level, and the higher it is, the faster it will be. The different withdrawal methods then take differing amount of time. For instance, credit/debit card withdrawals can take anything from minutes up to six days.
You will also need to be aware of things such as bonus wagering requirements. If you have not met them, then you will not be able to withdraw your winnings or you run the risk of forfeiting your bonus funds. Furthermore, there may be a weekly or monthly limit on how much you can withdraw. Before you make a withdrawal request, it is worth taking the time to read through the casino policy to make sure you understand exactly how it works.
It is completely understandable that you may be worried about the safety of your money and private information when making deposits and withdrawals at the casino. However, there are very strict procedures in place to provide you with maximum protection. The casino makes use of modern encryption techniques to protect all data that is sent between players and its servers. Furthermore, the servers are protected by advanced firewalls. Thanks to this, you can deposit funds at mr.play Casino, and all other reputable and licensed casinos, with peace of mind.
Banking at a casino is unavoidable but it is an area of great concern to many players. Having read this guide you should now understand the different options available to you and how to go about choosing the best one for your needs. You can find a full list of the payment methods available at mr.play on the main casino website, together with all the information you may need, such as the transaction times and available currencies, so that you can make an informed decision and bank with ease.