The biggest consideration there is when venturing into online gambling is doing all financial transactions online. Because the casinos exist virtually, you all need to engage in online banking. There are various payment modes available and, for the most part, they do work. However, some methods do better than others. There banking modes that allow instant deposits but take some time before withdrawals are completed. Find out the best methods for cashing out your online casino winnings below.
Credit & Debit Cards
Credit and debit cards are the most popular payment solution available on most, if not all, online casinos. Visa and MasterCard are the most widely accepted cards online. In most cases, you will be asked to link your credit or debit card to your online account in order for you to make transactions online.
The best part about using credit or debit cards is that they guarantee instant processing of deposits. Thus, you can start playing immediately after linking your card to your account and making your first deposit. Another advantage is that you are not required to pay any transaction fee when you use either a debit or a credit card. The downside is that withdrawing your winnings via this mode typically takes several days to complete. Most sites take 3 days, but there are casinos that take 5 to 7 days to fulfil a withdrawal.
Neteller
Another credible money transfer service is Neteller. It is known to be one of the most secure platforms for paying goods on a number of sites. Not only will Neteller keep your identity safe when requesting for withdrawals, it is also protected from fraud and scams.
This e-wallet solution is one of the oldest platforms in the world. So it is not surprising that it used to handle around 80% of all online gambling payments before other modes started popping up. Neteller is accessible to over 200 countries and it is FCA-regulated. It is also accepted by most of the respected and legit online casino brands out there. The best part about Neteller is it quickly processes transactions, be it deposits or withdrawals. In fact, it is one of the fastest ways to retrieve online casino winnings since its processing time lasts up to four hours only.
Skrill
Since its launch, Skrill— formerly named Moneybookers —has been regarded as a very efficient money transfer solution for online casinos. At present, it is one of the most used e-wallets because it supports 41 currencies and all major credit and debit cards. Just like Neteller, Skrill is also regarded as a very safe payment method. It processes transactions without disclosing confidential info to online sites.
Skrill does a great job in handling deposits and withdrawals. Upon requesting the amount you want to withdraw from your account, your funds will be transferred within 24 hours. An advantage to using Skrill over other modes is the seamless way it converts currencies. Because it supports a variety of currencies, users can easily swap funds from one currency to the other. Therefore, it will come in handy if you are accessing an online gambling platform that uses a foreign currency.
PaySafe Card
This brand of online banking was made by the parent firm behind Neteller. It is also regarded as a very safe option for when you are making deposits or withdrawing money from your virtual account. This service enables users to deposit or withdraw funds without having to disclose sensitive data to third parties.
Unlike other payment methods, PaySafe Card does not require a bank account or a credit card. It acts like a prepaid card, so your online transactions are guaranteed 100% confidential and safe. It does not even require you to give personal information when setting up an account. Plus, it is accepted by many casino brands all over the world.
Bank Transfer
Bank transfer is regarded as one of the best and most popular payment methods because it gets the job done in the most secure way. It is the most straightforward mode of relocating funds from one bank account to another. This is the main reason why it is patronized by many people for many years now.
It is notorious for having a long processing period, but that does not stop many people from using it. When depositing funds, you only need the bank details of the casino, and this information is usually provided on the website or given to members by a casino representative. Once you have the bank details, you can right away conduct a wire transfer with your bank.
In a similar manner, your winnings will be directly transferred to your bank account via a wire transfer. It is important to note though that withdrawals will require you to provide your casino with your bank account number, SWIFT number and an IBAN number, when required. Withdrawals can take up to 5 days to complete.
