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If you're relatively new to the online casino industry, then you might be somewhat confused as to how the funding process works. Unlike a traditional land-based casino, online platforms give you a significant range of deposit and withdrawal methods to choose from.
We at BestRatedSlotSites.co.uk find that each payment method has its own advantages and disadvantages, so you need to choose the one that best suits your needs. Whether it’s ultra-fast withdrawals, security or convenience, there's a payment method to suit most players.
To help you along the way, we at BestRatedSlotSites.co.uk have compiled a list of the most common payment methods that you will find at an online casino platform.
Without a doubt, the most common payment method used by online players is that of a traditional debit card. Depositing funds is super simple, as all you need to do is enter the numbers found on the front and back of your card. Deposits are processed instantly, and in most cases, free of charge.
In terms of supported card issuers, Visa and MasterCard is always offered, and in most cases, as is Visa Electron and Maestro.
When you withdraw your winnings, the funds will be sent back to the same card you used to deposit. The only slight caveat is that it normally takes 1-3 days for debit card withdrawals to reach your account.
The credit card deposit process is exactly the same as its debit card counterpart. You’ll be accustomed to instant deposits, and when it comes to withdrawals, expect to wait 1-3 days before you see the funds appear back on your card.
The only factor that you need to take into account is that you might be charged by the casino for using a credit card. Furthermore, it is all-but certain that your credit card issuer will charge you to use your card at an online casino, as gambling transactions are categorized as a cash advance.
We at BestRatedSlotSites.co.uk are big fans of e-wallet deposits and withdrawals. This includes the likes of PayPal, Skrill, and Neteller.
Firstly, you are essentially adding an extra layer of security onto your payment credentials, as you are not required to enter them directly into the website of the casino. Secondly, much like in the case of debit cards, e-wallet deposits are usually free and instant.
However, the overarching benefit of using an e-wallet at an online casino is that you usually benefit from ultra-fast withdrawals. Casinos will typically process an e-wallet cashout request within 4-6 hours. Once they do, the funds are usually credited instantly. This makes it significantly faster than a debit or credit card withdrawal.
One of the latest entrants to the online casino space is that of the Pay by Phone casino phenomenon. In a nutshell, you can now use your mobile phone credit to deposit funds.
If using a pay-as-you-go phone, then the deposit amount is subtracted from your available credit. If you’re on a monthly contract, then you’ll be billed for the deposit at the end of the month when you receive your itemised bill.
Take note, although Paybyphone deposits are really convenient, you will need to withdraw your winnings via an alternative method, such as a bank transfer or cheque. You can find a list og Boku casinos and Payforit casinos in our dedicated pages.
PaysafeCard and UKash
Both Paysafecard and UKash are popular payment methods in the UK for those without access to traditional debit/credit cards, or for those that don’t want to use their card when shopping online. All you need to do is buy a PaysafeCard or UKash voucher number from a participating store (such as a Supermarket or Petrol Station), and then enter your unique voucher number directly into the online casino platform.
Bank transfers allow you to deposit and withdraw funds in the safest of manners, not least because you do not need to expose your financial information with the online casino. Instead, you transfer the funds directly from within your online bank account. Although super-secure, deposits and withdrawals can both take in the region of 3-5 days.
Entropay allows you to deposit and withdraw funds with an online casino via one of its virtual cards. You simply fund your Entropay account, create a new virtual card, and then use it in the same way you would a traditional debit or credit card. Casino deposits are instant and free when using Entropay, and withdrawals take around 3 days before they are credited back into your Entropay account.
ecoPayz is similar in nature to an e-wallet, insofar that you fund your account externally, and then link it up to your online casino account. You can fund your ecoPayz account via a conventional debit/credit card.
If you are looking to deposit funds with an online casino that also has betting shop locations on the UK high street, then you should be able to fund your account in-store. Simply hand over the cash and the betting shop will credit your online account.
Some casinos now allow you to deposit and withdraw funds with popular cryptocurrencies like Bitcoin and Ethereum. The best thing about using a cryptocurrency is that withdrawals are usually instant.
If you’re based in Germany, then you’ll be pleased to know that most online casinos allow you to deposit with Sofort, which links your online bank account with the gambling platform.
WebMoney operates in a similar way to e-wallets like Neteller. You simply need to fund your WebMoney account (bank transfer or cash), and then transfer the funds to your chosen online casino.
Popular in Canada, INSTADEBIT facilitates instant deposits from your bank account, straight into the online casino.
like in the case of Sofort, Giropay allows users to connect their bank account to an online casino. Deposits are instant.
EuTeller is a bank account-to-online casino payment system that is available to players based in Finland.
TELEINGRESO allows Spanish residents to deposit funds into an online casino via a traditional ATM.
If you’re based in either Finland or Sweden, then the Nordea Netbank banking facility enable instant casino deposits via your bank account.
Well-known in New Zealand and Australia, POLI connects your online bank account with the online casino, subsequently facilitating instant deposits.
Launched by Visa, QIWI is similar to Entropay, insofar that you deposit funds via a prepaid virtual card. However, you’ll need to top-up your card at a QIWI kiosk, or with your mobile phone (Beeline customers only)
EPS is an Autria-based payment method that connects your bank account with the online casino. More than eight Austrian banks are now supported.