Playing for fun (in demo mode) at an online casino can be quite entertaining and it can be educational. You find out which games you like, what your chances of winning might be if you have any skill at poker or blackjack and how things work at an online casino.
But sooner rather than later, you’ll be wanting to put in some real money gambling online and really tempt your fortune. It’s just a different experience when playing for cash and it makes winning (however rare it might be) all the more thrilling.
So, how does banking at online casinos work? Read on to find out!
Main options for deposits and withdrawals
We will be introducing specific banking methods in more detail as well, but here we are talking only about the general information you should have before making your first deposits and withdrawals at your favorite online casino.
There are a few banking options you will encounter at just about every online casino. Let us give you a brief overview:
Classic credit cards such as Visa or MasterCard are available payment methods at almost every online casino out there. We’ve encountered it once that credit cards were not a payment option, so it can happen, but it is exceedingly rare.
Many people have credit cards, preferring to get a little advantage on the actual money they have and paying it back later. In gambling, this can be dangerous, if you don’t gamble responsibly as it is easily possible to accrue debt you may not be able to pay off later.
Debit cards, however, are banking cards that have a Visa or MasterCard function (thus allowing you to use it instead of a credit card), but it will only use funds that are indeed available in your account.
Credit card payments are usually instant, though fees may apply here. You also have to be wary of credit card fraud as your credit card details may be stolen and used by an unauthorized third party.
Bank transfers/instant banking
Traditional bank transfers and instant banking are also methods where you only use your existing funds to transfer into your online casino account. Whilst traditional bank transfers generally take a few days to be processed, instant banking options via a third party (your bank works with), make such transfer an instant transaction.
Bank transfers are very safe, of course, but inconvenient because of the long transaction times.
Instant banking, on the other hand, is very convenient and safe as well, but your bank will need to work with a service making instant banking possible.
E-Wallets are a third-party payment provider such as Skrill, Neteller, Paypal, or others. They were established to make online or electronic transactions more convenient. An e-Wallet will draw funds from your credit card or banking account and make these funds available to use for just about anything you like, including transfers to online casinos.
E-Wallets are a very convenient method to send and receive money online, including from private parties or even relatives.
Whilst e-Wallet accounts can usually be opened free of charge, fees are involved for various transactions, including currency exchanges.
They are very popular, however, since the service is fast and secure and so widely used.
Prepaid means you made an advance payment over a certain amount, which you can later use wherever prepaid payments are welcome. Often, you will have a prepaid card or voucher to use instead of real funds.
Paysafecard is one such service that widely available online and in retail stores. Prepaid payments are fast, anonymous, and allow you to control your budget reasonably well. Prepaid cards usually have a limit as to how much you can put on them.
Their main disadvantage is that they cannot be used for withdrawals.
Cryptocurrencies are virtual currencies such as Bitcoin, Litecoin, or Ethereum. More and more online casinos offer their customers to deposit and withdraw and even play in cryptocurrencies.
Here you need a wallet as well, either in the cloud or on your home computer. Cryptocurrencies are very secure due to the unique nature of transactions. They are also instant and work for deposits and withdrawals.
Other payment options
Many online casinos stick to the tried and true options listed above, but there are other payment methods that are available locally (often for residents of just one country) that are a little different to those listed. Among them are:
- Pay by phone
- Pay by mobile app
In some regions, you may indeed be able to write a cheque to an online casino, send it securely to a bank that the casino works with and wait for it to clear. This is the slowest possible way to fund an online casino, but it may be possible.
Paying by phone or mobile app is still very new as well. Paying by phone usually means that your online casino deposit will appear on your phone bill, where you authorized it to be billed to.
Whereas a mobile app is likely connected to an account of yours as well that will simply require you to authorize the transaction, which is then instant.
Considerations to make when choosing your payment method
Personal preference and convenience are often the main factors when deciding which deposit or withdrawal method to use. But it may well be worth it to use an e-Wallet or prepaid cards depending on your situation.
There are also other considerations that you should not overlook and that differ from casino to casino:
- Minimum and maximum deposits and withdrawals
- Transaction times
- Transaction fees
- Does my chosen method work for withdrawals as well?
- Security and anonymity
It’s important to know that all payment methods have their limits, which includes withdrawal limits as well. A single transaction is likely restricted to a maximum amount. But does your chosen casino impose daily, weekly or monthly restrictions beyond that? This is also something you want to keep in mind.
Interestingly, old-fashioned bank transfers often have the highest withdrawal limit, whereas e-Wallets may have much lower limits.
You should also be aware that most online casinos prefer you to use the same method for deposits and withdrawals. In the case of prepaid cards, you will almost always have to use bank transfers for withdrawals.
Making deposits and withdrawals
Once you’ve figured out what your options are and which ones are convenient for you (it’s best you have at least two), you may want to know how it actually works, this whole depositing and withdrawing thing.
How to deposit
Well, it’s not difficult at all. Just follow these 3 steps to deposit into your online casino account:
- Log in to your casino account, and visit the cashier
- Decide the amount you want to deposit and pick your deposit method
- Fill in the necessary details to be able to deposit
It’s as simple as that. A deeper explanation follows:
Every online casino has a cashier. Once you’re signed into your account, you can visit the cashier and choose the amount you want to deposit (minimum deposits differ from online casinos to an online casino, but with most, it’s a fairly small amount between INR 1,000 and INR 2,000).
Then you are asked how you want to deposit (which method you want to choose). You click on your preference, enter the required details and once the transaction has been processed (in most cases this is instant), you will see the funds in your online casino account and can start using them to play your preferred games.
How to withdraw
If you’ve won and want to withdraw your winnings from your online casino account, you need to be aware that the casino will want to verify your ID eventually. This is for two main reasons: to prevent money laundering and other fraudulent activities, and to ensure that you are indeed the person who you claim to be and are entitled to those winnings.
The best thing to do is to go through the KYC process before requesting your first withdrawal. Usually, a form of ID and a proof of address is required. Some online casinos are very thorough here, and it may take a few days for your details to be verified.
Waiting until you have won INR 500,000 to go through with this is likely going to make you unhappy as the process becomes often more drawn out. Therefore, we also recommend you start with small withdrawals first. It’s the best way to assure yourself that you are playing at a safe casino.
As thoroughly as we review our recommended casinos, we rarely encounter an online casino where there are no complaints about the withdrawal process. Don’t be among those unlucky few.