The vast majority of people who play at online casinos, do so for entertainment value and to have fun. However, it’s important to remember that real money is being used and so we want to know that our money is not only safe but when it will reach our bank accounts after a withdrawal has been made and if there are any charges.
In this guide, we’ll be taking a look at the various options players have when it comes to depositing and withdrawing from online casinos along with the average processing time for these methods and anything you should look out for.
The majority of casino players use a debit card for both deposits and withdrawals. However, not all do and so it’s helpful for an online casino to offer multiple options to cater for a wider range of players.
As of the 14th of April 2020, online casinos are not permitted to accept credit card deposits and withdrawals from UK players. This restriction was put into place by the UK Gambling Commission as a measure to help reduce players getting into debt from gambling.
The vast majority of online casinos accept debit cards for both deposits and withdrawals. Deposits are instant and are debited directly from your bank account. Debit cards remain as the most popular banking method for online casinos.
Neteller is a digital wallet which is commonly accepted at many online casinos. Players are able to top up their Neteller account using their bank account and then transfer funds to and from their online casino accounts. Neteller is a popular option over debit cards due to the faster withdrawal times, allowing players to move money between casino accounts quicker.
Skrill is another popular digital wallet which was formally known as Moneybookers. Deposits using Skrill are instant and withdrawal times are similar to when using Neteller.
Skrill 1-Tap is a mobile payment solution which allows customers to make deposits with the tap of a button on their mobile device rather than logging into their Skrill account. Debits using Skrill 1-Tap can be linked to a debit card or the players existing Skrill account.
The majority of people have a PayPal account which makes it a convenient way to deposit and withdraw from online casinos. Withdrawals are generally processed quickly and once the funds have reached your PayPal account, you’re able to withdraw to your bank account or transfer them to another online casino if you wish.
Paysafecard is a prepaid online payment method which is popular amongst casino players. Balances can be topped up from local retailers which means that no bank account details are linked to the card, providing added security.
Trustly allows players to deposit into their casino accounts directly from their bank accounts. No card details are required which is one of Trustly’s appeals.
EcoPayz is an online digital wallet similar to Neteller and Skrill. It’s not as popular or as large as those other e-wallets but is an available banking method at many online casinos.
EntroPay is an online digital account where customers receive a prepaid EntroPay virtual Visa card. Entropay is considered a safe way to make transactions disclosing your credit card information.
Apple Pay is an extremely convenient banking option for those with an Apple device. If you have linked your bank account with your Apple Pay account, you’re able to deposit into your online casino accounts using your Apple phone and just your fingerprint as verification. No usernames or passwords are required making Apple Pay a great option for when on the move.
Bank transfers allow you to transfer funds directly from your bank account to your online casino account. Both deposit and withdrawal times for bank transfers are generally longer than when using other methods.
Choosing a convenient banking method is important but you should also take notice of the time it takes for any withdrawn funds to reach its destination account. Deposits are usually instant unless using a bank transfer but withdrawal times can range from a couple of hours to several days. Withdrawal times will depend on both the method used to withdraw as well as the processing times of the online casino.
Below, we have listed average withdrawal times for the most common banking methods.
Some online casinos also offer an express bank transfer option which means that funds are usually received the next working day.
As mentioned, the actual time it takes for funds to reach your bank account or e-wallet depend on the casinos processing time. Online casinos usually list the average withdrawal time on their banking pages which can be useful if you would prefer, or need to, know when your funds will arrive.
The majority of online casinos do not apply fees for deposit and withdrawal requests but some do. Some online casinos charge a standard percentage for transactions where others may change for withdrawals under a certain amount. The addition of fees can put a dent in your profits, especially if you are withdrawing small amounts on a regular basis and so it’s important to check to see if the casino at which you play at does apply charges. In our bookmaker reviews here on WhichBookie, we not only list the available banking options but also any fees which are incurred when making transactions.
Online casinos generally have a minimum amount which you can deposit. This amount varies depending on the deposit method and they’re worth being aware of in case the amount is above what you would usually deposit. Minimum deposits at online casinos usually range from £5 – £20 but some casinos have a minimum deposit of £50 for some deposit methods. There are also maximum deposit restrictions applied to accounts at most online casinos. These limits will not impact the more casual casino player but worth noting for high-rollers. Maximum deposit limits vary between casinos but are usually in the range of £1,000 to £5,000.
As well as minimum & maximum deposits, online casinos have restrictions on withdrawals. This is especially important to note as if you hit a big win on an online slot or other game, you may not be able to withdraw the full amount in one go.
As part of online casinos responsible gambling measures, players are usually able to set limits on how much they can deposit. These limits override the casinos’ standard deposit limits and are applied for a length of time set by the player.
If you are planning on accepting a welcome bonus or offer when registering at a new online casino, it’s important that you take note of what deposit methods are accepted. Although a casino may offer several deposit options, you may only be eligible to receive the welcome bonus if you deposit using a certain method.
Some online casinos restrict players from receiving welcome offers if depositing using methods such as pre-paid cards or some e-wallets. This is sometimes due to bonus abuse and multi-accounting but also applied for other reasons.
If you are claiming a bonus, whether it be a welcome bonus or an offer as an existing customer, always read the terms to see if there are any restrictions on certain deposit methods.
Many of us assume that our funds are safe with an online casino, especially if they are regulated by the UK Gambling Commission. This is true for the vast majority of the time but on occasion, should a casino go bust, your funds may be at risk depending on what level of fund protection the casino offers.
We will cover online casino fund protection in more detail in another article but there are 3 levels of protection which a casino can offer.
Playing at an online casino which has the highest level of protection is advisable but there usually isn’t a cause for concern with casinos which offer other levels. However, this comes down to personal opinion. Each casino will state which level of funds protection they offer in their terms and conditions which is usually easy to find.
One online casino which offers High Protection on customer funds is Betfair Casino. Betfair is one of the worlds largest betting brands and offers an excellent online casino which is host to hundreds of slots, table and live dealer games.
Click below to register at Betfair Casino.