Comparison between online casino payment methods
It has been more than a decade since casino games were available online. When playing at an online casino, one of the most important considerations is how you will deposit funds and withdraw any winnings. A regular or bank wire transfer refers to sending funds directly from your bank account to the online casino. You provide the casino with your banking details and authorize them to transfer the deposit amount.
The best online casino australia fast payouts advantage of wire transfers is the ability to deposit substantial sums exceeding the limits of cards or eWallets. Some VIP players deposit tens of thousands via wire. Limits reach $100,000 or more per transaction. Deposits take several business days to process as the money travels between banks. Wire transfers tend to have fees on both ends of the transaction with drawals also take longer, with waiting periods of 4-7 business days not uncommon as the casino processes and sends your money back to your bank.
Cryptocurrency
The use of cryptocurrencies like Bitcoin, Ethereum, and Litecoin has exploded. Many online casinos now accept deposits in crypto. You simply transfer coins from your digital wallet to the casino’s address. Transactions are recorded on the blockchain ledger. Cryptocurrency allows fast, anonymous and secure deposits and withdrawals. Transaction fees are low, and limits are very high, especially for volatile cryptocurrencies. You transfer six or seven-figure sums in crypto if you wish. It is the complexities of acquiring, storing, and transferring cryptocurrencies. You will need to set up a digital wallet and purchase coins from an exchange. Cryptocurrency values also fluctuate dramatically, adding risk. While convenient for players, cryptocurrencies come with risks and regulatory uncertainty.
Prepaid cards
Prepaid cards work much like gift cards with a set amount of funds loaded onto them. You purchase Visa or MasterCard branded prepaid cards from various retailers and use the card number to deposit into online casinos. Prepaid cards allow you to gamble with relative anonymity just by purchasing the card with cash. Limits per deposit tend to be lower, but you multiple smaller deposits. Fees apply to purchases, so check the terms. The advantage of prepaid cards is the inconvenience of having to purchase one in person and wait for processing. They are not linked directly to your bank account. Withdrawals go back onto the card, after which you need to extract the money again at an ATM.
Mobile billing
A newer deposit method available at some online casinos is mobile billing. This allows you to charge deposits directly to your mobile phone bill if your carrier is supported. Just enter your phone number at the casino cashier to confirm.
The convenience factor of mobile billing is excellent. Limits are lower, but you don’t need any bank details, cards, or eWallets. Withdrawals go back to your phone balance or are credited to your monthly bill. The advantage is that very few casinos offer direct mobile billing. Where available, the providers supported are limited. There may also be fees for each deposit and withdrawal. For now, mobile billing remains a niche payment method. But its convenience makes it appealing when implemented.
