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Jun 2, 2017

How to Deposit and Withdraw Money from Online Casino

Peter S.

Before you start playing for real money, you should consider all the deposit options for your online casino account. Below pick up four basic methods that you can use to send money into your account and let you know how each of them works. Now it's up to you to choose which of these methods you prefer.

How to Withdraw Money from an Online Casino

If you are lucky enough to win real money, you will undoubtedly want to withdraw it. While the specific process will vary slightly from casino to casino, it's generally always the same:

Log in to your casino account

  • Go to Cashier/Wallet/Payments or similar
  • Select the withdrawal option
  • Select a payment method. Most casinos require you to use the same method you used to deposit.
  • Write how much you want to withdraw
  • Wait for the transfer

How Long does it take to withdraw money from the casino?

You won't have the money in your account right away. The casino will usually take a few days to process your withdrawal request. First of all, it depends on whether you have already gone through the KYC (know your customer) process. The online casino will confirm your identity before you make your first withdrawal. This verification alone will increase the withdrawal time.

If you already have a fully verified account, it usually takes 2 - 3 days to process a withdrawal request. Withdrawals via bitcoin, e-wallets and credit cards are the fastest. These are made almost instantly. Bank account withdrawals then take the longest, up to 7 days.

Each method has advantages and disadvantages that you should consider beforehand. The main factors should be the speed of the transaction and fees.

It is very important that you know about all the possible deposit methods because:

  • you can choose the type of deposit that suits you best
  • some online casinos only support some deposit methods
  • some deposit methods are only available for certain countries or cities
  • some online casinos offer a bonus deposit for certain types of deposit

Bank transfer

This is the oldest method of all, which was also the only one at the beginning of online gambling. It is suitable for players who are afraid of their personal data because when using this method, you do not have to give any of these data to the casino. The disadvantage of a bank transfer is a longer period and quite high fees (for each bank the data is slightly different).

In general, depositing through a bank account is the least popular option. Many casinos nowadays don't even offer it at all. It is because the transfer carries many disadvantages for players. In the case of international transactions, some casinos will charge you a fee. Withdrawals to a bank account also take the longest time of all - up to 7 days in some cases.

Credit and debit cards

This is the historically most used method of depositing money into online casinos. It has a great advantage because the casino uses your card to verify your identity. Using a credit card to pay on the Internet is secure, assuming the privacy of your personal information works. Privacy is a convention between you and the casino that your data will not be provided to a third party or misused.

When registering, read carefully all the information on how to protect your personal data. Nowadays, thousands of people around the world use this deposit method. This is an easy and fast way to transfer money to your online casino. If you also find the right casino, it is completely free of charge.

How to Deposit Money via Credit Card

Depositing money into a casino account via credit/debit card is virtually the same as paying by card online. Just fill in your card information and select the amount to transfer.

Each time you make a deposit, fill in the following information:

  • Personal information of the cardholder (name, surname, address, etc.)
  • Card number (16-digit number)
  • CVV2 / CVC2 code (3-digit number listed on the back of the credit card)
  • Card expiry date (Expiration Date)

Electronic wallets (e-wallets)

Using an e-wallet you can control your finances online, which can be handy especially if you prefer fast transaction. First, you need to set up an account for some internet electronic wallets, it’s quite easy and you don’t need any special computer skill to do so. Then you could send money with your credit card or direct transfer from your bank account.

Once you have opened your online account, you can freely manipulate it, among other things, to deposit money for your online casino account. This method is absolutely safe, easy and extraordinary fast in comparison to wire transfer. The same rules apply as for a deposit using a card. Some casinos have this method charged, but there are many online casinos where you can deposit money for free.

Here are some of the best-known and most widely used electronic wallets.

Skrill

Skrill previously appeared on the market under the name of Moneybookers. In 2010, the company changed its name and also upgraded its website. It is still the most popular, the most used and one of the safest electronic wallets.

The greatest advantage is that you can send money to the casino in just a few seconds when transferring funds from Skrill to your account. Withdrawal usually takes a little more time, bus most casino declares that they will process you withdraw in 2 days. Keep in mind, that some transfers in or out of your Skrill account could be charged by a fee.

Neteller

Another renowned electronic wallet is Neteller. However, compared to Neteller, you will have to go through far more complex registrations, and you will also pay higher fees for transfers. These disadvantages are, however, compensated by an absolutely perfect security. In this Neteller has no competition. But you do not have to worry. The security of other wallets is also sufficient. Like Skrill, Neteller supports the vast majority of online casinos.

Before you send money to your casino account via e-wallets, make sure to read the casino’s terms and conditions first. Especially if you are looking for casino bonuses. Sometimes are payments from Skrill and Neteller excluded from these benefits.

Prepaid cards

Another way you can send your money to the online casino is via prepaid cards. It's a great way for players who do not want to use their credit card or have no bank account for a deposit. However, you must remember that a prepaid card can only be used for the deposit. And on what principle does this method work? Just buy a prepaid card for a certain amount. You will receive a security PIN on the card, which you then enter when you pay. The advantage is also the fact that you do not have to use the whole amount in one payment. You can make multiple payments with one card.

PaySafeCard

This is the most used pre-paid card in Europe and almost every casino offers to deposit money via PaySafeCard. The principle is again very simple. At one of more than 450,000 points of sale, you will buy a prepaid card for a certain amount then enter a 16-digit PIN code and the transaction is ready. If you need to pay a higher amount, you can combine up to 10 PIN cards together.

Cryptocurrencies

Cryptocurrencies are widely used in today's online world. Both as an instrument in the financial markets and as a regular means of payment. Therefore, it's no wonder that online casinos now routinely offer deposits, wagering and withdrawals in cryptos such as Bitcoin, Ethereum or LiteCoin. There are plethora of cryptocurrencies; however, most of them are virtually unusable. In casinos, you will most often encounter Bitcoin.

Bitcoin

Bitcoin has been the most popular and most used cryptocurrency in the world. It is a decentralized currency that has gained popularity mainly due to its anonymity, speed of transfers and security. Many casinos commonly offer Bitcoin as one of the payment options. There are even casinos that operate purely on a bitcoin basis.

Playing with Bitcoin in casinos is legal, given that the casino itself operates under a valid license and if your jurisdiction allows you as a player to do so.

How to use Bitcoin in an online casino

Before you can play with Bitcoins in an online casino, you must have something to play with. Bitcoin can be mined or bought. Several e-wallets now support cryptocurrency purchases. Players can also purchase Bitcoin with fiat currency at exchange offices. In this case, it is important not to send Bitcoins from these exchanges straight to the casino. In most cases, they do not allow it and will freeze your account.

To deposit and withdraw Bitcoin from the casino, you need to get a Bitcoin wallet, a bank account for crypto. From this wallet, you then send money to the casino. And what if the casino doesn't accept Bitcoins? In that case, you send Bitcoins to one of the e-wallets (e.g. Skrill) that supports crypto.

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