Finding the best online casinos has never been easier. Just check out our lists of new online casinos, best online casinos, and featured lists of online casinos, and you can find great online casinos for your entertainment. But, finding a good payment method is a different ballgame altogether.
Payment Options Available to Players
CasinoRunner brings you a complete low down on everything there is to know about the most popular payment methods available to casino players.
Bank and Wire Transfers
Bank and wire transfers are among the safest methods for depositing and withdrawing money. The security features of banks have improved massively over the years. So, using bank transfers and wire transfers are as safe as they can be. However, there is one major limitation with this option – the inordinate delays. Depositing money can take as much as a week and withdrawing can take up to 10 working days or more.
This option usually comes with a fixed amount of processing and transaction fees or slabs of them. For this reason, wire transfers and bank transfers are more cost-effective for professional gamblers who deposit and withdraw huge sums of money in one go. Even though the process is relatively slow, its low cost makes it more attractive.
Choose Your Payment Method Carefully!
Online casinos offer plenty of ways for players to deposit and withdraw money as per their convenience. But, not all payment methods are great. In fact, when you are choosing a payment method, the most important factor is – fees.
Depending on the payment method you choose, you may have to pay multiple fees:
- Transaction Fees
Every time you make a deposit or withdrawal using a payment method, you will be charged a nominal fee for that transaction.
- Foreign Transaction Fees
When you deposit or withdraw money from a casino in a foreign currency, you will be charged a nominal fee for that.
- Processing Fees
Many of the online casinos charge processing fees when using some payment methods. This fee is entirely up to the discretion of the casino. They often do not charge this fee on some processing fees.
Apart from these fees, players might be paying other fees that they are completely unaware of. For instance, deposits from credit cards to online casinos are almost always instantaneous. But, the withdrawals from online casinos to credit cards can take days, if not weeks in some cases. During this period, the credit card users might be charged late fees by their credit card company.
So, it is important for casino players to know the various fees they might be subjected to by a payment method.
Credit and Debit Cards
Credit cards and debit cards are the most popular payment method used by gamblers across the world. There are many reasons for their pervasiveness – high security, convenience, and short processing times. The processing times are often as short as 1 or 2 days, and in some cases, the payments are processed almost instantaneously. Secondly, online casinos do not charge any additional processing fee on credit and debit card payments. However, the card companies may charge a nominal fee for the transfers, but that fee is usually very small. Here are the various debit and credit card options available to players.
Among the many card options, Visa is ubiquitously used by online casinos. You will hardly find an online casino that doesn’t accept Visa cards. In addition, Visa cards are accepted in most countries and also from players belonging to any country. So, this is the safest bet for the online gamblers.
Only Mastercard offers any real competition to Visa, when it comes to popularity. However, some online casinos do not accept Mastercard cards. Other than that, Mastercard cards are sometimes rejected because of the location of the player or of the online casino.
- American Express
American Express cards are stuck in an ironical situation. Because of the strict regulations in the gambling industry, American Express maintains unreasonably high standards, because of which only a handful of online casinos accept American Express cards. A peculiar consequence of this is that if an online casino accepts American Express cards, then there is absolutely no question about its legitimacy.