Casino Banking: How It Works
When it comes to online casino banking, there are two main options; depositing money and withdrawing money. Unfortunately, there are several steps associated with each option, and it’s important to understand how it all works.
First of all, online casinos all accept payments made via VISA and MasterCard debit cards. You’ll find that most websites also accept additional payment options but the methods accepted a website’s variety will depend entirely on the individual website.
The process of making deposits and requesting withdrawals can sometimes differ slightly depending on the casino and the payment method you’ve chosen to use, but it’s generally the same. Just note that you’ll need to have registered at an online casino and have verified your account before you can make a deposit or request a withdrawal, as required by the UK Gambling Commission.
How To Make A Deposit
To make a deposit, all you need to do is log in to your casino website and then navigate towards the cashier. From there, you’ll need to select the payment method you want to use – a list of the most accepted methods can be found below – and then you’ll be required to enter all the relevant information. This can include:
- Your account email address or account number for e-Wallet payments
- Your card details for debit card or Paysafecard payments
- Your bank account number for bank transfer payments
You’ll also need to enter how much you want to deposit and once you’ve entered all of this, you need to confirm the payment. The funds should instantly appear in your casino account after this and are ready for use.
How To Request A Withdrawal
The process of requesting a withdrawal is similar to making a deposit. Once you’ve made some wins, all you need to do is head on over to the casino’s cashier while you’re logged in, select a valid payment method for your withdrawal and then enter the amount you wish to withdraw. Once you’ve confirmed the withdrawal, you’ll have to wait between several hours or seven days to receive it.
It’s important to note that some online casinos enforce a policy in which you must withdraw via the same payment method you used to deposit money. What’s more, some payment methods cannot be used for withdrawals which means you’ll be required to select an alternative method.
Online Casino Banking: Limitations and Restrictions
It’s important to note that all online casinos will impose some form of limitations or restrictions on deposits and withdrawals. For example, online casino websites will impose a minimum deposit limit as well as a minimum withdrawal limit, and they will charge fees to users who fail to meet these restrictions.
Casinos generally also impose maximum limits on how much you can deposit via a certain payment method or how much you can withdraw per day, week, or month. All of this will depend on the payment method you’ve chosen to use and the online casino you’re registered with.
In addition, some casino websites prohibit you from using certain methods to claim welcome bonuses and other promotions, but more on this later. This is why it’s always a good idea to read through the casino’s banking page and terms and conditions, so you know exactly what to expect when it comes to make payments.
Popular Payment Options Available In The UK
There are several popular banking methods that most online casinos accept, but there are also some other payment options that are somewhat rare or harder to find. We’ve put together a short guide on each of these payment methods so you can work out which is best for you to use.
All online casinos accept payments via VISA and MasterCard debit cards, making them the default option for most users. Since all casinos accept this method, you won’t ever run into any problem making a deposit or requesting a withdrawal. While deposits made via debit cards appear instantly in your account, withdrawals will take several business days to completely process, making debit cards one of the slower methods for payouts.
PayPal is another popular payment method that is widely accepted at online casinos. Although the payment method is associated with eBay, it can also be used to make payments at online casino websites. PayPal is so popular among gamblers because it’s easy to use, accepted at many websites, and it’s one of the safest methods to use since it only requires your PayPal email address rather than bank details. It’s also incredibly fast like other e-Wallet methods, with withdrawals appearing in your account within a few short hours.
If you want to discover which online casinos accept PayPal, we suggest you take a look at our detailed guide on PayPal casino sites.
Neteller and Skrill
Neteller and Skrill are e-Wallet payment methods through which you can create accounts or wallets and fund them with your bank account. You can then use these virtual wallets to make deposits at your online casino or you can withdraw money to them. These payment options are popular for being very common at online casinos and for processing withdrawals fast, just like PayPal. Unfortunately, there are downsides to using these methods as online casinos are more likely to charge fees for using them and may restrict you from using them to claim promotions.
Paysafecard is a unique payment method in which you purchase a pre-paid card and use it to make a deposit. These cards can be bought online or through select retailers, making them a little more difficult to use. Despite this, they’re commonly accepted at online casinos and are extremely safe to use since you only need to enter the Paysafecard’s card number. However, Paysafecard cannot be used for withdrawals.
If you want a list of the online casinos which accept Paysafecard, take a look at our Paysafecard casino guide here.
Mobile Payment Methods
There are also several popular mobile payment methods which are accepted at online casinos, with the most popular being Boku. This payment allows you to make deposits using your phone’s pay-as-you-go credit or by adding the deposit to your monthly bill. Other mobile payment methods work in a similar way and all methods can be used for making deposits. However, they cannot be used for withdrawals.
More information on Boku and all other mobile payment methods can be found in our guide here.
Bitcoin is another payment method available for online gamblers, although it cannot be used at UK online casinos. Bitcoin and other cryptocurrencies can only be used at overseas online casinos due to their high-risk. If you’re still interested in learning how you can use Bitcoin to make deposits at online casinos, click here for our Bitcoin guide.
UPayCard is a brand new up-and-coming method which is accepted as a deposit method at several online casinos around the world. The method acts as a virtual wallet and works similarly to PayPal, Skrill, and Neteller. It’s free and easy to use and can be used for more than making deposits at casino sites such as making purchases online and to transfer money. You can read more about the payment method with our guide on UPayCard and how it might be the next big thing.
Other Valid Online Casino Banking Options
There are plenty of other online casino banking options and their availability ranges depending on the online casino. These miscellaneous banking methods include Trustly, Bank Transfer, ecoPayz, and more. All are valid ways of making deposits within the UK but are harder to find at casino websites, which is why it’s better to try some of the other methods mentioned above.
What Makes A Good Banking Method?
What makes a good banking method will depend entirely on your own personal opinion as well as the casino website that you enjoy playing at or are thinking of registering with. For example, many people prefer using methods which process withdrawals quickly while others care less about the speed and more about the security, which is why they may opt for something like Paysafecard.
The payment method that works best for you is whichever method best meets your personal needs. Just take your time to read through our descriptions of the above methods and then take a look at our in-depth guides to discover even more about said methods as well as which casino sites accept them.
Ultimately, you’ll just need to select whichever method you’re most comfortable in using and whichever method works best for you. It’s as simple as that.
Questions & Answers (FAQ)
Can all online casino banking methods be used to claim promotions?
While most online casino banking methods can be used to claim promotions and bonuses, there are some sites that prevent you from using Skrill and Neteller to claim bonuses. You’ll have to check with the individual online casino beforehand.
What is the safest online casino banking method?
Right now, the safest online casino banking methods are PayPal, Skrill, Neteller, and Paysafecard – all of these methods do not require you to share personal details, which is why they’re popular among gamers.
Are there limits to casino payments?
Yes! As always, this generally depends on the individual online casino. However, all casino sites will impose minimum and maximum deposit and withdrawal limitations. You can read more about limitations above in our guide on online casino banking methods.
Can I make payments at overseas online casinos?
You can, but we suggest you refrain from doing so. Instead, you should try focusing on playing at a UK licensed online casino since you’ll be better protected, particularly when it comes to sharing financial details and making payments.
How do I find out which casinos accept which payment methods?
Most casinos will display the logo of the payment methods they accept in the footer of their casino website. However, you can find a list of all the casinos which accept payment methods by checking our guides for each payment method, links above.