Online casinos have brought all the thrills and spills of a real-life casino experience into the comfort and convenience of our homes.
From visiting the online casino site for the first time to registering an account and purchasing casino credits, many casino operators offer their players a selection of banking options to suit every need.
Banking has also changed a great deal in the last few decades and many internet users are extremely comfortable when completing purchases online.
Fortunately, with only the very best in online security and bank-level encryption, purchasing items, real or virtual, is safe, easy and accessible due to the secure payment methods on offer.
How secure is transacting online?
Reputable and licensed online casinos have committed to protecting their players. Not only are they responsible for the protection of private details, but also ensuring that the entire banking process is secure.
By making use of Secure Socket Layer (SSL) encryption, casino operators use a payment gateway as a way to further secure the details of players. This payment gateway is a virtual vault where only the necessary card details are visible to ensure the payment is completed successfully.
Online vendor banking systems are built to ensure that only those who have been authorized to view your details can do so.
When you consider the security that is used, not only by the online casino but also the payment gateway and bank, you have multiple layers of virtual walls which keep your private details private.
How to choose the best payment method for me?
With the myriad of choices you have on hand, your selection may boil down to how you prefer to transact online.
Should you prefer to use a web wallet like PayPal and already have an account set up, making use of this option, works incredibly effectively in an online casino environment. You’ll have the option to select a currency to suit your needs.
Outside of credit/debit cards and e-wallets, another popular choice is bank wire transfer. Thanks to the birth of instant EFT, this option no longer takes hours or days to clear which makes it a fantastic way to carefully pay exactly what you intended to, directly from your bank account.
What do I need to know about e-wallets?
It helps to think of an e-wallet as a virtual middle man. By using your card, you move funds into a secure cyberspace location, and then access those funds through the loading of your e-wallet onto the vendor or online casino site.
By adding this extra step into your transaction process, and not immediately accessing your credit card or bank account balance, players balance out the additional security with the slight delay of moving money from one account to another.
Common payment methods
With the number of online casinos appearing on the horizon every few months, the banking options tend to expand and evolve each time. Newer online casinos are even offering Bitcoin together with the usual credit card and bank wire options.
While Bitcoin and PayPal casinos have become more prolific, they are still fairly rare so let’s take a look at the ones that Irish players can enjoy.
Card payments are the most common banking option across all online vendors. With its accessibility and convenience, adding your credit card details to your casino account gives you the ability to purchase casino credit instantly, safely and without any fuss.
By having immediate access to your credit balance, with a credit card, or to your bank account through your debit cards, you can upload your card details once and never have to think about it again as you play casino games online.
Finding an online casino that accepts card payments is the most common banking option across the board. So, as long as you have an available balance on a credit card with your name on it, this is the go-to option of many online players.
What to look for: Online casinos that offer deposits and withdrawals to Visa, Mastercard and Maestro credit and debit cards will allow you to make use of this option.
Bank Wire Transfer
Electronic Funds Transfer (EFT) or Bank Wire Transfer is easy to set up as you capture the payment details of each vendor, and electronically transfer funds from your bank account to theirs.
Now that many financial institutions offer Instant EFT or something similar, players who prefer to keep their casino activity card free can take advantage of this internet banking based option.
What to look for: The Instant EFT or Bank Wire symbol will have you on your way to funding your account in this manner.
Electronic wallets are also ideal for those who prefer not to have or use a credit card. By transferring funds either by transacting with their bank card, or transferring funds directly from a bank account, moving a sum of money into a virtual profile allows you to then make use of these funds at the vendor of your choice.
Like with an EFT, you would need to decide ahead of time the amount you plan to use at the online casino or other vendors to ensure that you efficiently plan and budget for your needs.
This option works well for players who like maintaining a tight grip on what they can afford to spend as the additional step of transferring funds can help to avoid impulsive spending.
What to look for: PayPal is a top-rated option, however, Skrill and Neteller have grown in popularity more recently.
Pay by Phone
You are even able to even link all your online transactions to your mobile device.
Funding your casino account by adding your purchase to your cellphone account gives you the chance to access funds you will have in the future and to play games of chance immediately.
Unlike other banking options, this one has a limit as to how much you can spend at a time. With a purchase limit of around €30, players who are starting out will enjoy the convenience and ease at which they can make use of this option.
What to look for: The PayForIt and Boku symbols will give you the nod to purchase casino credit this way. As these providers offer their services free of charge, a purchase of €10 casino credit will reflect as such on your cell phone account.
Another budget-friendly option, online casinos who accept prepaid vouchers as a payment option allow for players to purchase or receive a 16 digit code, which can then be redeemed at the online casino in exchange for casino credit.
Should your family or loved ones wish to spoil you for a special occasion, they can purchase a voucher as a gift which you can then make use of online.
What to look for: The PaySafeCard logo is your indication that this option is available.
Purchasing casino credit using Bitcoin or cryptocurrencies has gained popularity in recent years, and it is fairly easy to discover and sign up to a Bitcoin-specific casino where all transactions are funded and winnings are received using crypto.
What to look for: While it is fairly new, live chat support agents are happy to discuss the details of how to purchase casino credit using BitCoin.
What do I need to know about withdrawals?
In the interest of safety, many casino operators will do as much as possible to return your winnings to you in the same way the casino credit was purchased. The easiest of these options would be to pay your winnings back into your credit or debit card.
Receiving your winnings by EFT is the next best choice as the casino will just require the submission of bank details in order to have your winnings winging their way to you.
To receive your winnings after using any other payment method, simply send in your bank details and your money will reach your account within just a few days.
Certain e-wallets may only support deposits. This means you may need to select a new method to withdraw funds from your casino account.
Is account validation important?
For your safety, reputable online casinos will request a few documents to ensure that they can confirm your identity, physical address and source of income.
In the interest of responsible gambling, licensed casinos follow necessary protocols to ensure that your gambling is funded legally and legitimately.
Know Your Customer (KYC)
Simply scan in and send the following to start on your journey to winning:
● Identity document
● Utility bill
Once your account has been validated, you are invited to purchase casino credit and play casino games for real money.
Anti Money Laundering
An online casino may request proof of income to confirm that your casino account is funded in a reputable manner. This could include a payslip or bank statements if you’re self-employed.
If you have any questions, customer support should have all the answers you need.
Minimum and maximum deposits & withdrawals
All online casinos have a minimum purchase amount which can be easily found in the FAQ of that online casino site. Most often the minimum is around €10 but may be as much as €20 to claim the welcome package.
Cash out anything from €10 to a few thousand Euros with each request.
When it comes to cashing out jackpot prizes, larger casinos can choose to pay out winnings that are valued at more than €100,000 over a period of a few consecutive months, while others pay out winnings in the form of annuities.
The live chat agent can talk you through all the details as these boundaries can differ a great deal from one casino operator to the next.
Can I transact securely from my mobile device?
Online casinos have made their casino services incredibly mobile-friendly. As long as you have a stable internet connection and a smartphone or tablet, not only can you play casino games on the go, but you can fund your account, withdraw winnings and claim promotional offers.
That’s it! You have everything you need to know to transact safely and securely at online casinos. Read about how to look out for reputable online casinos and find out more about online casino welcome packages.
Online casinos offer a great deal of convenience and fun that can all be made use of from the comfort of your own home.