Live Casino Banking
There are countless ways to send and receive money online today. Technology is constantly changing, and innovative new payment methods seem to appear every day – including at online live casinos around the world.
No matter how you like to conduct your business online, chances are you’ll find a casino that will accept your preferred payment type. However, if you’re not sure the best option for you the number of payment methods out there can be a little overwhelming.
That’s where we come in!
This page is your comprehensive overview of the banking options at live casinos. We want to cover all the bases, so we’re going to take a brief look at absolutely everything you can expect to find. Some casinos even offer bonuses for certain payment methods.
Some of these banking methods (like bank cards) will be available at almost every live casino, while others (certain types of vouchers for example) might be comparatively rare. We just want to give you a sense of the entire landscape.
In the first section, we run through all the different banking methods.
In the second section, we’ve put together some advice for choosing which one works best for you.
For more detailed looks at the most popular payment methods, you can check out our full reviews of selected payment types. We go in-depth with everything you need to know about them.
What are the Payment Methods at Live Casinos?
Bank cards, both credit and debit cards, are probably the most popular way to pay for things online. Just about everyone has bought something online with their bank card at some point, and depositing in your live casino accounts works in exactly the same way.
Generally, all major bank cards are accepted, although there are country-specific cards too. Bank card transactions tend to be easy, cheap and fast.
Prepaid cards are similar to bank cards, in that they are issued by a credit card company like Visa or Mastercard, but they aren’t attached to your bank account. Instead, you can just load money onto the card – a little like a gift card. Paysafecard is one of the most popular prepaid card services at online casinos
An e-wallet is an online payment system that allows you to store your funds online (in your “wallet”) and pay for goods or services directly from your account. When you deposit at an online casino using an e-wallet it creates an extra layer of security between your bank (or however you choose to fund your e-wallet) and your casino account.
E-wallets are a cheap and safe way to fund your account, and are extremely popular in the world of online betting – although not every casino accepts every single e-wallet. Some are also geo-locked.
Bank transfers are an easy way to send money directly from your bank account online. Lots of people already have experience making bank transfers, so they are a popular way to fund live casino accounts.
There are also lots of country-specific bank transfer services, like Interac in Canada for example, which are widely available at live casinos in those countries.
Wire Transfers are similar to bank transfers in that they are sent directly from your bank account, but normally you need to actually go into your bank to manually request the transfer.
Cash in Person
By the nature of live online casinos, cash is not an especially popular payment method simply because it’s not widely available. However, you can certainly find sites out there that are partnered with live casinos which will allow you to deposit money directly at the physical casino.
Paying in cash is great in that it’s free, secure and easy, but it’s also either not possible or very inconvenient for lots of players
Cryptocurrencies have surged in popularity at online casino in the last several years, with the most popular being Bitcoin. Casinos that accept Bitcoin or other cryptocurrencies will allow you to make direct transfers between your wallet and your casino account.
Vouchers at live online casinos work just like vouchers in any other walk of life.
You pay for a voucher (usually in the form of a code) that you can exchange for goods or services (in this case in the form of cash in your account). Vouchers are popular for some players because they are one of the rare payment methods that allow you to pay in cash.
Ukash is one of the most popular voucher services in the UK, while PayNearMe is popular in the US
Mobile payments let you send money directly from your phone, usually from an app. You can upload money or connect your bank account to your preferred mobile payment service, similar to an e-wallet. MuchBetter, Zimpler and ApplePay are all popular mobile payment services.
Things to Consider When Choosing a Payment Method
As you can see, there are a lot of options out there! And also a lot of factors that go in to deciding which one to choose.
In this section, we’ve collected the most important considerations when thinking about the difference between payment methods.
Every player is different. Some of these factors may be very important to one player but not much of concern to another. Before choosing how you want to make transactions, you should ask yourself which of the following are most important to you.
This is a big one, and likely to be important to every player to varying degrees. The vast majority of live casinos will have some kind of option for depositing with no processing fees at all.
Some casinos don’t charge deposit fees but may charge you to withdraw, and some never charge any fees at all.
It’s also useful to remember that fees can be incurred either by the casino or by the payment method. For example, most casinos don’t charge any fees for depositing via e-wallet, but some e-wallets charge service fees to their customers.
In our experience, the best casinos tend to have good options for both depositing and withdrawing with either no fees or very minimal charges incurred somewhere.
Another important consideration. Players rarely like to be waiting around, and prefer to strike when the iron is hot.
The casinos know this, and for this reason the vast majority of deposits are processed instantly.
Withdrawals are another story. It’s common for casino to apply a mandatory pending period on all withdrawals (basically in the hope that players get impatient and cancel the withdrawal request). It could be anything from a day or two to a week, depending on the withdrawal method.
That said, there are plenty of casinos out there that offer instant withdrawals, either for all methods or some specific ones. If getting fast access to your money is a priority for you, there are certainly sites that facilitate that.
Deposits vs Withdrawals
When depositing money in your account, remember that you’re going to want to withdraw later on (hopefully!).
Some banking methods are only available for depositing. In this case, make sure there is also a suitable withdrawal option available before choosing. Lots of casinos also only allow you to withdraw via a certain method only if you have already used the method to deposit. It pays to investigate this kind of thing carefully upfront and avoid a headache later on.
Some methods are more private than others, and that is a big appeal for some players.
For example, some players for whatever reason will prefer not to have a payment to an online casino appear on their bank statement. In this case, online e-wallets that act as intermediaries are very useful. Vouchers that can be paid for in cash are even more discrete.
For some players, this kind of thing won’t matter much but for others there ways to both deposit and withdraw that emphasize privacy.
Convenience or ease of use is such an obvious consideration that you might almost forget about it, but it’s a huge factor.
It makes sense to use a payment method you understand and trust. For lots of people, this means sticking to something they already know, like bank card payments.
It’s completely understandable not to want to sign up to third party services, or learn to use new technology.
This is something that can easily be overlooked in the small print of welcome bonuses. Some bonuses are not available with certain payment types, often specific e-wallets.
For example, a live casino may offer new players a 100% deposit bonus but it won’t apply if you choose to deposit via Neteller.
It’s always worth checking out the welcome bonus terms and conditions before you choose how to deposit.
Some payment types are only available in certain countries or regions. This is usually made very clear, but it’s something to be aware of.
Options For Every Player
There you have it, the full range of considerations when choosing how to deposit and withdraw at online live casinos.
Remember that you can read much more in-depth reviews of the most popular payment methods right here on BetSpin.
Our last word of advice on banking methods is to always check the terms and conditions in advance to make sure the payment method ticks all your boxes.