17 Feb Understanding Online Casino Deposit Options
Understand that casinos that accept Canadian players would accept your grandmother’s 60-year old library card as a deposit option if they thought they could collect on it. It’s to a casino’s best advantage to be able to provide as many deposit options as possible. The casino deposit options are a part of what differentiates physical casinos from online casinos. With a physical casino, you walk up to the cashier’s cage, hand them a couple of hundred dollars worth of cash and they hand you the chips. Obviously, with an online casino, it works differently. First, the casino has to verify your age and residence according to the license they have. Secondly, they need to be able to access the money. And all of this generally takes place thousands of miles away from the Canadian gambler in places such as Malta or Curacao.
So how does it all work?
First of all, realize that online casinos are dependent upon forces out of their control. For example, virtually every online casino accepts credit cards, primarily Visa and Mastercard. The big problem? Visa and Mastercard, the two most used credit cards in the world have no blanket policy for using a Visa or Mastercard for online gambling. Instead, they let the individual banks decide. And generally, the bigger the bank, the less likely the card will be approved for online gambling.
As many as two-thirds of all gambling transactions will be disapproved as a deposit method. If your card is accepted that’s great, it means your deposit will generally be instant, and you’ll be gambling within 15 minutes or so. PayPal is another popular option for millions of players in European countries to use, But if you are in Canada and want to gamble in a Malta-based casino, don’t bother trying to use Paypal.
What are the most popular alternatives to using credit cards or Paypal?
By far the most popular methods are various permutations of electronic wallets. Instead of transferring the money directly from either a credit card or Paypal account, or even a direct transfer from your checking account, e-Wallets are used thousands of times every day to make purchases. This fundamentally bypasses the restrictions that an organization such as Paypal or an individual bank places on its credit cards to online casinos. Since there are thousands upon thousands of transactions that an e-wallet can be used for, everything from buying computers to subscribing to stock tips, nobody knows at Visa, Mastercard, or Paypal what the e-Wallet is being used to purchase.
E-wallet suppliers such as Skrill, Neteller, and Betsafe are extremely because they bypass all of the rules that others put on your online gambling, and to boot, they keep your online payments to casinos anonymous. Neither your bank nor the online casino you are making deposits to know anything about one another. The bank doesn’t know what you are doing with your online account and the casino knows nothing about your bank account. Of course, there is a small price to pay in commissions for using an e-Wallet, but generally, they are less than 1.5 per cent. And when it comes time to withdraw winnings from a casino a gambler will typically pay a flat fee of around $5 to have the money transferred to their bank account.
Are there other alternatives to an e-Wallet?
Clever, online casinos themselves often work with third parties to accept gambling deposits on their behalf. Thus a deposit made to Win-A-Lot casino for $1.000 Canadian may show an invoice as Franois Travel and Tourism in Paris when the actual transaction is for the casino. Although this may be an option, we recommend the e-wallet route batter as the transaction charges tend to be significantly less.
What about debit cards?
Most banks have no objection to you using debit cards for an online gambling site, however, keep in mind that to use debit cards, that they are geo-restricted. A typical Canadian bank will let you purchase anything from either Canada or the United States, whether you are physically in a store or shopping online. However, if you want to use a debit card in an online casino in Malta, you will need to call up your bank and pretend you are travelling to Malta for vacation. And if you are playing with an additional casino located in Curacao, you’ll have to call them again for that. Otherwise, 9 times out of ten your deposit will be declined by the bank. Keep in mind too, that when using either credit cards or debit cards, that your activity will not be hidden from your spouse. On the monthly statement, it will clearly say, $2,000 deposit sent to XYZ casino. If you are using an e-Wallet, on the other hand, the monthly say transfer to Skrill or Neteller, but it will not say what the money went for. It’s very discrete.
Are there other deposit methods?
Yes, for example, many choose to make a wire deposit. However, wire deposits generally cost up to $50 each, while a similar transaction through an e-wallet might cost half that amount. Typically, with wire transfers, there are also 2 or three days for the casino to collect the money before you can start gambling.