A variety of payment methods is a critical requirement for top online slots real money sites. Having options helps you choose a payment method based on factors such as ease of use, efficiency, habit, fees, and anonymity. In this post, we explore payment methods common in casinos and how and why you should consider these options.
Cryptocurrency
Cryptocurrencies are one of the newest methods of payment available for deposits and withdrawals at a casino. Currently, cryptocurrencies are the best method for anonymity when making payments at a casino.
There are many cryptocurrencies available to players. Some of the most common are Bitcoin, Bitcoin Cash, Litecoin, and Lightning Bitcoin. In most cases, casinos do not charge a fee for transacting cryptocurrencies.
However, the payment processor that works with the casino charges a fee. The fee varies per transaction because it depends on the amount of crypto you want to send and how busy the blockchain network you’re on is.
Usually, the fees are required for cryptocurrency miners to add a player’s transaction to their blockchain network. The more a user pays, the faster their request gets added to the limited space in the decentralized digital ledger. As such, transactions can take more than 30 minutes and casinos will advise you to keep the processing window open until the transaction is complete.
Some online casinos have fully embraced blockchain technology to operate games and cryptocurrencies for payments, creating an anonymous digital gaming environment. Players don’t have to submit ID, addresses and proof of funds because the entire framework is built for anonymity.
Casinos often have limits on the minimum amount you can deposit or withdraw. For example, at SlotoCash Casino, the lowest amount you can deposit using Bitcoin is $25, but with Bitcoin Lightning, you can go as low as $5
As for withdrawals, you should always check in with the casino to confirm the types of cryptocurrencies available. For example, at Slotocash, you can withdraw cash through cryptocurrency, but only via Bitcoin. You’re allowed one transaction per week between $100 and $2,500. Payments are processed within 48 hours.
Card Payments
Cards like Visa, American Express, Discover, and Mastercard are some of the most reliable payment methods for casino payments. Many businesses across the world accept cards from any of these payment processors.
Credit card fees depend on the type of transaction you’re making, the bank that approved your card, the credit card company, and the payment processor. The fees may be a percentage, flat rate, tiered pricing, or a combination of fluctuating fees and flat rates. Usually, the casino does not charge fees to process the payment.
The best way to manage your transaction fees is to check the rates from different cards and banks and select one that matches your needs.
Card payments are extremely convenient because they’re instant. However, most casinos only accept card payments for deposits, not withdrawals. Therefore, if you’re thinking of this method, remember to have a different option to process withdrawals.
Digital Wallets
Payz (formerly known as ecopayz), PayPal, Payoneer, and Astropay are some of the most reliable forms of digital fund transfer for online casino payments.
These technologies send funds electronically from bank to bank and work as payment processors for online businesses. Digital wallets process payments in minutes, allowing you to play shortly after depositing funds. Users also enjoy digital wallets because they provide a barrier between merchants and banks, which protects their financial data.
However, digital wallets aren’t anonymous because online casinos ask for screenshots of bank accounts and digital wallets. Also, the casino has to verify your address to approve payments.
The minimum and maximum amounts you can transact depend on the digital wallet and the casino. The fees will also vary per digital wallet, bank, and casino.
Some of the other benefits of using digital wallets are:
- They’re available across multiple countries globally, making them convenient when you travel.
- You can move money between bank accounts from your digital wallet.
- You can hold balances in different currencies and also exchange currencies.
Electronic Fund Transfer
An electronic funds transfer (EFT) or e-transfer is a digital payment method that moves money from one bank to another through email or SMS notification systems. There are various forms of EFTs, each with certain benefits. Generally, EFTs are some of the oldest, most secure, and reliable forms of fund transfer.
- Direct deposits allow you to send funds from one bank account to another without using physical checks. Usually, the recipient shares the account you should send funds to, and you can then initiate the transaction with your bank. The transaction takes approximately 1-3 days. As the recipient of such a transfer, you only need to provide a valid bank account and wait for the cash.
- Wire transfers are a form of bank-to-bank fund transfer that supports payments across banking institutions across the world. To transfer the amount, you need the recipient’s name, address, contact number, account number, branch number, routing number, and a reason for the transfer. Bank wires are one of the most secure forms of payment. Most casinos charge a fee to process bank wires.
Check
Writing and receiving checks is the oldest form of fund transfer available in online casinos. A check requires more labor for you and the casino, but it’s also secure and trusted.
As long as you have a functional bank account, you qualify for check payments. As with other verifiable payment methods, you have to provide personally identifiable information to the casino. Details such as your name, address, bank statement, and utility bill are required to help the casino verify your identity and approve withdrawals.
Checks are generally more expensive than other bank transfer methods in terms of fees and time. You have to write the check and mail it to the recipient or wait for the recipient to mail the check before cashing it physically at a bank. It’s not unusual for casinos to charge for checks.
The check can take anywhere between 7 to 15 business days. The period may be shorter, but in most cases, checks take time. They’re unsuitable for instant deposits and withdrawals. However, they’re reliable and hence a common payment method in online casinos.
If you want to make a bank transfer, it’s best to consult the casino’s banking section and customer support for a better outline of the fees and timelines.
Why Choosing the Right Payment Method Matters
Selecting a payment method affects more than your transaction fees. Depending on the type of payment method you choose, you can play immediately after a deposit or wait for days for the funds to be reflected in your account. Also, you can wait anywhere between a few minutes and several days for a withdrawal.
However, convenience comes at a higher cost, and anonymous payment methods like cryptocurrencies may be challenging for players who have never used them. It’s best to review all payment methods and choose what is affordable, familiar, and convenient for you.
If you experience any delays with the payment methods, check the casino’s banking section for timelines. If the transaction takes more time than expected, contact the casino’s customer support so they can follow up. Overall, choose a slots online real money casino with the best payment methods for you.
