If you are new to online casino gaming, you need to know the basics of online payments. This is fundamental if you are to have an enjoyable betting experience.
Most online casinos offer real-money games, which means you have to deposit into your account via a supported method. It is best to know beforehand what payment methods you have at your disposal, what their limits are, and how long it takes to process a transaction through them.
Popular Payments
The most popular banking methods for online casino gaming are credit and debit cards and e-wallets. Less popular ways of payment are cryptocurrency wallets, mobile phone payments, and bank transfers. Some casinos even offer cheques and e-cheques, but this way usually takes a longer time to process. At King Johnnie Casino, one of our recommended operators, you’ll find plenty of popular banking methods:
- VISA/Mastercard,
- POLi,
- Neosurf,
- Instadebit,
- ecoPayZ,
- Skrill,
- MuchBetter
- Cryptocurrencies,
- CashtoCode
- Bank transfers.
Fees
You should be aware that the majority of online payment methods have small transaction fees. While a casino would do itself disfavor if it charges fees – and this is the reason why most don’t – most payment providers, fees are a big chunk of their main income, so it’s an unavoidable reality. Fees range from $0.50 to $3 per transactions, but they may depend on a number of factors, including provider policy, payment type, and transaction amount. You can find the exact fees on the respective websites of the payment providers.
Processing Times
Once again, processing times vary from one payment to another and the amount of the withdrawal request. The bigger the amount is, the more time the operator will take to approve the transaction. Generally, most transactions with credit/debit cards and e-wallets take anywhere from several hours to 76 hours. The average withdrawal time is 24 hours. In comparison, bank transfers and cheques take longer – from five to seven business days. The fastest payment way is cryptocurrencies. At operators that support this payment method, transactions are processed instantly, or within several minutes in the worst cases.
Deposits, in comparison, take much less time to process. Once again, cryptocurrency and e-wallet payments are processed instantly. Credit/debit cards and some other e-wallet payments take from several minutes to a few hours to take effect. Bank transfers and cheques are also available as deposit methods at some operators, but they take anywhere from three to five business days.
Deposit and Withdrawal Limits
Another factor you need to consider regardless of the online casino you choose are the deposit and withdrawal limits. Each operator decides what target audience of bettors to attract via its policies on limits. Most operators choose to offer low deposit limits, usually in the range of $10 to $20. These limits are further dependent on the banking method used. Upper limits also apply, but differ greatly from operator to operator. To find out the upper deposit limits, you need to read the terms and conditions page of your chosen online casino.
For withdrawals, limits tend to be a bit higher. Of course, some payment methods have low limits of around $20 to $30. Others may not permit bettors to make withdrawal requests lower than $100. Upper limits are usually very loose. At most casinos, they are near $2,000 per day. Weekly and monthly withdrawal limits apply at most casinos too. Should your withdrawal request exceed the upper limits, casinos may choose to pay you in monthly installments until the full amount is paid out.
Bonus Considerations
When choosing a payment method, you should first find out whether it is in the list of supported payments for a bonus. Online casinos tend to offer bonuses tied to specific requirements. Often, as part of the requirements are listed a number of supported banking options. If you, by chance, opt for a payment option that is not in this list, you may become illegible to claim the bonus. You can find out the list of supported payment methods in the T&Cs page of the bonus. In this regard, Cosmo Casino NZ has a number of popular payments, including VISA/Mastercard, Paysafecard, Neteller, Skrill, Interact, and ecoPayZ – that are supported for the welcome bonus of up to $250.
Conclusion
In this short guide, we gave you the overview of how payment methods work at online casinos. The variety of banking options to use for casino gaming is staggering. This somehow complicated the process of choosing one. You need to consider several factors before choosing what method to use, such as transactions fees, support status at your casino choice, processing times, deposit and withdrawal limits, and, lastly, whether the payment method is supported for the welcome bonus of a casino. Feel free to try King Johnnie Casino and Cosmo Casino NZ. These operators support a wide range of payments and have acceptable deposit and withdrawal limits.
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