Gambling can often be confusing for new customers, but nothing can be more complicated than deciding which payment method to use at an online casino. Most new online casinos accept a wide range of options in order to appeal to more customers, but which one is the best for your needs?
This is why we’ve decided to go through some of the most popular e-wallet payment options and provide you with a short guide on their time frames for completing transactions, fees and other important factors you need to know.
Skrill, formerly known as Moneybookers, is an e-wallet payment option that allows users to make payments over the internet. The service has been around since 2001 and is part of its Paysafe Group along with Neteller and pre-paid card payment service Paysafecard. To use Skrill, all you need to do is create a free account and fund your Skrill wallet.
Skrill is accepted at most online casinos and their sister sites, but almost all of them charge fees for depositing via Skrill. What’s more, the card issuer funding your Skrill account may deduct a 1% fee for deposits to gambling sites and up to a 7.50% fee for withdrawal from a gambling site. It’s also worth noting that most online casinos do not allow new customers to claim welcome bonuses via Skrill, which can be disappointing for many users.
PayPal is one of the most popular payment methods in the world. The service, which is best known for its use through eBay, was founded in 1998 as Confinity before it relaunched in 1999 as X.com and then renamed to PayPal in the early 2000s. PayPal, like Skrill, is free to sign up with and players can link their bank accounts, debit or credit cards to the service for instant payments.
PayPal is generally free to use if no currency conversion is involved but there may be fees if transfers are funded by credit cards. PayPal is generally seen as one of the safest payment options you can use and can be used at online casinos to claim welcome bonuses. What’s more, you’ll find that more online casinos accept PayPal than they do Skrill or Neteller, which means it’s much more common and easy to use.
Neteller is another e-Wallet payment method just like Paypal and Skrill. Neteller has been around since 1999 and, like the others on this list, allows users to transfer money. It’s highly popular with online gamblers as the service is safe and fast.
Unfortunately, there’s normally a 2.5% fee for using Skrill, no matter the provider. You’ll also find that there are various fees for withdrawing money using Neteller, but this will vary depending on your payment provider. Like with Skrill, however, most online casinos prohibit you from using this payment method for claiming welcome bonuses.
An important note to make is that withdrawals via Skrill, Neteller and PayPal are completed almost immediately depending on the online casino and bank provider. However, some online casinos may require longer processing times before sending our payments, slowing the entire process down.
The Other Payment Options
There are other payment options you can use at online casinos such as debit and credit cards, although the latter is set to be banned for gambling from April 2020. The fees charged for these payment methods generally depend on your provider or bank so it’s a good idea to check with them before making any payments.
Other popular options include Boku, which always has a 15% fee deducted from deposits, Paysafecard which is generally free to use for deposits, and bank transfers which, again, depends on your bank provider. No matter which options you use for deposits and withdrawals, online casinos will always inform you of any additional charges so you know exactly what you’ll be paying or withdrawing to your account.