When you play at online casinos in the U.S., you need to figure out which payment method will work best for you. It’s impossible to do this if you aren’t clear about their differences. All legal online casinos accept and pay out money, but some offer better payment methods than others. Here’s some information that will help you to make your choice.
Credit and debit cards
Credit and debit cards are one of the most popular payment methods in online casinos. The best online casinos ensure your transactions are secure with Secure Socket Layers (SSL) and hash keys so your card number is always encrypted on the site. Not all credit cards are equal when it comes to charging fees. You need to find out what fees you will pay if you use a credit card.
Using a debit card for a deposit means you don’t have to pay a cash advance fee. When you make a deposit, the money comes from your bank account and a withdrawal goes directly back into your bank account. Deposit bonuses at casinos are often generous and allow you to try out games without using your bankroll.
Prepaid cards
Using a prepaid Visa or Mastercard means that if the number is compromised, your entire bank account won’t be at risk. You can also manage your bankroll better when gambling by only risking what’s on the card.
Online banking and transfers
Bank transfers are a relatively painless way to deposit or withdraw money. In the past, this payment method would take a long time but now the technology is much better. It usually only takes a day or two and in some cases it is instant. You just need to make sure you have the money in your bank account or you will pay overdraft fees.
If you want to make a large deposit at an online casino, you may decide to use a wire transfer. Wire transfers are usually limited to less than $5,000. You will pay a bank fee but it can be worthwhile as a wire transfer is very secure. If you want to maximize your investments, the security of your funds is very important.
Digital wallets
Using an e-wallet is like having a middleman that keeps your deposit information safe. It removes your bank account number or card number from the transaction. PayPal is a popular example that most U.S. online casinos accept. It is quick and easy to use for deposits and withdrawals. Skrill is another option where deposits are instantaneous and withdrawals only take a few hours.
Mobile payment services
With the fintech industry growth, more people are using mobile apps for payments than ever before. For iPhone users, Apple Pay is a popular choice: it has more than 45 million users in the U.S. All you need to do to deposit with this payment method is to link your card to the Apple Pay account. You can load your Apple Pay wallet using a credit card, debit card, or even a gift card. Venmo is another widely accepted mobile payment method at online casinos.
Cryptocurrency
A cryptocurrency like Bitcoin has its opponents but supporters appreciate the anonymity and privacy it offers. Crypto has more to offer than just anonymity. However, the fact that it covers the source of funds is a problem for state regulators.
Waiting times and processing fees
Most online casinos have different processing times for the withdrawal of funds. It is important to read their terms and conditions to understand the time frames. They have to take security measures and ensure the money goes to the person who made the deposit.