A Brief Guide to Online Casino Banking
Before any player can expect to win real money in any online venue, they must first understand online casino banking. There are several ways in which players can deposit funds into and withdraw funds from an online casino account, but understanding which offers the most security and which is the fastest can help players make the best decisions possible regarding their accounts.
Credit and Debit Cards
The majority of the transactions which occur in online casinos these days occur via credit or debit card. Visa, MasterCard, Discover and even American Express are commonly used payment methods that allow players to instantaneously transfer funds. Players in countries outside of the US have the most options available to them; laws that were passed in 2006 make it difficult for US players to fund casino accounts using credit cards since the financial institutions can actually be penalized for allowing it. Despite this, there are still some online casinos that allow US players to use a credit or debit card in order to make online casino deposits as long as withdrawals are made in a different manner.
Although not as popular as credit cards, debit cards and e-wallets, electronic checks are still a widely popular method for depositing funds into and withdrawing funds from online casino accounts. Essentially, it is an electronic method of writing a check in which the gambler provides the casino with permission to move a certain amount of funds between the accounts. Players will need to divulge some fairly important information when they use this payment method, so it is recommended that this only be used when players can feel confident that the casino uses at least 128-bit SSL encryption technology to protect the information during the transaction.
eWallet service providers essentially allow players to fund their eWallets in any way they'd like and then use those funds to make purchases -- including the funding of an online casino account. These services have two primary benefits; they allow consumers to keep track of all of their spending in one place and they provide an extra layer of security, especially when it comes to online gambling. For example, if a player wants to use his or her debit card to load a casino account, the eWallet can be used as a sort of 'middleman' so that the casino will not have access to the actual debit card information.
Much like an electronic check, a wire transfer is a way of moving money directly between accounts and it is preferable for high rollers or those who deposit large amounts of money all at once. When a player wants to use a wire transfer to move money, he or she will typically need to receive special instructions from the casino and then find out how long the process will take from his or her financial institution. Unlike electronic checks, credit cards and debit cards, wire transfer transactions are seldom instantaneous. Players must often wait a business day or two for the funds to become available.