Payment Methods: Banking Methods that Work and Don’t Work on Online Casinos

Pros and Cons of Debit and Credit Cards

Here's a quick overview of the pros and cons of using credit and debit cards for your online gambling.

Pros

• Safe and secure: Because credit and debit cards are connected to your bank, you can rely on your bank's tight security controls to keep your transactions safe.
• Easy to use: When you're making debit or credit card deposits you just need to type out the 16 digit number on your card, along with the expiry date and CCV (three digits on the back of your card).
• Readily available: You can make a request online with your bank (or by visiting a branch) to request your bank card.

Cons

• Not available for withdrawals: Not all casinos will let you use credit and debit cards to withdraw your winnings.
• Slower processing: Credit and debit cards can take longer to process, unlike some other methods that offer instant payouts.
• Higher minimum deposit limits: Because Mastercard and Visa can charge vendors high fees, the online casinos may require you to make larger minimum deposit when using this method.

Pros and Cons of e Wallets

Consider these pros and cons before choosing a banking method at your favourite casino sites.

Pros

• Enhanced security: E wallets provide an additional layer of security since they act as a middleman between your bank account and the online casino. This means you don't have to share your bank details directly with the casino site, reducing the risk of financial data theft.
• Easy to use: E wallets are designed for simplicity and ease of use. Setting up an account is straightforward, and once you're set up, it's easy to deposit money and make withdrawals in just a matter of a few clicks.
• Fast transactions: You'll get access to instant deposits, while withdrawals take just a couple of hours.

Cons

• Not always accepted for bonuses: While e wallets are widely accepted for deposits and withdrawals, some online gambling sites exclude them from bonus eligibility. You might not qualify for a welcome bonus or other promotions if you deposit with an e-wallet.
• Account verification: Setting up an e wallet account and verifying it can sometimes be a lengthy process, requiring you to submit various forms of identification and possibly linking to a bank account.
• Potential fees: While e wallets generally offer low transaction fees, some may charge for certain operations, like transferring money back to your bank account or currency conversion. These fees can vary widely between different e wallet services.

Pros and Cons of Prepaid Vouchers

Here are some advantages and disadvantages of using prepaid vouchers to play casino games online.

Pros

• Anonymity: You don't have to register any banking details to use this method, keeping your personal info safe and secure while playing at online gambling sites.
• Separate accounts: Using a prepaid card or voucher lets you keep your gambling transactions separate from your bank account. These cards can help to control your spending and gamble responsibly.
• Widely accepted: Many online casinos accept prepaid vouchers and cards for deposits, making them convenient for players across different platforms.
• No need for credit checks: Prepaid cards can be purchased with cash at various outlets, eliminating the need for a bank account or credit card.
• Instant deposits: Prepaid cards typically offer instant deposits to your account so you can start playing straight away.

Cons

• Withdrawal limitations: The major drawback of prepaid cards and vouchers is that they’re only available as a deposit payment method.
• Limits: Depending on the prepaid method you choose, there can be daily limits, which may not be great if you're a high roller.
• Fixed amounts: Prepaid cards come in fixed denominations, which can be less flexible than other payment methods.
• Fees: Some prepaid cards may come with fees, such as purchase fees, inactivity fees after a certain period, or fees for checking the balance.
• Exclusion from bonuses: Like e-wallets, some online casinos exclude deposits made with prepaid cards from qualifying for bonuses or promotions. This can impact your gaming experience.

Pros and Cons of Bank Transfers

Consider the following before making any deposit or withdrawal request at your chosen casino.

Pros

• Security: Bank transfers are among the safest payment methods available. Banks use advanced encryption and security protocols to protect transactions from fraud and unauthorised access.
• Widely accepted: Most online casinos accept bank transfers.
• High transaction limits: Unlike other payment methods, bank transfers often have higher deposit and withdrawal limits. This is great if you're a high roller or need to move large amounts of money in and out of your casino accounts.
• Direct transactions: No intermediaries are involved since bank transfers are made directly from a bank account to the online casino. This direct transaction can sometimes simplify the process.
• Record keeping: Using bank transfers for casino payments lets you keep track of your financial transactions through your bank statements. This can be a good way to keep track of your gambling budget.

Cons

• Slow processing times: One of the biggest drawbacks of using bank transfers as a withdrawal method is the slow processing time. Deposits may take several days to clear, and withdrawals can take even longer, sometimes up to a week or more. This can be frustrating if you're ready to start your online gaming journey!
• Fees: Bank transfers can incur significant fees, especially for international transactions. The sending and receiving banks may charge fees, which can add up if you regularly transfer cash.
• Complex: For some players, initiating a bank wire transfer can be more complex and cumbersome than using an e-wallet or credit card. It often requires more detailed information and more security checks, which can be a bit of a hassle.

Pros and Cons of Cryptocurrency Online Payments

Here are some pros and cons of using this method at online casinos.

Pros

• Decentralised payment system: The beauty of cryptocurrencies is that they are decentralised, so they're less susceptible to government interference.
• Speedy payments: The speed of transactions lets you enjoy your favourite casino games almost immediately without the wait times associated with traditional banking methods.
• Anonymity and privacy: Cryptocurrencies offer a high level of anonymity because transactions don't require disclosing personal information.
• Security: Transactions are secured by blockchain technology, which is nearly impossible to hack.
• Low fees: Transaction fees for cryptocurrencies are generally lower than bank transfers and credit cards, especially for international transactions.

Cons

• High volatility: A crypto coin's value can change at any time, making it less secure for players.
• It's complex: If you're unfamiliar with cryptocurrencies, buying, storing, and using them can be complex - and a little intimidating!
• Regulatory uncertainty: The legal status of cryptocurrencies varies by country, and regulatory changes can change quickly - including their use for online gambling.

Pros and Cons of Mobile Payments

Before you tap your phone to make your next deposit, consider the following:

Pros

• Speed: Mobile payments are among the fastest ways to deposit and withdraw funds at online casinos.
• Security: Mobile payments keep your financial data safe using the latest encryption and security technology.
• Convenience: With just a few taps on your smartphone, you can easily manage your casino funds anywhere, anytime. There's no need to enter lengthy card numbers or log into your bank account.
• Innovative Features: Mobile payment platforms often offer additional features, such as the ability to track spending or set limits, which can help you manage your gambling budget more effectively.

Cons

• Limited withdrawals: Not all online casinos support withdrawals using mobile payment methods, so you may need to use an alternative method for cashing out.
• Availability: While growing in popularity, mobile payments are not yet universally accepted at all online casinos.
• Device dependency: If your mobile device is lost, stolen, or out of battery, accessing your funds or making transactions can be temporarily challenging.

How To Choose The Best Payment Method

With so many  banking methods available, working out the best one for you can be challenging.

Choosing the right online casino payment method helps you get the best online casino experience.

It all depends on your personal preferences. Some players prefer the convenience of e-wallets, while others may trust traditional bank transfers.

Based on our experience, here are some additional things to consider when selecting the right casino payment method for you.

Online Casino Payment Accessibility

We recommend looking for payment methods that are widely accepted and easily accessible in Australia. For example, PayID, Visa, Mastercard and cryptocurrencies are generally available at many Australian casinos online.

While e wallets are a great option for making deposits and withdrawals, some aren’t currently available at Australian online casinos (like PayPal and NETELLER).

Casino Banking Security

We always recommend choosing payment methods that offer robust security measures. That way your, your personal and financial information stays protected.

Check that the casino site you’re playing uses encryption technology (look for SSL certificates) to safeguard your data during transactions. Use a trusted and reputable payment method, like one listed on this page.

Speed of Transactions

Consider how quickly you want access to your winnings and how quickly you want to start playing after making your deposit.

If speed is important to you, look for payment methods that offer fast deposits and fast casino payouts. That way, you can enjoy your winnings or start playing without any delays.

Fees and Costs

Fees and costs can eat into your winnings. So, it’s always a good idea to double-check for any hidden fees before you choose the right payment option for your online gambling.

Some banking methods charge transaction fees or currency conversion costs. If you’re playing at an Australian casino based overseas and doesn’t accept Aussie dollars, make sure you factor in the fees for currency conversion.

Based on our experience, it’s always essential to consider the potential impact of fees on your bankroll.

Bonuses and Promotions

We love taking advantage of a good welcome bonus!

Keep an eye out for casino offers, like a special welcome bonus or deposit bonus linked to specific payment methods.

Most casinos offer deposit bonuses or free spins bonuses. Some are exclusive bonuses only available when using a specific banking method. And don't forget that before you sign up for special promotions, check the wagering requirements to make sure they're fair.

Customer Support

Getting quality customer support when you need it can impact your experience at betting sites.

Take a look at reviews about the customer support provided by the payment method provider.

It's helpful to choose a method that offers responsive customer service if you encounter any issues or have questions.