Ultimately, regardless of whether you play online casino games for fun or any other reasons, it is always cool when you win big and withdraw your winnings. But, in order to stand a chance of winning, you have to play the games with real money. And to play, you will need to fund your account by depositing money into it. Who knows, you might even get incredible offers like the deposit 10 play with 50 bonuses.
In the traditional brick and mortar casinos, you can just walk in and exchange money for chips and vice versa, and the only security measure you will require is to know when to walk away from the games. It is not so for online casinos where depositing or withdrawing has a few procedures to it.
Depositing in Online Casinos
It might come as a surprise to newbies that depositing funds into players’ accounts on online casinos is a straightforward process. It is usually processed instantly. It is also important to pay attention to the currency you register on the casino; this prevents you from incurring any extra charges from converting your currency to another. The only issue that may arise while trying to deposit is the payment method available to players on the casino.
Most reputable gambling sites have a huge selection of payment methods that players can use to deposit funds into their account, though it usually varies from one casino to another. They do this to ensure that all their customers can pick any option they trust, and most importantly, ensure that they can access and use it in their country of residence.
Withdrawal from Online Casinos
The process of withdrawing from your online casino’s account is usually as simple as that of depositing, but the only issue is that the process involved is not instantaneous. Upon submitting a request for your first withdrawal, there are some basic verification requirements that you must undergo before your withdrawal request can be processed and approved. The casinos do this to ensure that the money being withdrawn goes to the right person and prevents identity theft, money laundering, and other fraudulent activities.
The Withdrawal Verification Process
As we mentioned earlier, you will be required to go through a verification process before your first withdrawal request can be approved. However, the process may still be required in subsequent withdrawals when larger amounts of funds are to be cashed out.
One needs to go through the verification procedure for security and regulatory reasons, in the best interest of both the players and online casinos. The verification process helps the casinos ensure the person making the withdrawal is the actual owner of the account and is also of a legal age to gamble. For gambling operators to verify players' identity, they will be required to provide a legible photo or scanned copies of some important documents to verify their identity, address, and banking details. The required documents include:
- An identity document - can be a passport, driver's license, or ID card.
- Account statement - must have a name and card number.
- Utility bill - must have an address and surname.
The document can be forwarded to the casino via a fax machine or sent by mail to the casino's support team.
Deposits and Withdrawals’ Payment Options
Interestingly, most of the payment methods available for depositing money are often the same ones available for making withdrawals. Most online casinos adopt several payment options from which players can choose any they find more convenient. Furthermore, some casinos encourage using some payment options on their platforms by offering excellent bonuses to players who use it to fund their accounts.
Due to the sheer number of payment options that are available online, we have listed the main categorize that almost all payment methods that you might come across fall under:
Credit and Debit Cards
Many online casinos support payments through debit and credit cards. It is probably the option most players are familiar with due to its ease of use. Most gambling websites accept major brands like
- American Express, etc.
Virtual Debit Card or Prepaid Cards
Some players make use of prepaid cards to make deposits and process withdrawal on online casinos. And as you can probably infer from the name, prepaid cards are virtual debit cards that have been prepaid or topped up with a certain amount of money. You can use the funds in your prepaid card to deposit at any online casino you choose. Furthermore, you can also load the prepaid card through withdrawals from online casinos. Some of the most popular virtual debit card brands include:
- Paysafecard, etc
Digital or E-wallet is another payment method that is widely adopted by many online casinos due to the convenience that they offer. Most players prefer to use them because they can be used to make a deposit and process withdrawals. They are also preferred for security reasons because they don't usually require players to share their personal information before processing a withdrawal. Some of the commonly used digital wallets for online casinos are:
- EcoCard, etc.
Bank transfer is one of the oldest payment methods from bank accounts to online casinos and vice versa; it is also the safest method. Payment transactions using this method can be done via online banking or by visiting the financial institution in person. This method is supported across several platforms, but the only downside for players is that this option usually takes more time to process.
Online Banking Processor
Many casino enthusiasts prefer to use this direct online banking option because it offers a fast, safe, and efficient method of depositing and withdrawing funds on online casinos. Third-party companies work with specific banking institutions to offer these services to their customers, allowing them to pay for things online with ease. Some of the companies providing this service include:
- Nordea, etc
Apart from all the mentioned payment classes, there are many others like using cheques, adopting mobile payment, and many more. It is also essential to know that the time frame for processing deposits varies; some take longer than others. Ultimately, you have to check the payment methods supported on the online casino you are interested in and select the one convenient for you.