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Payment methods are a significant aspect of real-money online casinos, and two of the most popular gambling options you’ll find at almost every site are e-wallets and bank transfers. E-wallets are digital payment accounts where you can store your cash separately from your bank. Bank transfers are transactions that you make directly from your bank account. So how do these work at online casinos, and which is better for gambling? Below we’ll compare the two options across various aspects.
Pros and cons of e-wallets and bank transfers
|+ Highly secure without disclosing bank details
|+ Reliable and trustworthy payment method
|+ Enables speedy transactions
|+ Bank-grade security protocols to keep your details and transactions safe
|+ Plenty of options like Skrill, Neteller, PayPal, etc.
|+ Widespread availability
|+ Cheaper to use than traditional banks
|+ Not restricted for bonus claiming
|+ Great for keeping track of your transactions
|+ Enables much larger transactions
|− May be restricted for bonus claiming
|− Long payment processing times
|− Requires account registration
|− Different bank fees may apply to transactions
Comparison between e-wallet and bank transfer services
Speed of transaction
Players crave the opportunity to play as they pay, and e-wallets are one of the fastest payment options for online casinos. Deposits are instant, and withdrawals usually take a few hours, at most a day, once it’s been approved by the casino.
On the other hand, casinos that offer bank transfer can take up to 10 days to complete withdrawals. It’s because of these extended online banking times that Instant Bank Transfer methods like Trustly are becoming more common at the casino since those are designed to cut down the lengthy wait times.
Ease of Use
A major selling point for e-wallets is ease of use. It’s very simple to pay and receive funds with e-wallets, and they also allow you to store your funds. Simply link your credit/debit card or bank account, and you can fund the wallet and begin depositing at the casino in seconds.
Bank transfers are also easy to use. As long as you have your account details, you can initiate a transaction directly from the cashier page on the casino. If you’ve used online banking at other e-commerce stores, you’ll find that paying at the casino follows the same method.
Bank transfers are the most accessible payment method because most people have access to a bank account. When transferring funds to and from the casino, you simply have to access your online banking portal. On the other hand, with e-wallets, you first need to create an account with the payment provider and complete the verification process. This could be additional time to consider, especially if you were hoping to try out a casino’s games immediately.
Bank transfers have been around for decades and are the oldest means of online banking. As such, they are very safe for funding online casino accounts. For starters, banks are registered under the financial services authority of the relevant jurisdiction. Therefore, they implement the most sophisticated technologies to keep transactions safe – what’s called bank-grade security.
E-wallets also have their own security benefits. When making payments into online casinos through e-wallets, you do not have to input your banking details but only those of the e-wallet. In addition, e-wallets like PayPal and Skrill are also renowned for their high-level of security and encryption protocols. They are almost as reliable as bank transfers.
A lot of payment channels charge little tokens for their financial services. Most e-wallets don’t apply fees to online purchases with a merchant, so online casino deposits will usually incur no charges. However, some fees may apply when moving money from your e-wallet to your main account.
Bank transfers usually come with bank charges and depend on different factors. The size of the amount sent or received can influence the amount of fees. Also, different banks may apply their own rates. Fortunately, this will only just be a small percentage or a fixed amount. Unless you make massive transactions, you don’t have to worry about losing a huge chunk of your money as fees.
Quality customer service is an essential feature of the best payment gateways. What do you do if some of your funds are stuck in a transaction made to an online casino? This is where the support agents come in to proffer solutions.
For players using e-wallets, a lot of these payment systems have a live chat feature that allows you to chat in real time with expert agents to resolve lingering issues. Other channels for getting support may include a dedicated phone number or an FAQ page.
Eligibility for bonuses
Payment method restrictions are a common limitation for bonus eligibility. E-wallets like Skrill and Neteller are the primary targets. Some casino promotions are not available to players using these channels, and they are best avoided when making that qualifying first deposit. This is because these payment channels block the merchant’s access to your bank account details. As such, it’s difficult for casinos to verify the identity of players to maintain their security protocols.
However, for players who use bank transfers for their transactions, there is almost no restriction regarding bonus eligibility. You can claim any promotion and collect your winnings when you meet the wagering requirements.
E-wallets and bank transfers are some of the most secure payment options when it comes to online casino payments. They are both popular gambling payment methods. However, while e-wallets excel in terms of speed of transactions and low transaction fees, bank transfers are best for higher transaction limits and accessibility. For many players, the best banking option is a matter of preference. The good thing is that you are free to use them both when playing at an online casino.
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