There are many ways to deposit and withdraw cash at online casinos these days. But one method that is proving increasingly popular are e-wallets options. In this article, we are going to look at some examples of e-wallets, the pros and cons of using an e-wallet for online casinos, and of course the best online casinos to play at.
What is an e-Wallet?
An e-wallet is a digital or ‘electronic’ payment system that allows users to store their funds in a secure and accessible digital location.
When making payments to online casinos using an e-wallet, funds are taken from your chosen e-wallet account rather than directly from a bank account. E-wallets can be funded using prepaid cards, or connected to a bank card or bank account to fund.
Are e-wallets Secure & Safe to Use?
One of the main advantages of using an e-wallet at an online casino is the associated security.
When you fund an online casino account, rather than using private banking information, you are using a secure connection between the casino and e-wallet provider.
But there are also the following e-wallet security features:
One major advantage of eWallets is that they offer a layer of anonymity that credit cards do not. Customers who are worried about their privacy will feel more at ease with an eWallet than they would with a credit card because the transaction does not require sensitive information such as billing address and social security number.
When you have a bank account or debit card, you are allowing the banking operator to track and monitor your spending. If you are applying for a loan or a mortgage in the near future, you may want to ‘hide’ any banks from monitoring how and where you spend your money.
E-wallets accept multiple currencies to be stored in them. So, if you are gambling in multiple currencies, or using an e-wallet for activities other than gambling, then multiple currency functionality may be a benefit you require.
What e-wallets can I use for Online Casinos?
When it comes to using e-wallets for online casinos, you have a few options to choose from.
Neteller is a popular e-wallet payment method that allows online money transfers and online gaming and e-commerce financial solutions, available in over 190 different countries around the world.
When it comes to popular e-wallets for online casinos, Neteller is one of the names that is often present.
Skrill is another well-known e-wallet that can store and transfer money and allow online casino players to fund their gambling accounts. Like Neteller, it is one of the most popular e-wallet solutions for gambling and betting.
PayPal is probably the most known e-wallet provider of them all. Whilst many people have a PayPal account – for more than just gambling – it is a prime target for hackers looking to obtain funds they shouldn’t.
Paysafecard is a prepaid card solution that can be used as an e-wallet. Simply buy prepaid codes from shops or online, then enter the 16 digit code to fund your personal online wallet.
Trustly is a fintech company based out of Sweden. Trustly’s service allows it to act as the ‘middle-man’ between customers and gambling operators, ensuring direct payments without sharing baking information.
Boku is a service that allows players to fund their online casino account using just a phone number. Funds are debited into an online account, and the customer pays them back from a phone credit pre-payment, or it gets added to their next phone bill!
However, do be aware that not all online casinos accept all e-wallet options, so make sure to check that your favourite casino accepts your chosen e-wallet of choice, prior to signing up.
How do You Use an E-Wallet at a Casino
Using an e-wallet at a new casino is easy, so long as you have already set up your dedicated e-wallet account with the provider. Simply choose your provider from the list of deposit options, sign in and you can transfer funds.
However, if you have not already got an e-wallet, you need to set one up.
Choose a provider; verify your personal information and set up a payment method. This can be as simple as adding a bank card or bank details, or even adding funds via a prepaid card, such as Paysafe. Once you have an e-wallet with a linked payment option, you are free to use the e-wallet at wherever it is an option!
E-Wallet Online Casino Deposits
When an online casino states that they accept e-wallets, they are typically talking about accepting e-wallet deposits. However, some casinos do also accept withdrawals, you just need to double check before you get started.
E-Wallet Online Casino Withdrawals
Sometimes you cannot withdraw via an ewallet, even if you deposit via an ewallet.
In these instances, you need to ensure that you can withdraw any winnings with an alternative banking method, such as via debit card or bank transfer.
E-Wallets Online Casino Fees
When using e-wallets – for online gambling and general use – you need to be aware of any potential fees.
Generally speaking, there is the potential for four different types of fees associated with e-wallets:
- Sending Money – When you are depositing at an online casino, you are ‘sending’ money to the operator. Most e-wallets do not charge a fee, but be aware of the smaller print for lesser-known or new e-wallet providers. If they do charge a fee, this is likely to to be around 1-3% of the transaction.
- Receiving Money – Just like sending money, there is the exact same potential for cost when receiving money. Be aware of any fees associated with receiving money, such as withdrawing your latest casino winnings!
- International Fees – International fees are a much more likely scenario. If you are playing at an online casino in the UK, you will be playing in GBP. However, if you use an e-wallet that has funds from another currency, you are likely to receive fees related to foreign exchange.
- Inactivity Fees – Lastly, if you have an account with a balance in it – yet you leave it dormant for months or years – you risk the potential for fees to be applied until your start using your account again, or withdraw the cash.
With most of the major ewallet providers, there is likely to be no fees associated with depositing or withdrawing cash at an online casino. Instead, the provider will charge the operator a small fee for their commission.
This is not to say that an online casino won’t charge additional fees. Almost all deposits are likely to be fee-free, but withdrawals can be subject to additional fees!
Online Casino E-Wallet Bonuses, Offers & Promotions
If you are planning on using an e-wallet to sign up to a new online casino and make us of the new player welcome offer, you must be careful to ensure that you can use different ewallets to claim bonuses, offers and promotions.
Advantages of E-wallets for Online Casinos
- E-wallets make it easy for players to deposit money into their account and provide a sense of security as they are done through a third party service provider
- They also offer anonymity as players don’t need to use their card details or bank account with personal information on an online site.
- Fraud risk is low because the only time cash can actually be withdrawn is when the player requests it from the ewallet provider
- It’s also convenient for players who want to make small deposits every week or month, instead of having to use their card at every visit.
Disadvantages of E-wallets for Online Casinos
- Whilst ewallets are good for depositing cash, they are not always very good for withdrawing funds. Usually you deposit and withdraw using different banking methods, which can defeat the point.
- User’s bank account information is also at risk when using an ewallet. Since this information is stored in a third-party server, hackers can access them and steal funds from the account.