Most people don’t worry too much about which payment options a casino supports when they are signing up to a new casino. Then they get into a sticky mess when it comes time to withdraw their winnings and they need to jump through major hoops to get their dosh.
Many blame the casino and get pissed off that their money’s been ‘stolen,’ when actually it’s just in holding until all the basic identification requirements have been provided and verified. No casino is legally allowed to give you money without those security protocols: they could lose their license and be prosecuted for aiding a potential money laundering circuit.
So before you go getting your panties in a twist, read this short article to find out what you need to know before you choose your online casino deposit and casino withdrawal method, which options are best for Asian players and what are their pros and cons.
Bank transfers are when you transfer cash directly from your real life bank account to your casino bank account via wire transfer. Out of all casino payment options, transfers notoriously take the most time and sweat.
You need your bank’s permission before transferring funds to any online casino and might also need to foot the international transfer fees for each transaction if the casino is based overseas (and most are). Just getting the wire transfer option set up takes a few weeks while all the security protocols and permissions are signed, processed and double checked by both your bank and the casino to ensure legal compliance and legitimacy.
On the upside, after all checks have been completed on the first deposit and withdrawal, subsequent transactions should only take a few days. And for a lot of Aussie players, the extra security is worth the time and effort. That’s why casino bank transfers are still popular and make our top 6 list.
Find out all about the Asia first casinos that offer bank transfer payment and withdrawal options here.
You may have heard of Paypal, Neteller, Google Wallet, Paypass etc? They are all variations of “eWallets,” which is where a service provider acts as a middle-man/ buffer between your real life bank account and all your online transactions.
After you set up your online eWallet account (typically takes a few minutes), you then link your bank account / credit card / debit card and your casino bank account as regular deposit / withdrawal recipients. And there are a whole lot of benefits as well:
eWallets are a smart, easy option to add an extra layer of security and privacy between yourself, your bank account and your online casino account.
Bitcoin and other Cryptocurrencies, like Litecoin, have exploded onto the scene in the past few years. If you don’t know much about them, then we don’t recommend you try this option until you’re a little more informed.
If you do have a few Bitcoins set aside for a rainy day, then you’re in luck: many of the online casinos we recommend have started accepting cryptocurrencies and even have games especially designed for Bitcoin players. Why is this so good for Asian players? Because your Bitcoins are not regulated as part of the economy and are not linked to your bank accounts, so what you win or lose is not regulated by the tax authorities.
Pre-paid credit cards works pretty much like a normal credit card, but you buy it in a shop and load it up with cash just like your transport pass. It won’t give you any extra credit; only the exactly amount of cash you put in with no connection to your personal bank account.
Then you can use the credit card numbers for any in-store or online purchases, such as casino payments.
There are so many different types of pre-paid cards including NeoSurf cards, Qantas, Velocity and actually, many eWallets, banks and credit card companies even offer their own pre-paid cards. And much like eWallets, prepaid cards act like a buffer and offer a number of benefits for Aussie players such as:
The biggest downside, of course, is that you can’t use a pre-paid credit card for any casino cashouts: there is nowhere to send the money.
For many players, particularly those who want to restrict their own casino spending budgets, this option is well worth it!
We’ve already talked about why some people prefer not to use their day-to-day credit cards in online casinos, but there are quite a few benefits to using your cards online too.
Online casino credit card transactions:
Around 30% of all online transactions are done with regular credit cards because they are simple, fairly secure, widely accepted and instantaneous. And that’s also why players love using them for their online casino transactions as well.
Despite the popularity of credit cards, debit cards are actually the #1 casino banking option for Asian players. Actually, they also account for around 40% of all online transactions as well.
Debit cards work very similarly to credit cards, but you have lower spending limits and higher security. The biggest con is that it’s directly linked to your everyday bank account. So if you or your family member have a problem self-regulating, it would be wiser to choose another method.
But your bank’s security protocols also act as an extra layer of precaution: they’ll put a hold on the card until they’ve checked with you personally if there’s any unusual spending patterns.
The biggest advantage to using a debit card for casino transactions is that you can make deposits and withdrawals easily and securely directly from and to your own bank account. The transfer is usually immediate and there aren’t any middle men charging you additional transfer fees.
But no matter what casino deposit method you choose, it always comes down to how secure the online casino is. In most legit casinos, like the ones we recommend, there are very high level of security encryption on the casino website. You should also be able to read about their security protocols on their Frequently Asked Questions page, on their About Us page, in their Casino Bank section or you can check out the security icon located in the footer of their home page.
But before you make any online payments, take note and check: on the payment page, is there a padlock next to the URL in the address bar? When that appears, it means the page is blocked from public viewing, has extra layers of security and all your details are safe.