🏛️ Online Casino Banking in Australia
The casino banking methods used by online gambling sites go a long way to determining how easy it will be for you to deposit and withdraw winnings.
The best Australian online casinos in the industry support a wide range of banking options that are easy to use and secure.
These casino banking options vary in terms of how they work as well as the fees that come with using them. In this detailed article, our experts will shed light on some popular online casino deposit and withdrawal methods. Let’s dive right in.
💳 Bank Cards
Bank Cards, be it debit, credit or prepaid cards, are among the most widely used casino payment methods online.
The good thing about this payment method is that it is safe and easy to use. Bank cards are connected to users’ bank accounts, allowing them to make financial transactions directly from their account.
To get a credit or debit card, you need to visit your financial institution to request it. A typical bank card comes with a 16-digit code, expiry date, and CVV code that are required for transactions.
Many financial institutions employ different security mechanisms to make transactions via credit and debit cards safe.
For example, your bank may send a One-Time Password (OTP) to your email or phone to serve as two-factor authentication for transactions made via your credit or debit cards.
Despite being one of the most popular payment methods, there are some downsides to using bank cards for casino deposits.
For example, you need to enter your card and bank details at the casino. Besides that, the processing of withdrawals using this banking option usually takes long, between 3 and 5 days depending on the operator.
Fast Bank Transfers
Another banking option you can use at online casinos is a fast bank transfer.
Unlike a regular bank transfer where it can take days for you to receive your winnings, transactions via fast bank transfer methods are usually instant. The payment method is linked to your bank account and comes with top-notch security, so you don’t have to expose your bank information.
One popular type of fast bank transfer method is PayID. Nearly all online casinos accept PayID. It is a revolutionary new banking method that assigns users a unique universal payment identifier for performing transactions, and it streamlines the deposit and withdrawal process at online casinos.
You can use the banking method to claim deposit bonuses at most betting sites, and its fees are pretty low.
Another popular payment method that online casinos accept for deposits and withdrawals is e-wallets.
Compared to bank cards, they are safer and faster. E-wallets are not connected to users’ bank accounts, so you don’t need to share your bank details with an online casino before you can use them.
When it comes to processing speed, deposits made using e-wallets are processed instantly, while withdrawals can take a couple of hours.
However, most e-wallet providers charge fees for processing transactions. Some common e-wallets that you can use at online casinos include Neteller, EcoPayz, PayPal, and Skrill.
Prepaid Cards and Gift Cards
Many new online casinos accept prepaid cards and gift cards such as PaySafeCard and NeoSurf as one of their primary banking options. The good thing about this payment method is that they are safe to use.
All you need to do is buy or generate the card and enter the digits when using the option to fund your online gaming. Note, however, that most betting sites only accept prepaid cards and gift cards for deposits, so you may need to use another banking method for withdrawals.
Cryptocurrencies are considered by many to be the fastest and most efficient payment method around.
They use blockchain technology and offer users complete anonymity. As a player, this means you do not need to provide your personal and bank information when using the method to add money or cash out winnings from your account.
The beauty of cryptocurrencies is that they are decentralized, thus less susceptible to government interference.
However, this banking option is highly volatile, and the value of a crypto coin can change at any time. Some popular cryptocurrencies that online casinos accept include Bitcoin, Litecoin, Ethereum, Dogecoin, and so on.
Casino Banking FAQs
Which banking methods have the lowest fees?
When you use bank cards to deposit or withdraw winnings, most financial institutions do not charge a fee. However, you may be charged a maintenance fee from time to time. We recommend that you check with your payment provider to know the fees you are required to pay.
Which banking methods are the fastest for withdrawals?
E-wallets are the fastest payment method for withdrawals. When you use the option to cash out winnings, it takes between 0 and 24 hours to be processed.
Which banking methods are good for small casino deposits?
If you are depositing small amounts into your casino account, consider using methods like prepaid cards and e-wallets as they come with lower minimum deposits.
Which banking methods are good for large casino deposits?
For large casino deposits, methods such as fast bank transfer, credit/debit cards and cryptocurrencies are good options.