Deposits & Withdrawals

By denisab on 7th September, 2018

Other than licencing, customer service and collaboration with gambling addiction organizations, payments methods reflect the legitimacy and trustworthiness of a casino on the UK market.

Online casino payment methods reflect what’s the implication a casino has on the UK market.

Let’s take PayPal as an example, for some casinos to offer this widely spear payment method in the online gambling environment they need to have a connection of some sort with the United Kingdom. The provider requires operators to be actively implicated in the country by having at least an office and a bank account. This automatically making the casino more susceptible and easier to reach by the UK Gambling Commission.

Now, if you ask us about what would be the optimal number of payment methods a casino should have; our answer would be – The more the merrier -. However, we would advise you to pick a casino that has at least one payment method available from each of the following categories:

  • Debit and Credit Cards
  • E-Wallets
  • Wire Transfers
  • Pay by phone
  • Crypto Currency

It is arguable that the growth of payment methods in the gambling industry was driven by the increasing number of new online casino and vice versa.  Thus, it is essential to check the payment methods and withdrawal methods an online mobile casino offers prior to making a deposit. This feature signal the target the casino is addressed to, for example if speed is the law of order for you, you  might want to go with a e-wallet like Skrill, PayPal and Neteller since they offer deposit and withdrawal back to your wallet in less than 24h. Thus, you would probably like to avoid wire transfers which are the slowest of them all. Let’s take a look at each of the categories listed above and give you some concreate examples of this payment methods.

Debit and Credit Cards

From far the most popular payment method out there and also the most accessible. King Casino Bonuses believes the popularity of this payment method is also a consequence of the early penetration of the online environment.

Debit and credits cards even though popular in gambling are subject to several restrictions especially when it comes to withdrawals. Several companies such as American Express are not funding gambling in general and therefore, they simply don’t allow any gambling related transition.

Furthermore, Visa and Mastercard will allow deposits and withdrawals in United Kingdom and Ireland. Mastercard however, restricts withdrawal in any other country. Let’s look at limitations imposed by this payment method. 

Debit and Credit cards deposit characteristics

Minimum deposit:

£10

Minimum withdrawal:

£20

Maximum deposit:

No limit

Maximum withdraw:

Up to unlimited but amount restricted per day 

Process time deposit:

Instant

Process time Withdrawal:

24-48h

Transfer cost deposit:

Seldom up to 2,5%.

Transfer Cost withdrawal:

Seldom up to 2,5%.

Withdrawal limits per day:

Some casinos restrict the amount you can withdraw a day. See the casinos T&C

E-Wallets

What can we say about e-wallets in this industry that hasn’t been said before? Well not much. We can say that certain e-wallets such as Skrill and Neteller developed as a consequence of the gambling industry. They have been developed to revolutionize the industry and give mobile online casino user a different payment method that would protect their interest and make money depositing and withdrawals much easier.

Today, most casinos in the United Kingdom offer Skrill and Neteller as one of their payment methods. We would say they are close to popularity to cards if not as popular. This e-wallets are not fully free of charge even though it seems so. Depositing and withdrawing with this method is free of charge but, the catch is in funding your Skrill and Neteller account which costs between 1,75% to 1,90%. However, we expect alignment between Skrill and Neteller as they are owned by the same company now. Let’s take a look at the pros and cons of using e-wallets.

E-wallets deposit characteristics

Minimum deposit:

£5 - £10

Minimum withdrawal:

£20

Maximum deposit:

No limit

Maximum withdraw:

Up to unlimited but amount restricted per day 

Process time deposit:

Instant

Process time Withdrawal:

From 1 to 24h

Transfer cost deposit:

No fee. Funding fee from 1-2,5%

Transfer Cost withdrawal:

No fee. Funding fee from 1-2,5%

Withdrawal limits per day:

Some casinos restrict the amount you can withdraw a day. See the casinos T&C

 

PayPal, is a more exclusive and less widespread payment method in the UK. They make it more difficult for casinos to acquire this payment methods and they are stricter in terms of regulations of money laundering. We like to believe that casinos that go through month sometimes even a year of negotiation just to offer this payment method are more player driven.

Wire Transfers

Oldest, least practical and least mobile friendly method of them all. Wire transfer is by far the slowest methods of transferring money to your casino account from all the ones available. This payment method takes sometimes up to 10 days for the withdrawals to reach your bank account and five days for a deposit to be transferred to your bank account.

However, if you are moving large amount of money around probably bank wires are the recommended payment method for you. 

If you are still considering bank wire as a payment method we would recommend: Trusty, TrustPay and Zimpler.

Wire Transfers deposit characteristics

Minimum deposit:

£10

Minimum withdrawal:

£25

Maximum deposit:

No limit

Maximum withdraw:

Up to unlimited but amount restricted per day 

Process time deposit:

5 days

Process time Withdrawal:

From 1 to 10 days

Transfer cost deposit:

No fee. Funding fee from 1-2,5%

Transfer Cost withdrawal:

No fee. Funding fee from 1-2,5%

Withdrawal limits per day:

Some casinos restrict the amount you can withdraw a day. See the casinos T&C

Pay by phone – Pay by SMS – BOKU Pay by Mobile

One of the fastest growing methods of payment in the UK. Pay by phone, BOKU or Pay by SMS are developing as quickly on the market also due to their main target and how do they facilitate the transitions for players These methods are oriented towards the mobile online casinos players which today account for 70% of the market. This does not however imply that every mobile playing casino enthusiasts uses pay by phone.

The advantage of pay by phone is that it gives you the possibility enjoy gambling and pay later in your phone bill. For the delayed payment option the regulators have limited the daily deposits you can make with this method to £30.

Pay by phone bill

Minimum deposit:

£10

Minimum withdrawal:

NA

Maximum deposit:

£30

Maximum withdraw:

NA 

Process time deposit:

Instant 

Process time Withdrawal:

NA

Transfer cost deposit:

No fee.

Transfer Cost withdrawal:

No fee.

Withdrawal limits per day:

NA. Look for other withdrawal options

Crypto currency

As in the rest of the online world crypto currencies caught ground as well in the gambling world. Today, there are a handful of casinos that provide Bitcoin as a solution of payment. This payment attracts highrollers and even though it is increasing in popularity, it’s expected to reach is true potential in the upcoming 10 year.

King Casino Bonus believes it’s worth keeping an eye on the use of bitcoin in gambling in the upcoming years. However, for the time being you are not a fan of bitcoin you can use it as a reference point to find a casino that is oriented towards highrollers.

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