Why is Online Casino Banking Important?
Before signing up to an online casino, many players will take a look at the banking options. Typically, that means looking for a casino that can ensure privacy, security, safety and fast transactions. A casino will also want to build a good rapport with their customers by being trustworthy and secure.
Respectable online casinos take security very seriously. At Spin Rio, we take the necessary security measures to ensure a safe and trustworthy gaming experience for our customers. These include:
- Secure Socket Layer (SSL): SSL is used by online casinos to encrypt any information sent between the players and the casino. This means that all your personal information is kept safe when transmitted online.
- Firewalls: These are used to monitor and control traffic that is sent to the server. They will protect all the information stored on casino servers to ensure that there is no unauthorised access.
- Deposit and Withdrawal Methods: Casinos should only offer payment methods that are known to be completely safe and trustworthy so that their members’ money is protected at all times.
- Audits: To ensure fairness in their gaming portfolio, many online casinos undergo independent audits. A third party is hired to check that the games are fair and completely random.
Types of Online Casino Payments
You will soon discover that there are many different types of payment methods accepted at online casinos, such as credit/debit cards, e-wallets, cryptocurrencies, bank transfers and more. Here is a look at some of the most popular methods.
Credit and Debit Cards
The most popular banking method at online casinos around the world is the standard credit or debit card. This includes Visa, MasterCard and Maestro among others. In Europe, it is the leading banking option. In France, the UK, Belgium and Spain online banking is dominated by debit cards. The percentage of online casino payments by country is 52%, 49%, 47% and 36% respectively.
Credit/debit cards are popular for their easy-to-use nature and accessibility. If you think about it, almost every single person in the world has a credit or debit card. Recently, however, this method of banking has become slightly more inconvenient. A growing number of banks do not allow online gambling spending on credit card. Or, if they do, they put limits on how much a person can spend in a specified timeframe. Furthermore, more and more countries are making gambling with credit cards illegal. However, this is not a problem for those with debit cards.
For many people, e-wallets are the ideal way to make payments at online casinos. The benefits of using e-wallets are that they are easy to use and payments are quite fast. Typically, withdrawing takes less than 24 hours.
The only downside to using e-wallets is that they typically come with transaction fees. Many e-wallets will charge a small percentage for every transaction. These are minimal but they still exist. Furthermore, there are often fees charged for placing funds into an e-wallet. Here are a few popular e-wallets that are accepted at Spin Rio:
- Skrill: By using Skrill, you will be able to instantly deposit and withdraw from your account in a safe and secure way. The application works exactly like PayPal. It is governed under UK law.
- Neteller: If you use Neteller, you can deposit and withdraw just as fast as Skrill. Neteller gives you the option of withdrawing to your Net+ card or transferring the amount to your bank account.
- EcoPayz: Another secure and popular e-wallet is EcoPayz. You can make all your online casino transactions with your ecoAccount.
- paysafecard: paysafecard, now owned by Skrill, is an extremely safe way of depositing into your account. To use paysafecard, you will need to purchase a prepaid card voucher that has 16-numbers as a PIN code. Afterwards, you can use the PIN code to transfer the funds to your casino account.
Most online casinos accept bank transfer as a method of payment. While this is a safe way of depositing and withdrawing, the timeframe for transactions can be rather long. There is, however, a faster way of depositing into your account. By using bank wire transfers, you can speed up this process whilst keeping your banking details safe. These include services such as:
- Trustly: By using Trustly, you are in some of the safest hands when it comes to instant bank transfer services. Trustly is a third-party service that will transfer funds straight from your bank to your online casino account. In addition, you do not need to provide any of your banking details to the online casino, meaning that there is even loess opportunity for them to be stolen.
- iDEAL: Unfortunately, iDEAL is not available in many countries. If it were, it would probably become one of the leading banking methods. It is available in the Nordic regions and several European countries. The fantastic thing about iDEAL is that it does not impose any transfer charges. In the Netherlands, iDEAL is the most used banking method for online casinos, amounting to 54% of Dutch online payments.
- Giropay: Much like iDEAL, Giropay is another payment method that is simple to use and does not charge any additional fees. It is the most used payment method in Germany, with more than 75% of German citizens owning a Giropay card. You can also use Giropay here at Spin Rio. The only downside here is that you may only use Giropay for depositing and not for withdrawing.
Cryptocurrencies have become a highly popular form of banking in the iGaming industry. Nowadays, many online casinos provide Bitcoin and other cryptocurrency options. The main attraction in using cryptocurrency is the security that comes with it.
When using cryptocurrencies, you are basically using an encryption service that follows strict payment protocols. In addition, transactions are almost always anonymous.
Most cryptocurrencies are extremely fast, for both depositing and withdrawing. Casinos tend to offer Bitcoin, Litecoin, Monero and Bitcoin Cash as cryptocurrency banking methods. They are very fast and require very minimal (if any) transaction fees.
Banking at Spin Rio
At Spin Rio, we offer a variety of payment methods. You can use popular credit and debit cards with ease. Our deposit time for Visa and MasterCard is instant while the withdrawals can take between 0 to 6 business days.
In addition, popular e-wallets like Skrill, Neteller, EcoPayz and paysafecard are options that will only take up to 2 days for withdrawing. The currencies available for our e-wallets are €/£/$/KR/A$/R/₹.
You can also top up your account and withdraw by using Trustly and Bank Transfer. Other methods, such as the popular Giropay, is also an option. The latter only accepts deposits in euros.
Ultimately, at Spin Rio, we offer the same methods for depositing and withdrawing. The only exceptions that do not allow withdrawals are Klarna, Giropay, Interac, Euteller, eps, paysafecard and Net Banking.
Banking is often an area of concern for online casino players and when choosing an online casino, you must always check their deposit and withdrawal methods. As discussed above, there is a huge range available, ensuring that everyone will find at least one method that suits their needs. If a casino can prove their security and trustworthiness, you can rest assured that you’re in the right hands.