Pros and Cons of Online Casino Payment Methods

Visa/MasterCard

Using a Visa/MasterCard is the most direct way of putting money into and taking money out of your online casino account. This will be a straight transaction from your bank account to the casino.

Advantages

Online casinos accept all kinds of credit and debit cards as this is the most common form of online transaction. The instructions on how to handle money from your bank account to the casino are usually very straightforward.

The other great thing about using Visa/MasterCard is that you can send over money in many different currencies, so if you are playing in a certain currency, you do not need to worry as you can probably make your deposits without having to convert currencies.

There is also no need to use third party banks or to put your money into prepaid cards prior, you can directly transfer your money to the online casino. This also means that you do not need to worry about any additional charges that you may get by transferring the money two times.

When transferring directly from a bank, there are a number of security measures that are set to protect your money. These include two step confirmation processes, which must be confirmed by a code sent via SMS. In addition to the safety protocol, banks also instantly freeze transactions if you contact them.

These transactions are usually very quick, even if the physical bank takes a longer time to send the money, they usually send a notice to the casino that the money is due to arrive, and the casino can make the deposit instantaneously as it has the guarantee from the bank. Withdrawing money may be slower to arrive, but it is also completely safe.

Disadvantages

For some people they would rather not use their bank details for any online shopping or transactions. While using a bankcard is completely safe, a players’ comfort must come first, so if they do not want to use their bank cards, then this is not an option for them.

For some select banks, and in some countries, there are rules that prevent banks from making direct transactions to Lottery websites, or Online Casinos, or any website that falls into the “gambling sector”.

There are also banks that may take a lot of time to process withdrawals, especially if there are larger amounts involved, and to have to go in to declare money does not sound like a convenience.

It is worth mentioning that all of these disadvantages are based on some generalised examples of how Visa/MasterCard transactions can be problematic. In all cases it is worth checking whether your bank has any rules against using lottery websites or transferring money to licensed casinos.

Prepaid Cards

What is meant here by Prepaid cards are those cards that can be topped up at any time, and when they run out, you can either dispose of them or use them again. They are useful in the sense that they are not linked to your bank account, but this could also pose several problems.

Advantages

Prepaid cards are easy enough to handle, everyone is eligible to use them, and all you need to do is to apply to receive one.

For people who are cautious about using their personal bank details when making online transactions, the prepaid card can be a great alternative as it has no links to bank accounts, nor does it store any data that could be damaging.

Disadvantage

Currency options may be limited, this depends on the prepaid card provider, and what is more they may only be able to top up and transfer in one currency, which could limit your options should you want to use more than one online casino and would need options with different currencies.

In terms of personal safety, when using prepaid cards there is no two step confirmation that is used when making transfers, so it is important not to make any mistakes when transferring money.

Withdrawals cannot be made on prepaid cards, which comes as a big blow to anyone who wanted to use them as a full substitute for bank cards. Money will have to be withdrawn in a different way.

Prepaid cards expire after a certain period of time, which can be seen as a safety measure, but can be a nuisance if the owner did not plan on spending the money that was in the card and then in the last days has to somehow deal with it.

Prepaid cards have limits, one cannot just top them up with amounts above $1,000. In those cases, players need to find an alternative.

E-Wallets

E-Wallets are almost like a virtual bank where people can put their money and make quick transfers as well as convert to different currencies without having to pay the same charge as they would at a regular bank. The e-wallet market is huge, with some big companies that you would have heard of such as Skrill, Neteller, PayPal, and so on. Another thing to note about these e-wallets is that they are not state controlled, so you would not need to explain (or worst case scenario in some countries) pay a tax for any of your winnings as all of the data will remain between you and the e-wallet.

Advantages

E-Wallets are almost instantaneous in making deposits and in receiving withdrawals.

These transactions can be done very quickly, even if you are using a mobile phone and are doing everything by phone, then it is still less hassle compared to that of using bank cards.

With a huge market in e-wallets emerging nowadays, the top companies will have state of the art security, with SSL encryption and the strongest firewalls for data protection.

What’s more is that some e-wallets allow you to make disposable cards just for one transaction, and in that case you can easily make deposits and do not have to worry about any data going out.

Disadvantages

Not all casinos support all types of e-wallet. While you may find that the e-wallet that you use is compatible with the online casinos banking, it is not always the case. Having to create a new account at one of the compatible e-wallets and then sending money there to start using is not convenient, especially if you are just starting and want to merely test the casinos facilities.

Vouchers

Vouchers are similar to prepaid cards without the option of topping up. You can usually buy fixed amount vouchers that can be used for any online transaction.

Advantages

The level of security in vouchers is 100% fool proof. The voucher can be bought in shops using cash, thereby making them completely untraceable.

The vouchers will have PINs on them that will need to be entered in order to make deposits, but this is relatively simple to do after you have made your first deposit.

Disadvantages

Vouchers are a one way operation. They cannot receive money, but can only be used to send money outwards.

They require you to actually go out and physically buy them, which can be a hassle for most players, even if it is about data protection.

The voucher contains all the money on it and is not digitised in any form that contains any of your personal details, effectively it is like an anonymous cheque. For this reason it is a big problem if you lose it. There probably is a way to recover your money, but in most cases this will require going backward and forward between the parent company of the voucher supplier and having to prove that you still had money left on the check.

Vouchers also may only be available for certain periods of time, so you need to be wary that you will use the money in the given space of time, or you may lose it.

Lastly, vouchers have very low balance limits, meaning you will not be able to buy one for long-term usage.

Conclusion

A lot of the considerations depend on what country you are playing in, and which online casino you are using. At Spin Rio, there are a multitude of different compatible e-wallets so you are bound to find one that you have used. For bankcard users, there is a reassurance that Spin Rio is a licensed casino that uses the best SSL data encryption to protect your details.