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Electronic wallets or “e-wallets” are particularly popular with many online casino players. They have a lot of advantages compared to other payment options. The insanely fast transaction times for deposits, as well as withdrawals, make e-wallets an interesting choice for many players. There is a wide variety of e-wallets available on the market, too. The most commonly used options at online casinos are Skrill (previously known as Moneybookers), Neteller, PayPal, MuchBetter and ecoPayz, but there are many others. It is free and easy to sign up for one of the above-mentioned e-wallets directly through their websites.
More information about E-Wallets
Since there are many different e-wallets, the exact process of how to make a deposit at an online casino can vary slightly. Overall, most of them are relatively similar and are fundamentally used in the same way. First, you need to log into your e-wallet and connect a payment method to it, such as a credit card or your bank account. Once this is done, you load your e-wallet with funds that can, later on, be used to deposit at an online casino.
If you have enough funds available in your e-wallet, you can head straight to the cashier of the casino and select the wallet you would like to use for a deposit. In the next step, you enter the deposit amount and the email address that is connected to your e-wallet account. After confirming this information, you will be redirected to your wallet where you have to log in with your credentials. Here, you can select if you would like to make the transaction using existing funds from your balance or (if the option is available) charge your credit card directly. Then, you only have to confirm the payment and you will be redirected back to the online casino. By that time, your newly deposited funds should already be available in your casino account. Nice!
The quick and easy withdrawals that are possible with e-wallets are one of the biggest reasons why many veteran casino players are choosing this payment method. You can simply visit the cashier and select your e-wallet for cashing out. It is worth noting, however, that you usually have to send the money back to the e-wallet that has been used for your previous deposit – but this means that it will already be saved under your available withdrawal options. Select the e-wallet and specify the amount you would like to withdraw. Then, confirm the transaction.
Once the payments department of the casino has processed your request, the funds will become available almost instantly in your e-wallet. Some online casinos are using fully automated solutions where this process doesn’t take longer than a couple of minutes. Please keep in mind that a handful of transactions have to be approved manually before this process takes place. Therefore, it can take between 24 and 72 hours. If it is taking longer than that, we recommend contacting the casino and inquiring about the status of your withdrawal.
The verification process can differ depending on the type of e-wallet you are using. Most of them can be used for a while without any verification at all. But, this usually comes with a couple of restrictions, such as deposit and withdrawal limits. Once you reach a certain turnover, you will have to verify your e-wallet with at least a copy of a valid ID card, passport, or driver's license. In most cases, proof of address, such as a recent utility bill or bank statement, will be required as well. This document cannot be older than 90 days. Additionally, you might be required to verify ownership of the payment methods used to fund your e-wallet. This can include a bank or credit card statement showing your full name and at least parts of the account number.
Due to the variety of e-wallets and online casinos out there, it is hard to say if any transaction fees will be accrued. This depends on many factors. Usually, the e-wallets do not charge any fees for sending or receiving transactions. However, there are some out there that might charge a small amount once you want to send money back from your e-wallet to your bank account. We recommend reading up on this type of information before choosing what type of e-wallet you would like to use.
The situation is similar when it comes to the online casino themselves. Some offer free deposits and withdrawals, while at other casinos only deposits might be free of charge. The bad news is that quite a few operators do charge for e-wallet transactions at one point or another. This can be as high as a total of 5% of your deposit or withdrawal, so do check in advance about this. But, there are still plenty of online casinos available offering this kind of service for free. It is always a good idea to check the rates for deposits and withdrawals before signing up at a new site.
When it comes to welcome offers and deposit bonuses, e-wallets can be a bit tricky. Since the online casinos have to pay relatively high transaction fees compared to other payment methods, they tend to exclude some or all of their bonus offers from deposits with Neteller, Skrill, or other e-wallets. This is not always the case and there are still a lot of sites available with lucrative bonus offers and free spins for this type of deposit method as well.