Which is the best payment method for online gambling? This question concerns every active player. But what do players mean by saying the best payment option? This is probably the fastest one; a method that implies no fees; and a method that’s easy to use. Well, there are multiple payment systems that match this description. Let us break down all the best online casino payment methods in this post.
Cryptocurrency
Today, cryptocurrency is the fastest casino payment method. Nearly every casino player in New Zealand has a few crypto coins in his digital wallet. And this is quite common to pay with crypto at online casinos. Although it’s still a new payment option, some players choose it, and they don’t regret their choice.
Cryptocurrency is a widely spread method among casino operators. However, not every site accepts it yet. Nevertheless, different altcoins are accepted at new online casinos that keep up with the times.
If you are planning to use crypto for deposits, mind that most casinos accept bitcoin, litecoin, dogecoin, bitcoin cash, ethereum, and tether. Other alts like Cardano, ripple, or BNB are also available at certain bitcoin casinos, but they are less common.
Crypto casinos offer instant deposits and very fast withdrawals. Usually, it takes about 10 minutes to process a payout. But it may take up to 24 hours depending on your account activity.
This payment method may incur some fees but they are quite low in contrast with fees of e-wallet services, for example.
E-wallets
E-wallets are some of the fastest systems as well. They go equal with cryptocurrency in terms of payout speed. Both deposits and withdrawals are quite fast. Though in comparison with cryptocurrency, e-wallets use fiat money. However, some e-wallets can be used for transferring crypto as well. So if you don’t know how to transfer crypto coins to an online casino, try doing it via an e-wallet. All you need is to choose a currency.
Generally, e-wallets are easy to use for online purchases. A player needs to create an account and verify it with the documents in order to be able to transfer money. Without verification, you will not be able to make transactions through your e-wallet.
For your convenience, you can download a mobile app and have an e-wallet at your fingertips. Using e-wallets for casino deposits and withdrawals is pretty simple and straightforward. All steps are described in the banking section, so you will not get confused.
Payouts usually incur fees, but your casino may take them all upon itself. Plus, each e-wallet service has its own charges for transactions. These may include charges for international transfers, currency conversion, cashing out to your bank account, and so on.
Among the best online casino e-wallets, players highlight PayPal, Much Better, Ecopayz, Neteller, Skrill, and some others. Choose your favorite one after learning all the information about each e-wallet.
Internet banking
Some services can act as a third party between your casino and your bank account. These can be e-wallets and internet banking services. There are Interac, Trustly, POLi, iDebit, InstaDebit, and other services that accept NZ players.
These private companies are partnered with banks and transfer money directly from your bank account to the casino operator and backward. It’s worth mentioning that not all internet banking services support withdrawals. But all of them support deposits. So make sure to check this info before signing up with any company.
These payment methods usually apply fees for transactions but it depends. For example, if you transfer money across your country, you might not be charged. But when you pay for international services such as online casinos, you can be charged a certain percentage.
Internet banking services are fast and easy to use. Payouts are usually instant. However, depending on the casino, it can take a while to process your transaction. Plus, you might be charged for transferring money to your actual bank account.
Bank cards
Bank cards are a very popular choice. Although they offer rather slow payouts, players still choose them because they trust them and they know how to use them. Everyone in the modern world knows how to pay online. It’s super easy to enter your bank card details, verify the transaction, and pay. The same goes for payouts.
However, sooner or later, casino players try to get a new payment method for gambling. There are different reasons for that. Some players do it for security reasons (they don’t want to disclose their banking information on a casino site). Some players do it for playing more responsibly (since all money they have is on their credit or debit cards, they are afraid of losing all of them, so they search for a different option). Others have their banks block gambling transactions so they can’t use bank cards for online games.
Nevertheless, if you still choose a bank card over another online casino payment method, mind that payouts will be a bit slow. It can take up to 5 business days to deliver your winnings to your bank account.
That is the main disadvantage of bank cards. But in general, bank cards are easy-to-use, fast, and incur almost no fees. Besides, they are accepted by all New Zealand online casinos except for crypto-only sites. So most operators will accept transactions via MasterCard or Visa, and even their prepaid Vanilla cards.
To conclude
No matter which payment method you choose, there are both pros and cons to using each. So before you make your decision, make sure to learn everything you can about an option you’re about to pick. Learn about the fees, maximum and minimum limits, mobile compatibility, and other opportunities offered by the payment service. Plus, check a casino site and clarify if it accepts your chosen payment method, if there are any charges, and how long it takes to see your winnings in your bank account.
Also, mind that most online casinos require players to verify their account with documents such as passport or driver’s license. However, this step can be skipped if you use cryptocurrency or e-wallets.
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