Betting Banking Methods

Everything You Need to Know About Online Banking Methods

Nowadays, punters can pay for their bets in a variety of ways online, with each payment option meeting a different set of requirements. Whether you’re looking for greater security, faster payouts or higher withdrawal limits from your payment method, you’ll be sure to find it here. So without further ado, let’s have a look at the various payment methods you’ll find at the best online bookies and what their main features are.

Debit Cards 

Debit cards are by far and away the most trusted payment method out there for online players. Let’s have a look at why they’re so widely used. 

Popular

As the most traditional payment method, they are a firm favourite amongst online punters and it’s pretty easy to see why. They’re easy to use, provide instant payment information and don’t require any additional registrations. Pretty much everyone with a bank account has a debit card, and almost all vendors will accept it as a valid form of payment, from high street shops to online sportsbooks. 

Secure

Debit cards are also one of the most secure payment methods available today. Each transaction is protected by your bank’s industry-standard data encryption software and, what’s more, to be an accepted payment method, vendors have to trust their security protocols. As such, you know you’ll be in safe hands when you gamble using your debit card. 

Limitations

Despite being popular and secure, gambling using your debit card does have some downsides, chief among which is the fact that withdrawals are not processed instantly. Your money will need to be processed by your bank, which can take anywhere from 1 to 5 working days. What’s more, in order to pay at an online sportsbook using your debit card, you will need to share some personal information with the site including your card number, expiry date, and CVV number.

E-Wallets 

E-wallets are growing in popularity amongst online punters at a rapid rate. Their combination of convenience and fast payouts have made services like Neteller, Skrill and PayPal a go-to for many players, but there’s more to them than just that. 

Fast Withdrawals

The main draw of e-wallets is the speed with which you can access your funds. Unlike debit cards which can take up to five working days to process your withdrawal request, e-wallet withdrawal requests are usually processed instantly. Getting your hands on your funds will still depend on the pending times of your e-wallet, but it will generally be a far quicker process than other payment methods. 

Secure Payments

By paying for your bets online using an e-wallet, you don’t have to share any personal information with the gambling site. Your personal banking details only need to be shared with the e-wallet you use, so you can be safe in the knowledge that this added layer of security gives you even more protection than other payment methods. 

Limitations 

While e-wallets are far quicker than debit cards, they can often be excluded from certain welcome bonuses. It’s also worth noting that, while you don’t have to share any personal information with the betting site themselves, you will have to share your bank details with the e-wallet provider in order to set up the account. 

Prepaid and Virtual Cards 

Prepaid and virtual cards are another payment method that offer players that added layer of security and anonymity. But that’s not all there is to them, so let’s have a look at them in more detail. 

Stay on Top of Your Spending

Prepaid cards like a Paysafecard work by you first uploading funds to it from your own personal bank account. This means that you cannot spend what isn’t on your card, so you’ll never end up paying too much and going into your overdraft. 

Security 

Another huge advantage to prepaid cards like a Paysafecard is the extra layer of security it gives you. Because the card is prepaid, you don’t need to share any personal information with the sportsbook. As such, the card has the same level of security and safety as paying for something with cash. 

Limitations 

While they’re safe and a good way for you to budget, they’re not the best choice for high rollers. The highest value Paysafecard you can buy is £175, and it’s also very unlikely that you’ll be able to withdraw any funds using a prepaid card. As such, you will need to use a different payment method if you want to get your hands on any of your funds.

Pay by Phone Bill

Paying for your punts using your phone bill is pretty simple to wrap your head around. By using services like Boku, the cost of your various bets are placed at the end of your phone bill, keeping all your payments in one place. 

Options for Everyone

Because practically everyone has a phone bill, this payment option is pretty easy to use. Paying by your phone bill is supported by a whole host of different mobile networks and even BT landline connections. 

Quick and Easy 

A big advantage to paying using your phone bill is how easy it is. There’s no need to enter any bank details because, instead, you’ll be sent a text code that you can use to verify the transaction. You’ll have the money in your account straight away, so there’s no need to wait around for it to arrive. 

Limitations 

While paying by phone is quick and easy, these transactions also come with small daily deposit limits of around £30, which isn’t great for high rollers. You also can’t withdraw using your phone bill, and some sites limit your withdrawal options to bank transfers which can take some time to come through.

Bitcoin

Bitcoin has exploded in popularity in recent years with millions around the world using the cryptocurrency to pay for a whole host of different products and services. Let’s have a look at Bitcoin in a little more detail. 

Anonymity 

Your personal financial information doesn’t need to be shared when you use Bitcoin meaning that you can maintain your anonymity throughout any transaction and you cannot be traced afterwards. This is good for those who particularly value their privacy online.

Universal Currency

Because Bitcoin is not controlled by a central government or organisation, it holds the same value for everyone who invests in it. As such, it remains incredibly easy to buy and exchange bitcoins. As such, gone are the days when withdrawal limits, local banking regulations and currency conversion charges would get in the way of your online transactions because of a difference in currency. 

Limitations 

While it is great for privacy, Bitcoin is still incredibly new and not widely accepted by a lot of online sportsbooks. What’s more, because it is not centrally controlled, the value of the market can often fluctuate wildly.

Pay & Play

Now that you’ve got to grips with the various pros and cons of the different payment options out there, the next thing for you to do is choose which one is right for you. Each payment option is unique and will serve a particular set of needs so choosing the transaction method that best meets your requirements should be easy for you to identify.