Casino Payment Methods: Simplifying Deposits and Withdrawals

For anyone looking to play at an online casino, one of the first things to understand, alongside how to play the games, is the key information around making a deposit and making withdrawal. Without that insight, you’re not going to be able to place a bet and, importantly, you’re not going to be able to withdraw any winnings!

Thankfully, at KingCasinoBonus we are here to help, with our full guide on how to navigate the extensive payment methods available and the different intricacies that come alongside them.

Understanding Deposits & Withdrawals

We’ll start with the basics and understanding exactly what a deposit and a withdrawal actually is. The explanation is simple and no different to what you would do in a bank.

• Deposit: A deposit is adding money to your online gambling account. Essentially funding it in order to be able to place bets on the likes of online slots and table games.
• Withdrawal: A withdrawal is taking money from your betting account and adding it to your personal account. This may be winnings, or previous funds you have deposited.

However, it isn’t quite as simple as that, with a range of different deposit and withdrawal methods, alongside various limits and times that accompany each.

Common Methods of Deposit and Withdrawal

Today, there are a host of different types of deposit and withdrawal methods available. Largely, the top online casinos across the UK will offer the following:

• Debit cards
• eWallets
• Wire transfers
• Pay by phone

Some also offer cryptocurrency, and you’ll generally find they all have different characteristics. Below you’ll find a table on what you can expect from the various methods of depositing and withdrawing…

All the information above is based upon the average across casinos. At present it isn’t possible to withdraw funds using pay by phone.

Making a Deposit: What you need to know

Making a deposit is a straightforward task and you’ll often be encouraged to do so upon sign-up to an online casino. To make a deposit, players will usually have to go to the My Account section of a casino site and select make a deposit, with the full set of steps found below.

Most common methods of deposit

• Debit card
• eWallet
• Bank transfer

How to make a deposit

When it comes to making a deposit, the process is pretty similar across all online casinos and you can normally have the funds in your betting account in just a few minutes.

1. Go to the Deposit section of the casino site: As mentioned, this will usually be in the My Account section of the site.
2. Select the method of deposit: You should then select the method of deposit you wish to use.
3. Enter how much you wish to deposit: Enter the amount you wish to deposit, bearing in mind the minimum and maximum deposit limits. These will be specified on the site, but you can get a general understanding in the table above.
4. Enter your method of deposit details and confirm: Enter your personal details for the method of deposit, whether that be debit card number, eWallet log-in or mobile phone number. This may take you to various log-ins or require additional steps depending on the method.
5. See the funds enter your account: Most deposits will be instantly added to your account, which you can then use on whichever games you wish.

Verification processes

One additional step within the deposit process you may encounter is a verification process. This typically occurs when you’re signing up to a casino for the first time. This is a perfectly normal process and is designed to protect players and their identity.

Know Your Customer (KYC) is the most commonly found verification process and will require players to verify their identity. Players must essentially supply proof of identity and proof of address, with a passport or driver’s licence and a document such as utility bill or bank statement ideal for this.

This ensures a player is:

• Of legal gambling age
• A UK resident
• Who they say they are

The process takes only a short amount of time if you have the documents to hand and once successful will allow you to deposit funds into your betting account.

Making a Withdrawal: What you need to know

Making a withdrawal is just as simple. However, there are a few more caveats that you may need to take into account, such as when you can withdraw winnings from bonuses and so on. This information can be found in the ‘common problems’ section of this guide.

Most common methods of withdrawal

• Debit card
• eWallet
• Bank transfer

How to make a withdrawal

Again, if you’re looking to make a withdrawal, the way to do so is by heading to the deposit and withdrawal section of your betting account. Typically you won’t be able to make a withdrawal if you have funds under the value of £20 in your account. However, some casinos will accept withdrawals of £10 as a minimum.

1. Head to the Withdrawals section of the casino site: This can usually be found in the My Account section of the site.
2. Select the method of withdrawal: Typically this is required to be the same method in which you made the deposit, unless that isn’t possible such as pay by phone.
3. Enter the amount you wish to withdraw: Bear in mind there will be minimum and maximum withdrawal amounts specified at the casino.
4. Enter your method of withdrawal details and confirm: You will likely already have details stored in your account to select. However, you may also need to add new payment details or log-in to eWallets such as PayPal.
5. Wait for the funds to enter your personal account: This can vary depending on the method used. See the table above for more details.

Common Problems with Deposits & Withdrawals

In some instances you may find issues with making a deposit or withdrawal, in which case it’s always best to get in touch with the casino’s customer support team to gain help and advice.

However, there are common problems that do occur regularly, including:

Your withdrawal hasn’t entered your personal account

There could be a range of reasons that a withdrawal hasn’t yet entered your account. This is often down to the withdrawal times, with many taking much longer than a deposit. It’s always important to double check the amount of time it may take, in some cases it may take up to 10 days, while it could also depend on your player verification status.

You can’t withdraw bonus funds

Where new players especially get confused is trying to withdraw bonus funds. Often bonuses will come with a series of wagering requirements that need to be adhered to before a player can withdraw any winnings from that bonus. For example, you may have claimed a welcome bonus of £20 when you signed up at a casino.

However, in the terms and conditions it states 30x wagering requirements. What this means is that before you can withdraw any winnings from that bonus, you have to wager the value of the bonus, in this case £20, 30 times before being able to withdraw. Essentially this means that you need to wager £600 before winnings from that bonus can be withdrawn. This is usually within a set time limit.

You’ve exceeded withdrawal limits

Players may find themselves unable to withdrawal due to withdrawal limits in place. Online casinos usually have daily, weekly or monthly limits on the amount that can be withdrawn. Once you reach those, you need cannot withdraw any further funds until these have been reset.

Your funds have disappeared from your account

There is a chance that funds can disappear from a casino account due to technical issues. This can be the casinos fault or it could be the payment service provider. In accordance with the UK Gambling Commission and licensing laws and regulations, player deposits and funds are stored in a separate account so they will be safe. Often the funds return once the problem is fixed. If you are concerned about this, the best option is to contact the online casino directly.

Details on Common Deposit & Withdrawal Methods

If you’re new to depositing and withdrawing with online casinos, in some cases you may be unsure of what certain methods are and how they work. Below you’ll find some of the most common, alongside the need to know information about them.

Debit Cards

Still the most common method of deposit and withdrawal, most people will be aware of how a debit card like Visa or Mastercard, works as they will use them to make purchases online and in everyday life. This works in exactly the same way, with players simply required to enter their card details, including the three digit security code to make a deposit. Most casinos will allow deposits and withdrawals from Visa and Mastercard debit cards.

Bank Transfer

A bank transfer allows you to quickly move your money directly from your account into an online casino with the operator connecting directly with your bank. Again, this is commonplace outside of casinos too, so most people will be aware of how this works.

However, what’s worth noting is that it can take up to five working days for withdrawals to arrive in your account, one of the slowest methods available at present.

eWallets

There are a variety of eWallets available to use in online casinos, from the likes of PayPal and Skrill to more recent arrivals like Apple Pay and Google Pay. These are among the fastest for both deposits and withdrawals, with the latter often either instant or taking up to a few hours, with a maximum time typically being 24 hours.

Among the most commonly found eWallets available as a payment method in online casinos are:

• PayPal
• Skrill
• Neteller
• Apple Pay
• Google Pay

What’s worth noting with eWallets is that many casinos exclude this type of payment when it comes to signing up for various casino bonuses. So keep an eye out for that in the terms and conditions of offers.

Wire Transfer

One of the oldest and slowest forms of deposit and withdrawal, wire transfers use the SWIFT network and can take up to 10 days to see a withdrawal arrive in your account. They are still used though as they are perhaps the best recommended method if you wish to deposit or withdraw larger amounts of money to and from your betting account.

Pay by Phone

Pay by phone is a newer method of payment and can be done in several ways. Most commonly this is done through Boku. Essentially the pay by phone method allows you to either use your prepaid phone credit or your monthly bill to make a deposit. This will then see the funds either come out of your credit or added to your bill.

Players are only able to deposit a maximum of £10 at a time and £30 in a day, while you cannot make a withdrawal using this method at present.

Other methods of deposit

Elsewhere, cryptocurrency is becoming more popular as a method of deposit and withdrawal, however it’s still limited in casinos across the UK.

Alongside cryptocurrency, paysafecard is another commonly accepted method of payment, which is essentially a prepaid card that can be purchased in shops. It allows people to purchase a prepaid code at PayPoint counters with cash, that can then be used to make a deposit in an online casino.

Frequently Asked Questions about Deposits & Withdrawals

Which is the safest method of deposit and withdrawal?

Making a deposit or withdrawal at a site that is fully licensed and regulated by the UK Gambling Commission is perfectly safe and there are many measures in place to ensure your details are stored safely. However, many people view eWallets as the safest method as there are higher levels of encryption and no direct connection between your bank and the casino.

Which is the fastest method of withdrawal?

Typically eWallets provide the fastest method of withdrawal. However, some casinos today offer instant bank transfer, which means players can have the winnings transferred into their account instantly.