Payment methods offered by online bookmakers

Payment methods offered by online bookmakers

by 13.02.2017 0 comments

One of the most important things that one would consider while choosing an online bookmaker is the payment methods offered by websites. This is an essential factor, as you need to know the ways in which you can fund your betting account as well as withdraw funds from it without any hassle. While funding your account may not be a hassle, as there are multiple payment options available, for withdrawing funds there are mostly fewer modes offered. The reasons for this largely are that banks do not encourage direct payments from gambling sites in the wake of which, major credit cards have also backed out of receiving funds back onto the card.

Although online gambling is not illegal in most countries except the US, which forbids its citizens to indulge in online gambling, funding one’s betting account is not the easiest for each one of them. In answer to their queries, online bookmakers have tried to introduce as many payment options as they can to simplify matters for the gambling community. Even so it is vital to check out the options available for payments before you decide to sign up with a bookmaker. Your search criteria for the most suitable payment methods should be in conjunction with the modes that are most convenient for you as well as offer full online transaction security.
It is also important to find out the fee structure of the various payment options, as the bookmakers may charge you a certain amount as processing fee for transferring funds to and fro your betting account. This amount may vary for deposits as well as withdrawals and may be different for each type of payment options that you choose to go by. Also some methods of payments may have a deposit or withdrawal limit as well. So it is vital to check these facts as you certainly do not want to lose a lot of your winnings in paying the fee for a particular mode of payment or finding out later that you cannot withdraw all of your winnings as it exceeds the limit offered by your chosen payment method.

To avoid this inconvenience, you need to do a comprehensive search at various online bookmakers to find out all about their methods of payment, their applicable fee structures, deposit and withdrawal limits and any other terms regarding payments. This will help you avoid future problems and provide you more hassle free transactions. So considering your own personal preference and a mode that offers best in online security as well as a low fee structure and larger transaction limits, you should be able to find several online bookmakers that suit your needs. Without making sure of these facts, it would be foolish to sign up for an account blindly.

Most of the major online bookmakers offer payment methods that are accepted worldwide. The most popular modes of payments include the use of NETeller, Moneybookers, Paypal and other eWallet systems, VISA, MasterCard, Maestro and a number of other recognized credit cards, bank wire transfers, Western Union, bank draft and cheques. While all of these options may be available for funding your betting account, it is not necessary that each one of these modes would be offered to you for withdrawal purposes as well. Let us take a brief look at some of these deposit and withdrawal options and see which of them are the most suitable payment types.

Today the most popular and the fastest type of payments offered online is through ewallet systems such as NETeller, Moneybookers, Firepay, Paypal to name a few of the well known ones. Although they have a good chargeable fee for every transaction carried out through them, they are the most convenient as they are quick, reliable and offer total security of transactions. Also their deposit and withdrawal limits per calendar month are far higher than any other payment method. By using these options, you can avoid typing in your credit card details every time you want to make a transaction, as the details are safely loaded and secured in a storage system the first time you enter them. To know more about these methods of payments, you can link to the relevant topic on our site and read in detail about them.

The next most used options are credit and debit cards of major card issuers such as VISA, MasterCard, VISA Electron, Maestro, Delta, Solo, Switch and a number of other valid providers. Although credit and debit cards offer instant credit transfer to your betting account like the ewallet systems, some of these cards may not allow you to withdraw your winnings back to your card. This is in conjunction with the bank rules that discourage the transfer of gambling funds directly into bank accounts. While MasterCard does not allow any withdrawals of payments from your betting account back to the card, VISA has set a certain limit to the amount that you can transfer back to your card, but this limit is quite low. Get a more in depth understanding of these card types through our individual articles on the topic.

Last but not the least is the traditional bank wire, which is looked upon by most people as the safest way to transact online. Besides offering secure online transactions, bank wires are the easiest to execute and one simply cannot go wrong with it. If you have the correct information and Swift codes of the recipient, you can send payments to any part of the world without a problem. However, bank wires cannot be considered one of the fastest ways of transferring funds to your betting account, as the process can take several days to complete and if you are desperate at getting some shots at a lucrative betting offer, you cannot do so until your money arrives into your account.

So considering all the above factors and reading more about each individual topic from our website, you can get a good idea of which of the above mode of payments is the most suitable to you.

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