September 21, 2022
Gone are the days when mobile casino players would struggle to get their preferred payment method. These days, players can withdraw and deposit by phone via credit/debit cards, e-wallets, bank wire, and even cryptocurrencies.
But with this wide selection of online casino payment methods comes actual confusion. If you’re new to these streets, choosing between a deposit by phone and credit card casinos can pose an unexpected challenge. So, this article seeks to clear the air by explaining these two payment methods in detail and which one is best for you.
The rise of mobile banking or deposit by phone only started recently. Initially, people had to physically visit banks or casinos, for that matter, to make transactions. But thanks to the internet and mobile technologies, players are now a screen tap away from depositing or withdrawing at their favorite mobile casino.
The most popular form of mobile banking is probably e-wallets. Players can connect electronic wallets like PayPal, Skrill, Neteller, and Trustly to their mobile casino accounts and deposit money on the go. These banking methods also come with standalone apps that make deposits and withdrawals quick and easy.
Another widely used mobile banking method is PayByPhone. This cashless payment method allows players to fund their casino accounts via credit cards or mobile network operator accounts. After making the payment, the amount will be reflected on your phone or credit card bill at the end of the agreed period. Simply put, you’ll play now and pay later.
Cryptocurrencies can also fall into this category, since you don’t need approval from any bank to deposit at a mobile casino. Here is how it works; you’ll go to the crypto wallet and copy the transaction address. Then, choose the digital coin from the casino cashier and paste the wallet address to complete the transaction. That’s it!
Mobile banking is a contactless form of payment. This means mobile casino players can access their funds without banks and other financial authorities snooping around. The thing is that mobile payments are handled mainly by third-party companies who have no business knowing what you do with your money. And in the case of cryptocurrencies, the transaction is anonymous.
Because mobile payments don’t need any approval from the bank, these transactions tend to be instant at most casinos. You’ll notice that most gambling apps process payments on e-wallets within 24 hours. This might, however, depend on casino terms. But all said, don’t settle for anything more than 48 hours, as this is the industry standard.
Can you mention a casino that charges deposit fees on e-wallet and cryptocurrency payments? Probably none! That’s because these transactions don’t need to go through the time-consuming and sometimes expensive bank verification. But always read the payment terms because some mobile casinos can charge deposit fees.
If a mobile casino doesn’t support Apple Pay, you’ll probably find a Pay By Phone bill. Also, most casinos offer PayPal, Skrill, Neteller, and other e-wallets, depending on the region. It’s even better if you are at cryptocurrency casinos as they support gambling everywhere, thanks to anonymity.
High roller players should stick to credit card casinos. Reason? Many mobile casinos have transaction limits on the maximum amounts you can deposit and withdraw via e-wallets. While you can use this as a money-management strategy, it can be inconvenient when you make a big catch. Just imagine waiting until next week to make a subsequent withdrawal. Not good!
Support is a critical consideration when choosing a banking method. While most mobile banking methods have support channels, others like cryptocurrencies leave players in a ‘grey’ area. Also, some payment methods can offer strict email support, depending on your country.
Credit card casinos are sites that accept traditional forms of payment. Although the transactions will still happen online, the player will need approval from the bank to process these transactions. But it’s not like you’ll visit your nearest bank branch to deposit funds at the casino. Everything is now online!
Visa and MasterCard are the most widespread credit/debit card payments at online casinos. These payment methods are ‘fast’ and allow gamers to process vast amounts in a single transaction. American Express and Discover are other credit card payment methods you’ll likely find at the casino.
In the meantime, some casinos can accept direct bank transfers like bank wire. In a wire transfer, you’ll initiate the transaction directly from your bank account to the casino and vice-versa. Just provide the bank account number and make the deposit.
Traditional banking methods like credit cards use multiple security measures to protect your account. Besides using unbreakable encryption, they perform frequent audits to monitor any fraud. In addition, your funds will be easier to trace if the mobile casino starts doing monkey business. So, by and large, this is the most secure mobile casino payment method to use.
As said before, high-roller casino players should use credit cards and bank wire transfers. Often, the casino will allow you to transact more amounts than when using e-wallets. But be cautious because the deposit limit can also be high. This can leave you out of jackpot contention on a broke day.
Many e-wallets don’t qualify for welcome promotions. Often, the casino won’t activate the deposit bonus if you use channels like PayPal and Skrill to deposit. Most argue that these payment options already have player-friendly terms and free deposits. So, always use credit/debit cards to be part of the promotion.
Your credit/debit card provider should be a phone call away in case of payment delays from the casino. On the other hand, payment services like PayPal may not offer local support in your country. You’ll need to send an email, which might take 24 hours to get help. Consider this; you walk straight into the bank and ask for a transaction follow-up.
Playing at credit card casinos means extra charges on deposits and withdrawals. Whereas mobile banking deposits via PayPal and other e-wallets can be free, the bank will likely charge transaction fees at credit card casinos. The same applies to withdrawals, where credit/debit card payments are likely to have a fixed percentage of the amount.
Deposits at credit card gambling sites are almost instant. But it’s with withdrawals that they draw the line. Occasionally, withdrawals will take 3-5 business days to hit your account. That’s because the bank must approve the transaction before you receive the money. And even worse, no weekend or holiday withdrawals!
UK online casino players know this point quite well. In 2020, the UK Gambling Commission imposed a blanket ban on all credit card gambling. According to Neil Arthur, UKGC’s CEO, they had enough evidence that credit card gambling can lead to problem gambling. As it stands, the commission is considering banning Pay by Phone bill gambling.
Still, struggling to choose between these two standard banking methods? It’s simple! Avoid credit cards if you’re serious about receiving winnings in record time. E-wallets, cryptocurrencies, and other mobile payments offer instant casino transactions. And not to mention the low transaction costs.
But on the other hand, most banks and credit card providers provide mobile banking services. This makes moving money from your account to the casino through an e-wallet quick and easy. So, overall, it depends on your playing style and preference.
With roots in the vibrant city of Lagos, Amara Nwosu is MobileCasinoRank's premier researcher. Melding rigorous analysis with an intuitive grasp of the mobile gaming sphere, Amara unravels the intricacies of the casino landscape for readers worldwide.