The excitement of online casino action…
Now that you have read up on some of the games available and played in a couple of “play money” games, you are ready to put down some real money join the ranks of the true casinophiles. This requires that you make that first deposit into your online casino account.

Looking for the best payment method that meets your needs can seem quite daunting at the beginning. There are numerous methods from which to choose and each method has its own set of advantages and disadvantages. Transfer limits, transfer time and additional fees are just a number of points that one must consider before settling on a payment method.

Being true casinophiles ourselves, the professionals at Casinophiles are intimately familiar with all of the questions that you might have regarding the many different payment methods available to you. We have compiled a list of the most common payment options used today along with a thorough, yet concise, review of each one including their associated advantages and disadvantages. We hope that it helps you to make your decision with confidence.

Click on the payment method’s link below to read our detailed description:

Credit Cards

You will have success making deposits to your online casino account using just about every credit card on the market today. It is probably the easiest method available and making deposits with a credit card will normally involve no fees. Most online casinos will accept both Visa and Master Card. You will find some online casinos that accept Diners Club but; unfortunately, none of the online casinos accept American Express.

Many online casinos allow their members to make deposits in a number of different currencies which is great because it means that you avoid the credit card companies’ exchange service charge. Generally speaking, deposits are converted into US$ by online casinos because the US$ is the default currency of the online casino industry.

While credit cards can be extremely convenient to use for deposits, there are two primary drawbacks. The first is that many times they do not offer cash out options. The second is that many online casinos will offer players a bonus, often as high as 20% of the deposit amount, when using “alternate payment methods”. Alternate Payment methods include companies such as paysafecard, Neteller and Moneybookers.

Advantages:

• Highly Secure
• Convenient
• Simple and quick
• No additional charges incurred

Disadvantages:

• Cashing out winnings can be difficult or impossible.
• Miss out on the high bonuses afforded deposits made through alternate payment methods.

Moneybookers

Moneybookers has been in business since 2001 and is a publicly traded company listed on the London Stock Exchange. Moneybookers is an E-Wallet service provider and is similar in a number of ways to Click2Pay and NETeller. Opening an account with Moneybookers is easy and free. Once you have opened an account, you can make deposits to that account from your bank account, credit card and via wire transfers. Moneybookers accounts provide you with a very quick way to transfer funds both to and from your online casino account.

Advantages:

• Opening a Moneybookers account is free of charge.
• All Moneybookers transactions are automatically confirmed by email.
• Withdrawals from Moneybookers will usually take only 2-5 business days.
• Receiving money with Moneybookers incurs no charge.
• Many online casinos will offer up to a 20% deposit bonus on deposits made with Moneybookers.

Disadvantages:

• You will incur extra fees if you must change the currency of your money in order to make a particular transaction.
• Moneybookers charges a fee of 0.50%-1% for transfers.

Neteller

NETeller is the largest online payment service provider in the world, boasting well over 2.5 million account holders in 160 countries. NETeller opened for business back in 1999 and is currently traded on the London Stock Exchange. NETeller is regulated by the UK Financial Services Authority and is as secure and reliable as you would expect a financial institution of their size.

NETeller is an E-Wallet service. Clients are welcome to open free accounts with NETeller and are able to easily transfer the required funds from their credit cards, bank accounts or by wire transfer. NETeller is an easy and convenient way to transfer money to and from your online casino account.

Advantages:

• One of the world’s largest online payment services.
• It is free of charge to open a NETeller account.
• Quick and easy deposits can be made via credit card and internet banking services.
• Withdrawals from a NETeller account only take 2-5 business days.
• Accept deposits via bank transfer (2-5 business days).
• Fantastic customer service.
• Loyalty program offering great prizes.
• Many online casinos will offer up to a 20% deposit bonus on deposits made with NETeller.

Disadvantages:

• Processing fee of between 1.5% and 1.75% on deposits made via credit card.
• Charge a $10 processing fee on withdrawals.
• Cash outs from your online casino account can take up to 5 days to show up on your NETeller account.

Click and Buy

Originally commissioned by Firstgate Internet AG, ClickandBuy has been operating as a system of distributing and accounting funds via the Internet since the year 2000. ClickandBuy is an E-Wallet service authorized and regulated by the UK Financial Services Authority. You may open an account with ClickandBuy for free and they accept deposits from bank accounts, credit cards and by wire transfer. Accounts at ClickandBuy are easy to open and provide account holders with a quick and easy way to transfer money to and from their online casino accounts.

Advantages:

• ClickandBuy accounts are free to open.
• Only required to use a username when paying with ClickandBuy. Neither credit card nor bank account details are required.
• Great customer service.
• Many online casinos will offer up to a 20% deposit bonus on deposits made with ClickandBuy.

Disadvantages:

• Charge a 3%-9% fee on deposits made via credit card.

Click2Pay

Click2Pay is a popular E-Wallet, very similar to Moneybookers and NETeller. Click2Pay provides account holders with a very secure and simple online payment solution. It allows them to both transfer funds and make real-time online payments.

Click2Pay accounts are easy to open and free. Once an account is open, you are able to quickly transfer money into the account via your bank account, credit card or wire transfer. With money in your Click2Pay account, you are ready to make deposits into your online casino accounts and, hopefully, withdrawals.

Advantages:

• Immediate method for depositing money into your online casino account.
• Withdrawing money from your online casino account take as little as one day.
• Deposits into Click2Pay accounts are free.
• All statements from Click2Pay are anonymous and indicate only that a payment was made but to whom it was paid.
• Good customer service.
• Many online casinos will offer up to a 20% deposit bonus on deposits made with Click2Pay.

Disadvantages:

• You must give Click2Pay a valid telephone number when registering.
• Deposits made with credit cards incur a 3% fee.

Paysafecard

Paysafecard is the number one prepaid card company in Europe and can be found at well over 105,000 outlets throughout Europe in addition to being available online. Paysafecard are sold at supermarkets, gas stations, small stores and a variety of other PayPoint agents.

Paysafecard prepaid cards are available in €10, €25, €50 and €100. Once the card is purchased, all that you are required to do is scratch and reveal the 16-digit PIN code and you are ready to go. When purchasing Paysafecard services online, Paysafecard will immediately send an email containing an activated PIN code.

Advantages:

• Since absolutely no information is required, there is complete anonymity.
• Once you enter the Paysafecard PIN code in the Account page of your online casino, you can play immediately.
• Good customer service.
• Ideal for people who want to be in control of how much they are spending.
• Many online casinos will offer up to a 20% deposit bonus on deposits made with Paysafecard.

Disadvantages:

• Winnings cannot be cashed out using the Paysafecard.
• Additional charges on the card cannot be made, once the funds in the card have run out.

Western Union

Western Union is the rock of the industry, leading the world in money transfers with over 340,000 agents located in over 200 countries around the globe. Western Union has a long and rich legacy with a past entrenched in American History. Western Union was originally founded as the New York and Mississippi Valley Printing Telegraph company back in 1851. Western Union introduced the concept of money transfer to the world in 1871.

Western Union is one of the oldest and arguably one of the most respected financial institutions in the world. You can make money transfers with Western Union online with a valid credit card or physically at one of the many agent locations around the world. Money transfers made online with Western Union must be verified and you will be provided a telephone number to contact in order to confirm the transaction. When sending money from one of the agent locations, you are required to provide two forms of identification. You are able to send up to $10,000 at an agent location with a maximum of $1,000 of which may be in cash and the rest in some other means of payment such as credit card or check.

Payments through Western Union generally take a matter of minutes.

Advantages:

• The oldest and best name in the money transfer industry.
• You may pay online or with cash at an agent location.
• Quick transfers.
• Great customer service.
• Offer their clients independent arbitration services in cases of a disputed payment.

Disadvantages:

• Transfer fees of between 14% and 18%.
• Most online casinos do not offer a cashout option through Western Union.

Bank Transfer

What can be said about bank transfers? Bank transfers are accepted by all of the online casinos in the industry. Bank transfers allow you to simply transfer funds to the online casino directly from your bank account. You can execute bank transfers through your bank’s website, by telephone, by mail, by fax or simply by taking a ride over to the bank yourself.

Advantages:

• Universally accepted method of deposit by online casinos.

Disadvantages:

• Can take a few days before a bank transfer will appear in your online casino account.

eCheck

eCheck is short for “electronic check” and that is exactly what it is. eChecks are a way by which you can make secure and instantaneous transfers of funds directly from your bank account into your online casino account.

Whenever making a payment with an eCheck, the amount that the check is made out for will be requested from your bank much in the same way that it is with paper checks. It is important to remember that payments made via eCheck, as with paper checks, can take as long as 10 days before it is handled by your bank. The money may take as long as 10 days before it appears in your online casino account. In the event that the eCheck bounces, the online casino will hold you responsible for any fees incurred.

Advantages:

• Simple to use.
• Allows you to better control your spending.
• Very convenient.

Disadvantages:

• eChecks can take as long as 10 days to clear.

Check By Mail

If you still feel uncomfortable with transferring funds online then sending a personal check, bank draft, cashier’s check or money order would serve as an alternative.

Advantages:

• Very secure alternative to making online money transfers.

Disadvantages:

• One must wait for the check to both arrive and clear.

A final word regarding security… It is important that you keep in mind that all of the online casinos for which we post reviews on Casinophiles take the highest levels of security measures available; 128-bit encryption technology.

None of the sites that you will find on Casinophiles have ever been involved in a case of credit card abuse, as far as is known by us, and you should feel absolutely comfortable regarding your personal and financial information.