E-Wallets, also known as digital wallets, are a popular payment option used by thousands of online gamblers due to their fast withdrawal speed from casinos, which is just one of its many positives. E-Wallets are not perfect though but come with certain drawbacks as well.
In this article, we will explore the advantages and disadvantages of using e-Wallets for fast online casino withdrawals in the UK.Best Casinos for E-Wallet Banking
Pros of Using E-Wallets for Fast Withdrawals
- No transaction time: E-wallets have no transaction time, which enables users to get very fast withdrawals at casino sites. The moment a withdrawal is processed by the online casino, the money is received in the e-Wallet. This makes it possible to get instant withdrawals at instant-paying casinos.
- Anonymity and privacy of transactions: Compared to debit cards and bank transfers, e-Wallets provide an extra layer of privacy as casino withdrawals will not appear on your bank statement. This can be helpful when applying for loans.
- Safety and security: All popular e-wallets use advanced encryption and security measures to protect users’ personal and financial information. Two-factor authentication is a standard feature to access a wallet and make payments. In addition, only e-mail or phone number is shared with a casino when making transactions with e-Wallets, which means that no sensitive information is shared.
- Reliable and trustworthy: While it doesn’t apply to all e-Wallets that exist, some of the most popular ones used at casino sites have been around for more than two decades. They have been thoroughly tested by millions of users, making them a reliable and trustworthy payment option at online casinos.
- Good user experience: E-wallets tend to have a simplistic user interface that anyone can navigate. They are super easy to use and provide a seamless and convenient banking experience.
- Easy to set up: With most e-Wallets, you can easily set up an account online within minutes and start using it for online casino transactions. However, certain limits would apply until KYC verification has been done.
- Availability at fast-paying casinos in the UK: The majority of fast-paying casinos in the UK accept one or several e-Wallets as a payment option. This allows you to choose between many different sites that let you access your winnings quickly.
- Supports prepaid card for ATM withdrawals: Although not applicable to all e-Wallets, most of the popular ones allow you to get a debit card that is linked to your e-Wallet balance. This is very convenient as the card can be used to make purchases just about everywhere and also allows you to cash out your casino winnings in an ATM.
Cons of Using E-Wallets for Fast Withdrawals
- Exclusion from some casino bonuses: Some online casinos exclude certain e-Wallets from some or all of their deposit bonuses. This can be a huge disadvantage as casino bonuses can add a lot of value to a gambling experience.
- Possible fees for deposits and withdrawals: While fees on online casino transactions are rare, some e-Wallets will charge you a fee when you deposit or withdraw money from the e-Wallet itself. For instance, cashing out in an ATM or transferring funds to your bank account.
- Inactivity fees: Many e-Wallets come with an inactivity fee which is a downside if you only use the e-Wallet for online casino and might go long periods without gambling. However, the fee is usually not large and is normally only charged after 12 months of inactivity.
- Currency restrictions: While British Pound is supported by all popular e-Wallets, all currencies are not accepted by all of them. This could possibly lead to a fee as transactions between accounts that have mismatching currencies would always be subject to a currency exchange fee.
- May have lower withdrawal limits: Some online casinos have a maximum limit of how much you can withdraw per request and e-Wallets generally have a lower limit than debit cards and bank transfers. This can become troublesome for high rollers if the casino also has a limit on the number of requests that can be made at one time.
However, at UKGC-licensed casinos, such a limit would not be allowed to exist as per the rules of the UK Gambling Commission.
- Limited acceptance at some online casinos: Although e-Wallets are widely accepted, this does not apply to all types of e-Wallets. There are also some online casinos in the UK that do not accept e-Wallets at all.
- KYC verification is required for full usage: While it’s possible to use most e-Wallets without verification, this will be needed if you’re going to use it regularly as limits would apply. You would have to provide an ID, such as a passport or driver’s license. This would be safely stored, but even so, you may not be comfortable providing such information.
The Most Popular E-Wallets Available
Founded in 1999, Neteller is a widely used e-Wallet among online gamblers. It offers fast withdrawals, low fees, and is accepted at many UK online casinos. A prepaid debit card can be ordered and connected to the wallet to easily make use of the balance stored on it. Several deposit and withdrawal options are available and if you ask users, the overall opinion of Neteller is good as it is rated fairly high on Trustpilot.Best Neteller Casinos
Owned and operated by the same company as Neteller, Skrill is a similar e-Wallet, but an even more popular. It was launched in 2001 and has a very high user-review score. Fees associated with it are low and cashing out funds from the wallet to a bank is completely free of charge. Skrill is accepted at many online casinos in the UK and supports instant withdrawals, making it a convenient option for online gambling.Best Skrill Casinos
PayPal was the first e-Wallet to exist, launched all the way back in 1998. It’s the most recognized e-Wallet by far with over 400 million users and millions of websites accepting it as a payment method. This includes almost all online casinos in the UK. While highly secure and flexible, it carries a poor review score from users on Trustpilot. At some casino sites, cashing out winnings may also come with a fee, although rare.Best PayPal Casinos
Payz (Former ecoPayz) is a reliable and secure e-Wallet that was launched in 2013 and has a good user review score on Trustpilot. It offers fast and convenient withdrawals at online casinos and carries low fees. However, it is rarely supported at UK casino sites which is a big downside. Like Skrill and Neteller, a prepaid card can be connected to the Payz wallet to withdraw the wallet balance in an ATM or make purchases in stores.Best Payz Casinos
Launched in 2016, MuchBetter is one of the newest e-Wallets that people use and online casinos commonly support. However, similar to Payz, the latter is not true for UK casinos where only a few sites accept the payment method. Being a mobile-only e-Wallet, MuchBetter stands out from the crowd. Its fees are also lower than most e-Wallets and for the most part, there are no fees at all.Best MuchBetter Casinos
In conclusion, e-Wallets are a fast, secure, and convenient payment option for online casino transactions. They allow players to get instant withdrawals; hide transactions from banks and are widely accepted at casino sites. However, not all e-Wallets are the same and while some are commonly supported at casinos, some are rarely found at UK ones or are not available to UK players.
E-Wallets may also have limitations in terms of using casino bonuses and may have certain fees associated with them that you wouldn’t come across with other payment methods. It's important to consider all factors before deciding if an e-Wallet is the right banking option to use and if it is, what e-Wallet is best to use or if you want to use multiple ones.
What is an e-Wallet?
An e-Wallet, or digital wallet, is a payment option that allows you to store funds electronically and make transactions online or through mobile devices.
Are e-Wallets safe to use for online casino gambling?
Yes, e-wallets are generally considered safe and secure for online casino transactions, as they use encryption and other security measures to protect your personal and financial information.
How fast are online casino withdrawals with e-Wallets?
E-Wallet withdrawals can be as fast as an instant, depending on the online casino played at. They typically have no transaction time, which means that funds are instantly received once sent by the casino.
Can I use e-Wallets to claim bonuses at online casinos?
In many cases, yes. However, Some online casinos exclude certain e-Wallets from their deposit bonuses, so it's important to read the terms and conditions of the bonus offer before choosing your payment option.
Are there fees associated with using e-Wallets at online casinos?
Casino-related fees with e-Wallets are rare. Some online casinos may charge you a fee for using certain e-Wallets when depositing and/or withdrawing, but it’s unusual. Most fees experienced with e-Wallets are when funding the e-Wallet account or cashing out money from it.
Which e-Wallets are accepted at online casinos?
The e-Wallets accepted at online casinos vary depending on the casino site and the country. Some popular e-Wallets that are commonly supported in the UK include PayPal, Neteller and Skrill. Other countries may not use PayPal, but can instead use Payz and MuchBetter.
How do I set up an e-Wallet for online casino?
To set up an e-Wallet account and make it ready for casino gambling, you typically only need to provide some personal details, verify your e-mail and/or phone number and make a deposit to the wallet. However, for full access with increased limits, you would also have to provide an ID, such as a passport or driver’s license.
Can I withdraw winnings from an online casino to an e-Wallet that's different from my deposit method?
At most online casinos, you would only be able to withdraw your winnings back to the same method you used for the deposit. However, if you deposited with a method that can’t be withdrawn to, you may be allowed to cash out to the e-Wallet of your choice, provided that ownership of this is proven.
Is it legal to use e-Wallets for online casino transactions?
Normally, yes. However, the legality of using e-Wallets for online casino transactions varies by country and jurisdiction. It is fully legal to do so from the UK at a UKGC-licensed casino.
What should I consider when choosing an e-Wallet for online casino?
When choosing an e-Wallet for online casino gambling, consider factors such as fees, security, reputation, prepaid card support, and customer service. For fast withdrawals, it is also important to consider the e-Wallet’s availability at fast withdrawal casinos.