The Best Online Casino Banking Methods
At OnlineSlotsNZ we bring you the very best real money casinos in New Zealand. We rate and review each and every site and we tell you all about what they have to offer. We also know that for many players, the biggest area of concern is the safety and security of making payments online. That’s why we’re going to tell you more about online casino banking options.
On this site, you’ll find a list of online casinos that are licensed and regulated. All of them also offer a wide variety of payment options that are all safe, trusted and secure. The best thing about having so much choice when it comes to online casino payment options is that you can find the one that you are most comfortable using and makes the most sense for the way you like to make deposits and withdrawals.
The most important thing to do is to go through the payment options on the platform you would like use for playing and see what is on offer before you sign up. If an online casino doesn’t offer you the choices you want to use, you can move onto the next one. This will save you a lot of time and effort in the long run. You’ll also feel more secure and confident when you’re ready to start playing for real money.
Most Popular Online Casino Banking Options
Most players look for three features when considering which online casino banking option they want to use:
This will relate to both depositing money for placing bets and withdrawing money when they’ve won. Some casinos will only allow you to deposit and withdraw using the same method, while others will let you nominate a different method for withdrawing your winnings. It’s important to see what will suit you best.
The various payment methods can be broken down into four categories:
There is no right or wrong choice here in terms of financial security and your privacy – all of the online casinos on our site are safely encrypted for the payment methods they offer. The decision is up to you!
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1. Direct Money And Bank Transfers
Wire Transfers – Most online casino banking methods start with direct transfers from your banking account to their platform. A wire transfer is a safe, simple way to move money from one account to another and gives you a fair amount of transparency. It’s important to check with your bank about transfer fees though, so you know if how much NZD you need to transfer to make the fee worthwhile.
eCheck – Cheques are an incredibly convenient way of making payments and receiving them. eChecks are simply the online version, giving you similar security and privacy that the old paper versions provide. The reason this payment method is so popular is that you don’t have to give your banking details to the online casino in order to make the transaction. The transaction fees are also usually very low or non-existent with echecks.
InstaDebit – This is a third-party service that links to your bank directly and then to the NZ online casino. You can choose to either make payments via InstaDebit from your bank account or transfer money into InstaDebit and make payments from that sum. All you need to do is setup an account on the platform and then you can use it on any online casino that accepts InstaDebit around the world.
InstaDebit started out in Canada and quickly rose to prominence for use with online casinos. This is because you share very little personal information via the platform with either the account receiving your transfers or the account sending the money. Recently, InstaDebit broadened their offering to become available in over 30 countries, including New Zealand.
2. Credit And Debit Cards
Credit cards are possibly the most popular method of making payments and withdrawals at online casinos. They are widely accepted on just about every platform in the world – certainly on every reputable platform – for making deposits into your casino account for placing bets. Many also accept credit cards as a method of withdrawal of winnings, although this isn’t as widely done.
Since debit cards became available as an online payment method, many casinos quickly adapted to include them in their payment options for extra convenience. For players, the knowledge that they aren’t spending more money than they have because the payment comes straight off their bank account gives them a bit more peace of mind than using a credit card.
Visa – This is, without a doubt, the most commonly recognised credit and debit card brand in the world. You are very unlikely to find an online casino that doesn’t accept a Visa card. The transaction fees for both payments and withdrawals will be determined by your bank, so it’s best to keep an eye on that to ensure transactions are worthwhile.
Mastercard – This is another brand of card, mostly credit card, that is almost universally accepted around the world. They offer the same security and convenience as Visa, with transaction fees once again depending on your bank.
American Express – This card brand may have started off life in the USA, but it is now a globally recognised brand and people around the world have AmEx cards. It is not as widely accepted as Visa and Mastercard outside of the USA but there are many online casinos that allow you to use this card. AmEx also has a reputation for having excellent security measures to ensure that your payments are safe and that your personal information is secure. Additionally, the loyalty program from the brand provides some great rewards.
Pre-paid Cards – For those who don’t want to link their bank accounts or credit cards to their online casino profiles, the pre-paid card is the ideal option. You don’t have to provide any personal banking information when making a payment via one of these cards. It’s important, however, to ensure that the online casino you want to play on accepts the type of card you buy. You will also need to see if the casino will pay out onto that card, as many prefer a bank account or an ewallet for withdrawals.
3. eWallets
eWallets are an extremely popular modern method of dealing with payments for online casinos. If you choose one of the reputable platforms, you know that your money is safe, your transactions are secure and it’s quick and easy to transfer and receive money. Another reason why they are so popular with users is that these ewallets can be used to purchase an array of goods and services online – not just your casino bets and winnings.
An ewallet is essentially a digital wallet or another type of bank account that allows you to make online transactions with ease. When picking one to use for your online gaming, be sure to look at the security, the transaction fees and the ease of use. You also need to consider how the platform interacts with your bank account and if you need to do anything specific in order to put money into your ewallet or withdraw money for use in other places.
eWallets are often a popular choice for use with online casinos because they are specifically designed for online transactions. This means that payment clearance is usually the fastest out of the different types of payment methods allowed. You will see the money in your casino profile quicker and get your winnings paid out to you quicker. In some cases, a credit and debit card can be almost as quick. However, this is dependent on your service provider and the agreement that they have with the online casino.
Neteller – This is one of the top ewallets used around the world, providing extremely secure transactions. You’ll be hard-pressed to find an online casino that doesn’t accept Neteller as a method of payment and a source for withdrawals. It provides a 128-bit encryption on all accounts and transactions and has been operating online since 1999. Millions of people around New Zealand use this platform every day, and not just for online gaming.
PayPal – No name is more synonymous with ewallets and online money transactions than PayPal. It’s been around since 1998 and has always offered an incredibly straightforward yet secure platform for making and receiving payments online. In over 20 years, PayPal has grown to cover almost the entire world as a service provider, making it an ideal option for people living in New Zealand who want to play at online casinos. One downside to using PayPal is that the transaction fees are fairly steep and will eat into how much you pay or receive.
Skrill – This platform is another well-established offering, launching back in 2001. It offers incredible privacy for individuals because you never have to link a Skrill account to a bank account. You also don’t have to give your full personal details in order to make and receive payments on the platform. Another bonus for New Zealand users is that the platform is regulated by the Financial Conduct Authority, giving you another layer of security and peace of mind for your transactions for online slots games in New Zealand.
MuchBetter – This platform is a lot newer than the others on this list, only launching in 2017. However, it competes and compares well with the other top ewallets around the world. The creators of this platform focused heavily on how to protect their users from risks like identity theft and transaction fraud. This is a huge positive, giving MuchBetter a quick boost in reputation and allowing them to partner with many online casinos around the world. It also offers one of the lowest transaction fees out of all the other options on this list.
4. Cryptocurrencies
The concept of cryptocurrencies is nothing new these days. We’ve all heard of Bitcoin and a number of other varieties that are now being used all over the world. They are essentially an online currency that doesn’t have a physical form and doesn’t belong to a particular country or bank.
In New Zealand, the use of cryptocurrencies for business – companies holding them as assets or allowing customers to pay for goods or services with them – is completely legal and will be subject to tax laws. This means that if you use cryptocurrencies for your online gaming, you will be taxed on your winnings the same as any other method of payment.
Bitcoin – When most people think of cryptocurrencies, they tend think of Bitcoin and often use the words as synonyms. This is largely because Bitcoin was the first of its kind, with the creator – Satoshi Nakamoto – releasing a white paper on the concept back in 2009 and then releasing the very first digital coins shortly afterwards.
It is widely accepted around the world, with a number of online stores and service providers accepting Bitcoin as payment. Even Microsoft and PayPal accept Bitcoin. You could essentially put Bitcoin into your PayPal account and use that for your online gaming. Additionally, Bitcoin is the most widely accepted cryptocurrency by online casinos.
Ethereum – This is definitely the biggest competitor to Bitcoin, with a lot of other cryptocurrencies trying and failing to dethrone the original. Ethereum may not have dethroned Bitcoin, but it does hold a healthy second-place position in the cryptocurrency world.
The biggest difference between the top two is that Ethereum has its own platform to host programs that use the currency’s blockchain. It holds far truer to the notion of a fully centralised currency. There is also no limit on how much of the currency will ultimately be released, as there is with Bitcoin, Tron and Binance Coin.
Binance Coin – As the world of cryptocurrency grew, more and more options have been created and released. Binance is a cryptocurrency exchange that has developed its own blockchain for its own currency – Binance Coin. They originally started in 2017 using a token based on Ethereum but have since moved to their own system entirely.
Tron – The reason Tron has been doing so well in the headlines lately is that it is one of the cheapest cryptocurrencies you can invest in. However, it still has great value and potential, with a wide range of places accepting it as a form of payment. The cryptocurrency is also part of an overall project to decentralise the internet called the TRON Protocol.
Choosing Your Currency
As no casino is permitted to host an online platform within New Zealand, all of the legal casinos you will have access to are going be based outside of the country. This means that they will likely offer you a range of different currencies as options for payments. However, many will also be set up to detect where you are in the world and what your local currency is – unless you are using a Virtual Private Network (VPN).
It certainly makes life easier for most to deal with the NZ dollar as you then know exactly what you are paying in and withdrawing. However, you may then be at the mercy of an exchange rate, meaning payments of the same NZ$ amount will actually be different each time you make them. It’s essential that you check the main currency that the online casino operates in so that you can keep an eye on the exchange rate when depositing to play slots for real money.
For many, it makes sense to use an ewallet that automatically exchanges your money into the main currency that is used so that you immediately know what you are spending. For example, PayPal puts everything into US dollars and will interact with the casino in that currency at all times. You only have to worry about the exchange rate when you put money into or take money out of your Paypal account.
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The great thing about all of these options is that you can really find the one that best suits your needs and personal preferences. You don’t have to make a transaction or fill in personal information that makes you feel uncomfortable at any time. The level of choice gives you more security and more protection against fraud and identity theft.
If you are unsure about which online casino banking method to use, consider the following elements:
Once you have the information on each method of payment, you can make an informed decision about which one suits you better. Remember, there is no right or wrong answer. It’s all about what you prefer and helps you to get the most out of your mobile slots gambling experience.
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