Which Payment Methods are Considered Fast?
As mentioned, payment methods play a key role in the withdrawal speed of a casino. Namely, aside from the internal process that the online gaming platform conducts regarding payouts, the issuing body of the credit/debit card, e-wallet, etc., may also have some rules that could impede this procedure. The following are several banking options that have proven to be swift and secure:
These are digital wallets where you store your money and use it to make transactions through your phone or computer. E-wallets don’t just provide fast payouts – with an average time of 24 hours – but they also have several layers of security to them. The biggest concern around them is the possibility of forgery and information leakage. However, all companies that stand behind these electronic wallets take this matter seriously, which is why they store provide you with passwords, 2-factor authentication codes, and several other ways to secure your funds and personal information.
The next best thing after E-wallets is Cryptocurrencies. More and more casinos are choosing to add this feature as part of their withdrawal methods. The reason lies behind its security as well as quick transactions. Considering that cryptocurrencies are not tangible but are fungible and can even be tied to real assets, many players and casinos are turning to them to transfer funds in and out of their online accounts. Usually, crypto wallets give instant withdrawals at casinos but can sometimes take around 3 hours. Compared to other methods this is rather quick, which is why they are so desired. Another reason is that there is a possibility to store your crypto offline.
Interbanking is a term that describes a method that allows you to transfer funds between your online casino account and online bank account without the need to need to share your financial data with anyone. Having this in mind – that your banking information stays only in your possession – interbank options are a highly secure payment method. The fact that it is all done online gives way to fast withdrawals. Just like crypto-wallets or e-wallets, everything is done within a few clicks. Thus, you can quickly move your cash back and forth at any time. Interac is one such method that is vastly used in Canada. This particular payment option usually takes 1 to 3 business days for the funds to get to your account.
The first modern method of paying online is credit or debit cards. Nowadays, there is rarely a casino that doesn’t offer a credit or debit card option as a payment method. Unlike all other previously mentioned options, credit and debit cards don’t usually have quick or instant withdrawals. However, they are still one of the faster methods, with only 1-3 days needed to cash out. The reason for the more extended period lies in the banking institution that issues the card. Namely, even if the process is cleared from the casino’s site, the bank still needs to go through the transfer. Another thing you should remember with this type of payment method is that it may come with fees. Nevertheless, these are usually fixated and at a low level, unlike some payment options that can ask for a percentage of your winnings.