eWallets Vs Bank Transfers
eWallets Vs Bank Transfers
In the online casino world, you'll find a lot of different payment methods. In general, these methods can be broken down into a few different categories. Electronic wallets are among the most popular of these methods, and these include options like Skrill, Neteller, Click2Pay, PayPal and others. The exact options you have will depend largely on where you're playing from, but they all work in more or less the same way. When it comes to electronic wallets in particular, a lot of people mistakenly believe they work in the exact same way as bank transfers. This is a common misconception, and we're going to address the reasons behind this misconception along with the pros and cons to each.
How Electronic Wallets Work
An electronic wallet basically acts like an intermediate account between your bank account and your casino account. Money is sent from your bank account to your electronic wallet, and then you can decide where and how you want the money sent from that wallet. The key point here is that there's a buffer between your bank account and the casino, and in an industry where some operators aren't necessarily trustworthy, that's a level of safety and security that most players will appreciate.
How Bank Transfers Work
Bank transfers are essentially like electronic checks. The idea is that you put in the same information into the casino's cashier service that would be found on a paper check, and then this information is used to draft the equivalent payment of a check. The main advantage to using this banking method is that it's convenient and doesn't require you to set up any other accounts like electronic wallets do. On the other hand, there's the major disadvantage that it gives the online casino a direct line to your bank account, and that's not necessarily something that you'd want to do depending on how much you trust the operator you're playing with.
A Minimal Time Investment
There's essentially a trade-off that comes into play when you decide between an electronic wallet and a bank transfer. Using an electronic wallet requires that you invest a small amount of time getting your account signed up and verified. You'll also typically have small fees that are charged for each transfer of funds that you make using this account. In exchange for this, you get a payment method that's as easy to use as typing in your username and password, and you get an added layer of security for your funds. We recommend that people use an available eWallet, if available, because this trade-off is almost always in favor of the player.
There are other considerations that can help players in the long run as well, and these largely revolve around the organization of your money. It's a lot easier to keep all of your money organized when you separate your online casino bankroll from the rest of your funds. This also makes it a lot easier to stick to solid bankroll management when there's an extra buffer between your banking account and casino account.
Because your electronic wallet gives you a complete history of every transaction along with a time, date and description, it's really easy to keep up with where your bankroll has went and how much you're winning or losing. This is good for a higher level of accountability that will help to keep many players from getting into the territory of problem gambling.
Generally speaking, it's going to be better for most players in most situations to go with an electronic wallet over a direct bank transfer. With that having been said, choosing between wallets isn't always simple. The key things to look for are the fees that happen and how friendly they are with online casinos. Skrill and Neteller are the top options in the industry at the time of this writing, but Click2Pay and PayPal can also be good options on a somewhat limited number of casino sites.