Depositing $5k at an online casino can be challenging for the uninitiated. But in reality it’s a simple process. There are a number of options including credit card, bank transfers and E-Wallets. This article will explain the pros and cons of each. But you need to remember to gamble at reputable casinos.
Safest method to deposit $5,000 at an online casino
Players have more online casino deposit options available than ever before. There are plenty of safe deposit options but that does not necessarily mean you will be safe.
The biggest thing to be aware of is where you’re depositing your money, not which method you are using.
It’s important to choose a casino that has been approved by an organisation like eCOGRA (eCommerce Online Gaming Regulation and Assurance) and that have strong reputations in the industry.
If you follow these simple guidelines and use popular deposit methods like credit and debit cards, E-Wallets and bank transfers you will have no trouble funding your online casino account.
Online casinos sometimes have minimum/maximum deposit requirements, which might be $20 and $1000 per transaction on a credit card. With bank transfers there is generally no limit to how much you can deposit per transaction. The minimum withdrawal at most online casinos is $50.
Depositing $5k via debit or credit card
Credit card is generally the easiest and quickest option to deposit money at an online casino. It’s just a matter of visiting your chosen casino’s banking or cashier section and selecting credit card or debit card from the deposit options. You will then be required to enter in your card details and choose your deposit amount. Credit transactions are generally capped at a daily limit by both the casino and your bank.
Royal Vegas Casino is one online abode that has no cap on credit card deposits, so if you have a card without a daily limit, you will have no problem depositing $5,000.
A debit card works exactly the same as a credit card except you’re depositing your own money. If you have the funds in your account you will be able to deposit money in this fashion at all reputable casinos. Like credit cards you will only be able to deposit the amount that your banking institution allows in one day.
Withdrawals to your credit or debit account can take up to 48 hours to be processed.
Bank transfers and Local Transfers to Online Casinos
There are two different types of bank transfers that you can do at most online casinos. These are Local Bank transfers which traditionally is when you ring or visit your local bank and transfer money to an Australian account held by the online casino. These types of transactions are now generally done via internet banking.
The second transfer type is a bank wire or “e-cheque” which is generally a larger sum that needs to be cleared by your bank before being processed. To begin the transfer you sign up at your chosen casino and then go to the cashier section and get the casino’s bank account number, and your unique identification number, which is usually found in the same section. You then need to contact your bank via phone are at a branch, if it is a significant sum like $5000, and get them to begin the transfer.
There are pros and cons to using bank transfers to fund your account. These types of transactions can take significantly longer, with a three day waiting period not uncommon. But if you’re worried about handing over card details the knowledge that your bank is dealing with the casino for you can be comforting.
Wiring money is an appealing option for high rollers because there is not usually a cap on how much a player can deposit via this method. There is usually a flat fee for wiring money but this is significantly lower than processing fees an E-Wallet would charge.
Deposits with E-Wallets
If you’re a regular online shopper or switch between casinos often an E-Wallet is a great way to store your money. It is your ‘electronic wallet’ – your ATM card on the internet. Instead of giving your card details to each individual website you sign up at an E-Wallet like Skrill or Neteller and link your credit or debit card to the account to fund it.
Then with each individual vendor you pay with your E-Wallet instantly. Withdrawals from an online casino to your Skrill or Neteller account are usually quicker than if you were withdrawing to your bank account. Each transaction with your E-Wallet is secure and encrypted and continue to grow in popularity as more people shop online.
It’s important to note that most E-Wallets have other ways to fund the account, including bank transfers and wire services which are popular if you want to deposit a bigger sum like $5000 or $10,000.
While E-Wallets are not for everyone, they are a secure way for Australians to deposit money with online casinos. They allow you to have a more secure online presence by not forcing you to give your card details to an online casino.
Ukash and other Prepaid deposit options
This option involves buying a prepaid voucher or credit card with cash. You can then use this voucher to deposit funds online to whatever online store or in our case, casino, accepts them. Most of our recommended casinos accept Ukash which is the most popular type of prepaid card.
There are also different types of prepaid Visa and MasterCards that are available, which have been popular with Australians who are travelling overseas for years.
These prepaid cards can be bought at many shops including supermarkets and corner stores in Australia. Often you can buy them online and have them shipped out to you. This allows you to spend money without giving over your credit or debit card’s details.
With Ukash you purchase a voucher at a local vendor and then when you’re depositing money or buying a product you enter the voucher code when prompted. The great thing about these prepaid vouchers is that they are completely anonymous. They are just an electronic sum of money on a card. Obviously like cash, if you lose the card you have effectively lost the money, although Ukash has recently changed its policy surrounding this, and you can appeal to have your money returned.
These cards generally have lower limits when talking deposits at online casinos. This means you probably won’t be able to deposit $5000 with Ukash.