What is an ‘E-wallet’?
An e-wallet, otherwise known as an electronic wallet or digital wallet, is primarily an online prepaid account where you can load money to use as and when you want to. It allows payments and money transfers to be made through the internet. You can store your credit cards and debit cards, as well as numerous bank accounts, all in a secure environment. When used, an e-wallet eliminates the need to keep typing in your financial details, as they have already been stored within your account.
E-wallets have grown increasingly popular within the gambling industry for players to use, as they are by far the most convenient way to withdraw and deposit your money. The most popular e-wallet companies include, but are not limited to, Skrill (previously Moneybookers), Neteller, Click and Buy, UKash and PaySafe and Paypal. Some online casinos may offer all of these options to deposit and withdraw, while others may only provide one or two. Most casinos these days will either have at least Skrill or Neteller, if nothing more. With an e-wallet account you can send and receive money worldwide securely and at a low cost without having to reveal your personal financial details.
Anyone can set up an e-wallet account. When you open an e-wallet, you will need to add your financial details and confirm these details, before you can load the account with money or before you use it to deposit at a casino. This is probably the only con when it comes to setting up an e-wallet account. The verification procedure may take a couple of days. On saying that, setting up an e-wallet account requires minimal setup and they are relatively easy to use, too.
Once your account is verified, you can use it to deposit money and withdraw money to casinos that provide that specific payment method. If you deposit via Skrill or Neteller, almost every gambling site will support withdrawals back to this payment method. E-wallets are great because you do not need to preload your account with any money. When you deposit via your e-wallet, you can select how you wish to deposit. So, if you have your credit or debit card saved, it will come directly from that avoiding any uploading fees. Or you can upload money to your account first and deposit straight from your e-wallet balance. You will be required to type in your e-wallet password via the casino’s payment merchant, so remembering this is vital to you making a successful deposit. It is important to keep your password secure and personal to you at all times. You do not want an intruder accessing your e-wallet account and using all of your financial details that are stored. It is perfectly safe to deposit at a casino using your e-wallet account, as your details will be encrypted and protected by the casino’s software. They are also safe to set up and use because your credit and debit card details will be masked when displayed. In no event will your debit, credit card or bank information be shared with anyone, including the casino receiving your payments.
E-wallets are completely free to set up and very convenient when it comes to online casinos.
Depending on which e-wallet you use, there may be certain fees. Each e-wallet will be different and it is important to make yourself aware of these when you register to avoid any future disappointment. You can easily log in to your e-wallet to access your money or use your account with your email address and password. If you have a smartphone or tablet device, most e-wallets now offer apps you can also use where you may need to register a pin number to access your account.
When you deposit at a casino using your e-wallet account, it will usually automatically convert any currencies for you, which eliminates you having to work it out yourself and also can avoid bank charges, if you were to deposit via your bank. A deposit made via your e-wallet account is usually instant, but it is a good idea to check with the casino you are playing at before depositing. Many e-wallets will allow multiple currencies and support major credit and debit cards. Players from the United States will need to check whether or not they can register for an account. If you want to deposit high amounts at casinos, you may be required to carry out additional verification via the e-wallet company. Some e-wallet accounts even offer a prepaid Mastercard.
E-wallets save you a lot time, as you do not need to keep getting your credit or debit card when you want to deposit because the information is already preloaded onto your account. If you want to make a deposit via a different credit/debit card to your primary one, as long as the information is loaded on your account, you can choose this card instead. You may be able to designate a default card or bank account to use which may be classed as your ‘primary’ payment method. But again, this can be changed during the payment process. You will also be able to add or delete any of your payment details. Your e-wallet account will store personal details, as well as your financial details that will include but are not limited to, your name, address, date of birth and contact details. Financial details held will include your credit/debit card number, account numbers and expiry dates.
While you do not need an e-wallet account to deposit at an online casino, it is fast becoming extremely popular with online gamblers all over the world, as it’s the fastest and easiest way to deposit and withdraw. There are several reasons e-wallets are very popular with online gamblers. For starters, e-wallets have high processing times with online casinos for withdrawals and instant for deposits. Plus, there are relatively small fees. No to mention that, once you deposit, you can start playing straight away.
Like we said earlier, players from the US will need to check if they can sign up, as e-wallets like Paypal and Neteller can be picky about certain gambling sites and countries they deal with. If the country you live in has strict gambling law, there may be a chance that this deposit method will not be available for you.
When you are making a deposit via an e-wallet account, something to look out for is your bonuses. Some online casinos even offer additional bonuses when depositing via e-wallet, but also some casinos may require additional wagering to be carried out. This will always be stated in the casino’s Terms and Conditions, but if unsure, you can ask the casino’s support team before depositing using this payment method. Additional bonuses are sometimes offered by gambling operators because e-wallet payments are so easy to process. This way they pass the savings over to you, the player.
To give you an oversight of the two most popular and biggest e-wallets site worldwide, we will discuss them for you now.
Skrill was founded back in 2001 when it was known as Moneybookers, but a complete rebrand took place in 2011 and it was renamed Skrill. Skrill has over 30 million members from all over the world. All of your major credit and debit cards will be accepted here and they support over 40 different currencies. When you deposit at an online casino using Skrill, rest assured that it is as safe as any other e-wallet. Most gambling operators now accept Skrill as a deposit and a withdrawal method; in fact, the number of casinos that support Skrill is massive and is over 1,000. This also includes bingo sites, poker sites and sports betting sites.
We mentioned earlier that you can purchase prepaid Mastercards and Skrill is one of those wallets that make this possible. Skrill supports the Mastercard in four different currencies, which are GBP, USD, EUR and PLN. This means that, if you win some big money and withdraw to your Skrill account, you can use your Mastercard at a cash point/ATM to withdraw money, as you normally would with your credit or debit cards. Unfortunately, Skrill does not offer its services to certain US gambling services. Additionally, it is always advisable to check whether the Mastercard option is available in your country.
Neteller is owned by Optimal Payments and is available to players in over 180 different countries. Transactions that are made through Neteller are extremely fast and, just like Skrill, they are 100% safe and secure. Your personal information is protected by industry standard encryption at all times. Neteller is an excellent choice when it comes to depositing at your chosen online casino. Gambling transactions were first made by Neteller back in 2000 and by 2005 they held 80% of all gambling related payments. Again, Neteller had to withdraw from providing their services to the US gambling market, but European players still rely on Neteller as their payment method. Much the same as Skrill, most online casinos these days accept Neteller to make deposits and withdrawals. This applies to global casinos, European and UK casinos. Neteller supports over 15 different currencies and you can transfer money from your bank cards, credit cards and even services like UKash.
Choosing the right e-wallet for you is entirely your decision, but the likelihood is, once you have used your e-wallet once, this will become your primary deposit method in most of the casinos you play in.