One of the essential elements that are often overlooked by many Singaporean punters when picking a gaming destination is the supported deposit and withdrawal options. But unlike at brick and mortar venues, online casinos offer tons of payment methods. However, with so many available options it can be hard to choose, especially if you are new to online gaming.
Regardless of the amount you want to top up or cash out, picking the right payment method will make or break your casino gambling experience. Hence, it is extremely important to find an online casino with fast, convenient and secure options. Of course, to know what is best means gathering as much information as possible before signing up. In addition, you should always take into consideration your personal preferences as well. Our complete guide on casino payment methods explores all of your options in Singapore, including the mobile ones. Stick around to learn all about them and learn how to pick the best route for you.
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The Evolution of Online Payment Methods
Nowadays it’s difficult to imagine the world without electronic payment systems. Although many people associate electronic payments with the internet, electronic doesn’t always mean online. In fact, the history of electronic transactions stretches back to the 1870s when the first Western Union hit the market. But of course, the latest technological advancements have played a very big role in the development of payment methods. And now that we are online, transactions are more efficient and secure than ever thanks to the internet.
The internet was first introduced in 1969. By 1994, the Stanford Federal Credit Union became the first financial institution to offer internet banking to its customers. Back then, the first electronic payment systems on the market were CyberCoin and Millicent. Soon Amazon also joined the trend as one of the pioneers in the e-commerce world.
Since then a lot of changes have come about. New payment systems adapt the latest and most advanced technology all the time. Today, you can transfer your money online without any worry at all. Because of advanced encryption technology like SSL you can be sure that your money and data are secure. Not to mention that with the invention of cryptocurrencies, transactions are now faster and safer than ever before.
Available Payment Methods in Singapore
When it comes to online casinos, the payment methods they offer can be in the hundreds. Anything from bank cards and eWallets to cryptocurrencies is available to choose from. In fact, the most popular platforms in Singapore will support at least a few dozen options. Each one has unique terms and conditions or limitations you should familiarise yourself with before you choose. Besides, each method has several security measures like personal verification and security codes to make transactions safe and prevent fraud.
Credit and Debit Cards
Credit and debit cards are the most popular and widely used payment method for Singaporean punters. Hence, virtually any online casino accepts them. The most popular types of bank cards include Visa, Mastercard, American Express, and the likes. The advantage of using them is that they are quite easy to use. In addition, they are usually free to get and anyone can do it.
However, many online casinos don’t support withdrawals with this method. Moreover, many platforms also have extra fees when using debit and credit cards. Not to mention, the processing times of transfers are often significantly slower, especially when cashing out. So we recommend you always check out the attached terms before you proceed.
E-Wallets
The use of electronic wallets has risen in popularity over the past couple of years. So naturally, there are many providers on the market and a lot of real money casinos support this option. However, sometimes online casinos will not allow e-wallet users to claim welcome bonuses. Some of the most popular e-wallets include the likes of PayPal, Paysafecard, ecoPayz, Skrill, and Neteller.
E-wallets come with an array of advantages but they are so common now because they’re so easy to use. Moreover, the transfers normally take less than 24 hours and casinos don’t restrict withdrawals like with bank cards. In addition, your personal information is stored safely regardless of the number of cards that you are using. But one of the main weak points of using these services is that they often have transaction fees. On the other hand, they are generally minimal and are offset by the loyalty programs from the e-wallet providers.
Online Bank Transfers
Bank transfers have been around since the onset of online casinos. When it comes to the security of your personal information, this is as safe as it gets. In addition, you can use a multitude of currencies, including some less common ones. However, the downside of online transfers is that they often take longer in comparison to other payment methods because of the verification process. Although this method can be limited in some countries, in Singapore many casino operators allow players to transfer money via bank transfers.
Offline Methods
You can also opt for offline payment methods to manage your casino balance. In fact, this way you can transfer much larger sums than otherwise and it requires no skill at all. But you would have to spend the extra time to physically visit a bank or a service like eChecks or Western Union. In addition to being time consuming, this process can also entail some fees as well. Moreover, it takes rather long before the transactions are completed.
Cryptocurrencies
Compared to the traditional currencies, cryptocurrencies are safer, can appreciate in value, and above all, allow for anonymous transactions. This payment method is getting more popular by the day because of the super fast transactions and access to provably fair games. Hence why many online casinos are now accepting deposits and withdrawals with virtual currencies. In fact, there are online casinos that only offer cryptocurrency games and bonuses.
Currently, there are hundreds of cryptocurrencies on the market to choose from. Some of the popular ones accepted by online casinos include Bitcoin, Litecoin, Ethereum, and Monero. The only downside here is that not all casinos support cryptocurrencies. Plus, it can be difficult for beginners to get the hang of it.
Mobile Payments
Mobile casino payments are getting very popular in recent years. The most popular ones include Payforit, Boku, and Zimpler. Although not all casino operators have embraced this new trend, there are many reputable ones that do. Some are optimised for mobile browsers while others require you to download an app beforehand.
Either way, mobile payments are incredibly easy to do and very safe. Moreover, you can deposit from just about anywhere without involving any banks. However, you cannot withdraw any funds with this payment method which is a significant downside. In addition to that, there are also strict limits on the amounts of cash you can transfer.
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How to Choose a Casino Payment Method
With so many online payment methods at Singaporean online casinos, it can be quite difficult to choose one that suits you. Of course, each option provides different services based on the provider’s policies. Here are some of the key factors to keep in mind when shopping for a good payment method:
Security and Safety
The safety of your money and personal information should be protected using the latest security protocols. A good payment system should use a 128 or 256-bit Secure Socket Layer (SSL) technology to safeguard your data from unauthorized third parties. Additionally, you need to consider the general security of the platform and the casino games as well.
Transaction Speed
Fast and timely transactions are key for a great gambling experience. We recommend you pick a payment option that allows you to deposit and start playing straight away. Generally, you should be able to deposit instantly while cash outs should not take more than 24 hours.
Transaction Fees and Commissions
No one likes to pay extra when it’s unnecessary. So always make sure that the selected payment method doesn’t have additional fees or commissions when you transfer. In case the banking option you like has fees, then they should be low enough to not interfere with your budget.
Bonus Perks
It is certainly worth exploring what extra benefits you may get with the payment option of your choice. Some online casinos reward generous bonuses to players when they use certain payment methods to deposit. However, as always, you must read and understand the bonus terms and conditions before committing.
Limits and Restrictions
Every online casino payment method dictates its own minimum and maximum amount you can transfer to your account. On the other hand, there are also geographical limitations as some services don’t operate in certain countries. Hence you should ensure that the option you want is available in Singapore. Moreover, a good payment system will not have any further limits beyond what’s standard.
Ease of Use
Trouble navigating through the payment process is a sure way to ruin a gaming session. So a good online casino payment method should be easy and straightforward to use. After all, your gaming experience also depends on the service you use to transfer your funds. Do a quick research to ensure there’s a user-friendly interface and everything is easy to find. Moreover, you should be able to use the service both on your mobile and PC.
Verification
Many online casinos will require you to provide some documents before they can approve your transactions. Unfortunately, some payment options take longer to process because of that. It is advisable to choose payment methods that don’t take too long to verify without compromising your safety. Some of the documents you may have to present include ID, email address, and bank statements, among others.
Closed-Loop Policy
Some online casino payment options are limited in that they cannot be used for both deposits and withdrawals. For example, Paysafecard offers one-way service only. Hence, always make sure you are aware of the limits and how they work before you pick your payment method.
Conclusion
Online casino payment methods can vary greatly depending on the country you are in. In Singapore, you are spoiled for choice, indeed. From bank cards and transfers to e-wallets and cryptocurrencies – online casinos have it all. Naturally, each payment method has its benefits and weaknesses but the right one for you offers just what you need.
With our guide, you now know what to look for when selecting a means of payment. All that’s left is to pick a gaming destination if you don’t have one already. Of course, it is good to pick an online casino that supports multiple payment options. You can find out more about the best ones on the market with our casino reviews.
FAQ
Generally speaking, e-wallets and cryptocurrencies are significantly faster than bank transfers.
There are plenty of payment methods that are available for Singaporeans. However, it will depend on the online casino that you choose to use.
No, most options are free of charge. But you may be charged a fee when you deposit or withdraw money from your casino. However, the fee will vary depending on the type of method you are using.
You may be requested to provide various documents when sending or receiving money at an online casino. Some of the documents that are commonly used are ID, passport, driving license, bank statement, etc.
SGD is commonly accepted at popular online casinos in Singapore. Other widely used currencies include EUR, USD, GBP, and CAD. However, it depends on the casino you play at as well.
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