E-Wallets: What They Are and How They Work

Secure and Quick e-wallet BankingGamers who wish to try their hand at an online casino, are required to create an account on the casino website that accepts players from their country of origin. They can play with points without needing to set up a payment method; however, if they want to play for real money they will have to create one.

For newcomers to the world of online casinos, one of their main worries about playing is the apprehension of giving away their personal and financial details while making deposits and withdrawals from their casino account.

In the past, players generally prefered using credit cards for deposits; however, with the booming popularity of online casinos and the security threats, the industry has added various types of payment options such as  e-wallets to make the process secure, as well as fast. The majority of players prefer e-wallets nowadays as they are usually prepaid; thus indirectly putting a limit on their bankroll.

What Should You Know About E-wallets

An e-wallet, also known as a digital wallet, web wallet or an electronic wallet, is chiefly an online prepaid account, where you can top up cash to use when you want to. It easily transfers money through the internet, without revealing your personal and financial information, as they have been already stored within your e-wallet account. Thus, when you are using an e-wallet for making a deposit at an online casino, you are transferring money to the casino account through a secure network.

The Types of E-wallets Used at Reputable Online Casinos

Considering the popularity of e-wallets for online casinos, there are numerous operators to choose from. Here’s a list of the preferred e-wallets used by players:

  • Skrill (Moneybookers)
  • PayPal
  • POLi
  • EcoCard
  • Neteller
  • ecoPayz
  • PayPal
  • WebMoney

Regardless of which e-wallet you use, make sure you do your own research and pick the one that best suits your needs.

How Do E-wallets Work?

After you have picked the e-wallet that is suitable for you, visit the website and simply fill in the form to create an account. You can then transfer the funds to your newly formed e-wallet account via your credit card, debit card, or a direct bank transfer. Once loaded with cash, your e-wallet account will work like a virtual wallet, and can be used to spend money online.

eWallet BankingHow to Make a Deposit with an e-Wallet?

In order to make a deposit via an e-wallet, you need to follow a few basic steps:

  • Visit the website of the online casino where you want to play. Make sure the casino supports your choice of e-wallet.
  • Click on deposits, and look for the e-wallet you want to use.
  • Enter your e-wallet account id/email address and the password.  Now enter the amount you wish to deposit at the online casino.
  • Click on the confirm button and your funds will be instantly deposited to the online casino. Make sure that you have enough funds in your e-wallet account to make the deposit successful. Since all the transactions are processed through the e-wallet provider, your bank account details and passwords remain hidden.  

Note: There are certain e-wallets that allow a minimum deposit of $20 at an online casino.

Making a Deposit through Your E-wallet Account? Look For Bonuses!

Some online casinos even offer bonuses for making a deposit with e-wallets,  to encourage e-wallet payments and their processing ease . 

E-wallets Offer Quick Withdrawal Times

One of the features that make e-wallets the preferred payment methods for online casino aficionados worldwide is their quick withdrawal times. The traditional methods of payment such as bank and wire transfer despite being safe, require some waiting time for both depositing and withdrawing the money.

How Do E-wallets Keep Me Safe?

The best feature of using an e-wallet is that they offer you double security. The reputable e-wallets use the latest SSL (secure socket layer) encryption technology, which is regarded as a high level of security used by numerous legal casinos.  Reliable e-wallets such as Skrill, POLi, ecopayz, PayPal and Neteller make use of high-levels of fraud prevention methods and anti-theft security to make sure that your funds are protected 24/7.

E-wallets such as Neteller and Skrill are regulated by the UK Financial Conduct Authority (FCA) and these wallets place all your funds in trust accounts. In simple words, whatever happens to the company, your money will never be lost. 

Citadel and POLi work in accordance with a few of the reputed financial banks of the world; thus giving you the benefits of ensuring that your funds will remain protected by strict measures.

Keep Your Transaction Safe When Using E-wallets

Even though the e-wallet services will protect your cash at all times, there are certain measures that you should take in order to make your financial details highly protected.

  • Always update your personal computers, mobile phones, and devices that you use to make payments in order to make sure they have the latest security upgrades.
  • Always avoid using e-wallets on a shared or public computer.
  • Make sure to write down your login details in a safe place so that they remain hidden.
  • Check your transaction history every now and then to ensure that there’s no unusual activity on your account.

E-wallets are preferred payment option. Try these safe methods at your favourite online casinos to enjoy gaming with real money.

Top Bonuses

Casino of the Month

Weekly Online Casino Offers,
right to your inbox

Don't be the last to know about latest bonuses,
new casino launches or exclusive promotions. Join us today!

By subscribing you agree to our terms and privacy policy.
We hate spam too - unsubscribe any time!
Copyright © 2019, Gamblers Bet | Encyclopedia