Online banking or E-banking is one of the most secure and preferred payment methods. It is used quite a lot while depositing or withdrawing money from a casino. Although there is a lot of other payment available in online casinos, Online banking is preferred by many casino players as many banking payment methods doesn’t require them to share their credit card info with the online casino.
How does Banking transaction work in an online casino?
Online banking is just like traditional banking, except for the fact that online banking takes place in front of a screen. To make a transaction in online casinos, you need a bank account with active ‘net banking’ feature. If you don’t have this feature, you can activate it anytime for free. Ones that’s done, you can visit the online casino, make a transaction.
Online casino and banks work together to process your transaction, and the communication between them decide the number of hours it takes to process the transaction. If the bank and casino are in the same country, it takes less time. Otherwise, it may take more than usual.
Each country has its own rules and regulation when it comes to Online banking and transaction to online casino. Many countries are skeptical of online casino especially the USA. This means the rules are a hassle for the people while countries like the UK are casino friendly where you can easily withdraw money direct to your bank account.
However, there are a few rules which apply in all countries, i.e.
- You can withdraw only a limit amount of money from your online casino account.
- In case there was some problem while the transaction, the money returns to the casino and not the bank.
Most popular banking method:
- Boku: It was established back in 2003, it helps online casino players to make an instant deposit to their online casino account via mobile for no additional cost. The service doesn’t require you to share your personal details and credit card or e-wallet information. Boku is available in over 93 UK based online casinos.
- PAYFORIT: This is a simple method where players need to select “Pay by Phone or SMS”, in the online casino deposit option. Enter the amount and reply to the SMS or call they receive from the bank. The money is deposited within seconds with the help of your number. This amount is now added to your phone bill which you can pay later. One such similar service is “Pay by Phone”.
Security of Transactions:
All the transactions that happen via online banking in casinos are done via a secure SSL encryption. This prevents hackers or cyber thieves from gaining access to your personal information and transaction details. The SSL encryption acts as a protector for the casino server. Moreover, many top casinos add another layer of additional firewalls to process players transaction and for extra security.
Many online casinos now allow its user to make an online banking transaction via mobile. The process and security remain the same. Some casinos even provide mobile users offers and encourage them to make banking transaction via mobile.