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When depositing or withdrawing funds at an online casino, it can be disappointing to see that not all of your money is available. More often than not, this is due to payment method fees that have been charged to your account.
Keep reading to find out everything you need to know about the various payment methods fees, what you can expect in terms of what you will be charged, and how to choose payment methods that can reduce these fees.
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When we click that withdraw button after a nice win at an online casino, the last thing we think about is whether or not we will see the full amount in our bank account soon.
Some casinos, and indeed payment methods, will charge a player for every deposit and withdrawal they do. Today, we are going to take you through what payment method fees are when you should expect them and tips on choosing payment methods that may just save you money on fees.
How Do Casinos Payment method fees Work?
Unlike a brick-and-mortar casino, you cannot go to the online casino’s cashier desk, hand in your money and receive chips in exchange. Online casinos need to make use of various online payment method systems to fund their player’s casino accounts.
Sometimes, a player must pay a fee or commission when they choose to make a withdrawal from their online casino account. While not all online casinos charge fees, there are some that do.
Sometimes it is just the policy of the casino that you are playing at which will influence any fess. However, it can also be the payment method that you are using that is debiting the fees from your account. Fees charged by the payment method provider are referred to as Transaction fees.
These fees will be expressed as a percentage of the total amount, or a fixed rate. If it is the casino that is charging a fee, it will be deducted from the deposit or withdrawal amount before the payment is made.
A payment method system is a financial organisation that resembles a typical bank in certain ways but offers fewer services to its clients. Their core business is generally processing online payments and they do not usually offer credit and other financial products. The obvious exception to this is actual banks and credit card companies.
To use a certain payment system’s services, a player at an online casino must have an account with it or be registered with it. Payment systems are businesses, and they exist to make money. This is why they will charge transaction fees.
Fees when depositing
Typically, there are no fees associated with making a deposit at the casino, by the casino itself. There are a few exceptions to this, but they are uncommon.
If you are sure that the casino doesn’t charge for deposits, but you find that you have not received all of the funds that you deposited available in your account, there can be one or two reasons for this.
Payment method provider. Some methods may charge a transfer fee to move funds from your account. This is very often the case if you make use of a wire transfer. The amount will differ between domestic and international transfers.
Currency Conversion: Unfortunately, some casinos require your choice of currency to be fixed. In other words, you have to use the same currency every time you transact. Or it could be that the casino doesn’t have an internal method to convert currencies. When you change your preferred currency or deposit with one that will need to be converted, you will bear the costs of this.
Difference Between Deposits and Withdrawals Fees
The reason why deposit fees are seldom hit with a fee by an online casino and withdrawals often are is actually quite simple.
Transaction fees are generally paid by the party, or person, that requests the transaction. In other words, if you are making a deposit, you are requesting the transaction, so any fees are payable by you.
However, when you request a withdrawal from an online casino, the party requesting the transaction becomes the casino. So they become the party that must pay the transaction fee. But we know that someone has to pay those fees and more often than not, the casino passes those fees on to you, the player.
Online casinos have contracts with payment provider companies in order to be able to receive deposits and make pay outs. The payment providers will offer different casinos different rates, according to a list of criteria. You may find that a new casino must pay higher fees than one that is in good standing and has been operating for many years. This will affect the fees that are passed onto you.
Another reason why you may have to pay a fee is due to the withdrawal process. Casinos must employ people to oversee withdrawals to make sure everything is above board and legal. So, some of your fees will be going towards paying the people who are responsible for pressing the “OK” button!
Different Ways Fees Are Charged
If you read the terms and conditions at the different casino sites, you will notice that there is no standard fee that all casinos across the board charge. There are a variety of methods used to calculate what you may be charged;
Percentage based fee with a fixed maximum fee. Again, similar to a percentage based fee, but there is a maximum that the player will be charged, no matter how large the withdrawal is. In some ways, if you are withdrawing bigger funds, it becomes a fixed fee.
Fees To Expect
Along with all the other homework you should be doing before signing up to an online casino, you should also be paying attention to payment methods and any fees you may be charged.
This is another reason why it is vital that you only play at casinos that are licensed. All reputable casino license authorities will stipulate that the casino must be transparent when it comes to the player’s funds. This means that in order to keep its license, an online casino must inform you if it will charge a fee.
This information will be found on the website, either in the “Payments” or “Withdrawal” section or in the “Terms and Conditions” section.
Payment Methods Fees
As we have discussed, there are different fees attached to different types of payment methods. Below is what you can typically expect with each option;
This is an overall guide. As this differs between casinos and payment methods, we strongly recommend that you check with both what fees will be charged.
|Typical Fees||Cryptocurrency||Generally no withdrawal fee, unless a payment processor is used. These transactions are charged at 1.95%.|
|Instant Bank Transfers||Rapid Transfer, Interac, iDeal||These transactions can range between 0% to 2%|
|Debit and Credit Cards||Mastercard, Visa, Maestro, American Express||You can expect to be charged a fee of between 2-4%|
|E-Wallets||PayPal, Skrill, Neteller, MuchBetter, EcoPayz||This will depend on the e-Wallet being used. Fees will typically vary between 0% - 7%|
|Bank Wire Transfer||Banking Institutions||This fee will depend on the bank being used. These fees are often the highest.|
As it is not possible to make withdrawals with prepaid cards and vouchers, they have not been included.
There are a few tips we can offer to help you overcome payment method fees;
The player ultimately bears the cost of everything, even if it may not seem fair. Keep in mind that there is still a withdrawal fee even if an online casino does not formally charge one since it must make up for it somehow. For instance, it is normal to expect promotions and bonuses that are less appealing.
Don’t forget to have a look at some of the casinos on our recommended list!
Frequently asked questions about payment method fees
Although there are some exceptions, you will not pay a fee for deposits at most online casinos.
A lot of casinos do not charge or will charge a minimum fee for withdrawing in crypto.
The casino website will have any fees listed on its terms and conditions page, or under the payment section.
No. But see our “Tips for Payment Method” section for hints to keep them as low as possible.
Check out the “Payment Method Fees” section for more information as to what fees you can expect to pay.
In short, they need to recover the charges the payment method provider charges them for transactions.
No. It will differ from casino to casino.
That will depend on the laws of your country. There are some countries that don’t have a problem with it, some that have banned it and some that will only allow it if the casino isn’t based in the country you live in.
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