The first thing that comes to mind when it comes to bank transfers as a way to deposit and withdraw money at online casinos is the security and cost of the transfer. That is why payment systems of large companies such as casinos that accept PayID are almost always on the list of supported solutions.
On the other hand, these transactions are associated with relative slowness and an absolute lack of anonymity. In such a case, cryptocurrency transfers come to the rescue, but they can be difficult for some users. Therefore, this is not considered an advantage in online gambling. More and more players prefer to use country-specific digital payment services. You can learn more about payment services at https://en.wikipedia.org/wiki/E-commerce_payment_system.
Ways to Make a Deposit Without Fees
You can make a deposit at the online casino in the following ways:
| Direct payment via wire transfer | It is possible to pay directly from the card to the details specified on the online casino website. This is a good way but the money may be credited with a delay, and you can make a mistake entering the details. |
| Global payment systems | You can make a deposit using global payment systems such as Google Pay, Apple Pay, PayPal, etc. The disadvantage of this method is that not all casinos support payment of some of these systems. For example, you want to use Apple Pay, but your casino accepts PayPal only. |
| Replenishment via cryptocurrency wallet | Modern online casinos almost all support payment through cryptocurrencies. Moreover, most of them even offer additional bonuses for crypto payments. Crypto payments are anonymous and secure, but you need to have a crypto wallet and be able to buy cryptocurrency on an exchange. |
| National payment systems | Today many online casinos are already starting to cooperate with the payment systems of specific countries. Registration in them is very simple and many users always have access to them. One such system is PayID. These transfers are much easier than crypto payments but have the same level of anonymity. |
Thus, it is not difficult to deposit funds to an online casino without a commission. Payments via national payment systems are not only free but they also combine the anonymity of cryptocurrencies with the ease of card payments.
What PayID Is About
PayID was introduced to the Australian market by the New Payment Platform (NPP) in 2018. It is a fast payment infrastructure developed within the local financial sector in collaboration with the Reserve Bank of Australia. According to data published in March 2022, the number of registered PayID users has already exceeded 10 million. As mentioned above, the solution works with more than 100 banks and financial institutions in the country and, thanks to OSKO, provides safe and anonymous transfers.
We can say that PayID is not really a standalone payment method but a more convenient, faster, and relatively anonymous way to make purchases and payments through your bank account. For those who choose PayID, the identifier will be an email address or cell phone number.
Using PayID for payments and purchases is much easier than, for example, e-wallets because there is no complicated verification process and no separate account for deposits. It’s also much easier and more convenient than using cryptocurrencies because you don’t have to search for and buy them on an exchange. In addition, the money in your account can’t drop in value dramatically as it often does with cryptocurrencies.
Depositing Funds to Casino with PayID
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Once you have completed the above steps and received confirmation that your PayID has been registered and connected to your chosen bank account, you can proceed with online transactions, including deposits and withdrawals to the casino.
To make a deposit using PayID you need to:
- find an online casino that supports PayID payments;
- go through the registration procedure;
- after confirming your email, log in to that casino account;
- go to “Deposits” and select PayID for your transaction;
- copy your PayID email into the line that appears;
- log into your online banking account and click on the payment option;
- select “email” and enter your casino address;
- enter the amount you wish to deposit and confirm.
With the exception of the first PayID deposit, which can take up to 24 hours for security reasons, all subsequent transactions will place the transfer amount on your balance in a matter of seconds. Another important thing to remember is the minimum and maximum deposit limits. Although there is no universal range, and it all depends on the specific casino, in most cases, players are required to deposit at least $10 on their deposit in order to start playing and earning.
How to Withdraw Funds Using PayID
If your account at the respective online casino is fully verified, the process of cashing out your winnings is even easier than the process of depositing funds to your bankroll.
All you have to do is go to the withdrawal section of your online casino account. Localize your PayID and set it as your preferred withdrawal option. You will then need to provide your PayID. Be sure to specify the amount you want to cash out and make sure it falls within the range allowed by the operator.
The PayID system itself credits your account instantly but at the same time, there may be a delay from the casino side. It is usually stated in the rules as “processing time of withdrawal request”. The time frame of the web casino platforms is from 12 to 72 hours.
If a quick withdrawal is crucial to you, check out the relevant transaction policies you can learn more about at https://en.wikipedia.org/wiki/Financial_transaction and then decide whether or not to use a particular casino to play. Provided that the advertisements do not always reflect the real situation, it would be a good idea to look for reviews from some real customers about their experience with the casino. Or contact casino support, they are legally obligated to answer you.
