Over the past few years, bingo has made a transition from being a game that was played in large public gatherings to a very popular online game. In fact, online bingo generated over a billion dollars in revenue in 2010 in the UK. This clearly shows the growing popularity of online bingo. One of the most important factors you should consider while playing online bingo is your money transactions.
Every body wants to use a secure mode of payment that does not cost too much. For this reason, E-wallet services have become one of the most widely used banking options for online bingo sites.
What are E-wallets and why do people use them
E-wallets are payment platforms that can be linked to your bank account or credit cards. You can maintain a balance in them just like you would in a bank account, but the key difference is that these platforms make it extremely convenient to make and receive payments. Just by the click of a button, you can make an online purchase or receive money from someone.
E-wallets can be usually funded using your credit card or through a transfer from your bank account, Once the money is credited to your e-wallet account, it can be used at any site which accepts that e-wallet as a mode of payment.
Withdrawals from e-wallets typically go to your bank account directly or you can request a check that can be deposited into your bank account.
E-Wallets for bingo
There are many e-wallet services available today, of which some of them are not as good as the others. Here are some of the most commonly used e-wallets for playing bingo online and some information about how they work.
Paypal is more popular than both Moneybookers and Neteller when it comes to the number of accounts. It has over 230 million accounts, but gambling sites have started supporting this service only recently since their seemingly silent re-entry to service online gambling transactions. Funding your PayPal account through credit or debit cards is free. Withdrawing money through bank transfers is also free of charge. When you receive money from another PayPal account, the charges vary from 2.9% to 3.9%. People prefer using PayPal, as you do not have to disclose any personal information to the casino.
Moneybookers or Skrill
Now known as Skrill, Moneybookers is undoubtedly the second most popular e-wallet service for bingo, poker, and online gambling in general. The reasons for its popularity are that it is accepted by a large number of online gambling sites and has nominal charges for both deposits and withdrawals. When it comes to depositing money to your Moneybookers account, you have a number of options. You can use MasterCard, Visa, Diners club cards, JCB or American express cards. The charges for credit card deposits are quite less as, at just 1.9% per transaction. When withdrawing by a check, you are charged 1.80 EUR or 3.5 EUR. When transferring money between Moneybookers accounts, the sender is charged a 1% fee up to 0.50 EUR, while the recipient is not charged at all. The service is available in about 200 countries and in almost all the major currencies.
NETeller is another great e-wallet service that is used for online gambling sites. Neteller was founded in 1999 in Canada and moved to UK in 2004. It operates in over 180 countries but it does not support as many currencies as Moneybookers. It accepts USD, EUR, GBP, and CAD. When it comes to deposit options, it accepts all the major cards as well as bank transfers. However, its charges are slightly higher compared to Moneybookers. The deposit charges are pretty much the same as that of Moneybookers. Credit card deposits are charged at 1.75%, but the withdrawals are significantly more expensive. While withdrawing, bank drafts can cost you from 7.5 EUR to 25 EUR, and bank transfers and checks will cost you 7.5 EUR. Even Neteller to Neteller transfers charge a fee of 1.9% on the recipient.
Click2Pay is a relatively new option when it comes to e-wallets. The e-wallet can be funded from credit or debit cards and there is a transfer fee as well. However, there is no fee for wire transfers from German banks. Withdrawing money is free for German bank accounts, but other customers will be charged at 2.9%. Click2Pay has become quite popular because customers do not have to fund their account beforehand. You can transfer money as and when you need it. Another important feature is that Click2Pay does not charge for currency conversion. This is not the case with other popular e-wallets.
Entropay is another e-wallet that is available to online bingo players, but it is not widely accepted by online bingo halls. You can fund your Entropay e-wallet through credit or debit cards and these deposits have a fee of 4.95%. If you wish to transfer money from Entropay to your personal account then a fee of 4.5 EUR is charged. This service is quite expensive and not very popular with online casino players.