PayPal is an online banking system that lets you make payments over the internet easily. It can be linked to a bank account or a credit card and you can transfer money to and from your PayPal account. All you need to do is to authorize your bank account or credit card and then, with a single click, money will be transferred to your PayPal account.
The service is very flexible on the Internet as you can make purchases and subscribe to premium services with ease. It is also added to the list of the supported payment methods of many interactive casinos. This means that you can bet at casinos from your account and withdraw back into it.
Online casinos usually have the policy of allowing only the same form of payment for deposits and withdrawals. There is usually a minimum amount you ought to have in your casino account before making a withdrawal. The procedure is quite simple. When you have registered with the casino and you wish to make a deposit, you should simply pick PayPal from the list of the options you are presented with. Your funds will be transferred to the balance of your account almost instantly, thus allowing you to start playing right away. The same goes for withdrawals, as with just a click your money gets transferred to your PayPal account.
Making a deposit to your casino account is no different from a payment via PayPal. There is no extra charge and the only details you will have to provide are related to your PayPal account. The online casino will have nothing to do with your bank account or credit card number or any other details for that matter. When you withdraw from the casino and retrieve your funds to PayPal, you also have the chance to transfer your winnings back to your bank account or to your credit card.
Pros of Using PayPal as a Payment Method
In essence, PayPal is a payment service that has a wide array of advantages which explains why it is so well-liked by gambling enthusiasts for their transactions from and to their preferred casino.
A large number of players opt for PayPal due to the fact that it is widely accepted by casino operators. In fact, gamblers who feel more comfortable with using the e-wallet will be pleased to find out that a plethora of the casino operators will allow them to utilize PayPal for their transactions. Which in other words means that it is highly unlikely to encounter any difficulties finding a decent PayPal casino.
Security is yet another of PayPal’s major advantages. When it comes to transferring funds from and to the preferred web-based casino via PayPal, you can be sure that the method is one of the best options you are presented with. The reasons for this are many, but in the first place, your personal and banking information will not be stored at the casino which means that you cannot become a subject to misuse or fraud. The company uses several precautions in order to provide its customers with unmatched levels of security. Apart from the confirmation email, you get each time you initiate a transaction and the security key which serves as a second authentication factor, the company uses an encryption technology which helps to keep your data protected as well.
What is more, when opening a PayPal account, from the company will make sure that the device you have used when registering is connecting with TLS 1.0 or higher which will guarantee that all the information will be transmitted over the Internet safely.
Additionally, when you use PayPal’s apps, a key pinning will be implemented. The aim of this is to make sure that you will connect to the company’s true server, which also reduces the chances of a fraud to a minimum.
It is also worth noting that PayPal will give you the opportunity to remain anonymous during your betting session, which makes it even more appealing, especially to security-conscious players.
Gambling enthusiasts who have decided to make use of PayPal are also offered mobile apps for their iOS and Android-run devices which is a great asset as it will give them the chance to keep track of transactions from and to their PayPal account effortlessly.
You may already be aware of this, but both deposits and withdrawals are processed quite fast which further adds to the merits of the service. When it comes to withdrawals via PayPal, you should know that your winnings will be credited to your account within the frameworks of about two business days. Still, this may not always be the case, so you are advised to check this in advance.
It is worth noting that setting up a PayPal account is free which also makes it quite appealing. Moreover, you are not required to pay any monthly or cancellation fees which is definitely great news.
A major asset is that payments wrapped up using PayPal are free of charge which is one more reason why gambling enthusiasts prefer using it. This sets PayPal apart from some of the other payment services available out there as some of them will require you to pay certain fees if you decide to utilize them. In the unlikely event that a fee is associated when using PayPal, you can be sure that the amount will be negligible.
Cons of Using PayPal as a Payment Method
Despite the fact that setting up a PayPal account is not a that hard task, you will need to possess a credit card or a bank account in order to make use of the service. In addition to this, it may also take some time before your credit card or bank account is being linked to your PayPal account because of the verification procedure you should go through.
Perhaps, one of the biggest drawbacks is that there are still many interactive casinos that do not allow transactions via the method. Even though the service is approved by many casino operators, there are still gambling destinations where it is unavailable. There are also interactive casinos where you will have the opportunity to make use of it when you are loading your account with cash, but it may be unavailable for withdrawals.
Fees and Limits
As previously stated, setting up a PayPal account is free of charge and in most cases, there are no fees associated with the method. If the transaction you wish to execute requires a currency conversion, however, a retail exchange rate will be applied as well as a conversion service charge the size of which is 4.5%.
It is worth noting that there will not be a limit to the amount you can send as long as your account is verified. You are allowed to send up to €8,000 per a single transaction using the service. When it comes to the receiving limits, you should know that you need to provide certain personal information that needs to be verified prior to reaching a total of €2,500 or the currency equivalent. You will be asked to confirm your bank account or your card, as well as to provide a proof of your identity and address that should not be older than 12 months.
PayPal is a veteran in the online money transfer business and the number of the online casinos that facilitate transactions through it is constantly growing. This comes as no surprise as it is one of the most secure and definitely one of the most efficient services available.