- How Paypal Works
- Deposits and Withdrawals via PayPal
- Fees and Limits
PayPal is currently one of the largest providers of online money transfer services in the world. It was established in 1998 as a small security software development company but soon, it focused on online payments. This was apparently a successful move because a series of acquisitions followed and by 2003, PayPal was the leading payment processor for online gambling transactions. Twenty years after appearing for the first time, it is certainly one of the most popular and instantly recognized electronic payment brands, serving around 200 countries around the world. The system has nearly 220 million active users which is why it is accepted as a deposit method in so many online casinos. It is accepted in most of the world and is a preferred online payment method for shopping, paying bills, and making deposits into casino websites.
Roulette players who choose PayPal for real-money games online should be aware, however, that there are multiple restrictions associated with the service. For instance, this method is not allowed for withdrawing your winnings in many online casinos. Also, in certain countries, it can be used for shopping and making various payments, but it cannot be used for depositing or cashing out from gambling and betting websites. In the following paragraphs, you will see how to fund your gaming account and withdraw your winnings via PayPal, and find out whether this banking method will suit your needs or not.
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How It Works
PayPal offers several types of products, but the most popular one is probably its e-wallet service which allows you to make payments over the Internet without using your credit card or online banking. The PayPal account can be used for receiving funds from businesses or other people, for purchasing various things online, and more importantly, it gives you the opportunity to make international transfers with low or no fees at all. It is safe, extremely easy to use and accepted by thousands of merchants across the globe. In order to play roulette for real money, you need to register a PayPal account, load it with funds and then, use it to make a deposit into the casino you have chosen.
PayPal functions by transferring finances from your digital wallet to the recipient’s account, whether that is another PayPal wallet, a wallet with an entirely different service provider, or a bank account. The money you send is immediately credited to this account, in this case, the account of the casino. Once you have topped up your casino balance, you will be able to play roulette or any other casino game and receive real money winnings. Compared to some traditional payment methods such as bank transfers, for instance, the deposits made from your PayPal wallet to your gaming account are much faster and easier. In fact, this service is considered by many to be one of the best and easiest to use methods for making online payments.
Creating a PayPal Account
You will be asked to register a credit/debit card or a bank account so that you can fund your PayPal wallet or receive payments. You can easily do that by opening the Wallet section of the website after logging in. There, you can add as many cards (credit, debit or prepaid ones) as you wish by clicking on Link Card and entering the number of the card, the expiration date, and the CSC/CVC code. Adding a bank account is just as simple – you simply need to choose Link Bank and enter the required details.
The registration is completely free of charge, as is funding your PayPal account via your preferred method. This includes not only credit/debit cards and bank accounts but also bank transfers or local wire transfers. Once you complete this registration process and load your account with funds, you will have a PayPal digital wallet. However, there are many other products you can take advantage of, depending on what exactly you plan to use PayPal for.
PayPal Debit and Prepaid Cards
These cards are available only to residents of the United States and come with no annual fees. There are, of course, small fees imposed for cross-border transactions and currency conversion. In addition, US citizens can also apply for PayPal Credit – a line of credit which is offered by Comenity Capital Bank through PayPal. It allows you to make purchases now and pay over time. No card is issued, however, so all payments are done online. All fees associated with the debit and prepaid cards as well as with PayPal Credit and listed on the official website of the service. They vary across countries, so including them in this review would have no sense at all.
PayPal Business Debit MasterCard
This type of card is convenient for everyone who has a business or everyone who uses one of the many business products of PayPal, including the fundraising solutions, PayPal.Me, and more. It has no annual fee, but $1.50 is charged for domestic and international ATM withdrawal. There is also a 1% foreign transaction fee for purchases from non-US merchants and a $3 fee for over-the-counter withdrawals.
PayPal Mobile App
Along with transferring funds from and to your casino balance, you will be able to monitor all transfers and control your spending through the application. It will send you notifications in real-time for any changes that occur in your balance. And of course, it is a must-have for everyone who wants to play mobile roulette for real money.
Deposits and Withdrawals via PayPal
Many gambling and betting websites have integrated this service into their payment systems. PayPal deposits into online casinos are extremely easy and straightforward. Of course, most gambling fans are already familiar with the service, so there should not be issues with using the popular digital wallet. Compared to many other methods, this e-wallet offers faster transactions, privacy and high levels of security.
It should be noted that PayPal operates in more than 25 national currencies, including major ones such as EUR, GBP, USD, CAD, AUD, CHF, JPY, and more. After all, the wallet has become a globally recognized brand – it has expanded to more than 200 countries and nearly 200 million users worldwide.
Depositing via PayPal
In the new window, you will be required to log in with your PayPal details. Once you sign in, you can enter the amount you wish to deposit and confirm the transaction. The transfer will be processed instantly (usually, within a few minutes) and will be displayed in your balance. You will be able to immediately play all your favourite games in the casino.
Withdrawals via PayPal
Normally, your casino winnings will be transferred to your PayPal balance after a minimum of 24 hours, which is usually the period withdrawals remain in “Pending” status in the casino. This is a common policy for most gambling operators which allows the customer to cancel the withdrawal request within the first 24 hours. In certain cases, the transfer may be delayed up to 3 business days. Even with that in mind, you should know that this banking method is significantly faster than credit cards and wire transfers. Often, funds are credited within 5 business days to credit and debit cards, while bank transfers usually take even longer.
Processing Fees and Limits
One of the great benefits of using PayPal as a payment method at online casinos is that it rarely comes with any processing fees. Most gambling sites do not charge for deposits via this service, but sometimes, there may be small fees for withdrawals. In addition, PayPal may also impose a fee for moving funds to your credit or debit card, with its amount being a certain percentage of the transferred funds. Fees will also depend on the country where you reside, as well as the banking or credit card institution you are registered with.
Although transactions to and from your PayPal wallet are usually free, you should know that a currency conversion fee is always charged when you have chosen a currency the casino does not work with. You need to consider the basic operational currency of the site you play roulette at and in case, it is not supported by PayPal, you need to pay a fee of 0.4% to 3.3%. There are also certain limits to the amount of money you can deposit and withdraw from gambling sites via PayPal. They will depend on the casino you are playing at, but usually, you will not be able to deposit or withdraw less than £10, while the maximum cap for withdrawals may reach to £10,000 per day.
When sending or receiving money online, security should always be our top priority and PayPal is considered one of the safest tools for that. Customers should be aware that data breaches and different errors are possible with every electronic payment system, but as a reputable company with years of experience on the market, PayPal has taken all the measures to guarantee the safety and privacy of its clients.
Its official website is encrypted, so any information entered by the customer remains fully protected from third parties. It uses 256-bit SSL encryption protocols with a certificate issued by the Symantec Trust Corporation, one of the world’s leading cybersecurity software companies. This type of data security is used by the largest banks and financial institutions, as well as by every respectable merchant with an Internet presence. Of course, punters who decide to use PayPal’s wallet or any other digital payment system to make deposits and withdrawals from casino websites should follow some basic security rules and common sense to stay safe over the web. This includes keeping all the software on their computer or mobile device up-to-date and avoiding public Wi-Fi networks for financial transactions and opening their digital wallets and casino accounts.
Advantages and Disadvantages of Using PayPal
There are many advantages of depositing at online casinos via PayPal. First of all, it is an extremely safe method which allows punters to fund their gaming balances without sharing any credit card or banking information with third parties. The service provides a high level of online security through the latest encryption technology used today. Your PayPal wallet stores all sensitive data about your linked bank accounts or cards safely and privately.
One of the obvious advantages of choosing this particular payment method is its wide availability. Most online casinos that cater to UK-based players, for instance, accept it for both deposits and withdrawals. Another important fact is that a large part of the customers already have PayPal wallets which they use for making purchases online, so there is no need to register a new account, remember a new username and password, and so on. The familiar interface of PayPal makes depositing and withdrawing from casinos much easier and more convenient. In addition, many gambling and betting websites offer reload bonuses and other rewards when depositing with this digital wallet.
Compared to more traditional payment methods such as credit or debit cards, PayPal offers faster transactions, even if that means international transfers which typically take longer to process. This is essential when you are using your e-wallet in online casinos – instead of waiting for hours or even days for your money to appear in your gaming balance, you can start playing your favourite games immediately when you deposit via PayPal. Moreover, the payouts are also fast and once you have your winnings in the e-wallet, you can decide what to do with them. You can move them to your credit card or bank account, withdraw them directly if you have a PayPal card, or simply use them for online shopping. This flexibility of the service is one of its most attractive aspects.
It is very important that you review all terms and conditions of PayPal before registering it as a deposit or a withdrawal method at your preferred online casino. The service does not accept all gambling-related transactions as, for a long time, it had a policy against such activities. In recent years, certain exceptions have been made, but still, in many countries, it is not available for cashing out your casino winnings. Some gambling operators have found a simple way round these restrictions by listing a different type of activity in the payment statement. So, before embracing PayPal as your only banking option and before dismissing it altogether, check all information displayed on the casino site. You can also contact the customer support if you are not certain of the availability of the method.
Whether you play roulette or any other casino game online, you will find PayPal exceptionally convenient for funding your gaming account. Of course, it comes with its limitations and restrictions, but due to its low or no fees at all and the fact that it is widely accepted for online payments, the service remains a preferred banking method for many gambling fans. In the UK, in particular, it sometimes comes with the added benefit of getting a reload bonus for every casino deposit made via PayPal.
It is also very important to be able to make deposits and receive funds from casino websites without having to worry about security issues. Today, the number and variety of online security threats have surged to a point where individuals can no longer protect themselves on their own. With a strict data security policy in place, the payment system of PayPal guarantees that all your credit cards or bank account details, as well as all funds in your balance, will be stored securely in one place, the electronic wallet.