With online poker being more than two decades old, in a world that is now different in so many ways, we shouldn’t be surprised that there is an ever increasing number of methods to deposit and withdraw our funds. This article aims to review the possible options and examine the benefits and drawbacks of each method.
With eWallets and apps becoming ever more prevalent for online money transfer it is important to know exactly what fees and other disadvantages you may encounter along the process. Every option has its own array of charges.
There is also the rise of cryptocurrency to consider. Although not available as a deposit option on all sites yet, it appears we are heading down that route.
PayPal - * * * * *
Although previously shying away from offering their services for the purpose of gambling, they are back in the game once more and offer an instant deposit service without a fee. PayPal does charge fees for some transactions but loading your account and depositing to a poker site is 100% free and has the added bonus of usually instant transfers whichever direction your money is travelling in. The only fees to keep an eye on are currency conversion when depositing and withdrawing for none mainstream currencies.
Bitcoin - * * * *
Bitcoin is an incredibly simple way to deposit funds onto a poker site. The only drawback being the charge to convert the cryptocurrency back into your local currency. This can hurt your EV dramatically if you do not shop around for the right exchange. Transactions in all possible directions are usually instantaneous making this a great option.
Visa/MasterCard/Maestro Credit & Debit Cards - * * * *
Cards such as these are original method of uploading funds for online use. They come with tried and tested legal protection from fraud and usually offer a free service to both upload and withdraw your funds. Unfortunately some regions, such as the USA, do not allow their use for the purpose of gambling.
Skrill - * * *
Although another eWallet just like PayPal, Skrill comes with fees hitting you in almost every direction. Uploads are usually instant and they offer a secure service but expect to pay a charge for money arriving in your account that does not match your designated currency. Also, loading your Skrill account is free but you must pay a €5.50 fee to withdraw back to your bank account.
Neteller - * * *
Neteller is also an eWallet operating a usually instant service. Fees include 2.5% on uploads exceeding $20,000. The standard charge for withdrawing back to your bank account is $10. Currency conversion fees are also applicable.
EcoPayz - * * *
EcoPayz is not a commonly seen option but operates on a standard eWallet model. Fees include 2.99% for currency conversion - although alternative currency deposits are free - and up to €10 for withdrawal back to a bank account. Bank wire deposits range from 0.00% to 7.00% depending on region and country of residence.
MuchBetter - * *
MuchBetter is a new kid on the block but is being more and more commonly seen in recent months. It is an app based model offering instant, secure payments. Topping up your account with a VISA or MasterCard can accrue a fee of 2.65% to 5.00%, but is free using your bank account in the Single Euro Payments Area (SEPA). Other areas charge variable fees based on location.
Withdrawal fees are 2% for UK banks and SEPA, while non-SEPA banks charge €60 for wire transfer. Currency conversion is 0.99% between USD/GBP/EUR with non mainstream currency fees depending on the currency pair.