There are only two (huge) reasons to visit an online casino: one, to enjoy the fantastic array of games on offer (pssst, check out our game reviews for more on that), and two, to win money, obviously! At a bricks and mortar casino, it’s usually a simple process to buy or cash in your chips, generally using card or cash.
With online casinos, though, it becomes more complex. Because of things like jurisdictional legislation, international money transfers, and tax considerations, depositing and withdrawing money at an online casino can get complicated. When you add in things like bonuses, it can be a headache for the uninitiated. In this guide, we break it down for you, bridging that gap between you and quality game time.
When you sign up at an online casino, you make a deposit before you can claim a welcome bonus or play for real money. Some casinos do allow for free trial play, but that’s not going to win you jackpots, and that’s why we’re here today.
Payment options vary between online casinos, and one reason for this is their individual jurisdictions. South African players are permitted to play for real money online in quite a few jurisdictions, each of which have their own legislations. The more online casinos you visit, the more familiar you’ll be with which geographies offer what payment options*.
The most popular payment types can be divided into: cards, e-wallets, direct payments, and cryptocurrency. We’ll cover these in more detail in this guide. Remember, whichever payment method you choose, there may be associated costs or terms and conditions. Make sure you familiarise yourself with these on the casino’s T&Cs page and with the relevant financial services provider.
*Or you can check out our casino reviews, which cover jurisdiction, licensing and payment methods.
Most regular gamblers have either a debit or credit card, if not both. These are one of the easiest and most secure ways to carry money and transact, provided you adhere to regular security protocols (eg, protecting your PIN or CVV).
The most well-known of these card providers are Visa and MasterCard. Most bank-issued cards in SA are one of the two. Others include American Express, Diners’ Club and Maestro. Amex and DC are rarely accepted by online casinos operating in South Africa, usually due to US banking regulations. Always check that your preferred online casino accepts the card you want to use.
Most online casinos will offer card-based withdrawals as long as your deposits are made the same way. This is one of the most universal withdrawal methods, offered by just about everyone. It’s the simplest way to withdraw, as the money comes into the same card as your original deposit, and there’s very little admin, besides ID verification (see below). On your first withdrawal, you will likely need to send compliance documents, but after that, it’s plain sailing.
This method is often the lowest cost in fees (you may even pay zero fees), has a fairly quick turnaround time (2-5 days), and is among the safest, due to robust security underpinning the card.
Due to their incredible ease of use and often instant transactions, e-wallets have rapidly gained popularity in the SA market. They’re particularly great for gamblers, as they allow for considerably easier budgeting and secure transfers. That said, there are so many e-wallets available, that you should check which ones your favourite online casino uses to make sure they’re compatible. Some of the best known and most popular are Skrill, Neteller and ecoPayz. PayPal is also found but is often difficult for South Africans to use.
You will need to sign up and follow the directions to deposit money into the e-wallet. You can then use this wallet at your chosen online casino to deposit and withdraw.
This method is usually pretty fast, with withdrawal times of 1-3 days. It is also fairly secure, as nobody has access to your personal information or bank account details.
Unsurprisingly, most online casinos offer direct payments for withdrawals. This is a quick, efficient, no-middle-man way of transacting with the casino. You will need to provide compliance and identification documents before you can make your first withdrawal, but it’s by far one of the most secure methods. That said, it is also often the slowest, taking anywhere from 3 days to 2 weeks, depending on the casino and the banks involved. If you like quicker payouts, this is not the ideal solution for you.
It is one of the simplest, and a method with which most South Africans with bank accounts and online banking are familiar. It’s a low-cost way of transacting, as the fees are usually minimal both ways. It’s completely within your control; you’re the one saying where the money goes, and how much. For this reason, many people still prefer it, despite the slower payouts.
Direct payments can usually be made by bank transfer (aka electronic funds transfer, or EFT), cash deposit, or EasyEFT, which is an EFT payment facilitation service that has extra layers of security for your peace of mind.
While cryptocurrency hasn’t quite delivered on its promise of offering a global, unified currency just yet, many have come to embrace this as a viable financial transaction method, including online casinos. That’s why they’re often perfectly happy to accept deposits and make payments to your crypto wallet.
One of the main reasons for using cryptocurrency is the built-in security of this method. It is orders of magnitude better than ordinary banking security, and is 100% in your control. Many people, however, are nervous to investigate the possibilities of crypto. This is partly because of the cryptocurrency boom, where you could barely turn around without another friend trying to recruit you with stories of the millions you can make overnight. Using crypto, however, is actually not horribly complicated, and is almost as simple as opening any other type of e-wallet.
Under South African law, and in most other places worldwide, online casinos are responsible for providing secure access and safe money transfers. That means they are going to require proof of identity along the way when you want to start making withdrawals. This includes photo ID, like your driving licence, passport, or green barcoded ID.
If it is your first time withdrawing, you will probably need to complete some forms as well, and possibly submit proof of residence. Make sure all documents and images are clear, legible and complete, to avoid delays.
While online casinos will allow you to sign up without providing any documents, they will do so as soon as money starts changing hands. This is because they have to comply with the laws of the countries where they provide services. An online casino might operate in jurisdictions where the legal gambling ages are different, for example, and if they transact illegally, they can lose their licencing.
Make 100% sure, therefore, that the online casino where you’re about to play for real money is legally allowed to operate in your jurisdiction (we know you love that VPN, but it won’t change these laws), and that you are legally allowed to play and transact.
Make sure you’re familiar with the online casino’s terms and conditions related to money and withdrawal periods, as these can vary. Remember also that any welcome bonuses and other bonuses can’t usually be withdrawn without reaching certain wagering limits, so make certain you are clear on these before accepting any. Whichever methods of withdrawal you do decide on, make a habit of using good security practices, and remember to play responsibly.
