Although PayPal is a widely accepted payment method used by millions of customers, when it comes to online gambling, it is not the case. Due to its strict policy, PayPal is supported as a payment method only by licensed gaming venues operating in those jurisdictions where they are regulated. As you can guess, the number of online casinos that meet such requirements is limited. However, if you play at such a casino you can be sure that it will provide you with the best of online gaming. At the same time, opting for PayPal grants smooth transactions which will be carried out without difficulty.
Using PayPal for casino deposits and withdrawals is free of additional costs. You need a PayPal account and a credit or debit card or a bank account to complete your payments. There is no need for uploading funds to your PayPal account. It serves as a link between your existing means of payment and the casino you play at. This way you keep your financial and personal details safe as you don’t have to reveal them to the online gaming operator.
What is PayPal
PayPal is a service that allows you to transfer your money and pay goods and services via the Internet. Customers are also allowed to receive payments via PayPay which makes it perfect for clearing the funds from your casino account. In order to use the service, one is supposed to sign up with PayPal and link their credit card, debit card or bank account with their PayPal account. Once you add your preferred payment method to your PayPal account, you can complete your payments without much hassle. Just opt for PayPal at checkout, login into your PayPal account and confirm your payment.
To open a PayPal account, go to the official website and click the Sign Up button on the top of the page. Choose the Personal type of account and proceed to the next page. Enter your email address and create a strong password. Provide the required personal details and click Agree and Create Account. Link your credit or debit card or bank account to your PayPal account so that you can make transactions.
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How to Deposit with PayPal
Once you have registered with PayPal and found a casino that supports it, go to the cashier’s and select PayPal as a preferred payment method. Enter the amount you want to transfer to your casino account and your email. You will be redirected to your PayPal account where you should complete your payment. Once you have added your credit or debit card or bank account to your PayPal account, all your transactions will be smoothly carried out. You provide the casino only with your email address while your financial details stay unrevealed.
How to Withdraw with PayPal
Clearing the funds from your account functions in the same way. Go to the cashier’s and under offered withdrawal options choose PayPal. Follow the steps and provide the required data to complete the cashout procedure.
Fees and Timeframes
Deposits and withdrawals via PayPal are free of additional costs in most cases. That means that online casinos won’t charge you for choosing PayPal as a preferred banking method. Signing up with PayPal is also free as well as payments made with it. However, PayPal charges withdrawal fees when you want to clear the funds from your PayPal account. These fees vary based on the country you are from. For example, PayPal users from the EU member countries are not charged fees on withdrawals. Others may pay up to 3.4% and $0.30 on top for this service.
There are certain restrictions when it comes to withdrawing your funds from your PayPal account. The funds from it can be cleared only via a US bank account or a Visa card. The latter option is more acceptable as it allows PayPal customers to receive payments regardless of the part of the world they live in. Payments and cashouts via PayPal are instantly processed. However, withdrawals may take longer. It depends on the casino policy and a pending period your funds may be subject to.
Why Use PayPal
Advantages of using PayPal as a payment method to fund your casino account are multiple. This is one of the safest online payments systems. It complies with the high European banking standards of security. In addition, your transactions will be processed anonymously. The only detail you have to share with the casino is your email address. Making deposits and withdrawals is free of additional costs. What’s more, when you move your funds from your casino to our PayPal account, you can proceed to make new payments with no fees charged. PayPal uses a user-friendly interface and you can find your way around without difficulty. When funding your casino account, your money will be transferred in no time and ready to be wagered on your favourite casino games.
Disadvantages of Using PayPal Casinos
There are not many disadvantages of using PayPal for your casino payments and withdrawals. If we had to list a few, we would say that it requires signing up with an account which means that you have to remember another password. Another downside of this payment method are fees you may be charged on withdrawing funds from your PayPal account to your credit card or bank account. You can avoid this by leaving the funds on your PayPal account and using them for other online payments. Taking into account that it is one of the most convenient options on the market, we could say that it is a pity that there aren’t more online casinos that support it.
History of Paypal
PayPal is one of the oldest payment methods on the market. It was founded back in 1998 in the USA as Confinity, a company that developed software security for mobile devices. A year later, PayPal was launched as a money transfer service at Confinity. In 2003, PayPal was fully acquired by eBay. Since 2015, PayPal operates as an independent company. Today PayPal provides with its services almost 200 million users who can use it in more than 200 countries and in 25 currencies. The company’s headquarters are located in San Jose, California, while its operations centre is located in Omaha, Nebraska. The European headquarters are located in Luxembourg while the international headquarters are in Singapore. PayPal also has offices across the world including several locations in the US, India, Germany, Ireland, China and Malaysia.