In this OBG, no faff guide, we’re going to take you through the most popular payment methods for your bingo deposits and withdrawals and discuss which are most suited and beneficial to UK Players. Settle down and listen up, as this is one of the most important factors in making or breaking your Online Bingo experience.
Most Popular Payment Methods for UK Players
At the end of the day, there are generally only two reasons why players across the world want to enjoy a spot of Bingo; for the entertainment factor, and the prizes.
Sometimes the interplay between the reasoning can be strong, for others, the motivation is purely money driven, which means knowing how to get your hands on your winnings when you want to withdraw, and how to deposit for buying yourself those all-important bingo cards and start playing in the first place is pretty key info for all players.
Without a shadow of a doubt, the most popular payment methods for UK players are Debit or Credit Card, and then E-Wallets. They are the most flexible to player’s needs, the fastest and safest, allow for deposits and withdrawals, offer higher withdrawal limits and lower deposit limits and minimal to no fees.
Always check with your bingo site of choice for their accepted payment methods before you load your account, ensure that you can both deposit and withdraw in the way that you wish, and that the limits and processing times prescribed by your chosen method fit your real life wallet!
How to Sign Up and Make your First Bingo Deposit?
Signing up to a new bingo site normally takes a matter of moments. It’s been as streamlined as possible so players don’t get bored, or have time to consider playing elsewhere, which means you only need to follow a few simple steps to get on board with a new bingo site.
- Find a site to play with that matches your playing preferences and is trusted by players and experts- or save yourself some time and pick an OBG recommended site as we’ve already reviewed the best in the market!
- Find the sign up/ register button on the Bingo site and complete the personal information they ask for, such as email, name, address ext.
- Verify your email address and ID (as required by a Bingo site’s licensing conditions to ensure nobody is underage gambling.
- And opt for a Bingo Welcome Offer, make your first bingo deposit and start playing!
You can read our in-depth Bingo signup guide right here.
Best Payments Methods Out There for Bingo Players
Bingo sites offer the payment methods that best suit the market they operate in, for you, this the UK. Depositing to a Bingo site is just like any other online financial transaction you do with a website, be it shopping for clothes or your weekly Tesco’s order. You’ll be asked to enter the details of your payment method and authorise each transaction through a payment gateway (this is just essentially the safe and secure method used for the transaction, it links the two accounts, your Bingo site and bank account/ E-wallet- whatever you opt for-) and processes the financial end of the agreement.
As the UK is a well-regulated and open gambling market, there are plenty of choices open to you when deciding which bingo payment method you would like to use, but there are some questions you will want to consider before you decide the best payment method for you, such as:
- Does the payment method I want to use incur a fee?
- What are the processing times of my chosen method?
- Is it a trusted and safe method?
- Is it easy to set up an account with the payment method you want to use and to exchange balances?
- Am I using a widely used method that will be accepted by UK Bingo sites?
- Do you want your gambling transactions visible on your bank statements?
Most of these questions are addressed below as we take you through the most popular payment methods used by Online Bingo sites, but some of them, like the last, is personal to you, so take some time to have a think on it!
Bank Transfers, Debit & Credit Card
This is the oldest and most established of payment methods. Almost all of us, in the UK, have a bank account, if not several, and use them daily. Banks have had the monopoly on all cash transactions for aeons now, but many players have moved away from what they see as costly transactions over the last few years due to the huge rise in internet-based solutions like E-wallets, which better suit the globalised needs to players who may be earning, playing and exchanging different currencies. Let’s start by taking a look at some of the most popular traditional banking methods:
Usually, Debit Card transactions are free at all Bingo sites, with no fees levied. Credit Cards MAY come with a small fee, you will have to check both conditions of your card and the site. Deposit times tend to be instant, whereas withdrawals can take up 5 days- depending on how fast your Bingo site processes your withdrawal request. Visa and MasterCard are regulated by the Financial Conduct Authority, which adds another layer of security and reassurance for players who use these methods. Maestro is another UK Debit card that is also commonly accepted by UK Bingo sites and works in the exact same manner as Visa or MasterCard.
Visa and MasterCard
As a bingo player, it’s very easy to link your Visa or MasterCard to your account and save the details, then each time you wish to proceed with a bingo payment, all you’ll need to do is enter the 3 digit CVV code on the back of the card. These two are the undeniable kings of banking, their logos used and recognised across the globe. They are synonymous with safety and protection and are also the method that most UK players use and are comfortable with.
Bank Transfers
Bank transfer is not a popular option for Bingo players in the UK as it takes so long for the funds to be received both ways, but it doesn’t require a bank card. For deposits, expect to wait 1-3 days, withdrawals, often more than 14 days for the balance to be received. Bank Transfer tends to be the choice players, who cannot find another suitable payment method or are looking to handle huge sums of cash- as the limits are often much higher on withdrawals than other methods, but as we’ve said, you’ll need time on your hands. This is one of the most secure payment methods and is protected by the bank used. In those waiting times, you can also find a bonus, in that they ensure you are carefully considering your banking behaviour and not spending on a whim or whilst caught up in the action. You’ll need to set up the bank transfer with both the casino and your bank using your Swift Code, IBAN and Bank address.
E-Wallets
One of the most popular to date, and first E-Wallets to make it big, was PayPal thanks to their strategic and early partnership with eBay. Since then there’s been a huge number of E-Wallets popping up online, but only a couple, namely NETeller and Skrill, that have made it big in the world of Online Bingo.
E-Wallets (for those who don’t know) are exactly what they sound like, a secure website, or app that allows you to store all your different banking details and currencies in one, easy to use wallet and process payments through it without divulging your personal information to the Bingo Site. You fund your wallet and then use it for transactions. E-Wallets are one of the fastest payment methods as deposits are instant and withdrawals usually take 1-3 days at most.
E-Wallets are a good choice for players who value their privacy- no details of specific transactions show on your bank statements, only the top up and withdrawals to and from the Wallet. Additionally, the allow you to pay and exchange multiple currencies and receive funds from different sources as the transactions are fluid and exchange rates normally at the market rate for the time of the transaction, being updated constantly.
They offer the same level of security as banks, you won’t need a card to hand and you don’t need to give your personal details to the casino. They also, often, allow for lower deposit limits than bank transfer or Credit/Debit Card so are a good option for low rollers. E-Wallets tend to be free, but do have fees on some transactions, so check with your wallet before you go ahead and deposit. Our top recommended and accepted E-Wallets are Bingo PayPal, Skrill and NETeller.
Cryptocurrency
Cryptocurrencies are very much the darlings of this century, but they are not understood by everyone, due to the complex Blockchain technology they run by. In layman’s terms (as much as is possible) a Cryptocurrency is a new currency, totally digital, and near impossible to fake. However, they are currently not controlled by any central authority (watch this space, many Governments are currently investigating and investigating controlled Cryptocurrencies).
The idea is that you buy into a Cryptocurrency and depending on the market, the value of your Cryptocurrency will either become more valuable or less and can be exchanged in the same way as cash online. Bitcoin and Litecoin are the most widely used and popular Cryptocurrencies in online gaming, but it is still quite uncommon to find a Cryptocurrency Bingo site, but they are on the rise as more players begin to dabble with Crypto!
Payment Methods for Players without Banking Access
As Bingo and other games have moved online, some players, who would’ve in past played with cash only have been left behind and whilst this is not a common occurrence in the UK, there are players for whatever reason that do not have access to a bank account for gambling- which is needed for all the other methods named so far. If you are such a player, you’re left with a much-reduced choice of payment methods to use, but there are two that are generally accepted by UK Bingo sites.
Paysafecard
This is a card or code that you can buy and top up to use in online transactions. It is not linked to a bank account but is more a voucher. Deposits tend to limited to only suit lower rollers with transactions capped at around £250, but it is a highly safe and secure option for players without a bank and doesn’t require any financial info from you. Using Paysafecard is essentially free, but there are refund fees applied to your account and not all Bingo sites allow for Paysafecard withdrawals so check with the provider before you opt for this Bingo payment method.
Boku
Boku allows you to pay via your phone bill or pay as you go balance to top up your bingo account, but caps transactions at £30. On top of this, many gambling sites charge a steep fee of around 15%+ for boku transactions, so it’s better to avoid boku if you can.
Both boku and Paysafecard are deposit only methods and withdrawals cannot be made to them in most online sites, however bank transfers, Debit and Credit Cards and E-Wallets allow for both withdrawals and deposits.
Most Popular Payment Methods for UK Players
Without a shadow of a doubt, the most popular payment methods for UK players are Debit or Credit Card, and then E-Wallets. They are the most flexible to player’s needs, the fastest and safest, allow for deposits and withdrawals, offer higher withdrawal limits and lower deposit limits and minimal to no fees.
Always check with your bingo site of choice for their accepted payment methods before you load your account, ensure that you can both deposit and withdraw in the way that you wish, and that the limits and processing times prescribed by your chosen method fit your real life wallet!
Happy gaming guys and don’t forget, if you’re looking for a guaranteed safe and secure Bingo site, check out recommendations!
