Online gambling has become a hugely successful industry because it provides players with a safe environment to gamble online, with no limits on deposits or withdrawals. There are also numerous payment options available, including credit cards, debit cards and bank transfers. This guide will explain further the payment options.
Credit Card
The majority of Australian gamblers opt for using their credit card rather than cash when playing online. The reason behind this is that there are more benefits associated with using your credit card than simply handing over cash each time you want to play; such as additional bonuses which can be used towards your wagering requirements. Another benefit of using a credit card to fund your account would be that any winnings credited back onto your credit card would be 100% taxed, so if you’re expecting a big payout from online poker, check whether you have an appropriate level of tax in place.
Credit card transactions can only take place once per day and the minimum limit is usually $10, however, the most popular credit cards offer sign-up rewards programs which can earn gamers even more money by encouraging them to use their cards more often. These cards include the following: Diners Club, American Express, Bankcard Rewards MasterCard, Jetstar Visa Card, Optus VISA Card and Citi Platinum Preferred Card.
Bank Transfer
One of the best ways to deposit funds into your online poker account is through a bank transfer. To set up a transfer of funds it is necessary to provide the details of your current account holder, the name of your current account provider and the amount required (in Australian dollars). Most reputable online poker sites allow their users to choose how many banking days they wish to receive their transfer and whether they would like to be notified via email or SMS.
However, as all payments made by online casinos are subject to strict regulations, the maximum withdrawal amount permitted by these sites is limited to about $5,000 per month. It should also be noted that not all banks charge fees when transferring money overseas although certain providers do impose extra charges on their customers. Therefore, before choosing the method of funding your online poker account, take some time to compare the various costs involved and see which option would suit you best.
Debit Card
If you’re planning to visit one of the many online gaming sites that accept this form of payment, make sure that your home country’s laws regarding online gambling haven’t been changed recently. Debit card transactions are carried out quickly and efficiently but players have complained that using a debit card to fund their accounts hasn’t been possible since March 2012. In addition, it’s important to remember that any winnings credited to your debit card won’t be completely untaxed and it may therefore affect the total amount of tax payable at the end of the year. Other things to consider would be what percentage of the transaction fee charged goes towards paying off the player’s loan balance with his/her financial institution, as well as the interest rate being applied on top of this.
Bitcoins
The popularity of Bitcoin has increased dramatically since its introduction in 2009, allowing people around the world to access global markets without having to exchange currency. This electronic digital currency comes in units called bitcoins which can be exchanged for other currencies and stored digitally. Although bitcoin isn’t regulated by any government body, it does carry some risks. For instance, the value of bitcoins fluctuates greatly making it difficult to predict profits. As a result, many players have lost money due to investing too much in cryptocurrency. Players can trade bitcoins for other currencies and vice versa by exchanging services provided by online marketplaces. However, because Bitcoins come under the umbrella of personal finance, it might be advisable to seek advice from your accountant before investing.
Prepaid Cards
A prepaid credit card allows players to pay for deposits immediately instead of waiting for them to be credited to an existing casino account. The main benefit to players is that there’s no delay between depositing funds and receiving the necessary bonus cash. Prepaid cards are often included as part of promotional offers from online gaming operators so check your inbox regularly to ensure that you don’t miss out on any valuable bonuses. Some of the most popular prepaid cards include Neteller and PayPal, both of which allow players to send and receive funds directly from websites such as Pokerstars and Bet365. Be aware though, that the maximum withdrawal limit allowed by these services is still low, typically around $1,500 per month.
Conclusion
As a way to withdraw funds from your online betting account, playing at a safe site will depend largely upon your preferred choice of payment option. If you decide to use a debit card then make sure that it’s suitable for international transactions given that Australia doesn’t operate under the same regulations as countries within Europe. The key thing here is to find a reliable means of processing withdrawals so that you don’t become exposed to unexpected charges while trying to get rid of your winnings.