Banking Methods for Australian Online Gamers
Australia boasts of a rich history of gambling all the way from the days when brick and mortar betting was the only available option prior to the rise of online gaming. In fact, recent statistics show that roughly 80% of Aussies are involved in a gambling activity on occasion each year. And as a result, the online gaming market keeps growing in leaps and bounds year on year since the sheer volume of gamblers pushes casinos and software developers to stay at the top of their game.
When it comes to making payments, Aussie gamers have a range of payment motions available for loading deposits and cashing out winnings from online gambling sites. However, even with the variety that’s still available, there was a significant reduction in the options available for Aussies after the Gambling Act was revised in late 2016. A lot of offshore payment merchants have since closed shop for the Australian market. Nonetheless, if you are an Aussie gamer, there are still some pretty convenient options that you can use for purposes of loading and withdrawing your cash from online casino sites.
So, in today’s exclusive guide, we’re going to take a look at the payment options that you can use, once you’re a registered member of any reputable Australian online casino. Spare the next couple of minutes for an informative read that will answer all your questions about banking methods in Aussie gaming sites.
Banking Regulations for Australian Online Gaming Sites
For 100% safety and security of your money and identity information, we insist that you only play in licensed online casinos. Better yet, for the best experience, pick any Aussie casino from our shortlisted sites for a guarantee of exceptional gaming sessions.
In line with the safety and security of your funds and personal information, online casino sites usually have some strict banking rules to keep things streamlined. Some of the banking regulations for Australian online gaming sites that you should know about include;
✔ You can only cash out your winnings using the same payment option that you used for depositing your funds. This regulation is put in place to adhere to international anti-money laundering regulations. However, there’s an exception to this rule; if you use a payment method that can only load deposits, then you will be allowed to cash out via an alternative banking option.
✔ Your account information should be identical to the banking information that you provide; i.e. if your casino account name is John Smith, the same name must be the one on the account of the payment merchant that you want to add to the casino.
✔ All payment merchants that offer online banking services must have implemented the industry standard 128-bit SSL encryption protocol to guarantee that third parties or any malicious cybercriminals cannot access that player banking information.
✔ All reputable Aussie online regulations will require you to submit an identification document or a utility bill to verify your identity and physical address if you are to transact above specific amounts of cash.
Apart from the above regulations, there are other extra terms of using payment merchants may vary from one online casino to another, for instance, transaction limits, associated fees and even the number of transactions you can carry out per day or per week. Therefore, it’s a great idea to start by reading the banking fine-print under the casino’s terms and conditions section before you begin carrying out any transactions.
Banking Methods Accepted in Australian Online Casinos
Now that you are familiar with the banking basics in the online gaming industry of Australia, it’s time to take a look at the different payment options that you can use. Currently, the payment methods accepted for use in online gambling by Aussies are;
Now that you are familiar with the banking basics in the online gaming industry of Australia, it’s time to take a look at the different payment options that you can use. Currently, the payment methods accepted for use in online gambling by Aussies are;
1. E-Wallets:
Like the rest of the world, e-wallets are the most popular payment options in Australia for online gamers. They have grown to be exceptionally popular because they process payments quickly and above anything else, e-wallets are convenient and secure. Unfortunately, thanks to the changes in the Australian gambling laws, Aussie gamers can no longer enjoy gambling online using the likes of Neteller, Skrill and PayPal.
As a result, the only other supported e-wallet option that’s still available for Aussie gamers is the uPay card which is pretty similar to Skrill and Neteller. uPayCard was launched back in 2013, but it became more popular in 2017, and currently, it’s quite convenient for gamblers in Australia mainly since it has minimal transactional fees.
2. Pre-Paid Deposit Vouchers:
If you are not a huge fan of sharing your financial information when loading your bankroll to online casinos, then pre-paid vouchers should be your go-to payment methods. A prepaid voucher is virtually identical to real, solid cash because no paper trail can lead the transaction back to you. Thus, your gambling activities will be 100% anonymous, at least during your deposits.
Usually, players can purchase deposit vouchers from physical retail outlets where you will receive a voucher that comes with a unique pin number that matches the amount of cash you paid. When you go to an online casino, you will then be required to enter the unique pin number in the cashier section to load your account, without the need of revealing any other personal information. The most famous deposit vouchers for Aussie online gamers are;
– PaysafeCard
– Flexepin
– NeoSurf
3. Credit and Debit Cards
Next to e-wallets, credit and debit cards are quite accessible for Aussie online players and they are available for both deposits and withdrawals across all gaming sites. The best aspect of using card transaction is their airtight security with both MasterCard and VISA offering strict Zero Liability policies in a bid to provide customers with total protection against unauthorised or fraudulent transactions.
If you ask any online gamer in Australia, they will agree that the simplicity of loading your bankroll for gaming online using bank cards is next to none. It’s just a matter of filling in your card number, date of expiry plus the CCV code and you are good to go!
4. Wire Transfers
Direct wire transfers from Australian banks such as NAB, Westpac and Commonwealth can be conducted for both deposits and withdrawals to and from your online casino account. This is usually a favourite transaction channel for Aussie high rollers who like going big whenever they are betting online since wire transfers have higher transactional limits compared to other payment options. However, the most significant drawback with this payment channel is that players will have to wait for up to 7 business days for their winnings to reflect in their bank accounts.
5. Online Banking Merchants
This method of loading and cashing out from your online casino account is almost identical to direct wire transfers with only one difference; you use a third party to connect your casino account to your bank account. And that way, you won’t have to share your banking details directly with any online casino to carry out your gaming transactions.
One of the most popular options of this kind for Australians is BPay. It is a deposit only online payment option where players can easily load deposits by copying the casino’s biller address, signing in to the Bpay payment portal and loading cash to the casino by pasting the biller address.
6. Cryptocurrency
Unlike any other payment option accepted by online casinos in Australia, cryptocurrency payments are by far the most efficient especially since there’s no banking institution to regulate this form of currency. Through cryptocurrencies like Bitcoin, Dash, Ethereum, Litecoin and several others, players can enjoy fast, secure and anonymous online gambling transaction thanks to the block-chain technology used to carry out these transactions. On the flip side, the only drawback of digital currency is that since they are still an emerging form of payment, not many casinos accept them and a lot of players as well still feel uncomfortable because it’s something they are yet to understand.
Essentially, loading cryptos to an Aussie online casino that accepts them is usually a matter of copying the wallet ID of the casino and pasting it into your crypto wallet, typing the amount of deposit and the transaction takes place in seconds. Mobile gamers can also use their smartphones to scan the QR code of the casino, and the deposit will be processed automatically.
Clearly, while a lot of online payment options are no longer accepted in Australia, gamers can still enjoy flexibility with the above options.
Online Casinos with Best Banking Methods for Australians
Loading and Cashing out Your Bankroll
If you aren’t sure about the process of loading and cashing out funds to and from your gaming account, find out more about that below;
How to Deposit Funds?
Typically, the process of loading your bankroll to any Aussie online casino is identical to what you will find in online casinos elsewhere. So, if you want to play all your favourite games for real money, here’s what you should do;
1 . Go to the cashier/bank section of the casino under the ‘My Account’ menu and select ‘Deposit.’
2 . Pick your payment option from the list of methods that are accepted by the casino
3 . You will then be prompted to enter the amount you wish to load to your account
4 . After that, a pop-up window where you are supposed to log in to your payment merchant of choice will appear.
5 . Then, confirm the transaction and your deposit will be processed right away.
It’s as simple as that!
How to Cash out Your Winnings?
The process of cashing out is also as simple as the one you should follow for depositing your gaming funds, with a few differences in the buttons that you should click. For the sake of clarity, here’s what you need to do to cash out your winnings;
1 . Go to the cashier/bank section of the casino under the ‘My Account’ menu and select ‘Withdraw.’
2 . Pick your withdrawal option from the list of methods that are accepted by the casino
3 . You will then be prompted to enter the amount you wish to withdraw from your account
4 . After that, a pop-up window where you are supposed to log in to your payment merchant of choice will appear.
5 . Then, confirm the transaction and your withdrawal will start being processed right away.
You should, however, remember that different merchants may have an extra step or two when you are carrying out your transactions, and thus you have to pay attention to any additional procedures. Moreover, while deposits are processed instantly across all the payment methods, the speed of withdrawal will depend on the merchant that you choose. Cryptocurrency and e-wallets transactions are the fastest while bank wire transfer withdrawals will take the longest time to be processed.
Can I Cancel a Withdrawal?
Yes, in most Aussie online casinos, players can cancel a withdrawal transaction while it’s still in the pending status. And in case you did not know, pending status of withdrawals may last between 24 hours and 48 hours depending on the casino during which verifications of the transaction are done by the house. At that time, the cash is usually still in your gaming account and to cancel the transaction, you can just go to the Withdrawals tab, check the status and if it’s still pending, you can cancel the transaction. After the pending state, you won’t be allowed to cancel the transaction.
Responsible Gaming and Self Limitation
As huge advocates for responsible gambling, we always encourage our fans to gamble within their means. At the end of the day, the primary aim of gambling online is to kill time and have some exciting fun. Real money rewards are just a bonus of the entire process. And as always, we usually encourage players to stop playing if they are on a losing streak.
Moreover, if you pick a casino from our top-rated list of top rated sites for Aussie gamers, you will find that they come with a self-limitation policy. Through this policy, players can limit the amount of money they spend and even manage maximum losses or play time whenever needed. The house will log you out of your account automatically or impose limits to your gaming account depending on the options you set for yourself. And in addition, there’s also a 24-hour gambling addiction support channel so that players can receive instant support if they ever feel that they have a problem.
