Poker Guide to Moving Money Online, Worry Free
If you're like me, you get pretty frustrated when you hear about a great event, create an account, go to deposit and get the message, "Your deposit has been rejected". It can be downright discouraging and infuriating when you know your card is functional and you just want to play. Fret no more. After reading this short and sweet guide you’ll be able to forget about those frustrations and focus on getting down to the felt.
The Top 3 Methods for Moving Money Online
There are many deposit options for poker sites and it can be overwhelming knowing where to start. I've been playing online for over 10 years and I've used almost every deposit method out there. In this article I will only recommend options that I have personally used myself; options that have given me a positive experience. Understand, I don’t receive any commissions from these sites. I simply want to share these recommendations because I've been the frustrated and forlorn player who misses an intensely anticipated event because of some niggling detail and I want to save you the same headache.
In this article, I’m going to outline the most important information you’ll need to know about each method, where the company is established, how long they're been around for, whether you can use the service without a bank account, the fees associated with the product, and whether or not you can keep an online balance.
When using these methods to deposit and cash-out, you will experience faster processing times than with any other methods. No waiting 2-3 weeks for your cheque to arrive; you will get your money within 1-2 days - and in some cases within 1-2 minutes.
If you’re looking for some quick and dirty facts, I've made this chart so you can get a bird’s eye view of my top 3 recommendations. I’ll go into more detail below.
Instadebit is a service that links directly to your bank account and allows you to deposit to poker sites the same way you make a purchase with your debit card. It’s extremely fast, and allows you to maintain an online balance. For people who can't use regular e-wallets, Instadebit is the absolute nuts for moving money between poker sites. The fees are very low at $2.00 for a deposit of any amount from your bank, and the same goes for withdrawals. The fee is fixed regardless of the amount transferred. What’s more, when depositing from your online balance there are no fees whatsoever, so it pays to keep some money in play.
The only downside to Instadebit is that it takes a few days to get set up and verified (which you would expect for something linked directly to your bank account), but this comes with high security. To use Instadebit you will need your SIN, so if giving this information to a site makes you uncomfortable, then you’ll probably want to look at one of the other options.
Entropay is another great option that allows you to deposit from the comfort of your own home. When you sign-up Entropay will give you a virtual visa which has all the same security features as a regular visa, but unlike your credit card, this virtual visa is accepted at all gaming sites. To use it you simply fund your virtual visa with your regular credit card, pay the 5% vig, and voila - you have a funded credit card that is accepted all over the internet. When you cash-out via Entropay, the funds will be credited back to your virtual visa and are ready to be shipped to the next site with a hot promotion.
The downsides with Entropay are that – again - you will have to give proof of identity and address which requires scanning some documents, and some poker sites charge a fee when using Entropay as a deposit method. The vig is also a little high, but for the convenience of depositing without having to leave your home, the price is reasonable.
Paysafe is run by the Austrians and the Germans, so you know it's great. The only real pitfall is that you will actually have to leave your house to make a deposit, but this may actually be an attractive quality if you are the type of person who prefers to deal in cash. Besides, the Paysafe website lists the nearest Paysafe vendor to you, and a LOT of places carry Paysafe. All you have to do is take your card to the store, tell them you want Paysafe, and they will print out a receipt for you with your PIN code. When depositing to a poker site using Paysafe, simply choose the Paysafe option, enter your Paysafe code, and then you’re good to go. When cashing out via Paysafe, you will receive a new pin which has credit for the amount you cashed out.
The fees may seem a little steep, but that's only if you buy the minimum amount. For a $10 voucher, the fee is $2 or 20%. For a $50 voucher the fee is $5 or 10%, and if you get a $100 voucher the fee is only $6 or 6%. For the convenience and the anonymity Paysafe offers, the fees are quite negligible.
An Honourable Mention...
Before I sign off, I want to give an honorable mention to Ukash. Ukash is a UK company and they give you a physical or virtual visa which you can fund by buying cash vouchers. These vouchers can be found at convenience stores, grocery stores, etc. If you go to their website, you can type in your postal or zip code and they will point you to the nearest location. I would recommend calling the location before you set out though. I went on a mission to pick up a voucher the other day only to find they no longer offered Ukash, so take the time to make a call and avoid a headache. The best part about Ukash is that once you've paid for your card, there are no additional fees when funding the card or moving money around.
So, to sum it up, if you’re looking for the best way to deposit directly from your bank and/or are looking to deposit a large amount with lower fees, Instadebit is your best bet. The best virtual visa (easiest to set up and start using) is Entropay, hands down. The best way to deposit if you don’t have a bank account or credit card is via the Paysafe Card. ANY of these options are great if speed is your concern.
Playing poker online necessitates a special set of requirements when it comes to moving your money, so not just any online service will do – especially if you want in the action, fast. In my experience, I’ve found the methods I’ve just discussed the most economical, ecumenical, safe and convenient. At the end of the day, you should go with whichever option makes you the most comfortable and accomplishes what you want to achieve.
Looking to Move Money?
If you're a player that moves money a lot, or wants to make some extra bonuses for playing on many sites, check out an E-Wallet. They are the best options for players who like to play on multiple sites.