PayPal Casinos – How Online Money Transfers are Made Easy
Established nearly two decades ago, PayPal has set many standards for how online payment methods need to be done. Today, PayPal is widely used in Internet gambling, as one of the most preferred methods for depositing and withdrawing money. Both businesses and individuals prefer using PayPal, and this is why it is present in the roster of banking methods in almost every online casino. Let’s take a look at the numerous features that make PayPal ideal for many online casinos around the globe.
Safety and Security is a Must
PayPal is renowned for being one of the safest money transfer methods on the planet. With many e-wallet providers entering the global market, the ones that have strong anti-money laundering protocols prevail – but none of them compare to the level of security of PayPal. This online money transfer service provider is legendary when it comes to upholding rules about the safety and legality of its business. This also includes the protection of their customers’ personal data and information.
Online Casinos that Accept PayPal Must Be Licensed and Compliant
Not only the casino brand itself, but any other parties the gambling venue is associated with must possess all necessary legal recognitions. This includes software providers and companies that offer any types of services present in the online casino that features PayPal as a payment method. Naturally, any type of license/certification that is presented, must be obtained from a governmental administration responsible for regulating any type of gambling activities in the territory where the online casino is registered in.
Another very important requirement that online casinos need to adhere to, is to restrict access to players that are residing within jurisdictions where gambling is banned. If the online gambling venue covers all necessary requirements, then it will receive approval by PayPal. Often, the mere presence of PayPal within the banking methods of an online gambling venue can speak volumes about the validity of the casino itself.
It has Become a Must for Any Business Websites Everywhere
If you’re an online casino, you cannot afford NOT to have PayPal as an available payment method. In fact, given the longstanding history of the brand and its positive reviews, there are currently more than 244 million active user accounts today. Given the fact that there are 644 million active websites up to date, we can say that almost 1/3rd of the Internet actively uses PayPal as a money transfer medium.
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The PayPal App is Widely Used by Online Gamblers
Today, online casinos depend a lot on clients who favour their mobile devices as a gambling platform. From this factor, arises the need for an equally convenient mobile payment method – this is where the PayPal application comes in. Supported by more than 100 countries worldwide, the app is supported by iOS and Android-based devices. Fully integrated with a customer’s account, making and receiving payments comes as easy as ever.
Additionally, should a user doesn’t want to download an application on their phone, they can use the mobile version of the website which is properly scaled and optimized for use with any type of mobile device that supports a browser (smartphones and tablets). Due to the large usability of the platform, PayPal has made sure that it is accessible via almost all modern technologies that have an interactive operating system.
Banking Operations – What You Need to Know About Receiving Payments and Making Deposits
Just like any other banking medium, PayPal has its own specifics when it comes to sending and receiving money. These include (but are not limited to) amount limits, transfer times, fees, and other regulations that are vital to be reviewed by every user, as it will guarantee them a pleasant experience, and eliminate any confusion that might arise with the use of the PayPal platform.
Minimum and Maximum Limits
While online casinos that accept PayPal are usually the ones that determine their own minimum and maximum deposit/withdrawal limits, the platform itself also has them. While withdrawing from your online casino balance to your PayPal account can be among the thousands of currency units, getting money out of your PayPal account is limited to $500 monthly. After confirming and linking your personal bank account, verifying your credit/debit card information and providing a social security number (or its equivalent in your country of residence), you will be able to “lift” this limit and withdraw much more.
Funding your online account with through PayPal usually happens within an hour after it’s initiation. Compared to regular bank wire methods, PayPal does offer superior transaction speeds. The cases in which it would take you a bit more time to get your money is when you decide to withdraw your winnings from your casino balance to your PayPal account. The average transfer can take up to 3 days, but the entire process is relative to the online casino’s practices.
Fees and Charges Associated with your PayPal Account
Usually online casino PayPal deposits come free of charge. The same can be said if you would like to withdraw money to your bank account, but this is also relative to the company policy of the bank and/or casino you’re using. In some cases, fees are present especially if you would like to send money with the use of a credit/debit card.
Should you like to receive payment to your account in PayPal, you will be looking at a flat rate of 2.9% on the received sum, along with an additional $0.30. This is usually the case with payments received from performing a sale. Withdrawals from your online casino balance to your PayPal account usually won’t cost you anything, unless the company decides to tax the transaction. To see if this would happen, check within the withdrawal section of the online casino you’re playing in.
Cryptocurrency and PayPal Do Not Mix
Many people have found it the hard way, but PayPal doesn’t play nice with Bitcoin. The online money transfer services provider has explicit protocols about all types of currency exchange actions involving any type of electronic currency. Needless to say, buying and selling cryptocurrency while using PayPal as a monetary transfer medium, is against the “Acceptable Use Policy” of the company.
There are examples where users have tried to purchase or sell cryptocurrency, but because this is considered to be a direct breach of terms and conditions, PayPal has frozen and/or removed any money in the transaction. It is highly advisable that prior to you using PayPal as your preferred method, you review the Acceptable Use Policy in depth.
An Online Casino Might Give You a Bonus
Not many online gambling venues have a banking method bonus, but those that do may offer a plethora of promotions. Online casinos that accept PayPal and encourage its use, may grant players in-game credit, free spins, comp points, and other prizes. It’s always worth it to contact the customer support of the online casino in question and ask specifically, as although those bonuses might be present, they can be easily overlooked.
The Good, The Bad, and The Convenient
In a statistic showing the usage of e-wallet services around the world, it is shown that 79% of the people that utilize money transfer services online, use PayPal. The popularity of this household brand is enough to reassure users of its safety and security, and the relatively decent rates still make it efficient for sending and receiving payments. Although there are many other benefits, there are some drawbacks as well.
With so many online casinos adopting cryptocurrency as a means to payment, the strict rules of PayPal appear to somewhat limit its usability. If that wasn’t enough, the company is known to freeze accounts without warning users or providing them with a specific reason – but this usually happens when the account in question is somehow connected to a jurisdiction not approved by PayPal.
Where You Can and Can’t Use PayPal
Some countries are restricted by PayPal for now allowing gambling activities, while in others the platform is forbidden for use. Egypt doesn’t allow anyone to even access their account; should an account holder tries to log in, their account would be blocked right away. India allows the use of PayPal only on its own territory – which means that only Indian accounts can receive and make payments to each other. While the use of PayPal is allowed in the USA, it is strictly forbidden to do so for any online gambling purposes.
Currently supporting more than 20 currencies and available in more 200 countries, PayPal continues to rise in popularity and usability. Developing newer products every day, this company continues to impress both businesses and individuals with a wide plethora of features. Should you favour playing at any online casino, PayPal is definitely one of the best ways you can bet on.