Safe and fair play at online casinos

Remember that good online casinos (including all those we feature on Online Casino Review) take their responsibility to stick to online gambling regulations very seriously. This means they will ask for some form of proof of identity and address when you sign up for an account with them. The process is what’s known in the industry as KYC – know your customer. They may also sometimes ask you to verify your identity before they pay you out, particularly for larger amounts. Though this can be frustrating, remember that they are simply upholding their standards as a safe and fair casino.

You shouldn’t have to pay high withdrawal fees

Paying hefty withdrawal fees is not the standard across South African online casinos. Different payment methods have different fees, but casinos shouldn’t charge you an arm and a leg to get your money. Keep an eye on the fees you are charged for what, and who is charging them.

A look at the most popular banking options

All great online casinos offer a wide range of deposit and withdrawal methods now. You shouldn’t have to go out of your way to find a secure banking option that works for you. Convenience, speed and costs are the three main factors, and you would do well to check an online casino’s banking options before you sign up. Online casinos tend to offer more options for deposit than withdrawal, so check both.

If you’re playing and paying from your phone, you can use all the banking methods you would access from a desktop or laptop plus a few mobile options, such as payment apps, like Apple Pay.

Payout speeds

In general, e-wallet and instant EFT transactions are the fastest, usually taking a day, or sometimes two. Credit cards can take longer – 3 to 5 days, on average – and bank transfers can vary from 1 or 2 days between local banks to several weeks for international transfers.

Depending on the type of payment, there may be delays of a few days for verifying your identity, and wagering requirements may stall bonus payouts.

E-wallets

Most South African online casinos offer e-wallets, like EcoPayz, Neteller and Skrill. These are great ways to get money in and out of online casinos – they’re fast, secure, and they offer anonymity since you enter an email address rather than a PIN number to activate them. The drawbacks of e-wallets are the deposit and withdrawal fees, which vary for each of these three popular options, and the sometimes lengthy and admin-heavy verification required for transacting with large amounts of money or upping your limits.

Creating an e-wallet account also involves verifying your identity, which can take several days, but once you’re done, you’re set up with a fairly hassle-free transaction method that’s widely accepted in South African online casinos.

Instant EFT

Also quick and secure payment methods, Easy EFT and SiD Instant EFT were created by South Africans for South Africans, which means you can transact in Rands and don’t have to suffer the crippling exchange rates. A huge advantage of these instant EFT methods is that you don’t have to set up an account – you just connect to your existing bank account. You might feel a little uncomfortable putting your bank details into the casino’s interface, but fear not: it’s the instant EFT payment gateway, not the casino, who deals with the payment, and the transaction is encrypted, so your details are safe. With SiD, you get a one-time PIN to verify the payment, which helps to put your mind at ease. Just check with your bank whether they charge a fee for processing Easy EFT payments.

Credit card

Every online casino in South Africa offers credit card transactions, so your Visa or MasterCard is a safe bet. You can get away with smaller and bigger transaction limits via credit card than other methods, and you don’t need to have funds in your account to play now. This, of course, can have a dangerous downside. Other deterrents are the possibility of credit card fraud and high interest on the credit you’ve borrowed.

Wire transfer

Wire transfer is known to be one of the safest transaction methods for online gambling. You just need an online bank account, and the bank details of the casino, and then you can make payments and request withdrawals. Its drawbacks are the extra admin of noting down the casino’s bank details, including address, account number, swift code and IBAN, and the long wait for funds to be available – withdrawals can take up to five days between local banks. International transfers can take weeks, and remember that a lot of South African online casinos are operated from outside the country, so they may well have an offshore bank account.

Bitcoin

Bitcoin is a cryptocurrency – a digital currency secured against counterfeit by cryptography – that is new but enjoying increasing uptake across online casinos in South Africa. Playing with bitcoin requires downloading a bitcoin wallet, of which there are several options, and funding that wallet from your bank account. Besides the low fees, anonymity and superior security offered by bitcoin, players who choose this banking method can enjoy a transparent verification process – known as hash cryptography – that proves a casino is operating fairly. For some gamblers, though, the technical complexity and constantly fluctuating value of bitcoin is a bit off putting.

In many cases, you can expect a fast payout

Ultimately, you have every right to expect an online casino in South Africa to pay out fairly quickly – it’s proof that they are doing what they can to improve your experience. Just keep in mind that the speed depends on the transaction method you choose, and that your withdrawal may be delayed by wagering or identity verification requirements. Keeping those factors in mind will help you to make the most out of those wins when they come around.