E-Wallets are popular alternatives for managing cash on gambling sites. While credit cards remain the most widely used betting and casino platform methods, e-Wallets are an excellent option. In this area, PayPal, Neteller, and Skrill are growing in popularity every year. Acting as third parties between the bank and the user, electronic wallets are recognized methods. As a result, many online gaming platforms accept them.
Advantages of the PayPal e-Wallet
PayPal users represent almost 2% of online bettors worldwide. That’s a hell of a lot of business! There are big advantages with PayPal; depositing money and receiving funds is fast and secure. Plus, in terms of customer support and traceability of funds in the event of a problem, PayPal is as reliable as a bank account.
Benefits of Neteller and Skrill
Neteller and Skrill are an alternative to PayPal, and its most successful competitors. More gambling sites accept these two methods over PayPal. Only countries that have formally regulated online gambling recognize PayPal. However, that’s not the case for Neteller and Skrill. Typically, in countries where online betting is legal without being regulated, players often choose to use Neteller to manage their holdings.
Which countries accept e-Wallets for betting online?
Except for PayPal, you can use an e-Wallet from almost any country. This is why companies such as Neteller and Skrill perform well. In Luxembourg online casinos, as in other European countries, the market shares of e-Wallets are constantly increasing. On the other hand, on the African and Asian continents, e-Wallets already have a considerable market share. In Nigeria alone, Neteller has doubled its business volume in just a few years. On NG betting sites such as 888.com and Betway.com, players from Africa are increasingly turning to Neteller.
Based in the Isle of Man in the UK, Neteller allows gambling companies to transfer money for the benefit of players. A Neteller user can freely enjoy their holdings on an affiliated gambling site both for depositing and withdrawing funds.
Neteller’s usual fee for sending money is 1.45%, minimum €0.50. The same goes for transferring funds back to your bank account.
The Skrill group, based in London, UK, is one of the best-known electronic wallets. Their main point of difference is their terms of transaction costs. Skrill does better than PayPal because the merchant’s transaction fees are cheaper.
e-Wallet exchange rates
If you need to make currency changes, there is a fixed fee charge. The fees vary from 50 cents to €20, depending on the transaction. In addition, expect the e-Wallet company to take a margin of 2.5% to 4% on the exchange rate. The exchange rate costs represent high fees, but these are more or less the same as those charged by banks.
Transfer deadlines to bank accounts
When requesting a transfer to receive funds from an e-Wallet, the delay varies from 1 to 3 days. It all depends on the processing time of the transaction by your bank. PayPal is the fastest method. If it’s the first time you are transferring funds to your bank account from Neteller or Skrill, the delay is usually three days.
Fees and costs with an e-Wallet
With e-Wallets, the costs are inevitable. PayPal doesn’t charge monthly fees, only fees for its services during transactions. With Neteller and Skrill, you can expect management fees of €5 per month if you leave your account inactive for several months in a row. Overall, according to the list of fees from e-Wallet companies, PayPal is the most cost-effective alternative, followed by Neteller.
Table of fees with an e-Wallet
Below, we’ve highlighted the usual costs* charged by PayPal, Neteller and Skrill.