Depositing large amounts of money securely
For the purpose of this article, we ought to define what a large amount means, and we believe that any 5-digit sum of money qualifies as large.
Online wallets can often times transfer up to $10,000 at a time, so if that is the target, Skrill, Neteller, and PayPal are probably the way to go.
For amounts exceeding $10,000, bank transfers and wires should probably come into play, because legitimate providers would rarely accept wallet, credit card or e-check deposits in excess of $10,000. As mentioned previously, bank transfers and bank wires may involve minor risks and the major downside of having to wait for your deposit, but if moving a huge amount of money is the primary objective, they remain the only logical choice.
General information about deposit methods
This paragraph concentrates on the deposit process flows of the most widely used banking methods in the online casino industry
- Credit and debit cards: The credit and debit card deposit process does not require a lot of clarification as virtually every one of us has used one to make a purchase online. Funding an online casino account is no different than paying for goods or services. It is as easy as entering the credit card number, name, expiry date, issue date (for certain countries) and the security code from the back of the card.
- Online wallets: Online wallets like Skrill, Neteller, and PayPal have been around for many years and they are among the most popular payment methods for several good reasons. They guarantee some extra privacy, they occasionally serve as a proxy whenever the issuing bank refuses to process a certain card transaction, and they are often associated with bonuses and cashback programs. The deposit process consists of funding said wallet and entering the registered e-mail address and password at the cashier page of the casino of choice.
- Pre-paid cards and vouchers: Gift cards and vouchers provide for a good way of remaining private in a world where real privacy is somewhat of a luxury. With pre-loaded gift cards, the process is no different than the one with actual credit and debit cards. Vouchers like Paysafe and Ukash are a little different in the sense that no third party will ever know your name or have access to any of your personal data, as the only thing you would be using to deposit is a voucher code.
- E-checks: E-checks are somewhat popular, because in most cases they are associated with instant credit, unless you have a really bad standing with the payment provider or the casino of choice. The process itself is as simple as entering some bank information and the desired amount and submitting the payment.
- Bank Wires/Bank Transfers: Bank wires and transfers are not particularly popular these days, because there are simpler and faster alternatives. What they excel in though are the amounts they can move back and forth.
In terms of accessibility, none of these options is particularly hard to use. Some of them are safer than others, but for more information about security, please move on to the next paragraph.
All of the above mentioned options are reasonably secure; however some tend to add an extra layer or two, which makes them better choices in terms of privacy. Credit and debit cards are okay, but if your computer has been compromised, they would likely be the first to go. E-check options, bank wires and bank transfers are in the same boat, because an online banking password can be stolen just as easily as a credit card number.
Online wallets are somewhat safer, because they often offer two-factor authentication, which in Lehman’s terms combines a password with a one-time token or SMS code. Some banks use similar two-step verification, which makes them a fairly safe alternative when doing bank wires and transfers, so if two-step verification is an option, you should definitely opt for it.
Oddly enough, gift cards and pre-paid vouchers, as simple as they may be, are the safest choice here, because once used up, they no longer serve a purpose. If security is the ultimate goal, they are likely the best option for depositing smaller amounts. Check out Leo Vegas today to find out why they are consistently rated as one of the best online casino options around.