Online Bingo Banking

One of the biggest questions that people have when they play bingo online is "How do we deposit funds and withdraw winnings and is it safe?" This is understandable and it's a faze that I went through several years ago when I started out.

The most common ways that people deposit are via credit card or debit card. Then when you withdraw money the bingo site will send it back to your card as a "refund."

For example, if you deposited £40 with your card, won £10 and withdrew the entire £50 back to your card, it would appear on your statement as a refund.

Let's say you got really lucky and hit a big jackpot for several thousand pounds, the process would be exactly the same, when you make the withdrawal it goes staright into your bank account and shows as a refund.

This in my opinion is the simplest method for getting your money and it's the way that I recommend. However there are a few other ways of sending and recieving money.

Online Wallets

You can also use online wallets such as PayPal to send money to bingo sites (although not many bingo sites have PayPal as a payment method).

The two most common online wallets are Neteller which is found at Neteller.com and Moneybookers which you will find at Moneybookers.com 

Now I shall give you an example of how the entire process works with regards to sending and receiving money from online wallets, I shall use Moneybookers for my example because they're my favourite.

Obviously you will start by sigining up for account and then going through the relevant security checks (which is very easy to do).

Once this is done you then upload money to your Moneybookers account from your debit or credit card. Then you send it from there to the bingo site of your choice.

Then if you win money you withdraw it back to your Moneybookers account and then from there you send it to your bank account. On a side note, I have done many withdrawals with moneybookers and never experienced any sort of a problem, they always put the money in your bank account in a timely manner.

Moneybookers or Neteller?

I personally prefer Moneybookers to Neteller for two reasons.

1. The fees are much cheaper

2. The security checks are just as effective but much easier to complete, with Neteller you need to start sending documents to them which is far too much hassle for my liking.

Now you're probably wondering what is the point in online wallets? After all, why bother with a middle man when you can send the money straight to your bank?

Well these are both good questions which I shall try and cover up now. If you're playing at multiple bingo sites it can be a big advantage to use an online wallet.

This is because it's far easier to keep track of all your payments and make sure that all the bingo sites are paying up (which they will do but I know that people like to check up anyway).

Ultimately it's all down to personal preference, just do whatever you feel the most comfortable with. My advice is the following:

If you're only a part time player at one bingo site playing a few times a week stick with your debit card, it will be easier for you.

If on the other hand you're going to be playing every day at multiple sites then consider signing up to moneybookers because you will find it much easier to keep track of all your various payments.