Banking Options Available for Online Gamers in Australia

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Online casinos rely heavily on online banking options for players to make their financial transactions on their platforms. Without the availability of payment options, then real money online gambling as we know it wouldn’t exist!

To make gaming as streamlined as possible, Aussie gamers need access to a selection of fast and secure banking options that are also convenient. With reliable payment methods accessible on the lobby the players’ experience is greatly improved since you can instantly carry out your transactions anytime you wish to play irrespective of the time and location.

However, thanks to the changes in online gaming laws things took a not so friendly turn in Australia’s online gaming expanse. As a result, there isn’t as much variety, and flexibility of banking options as gamblers in Australia would like. Even so, there are still a handful of options available to make things tolerable for online gamblers. To shed more light on the options, you’ll have for banking online, spare the next few minutes to go through this review.

Online Banking Regulations in Australia

Every transaction that involves funds must be governed by some laws to prevent criminal activities from taking place under the hood. As such, Australian gaming sites follow the same international standards that cyberspace industries adhere to across the globe.

  • Anti-money Laundering Laws

    The anti-money laundering laws in Australia such as Anti-Money Laundering and Counter-Terrorism Financing Act of 2006 (AML/CTF) prevent money laundering activities by imposing several obligations on gambling financial transactions. These obligations we are talking about include collecting and verifying certain information about the identity of the player as they are transacting in online casinos. And on the same note, players are usually restricted to cashing out using the same payment option that they used for depositing funds.

  • Identity Verification using the Credit System

    The AML/CTF law authorizes full disclosure of any suspicious personal information that may be held by Credit Reporting Body for the purpose of verifying the individual’s identity. Furthermore, the verification process is only limited to the individual’s name, address and birth details, which the casino can ask for whenever they see fit.

Banking Methods in Australian Market

Briefly illustrated below, are all the banking methods supported in Australian gambling casinos

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Credit/Debit Cards

Many online casinos in Australia allow Aussies to carry out financial transactions using Credit/Debit cards which in fact are one of the fastest and easiest ways of playing for real money in Australian online casinos. In Australia, many players use Visa, and MasterCard to carry out their transactions.

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E-Wallets

These days, e-wallets have rapidly become one of the most versatile banking options in most online casinos. But in Australia, there aren’t many e-wallets options like Neteller, Skrill because of current legal grounds there. As we speak, the only e-wallet you can use in Australian online casinos is the UPayCard, which unfortunately isn’t available in many of the gaming platforms.

How the IGA bill negatively affected the e-Wallets in Australia

In case you didn’t know why many of the popular global e-wallets aren’t accepted in Australian online casinos, the IGA 2016 (Interactive Gambling Amendment Bill) passed in 2016 is the reason for all that. The IGA bill prevents all offshore online casinos from providing interactive gambling and related services to Australians. As a result, this bill was not in favor of payment services like e-wallets because offshore service providers host most of them. So, when offshore gambling and related services were declared illegal, then most popular e-wallet options had to pull out of Australia.

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Deposit Vouchers

With deposit vouchers, a player makes instant deposits using vouchers that they purchase online or at a physical Kiosk. A good example of a prepaid voucher widely accepted in Australian casinos is Neosurf.

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Wire Transfers

This is the form of transfer that involves transferring money directly from the player’s bank account to an online casino. Withdrawal transactions for this, however, take up to one week to be processed

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Checks

Some casinos in Australia that accept checks for financial transactions. This withdrawal option also takes about a week for the completion of the transaction.

Depositing and Withdrawing funds

If you would like to know how to deposit and withdraw funds in an Australian online casino, check out the step by step procedures below:

  • How to Deposit?

    1. From the main menu of the casino you are playing in, click “Deposit” menu 2. After that, you will be prompted to enter the amount you wish to deposit 3. Then, choose the deposit method of your choice 4. Finally, click ‘Deposit’ and confirm the transaction to finalize the process

  • How to Withdraw?

    1. On the main menu, click on the “withdraw” tab 2. Then, enter the amount you wish to withdraw from your account 3. After that, choose a banking method convenient for you 4. Then confirm your withdrawal transaction by clicking on ‘Withdraw’ button

What are Pending Withdrawals?

Pending withdrawals are those that get completed after a special waiting period for security purposes or to give gamers a chance to use reverse the transaction. This period is usually set at anything between 24 and 48 hours, but depending on the casino, it could be shorter or longer.

How and when can a player reverse a withdrawal?

For you to cancel a withdrawal, you must first have a pending withdrawal in your account. If you do, there will be a ‘Reverse’ button which upon clicking it will reverse your withdrawal transaction.