Using online banking for payments India

The iGaming industry has been growing exponentially in India, and to keep up with it, you need to have a good online banking service at your disposal. Without fast and secure payment methods to make deposits and withdrawals, your transactions will take ages to process! 

The traditional bank transfer needs at least 2 working days to process your withdrawals. On the other hand, e-wallets like Skrill, Neteller, and PayPal take only a few hours!

When you consider this, the benefits of using online banking outweigh the benefits of relying on the old-school banking system. Nonetheless, taking less time to undertake withdrawals is not the only advantage of using an online banking service.

Want to find out more? Check out this article to get in-depth knowledge about online banking!

What is Online Banking?

Online banking can also be called internet banking or e-banking. It is a popular and accepted method of payment in the online casino and sports betting world. You can make deposits and withdraw money from the casino without visiting the bank in person. 

This payment method is accepted and loved by Indian gamblers and bettors because of its security, convenience, and reliability. Other than transacting money electronically, online banking allows users to view their transactional history to keep track of it. 

List of online banking methods that are accepted by online casinos and sports betting sites in India:

  • Neteller
  • Skrill
  • PayPal
  • eCheck
  • VISA
  • Mastercard
  • American Express
  • Union Pay
  • Maestro
  • Online Banks
  • Online Fund Transfers of your Local Bank
  • Prepaid cards
  • Neosurf
  • Cryptocurrency

The Benefits of Online Banking

  • Higher Interest Rates: Online banking services can offer higher interest rates than traditional banking services because they don’t have to spend on maintaining many physical office locations/branches. Plus, a lot of the operational cost is reduced since there are few ordering checks or using ATMs.  
  • Reduced Fees: There is little associated cost related to monthly maintenance fees and other fees with online banking. 
  • Higher Security: Online banking ensures the security of every transaction through OTP and PIN verification. So, there is less likelihood of your information getting stolen unless you share your PIN with others. 

The Potential Risks of Online Banking

  • Online Safety: Concerns regarding online banking rise when people feel like their financial information may be stolen by third parties or scammers. 
  • Identity Theft with Phishing: Phishing scams are common with online banking that fake company logos and graphics, and ask people for their banking information by pretending to be a legitimate bank. 
  • No Physical Contact: There is little to no face-to-face interaction with the customer support of the online banking institution. Their headquarters could be miles away from where you live. 
  • Varying Regulations: Depositing cash may be difficult with the online banking system on some occasions. Every online banking service may have its own policies for depositing to online casinos and sports betting apps. Some may not accept cash, while some may rely on third-party services. 
  • Tagged With Other Devices: Most online banking services are dependent on mobile phones or emails for transactions. 

For this reason, all payment channels warn and teach online banking users to only provide their banking information to trustable sources. Just so you know, your bank will never ask for your personal information because they already have that on their database. 

Not to mention, these are all potential downsides which happen very rarely if you are using a reputable online banking service and being smart about your online security.

How to Get Started with Online Banking

  1. To register with any online banking platform, you have to open the chosen service on your phone or desktop. 
  2. Go to the sign-up page, and type your credentials. Depending on which online banking service provider you chose, enter your personal information such as your name, address, email ID, country of residence, date of birth, currency, and password to proceed with the registration. 
  3. You may be asked to verify your password or confirm that you are not a bot while you are at it. 
  4. Then, follow the on-screen instructions to complete the registration process. Make sure to read through the terms and conditions for deposits and withdrawals before actually carrying out transactions. 
  5. Once the registration has been finalized, you can begin to explore different games and sports events presented on casinos and sports betting apps!

How to Deposit to Casinos with Online Banking Services

  1. If you have decided to make deposits to casino or sports betting websites through online banking, here is the step-by-step guide to getting you started: 
  2. Indian users with multiple accounts (in the same bank or different banks) can transfer money from one account to another through online banking from their desktops or mobile phones. 
  3. Go to the Cashier section of the casino you want to deposit money. 
  4. Select the Deposit option. From the selections, choose e-wallets (Neteller, Skrill, PayPal, and eCheck), VISA, Mastercard, or American Express. 
  5. Enter the deposit amount, and click Next. Then, the platform will take you to the payment process page. 
  6. Depending on which payment method you are using, enter your credentials to log in. 
  7. Finally, the deposit amount should show up on your casino or sports betting account. 

How to Withdraw from Casinos with Online Banking Services

You may choose to withdraw your winnings from the online casino or sports betting app with the online banking system. Let us tell you how you can do that!

  1. Log in to the online casino or sports betting site. Make sure you complete any wagering requirements related to the withdrawal before attempting to receive the money. If you don’t fulfil the wagering requirements, then your withdrawal may be cancelled!
  2. Go to the Cashier, and choose the Withdrawal option. 
  3. Now, enter the amount that you want to withdraw from the site. You may be led to the sign-in page of the online banking platform. Log in with your information. 
  4. The site will confirm the withdrawal with a receipt. Make sure you take a screenshot for reference. 

Depending on the online banking platform you are using, withdrawals may reach you within 1 hour to several days! Before you start worrying, just check the withdrawal policy from the website!

Online Banking Associated Fees

Unfortunately, fees may be associated with online banking depending on the service that you are signed up with. The fees are only applicable for deposits and withdrawals though. The amount is so negligent that it won’t even bother you! 

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