PayPal was founded in 1998, one of the first payment methods that inspired confidence in online customers around the globe. Back when internet security was a joke in comparison to today’s standards, PayPal set up a boundary that protected customers that was so crucial at the time that it made the difference between some people making or not making purchases online. Security measures employed by both online casinos and financial institutions these days ensure a level of safety that doesn’t make PayPal the necessity that it once was, but adding an extra layer of protection to your personal information is never a bad idea. Here’s everything you need to know about this world-renown money transfer service.
How to Open an Account
Opening a PayPal account is as easy as entering your email and a few minor details. You can then receive money onto your account through email, and send money to other people through email. You can also use your account to buy things online.
However, being able to transfer money from your PayPal account to your bank account requires you to enter your bank account and routing numbers. You can also choose to apply for a PayPal credit card, where you can manage your money through PayPal and use the card to make purchases at stores and land-based casinos. Simply visit the PayPal website and they will walk you through all the necessary steps.
The biggest advantages to using PayPal, and presumably the only real reason anyone would use it, is two fold. One, you add an extra layer of protection to your more sensitive personal information, like your credit, debit, and bank account numbers, as you just need your PayPal account information and general information about yourself (Name, Birthdate, Email, Etc.) to make a deposit at an online casino. Two, you can have a separate account from your personal bank account, which many players use specifically for depositing and withdrawing at online casinos. When you want to add your winnings to your bank account, you can simply transfer it over. You also do not need to deposit money into your PayPal account in order to deposit money at different places. PayPal will act as a barrier, transferring the money from your bank account directly into your online casino bankroll. That is very convenient, and gives PayPal a bit of an edge over its e-wallet counterparts.
The main disadvantage of using PayPal are the foreign transaction fees. While they aren’t too bad, they are dependent on what country you’re transferring, but the standard seems to be 3.2%. A really helpful resource for determining what the fees will be is The Free Calculator. Another downside is the fact that most casinos do not offer the option to deposit or withdraw money using your PayPal account for Australian and US players due to licensing issues, so if you plan on playing at a MicroGaming casino and using PayPal, you should look elsewhere. Spin Palace and All Slots seem to allow PayPal, but that could change.
PayPal is an excellent payment method in general. It makes it easy to transfer money to and from other people and many business, and the foreign fees are pretty reasonable. There are no fees for transferring money within Australia, and it’s nice that they offer a credit card through your account to qualifying customers. It’s totally free to open a PayPal account and might be good to have later on, but chances are that if you’re an Australian player, the option will not be available to you at your online casino of choice.