The Two Best eWallets For Betting

Firstly, an eWallet is an electronic card that allows transactions online through a computer, phone, or tablet. eWallets are a fast, secure, and convenient way to move money online.

You can use them as an alternative to your debit or credit card but you will need to link it to your bank account to make payments.

Usually, eWallets store your personal information and allow for quick deposits and withdrawals on select bookmakers.  Also, using e-wallets will let you gamble without revealing your personal payment information to betting sites.

Be aware that eWallets are free to use but some betting sites will charge a small commission on each transaction. Also, some sign up offers on betting sites are not valid when depositing with certain e-wallets such as Skrill and Neteller, but you can usually claim the bonuses with a PayPal deposit. Be sure to check the significant T&C’s below each bonus before depositing.

How to use an eWallet:

1. Install the software on your phone/tablet or sign up online.
2. Create your account and provide the necessary information.
3. Deposit funds and bet with speed and ease.

Advantages of using eWallets

• Using your eWallet is great for keeping your bank details off the betting site. You can simply deposit and withdraw your money using your eWallet without entering any bank details directly.
• The bank will have no way of knowing your gambling activity which could be beneficial for mortgage or other loan applications.
• It's easy to move money around or to different betting sites and is generally a lot faster with processing times for deposits and withdrawals.
• Potential to control or limit your gambling to just the funds you move to your eWallet.
• If you have several online betting accounts you can easily keep track of your transactions and monitor your winnings/losses all in one place.

Disadvantages of using eWallets

• Many free bets sign-up offers are not available if you deposit using an eWallet. Be sure to check the T&C’s of each signup offer before depositing.
• You will need to verify and link the eWallet to your bank which usually takes a few days. Some may also require you to upload a clear and valid copy of your driving license, passport, ID card, or other forms of identity verification.
• Several betting sites will also charge you a fee for withdrawals or deposits. Also, most e-wallets will charge you a fee to withdraw money to your bank.
• Unless you verify your account with some form of ID you may have transaction limits.

Skrill

A trusted eWallet that has been in business since 2001 and is used by over 30 million people worldwide at the time of this review. Skill allows secure and quick transactions in nearly 200 countries and 40 currencies.

It is free to create an account on your phone, tablet, or computer. They feature a 1-tap single-click payment platform for fast and secure mobile-friendly transactions.

Skrill Fees

The Skrill account is free for personal use as long as you log in or make a transaction at least once every 12 months. But, if you do not meet these requirements a service fee of £3.00 will be deducted every month from your account.

Uploading funds

• Bank Transfer- Free
• Visa- 1.90%
• Neteller- 3.00%
• PaySafeCard- 7.50%

Withdrawing funds

• Bank Transfer- £4.76
• Visa- 7.50%

Send Money

• Price 1.45%
• Min. Fee GBP 0.43

Depositing and Withdrawing on betting sites

Many betting sites do not charge any fees for depositing or withdrawing funds using Skrill. However, it is best to check each bookie to be sure.

Neteller

Another trusted eWallet that has been around since 1999 with over 23 million account holders worldwide. It is free to create an account with their app available on GooglePlay and the App Store or your computer.

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Uploading funds

Neteller has a huge list of different fees for uploading funds to your account. The percentages can even differ depending on who you bank with. Below we will provide a few examples but we recommend checking the site for a complete date list.

Examples:

• Visa- 1.95-4.95%
• Skrill- 3.00%
• PaySafeCard- 7.50%
• HSBC- 7%

Withdrawing funds

• Bank transfer- 7.5 Euros
• Bank draft- 7.5-25 Euros
• Money transfer- 1.45% Min. Fee 0.50 USD

Depositing and Withdrawing on betting sites

Some betting sites seem to charge a fee for using Neteller in either depositing or withdrawing your money. However, it is best to check each bookie to be sure.