As an online bingo player, you know that before you create an account with an online bingo site, you have to be extremely careful and check the site for many things before you decide whether to trust it with your money and sensitive details. There are hundreds of online bingo sites today, so to choose one that you can trust in, you must explore it in detail. Apart from checking out its bingo variants and bingo rooms selection, you have to focus on more important things.
One of the first things you need to check is whether the site is licensed to provide online bingo variants. Then, you have to check its software. There’s one more step you need to make before you sign up. You need to check its payment methods list. Check to see whether world-class payment methods are available, like PayPal. Why is PayPal a must across online bingo sites? Why use it for your online bingo transactions?
PayPal Foundation
PayPal…
…is an online banking solution that has been around since 1998. Based in California and now owned by eBay, it is an alternative payment method that has been evolving for over two decades. As such, it has a rich history of ups and downs, but it has managed to stay on top of the list of top-notch payment solutions all over the globe. Millions of people all across the world are using it for their daily purchases and online payments, online bingo players included.
The company has gained the recognition it deserves due to the hard work it had put into creating a method that would simplify and make money transfer all across the world easier and quicker for all users. For this dedication, it has received over 20 prestigious awards at important financial ceremonies and has further strengthened its position as a leading alternative payment method.
On that note…
…its platform is available in over 200 countries, with certain exceptions. Throughout the years, due to gambling regulations, PayPal has excluded Germany from the list of gambling markets to cater its services to, for instance, as well as the US. And due to the UK credit card ban for gambling purposes, UK players cannot use it if they used credit cards to fund their PayPal accounts. However, it is still a solution available in many countries across the world, in more than 25 currencies.
Availability-wise…
…the eWallet is accepted across a wide variety of online and mobile bingo websites. As an online banking solution that has been around for over two decades, it has managed to get the attention of hundreds of operators, interested in allowing their players to transact with it. Visit any top bingo site, and you will see that it will be among the payment methods accepted for both deposits and withdrawals.
One of the reasons…
…why operators have it on their lists of accepted methods and players choose it over any other is the fact that it comes with really low fees. Of course, another reason is its reputation as a safe and fast banking solution. And then, there’s the fact that it is extremely easy to use and convenient for online bingo players who don’t want to share any banking details with operators. Finally, the fact that you can make both deposits and withdrawals with it is what makes it an exceptional method as a whole. What players hate the most with alternative methods is that most of them cannot be used for withdrawals, but this payment solution most certainly stands out in this regard.
Getting Started
The first thing you need to know is that PayPal essentially functions like an eWallet, although it offers many other products. Across online bingo sites, players are still using its eWallet service, so let’s focus on that.
To create your account with it…
…you would need to share a bit of information about yourself. Your home address, name and email would be sufficient at the beginning, but as you get to the next stage, you’ll see that it gets more serious. That’s because the company takes security and regulation extremely seriously. Social security number, out of tax reporting reasons, ID documents, to prevent frauds, and other verification documents would be required.
Furthermore…
…you’ll need to attach a bank account to your account, or a credit card. You’ll need to fund your eWallet, and you can do that with a transfer from another PayPal account, credit card or bank transfer. As mentioned, the company also offers other products such as PayPal Connect and PayPal MasterCard, so if you have one of those, you can also use it to fund your account. Keep in mind that funding your account with bank transfer is free of fees, while with credit cards, fees of around 3% apply.
Also…
…you should know that a currency exchange fee of 2.5% applies if you intend to make transactions in a currency other than the default one you chose upon account registration. Prior to creating your account and start playing across online bingo sites with it, therefore, make sure you get informed on all the costs, depending on your country of residence.
Depositing and Withdrawing
If you’ve ever played across online bingo sites with eWallets, you would have no issues transacting with this eWallet. As mentioned several times, it is a payment solution that is really convenient and easy to use.
First…
…you would need to find an online bingo site that accepts it as a payment method. Since you have plenty of options, this would be an easy step. Then, you would need to go to that site’s Banking page, or sometimes labelled Cashier page. From the list of accepted methods, choose it and by clicking on its icon, you’ll see a new tab opening. This is where you’ll need to enter your PayPal account login details. Go through the authentication procedure, and when you’re done with that, enter the amount of money you’d like to fund your online bingo account with. Confirm the transaction and the money should be available in an instant, for you to play your favourite 90-ball or 75-ball online bingo games with.
To cash out your bingo winnings…
…you would need to repeat the same process. Only this time, you’d have to specify the amount of money you’d like transferred from your online bingo to your PayPal account. Now, as we said, deposits with it are instant, but withdrawals take a while. Three to five working days may go by until the funds from your online bingo site reach your eWallet account, and if something’s wrong with the request, the withdrawal would take even more days.
FAQ
Apart from deposit and currency conversion fees, do other fees apply?
Yes. As mentioned, before you start using it, you better check for all fees that apply on its official website. Depending on the methods you’re using to fund your account and withdraw funds from it, some small fees will apply, so make sure you get informed on them.
Can I use PayPal MasterCard to play across online bingo sites?
Sure! PayPal MasterCard is a plastic card issued by the company in partnership with MasterCard. This is a card that can be issued to any user, at any location where MasterCard is available, for free. There’s a $4.95 monthly fee attached to it, but it is an excellent solution if you want to have your bingo winnings directly on your card and cash them out at any ATM with the card. Of course, you can also make deposits with it across all online bingo sites that accept it.
Does the eWallet implement tough security measures?
Yes, indeed. In fact, the company takes security seriously and prides itself in the security measures it has implemented. Apart from blocking its service for countries with known disreputable behaviours, it meets all regulatory and industry standards and has its own PayPal Security Key that further protects users’ funds. In addition, it implements the latest SSL encryptions.
Can I cancel transactions with PayPal?
This depends on the status of the transaction. Access your account, and check the status. If the transaction is “pending”, you have the opportunity to cancel it. But, if it is in the review list, then you’ve missed out on your chance to cancel it. So if you find yourself in a situation where you make a wrong transaction, make sure to be quick and log in to your account immediately in order to stop it on time.
Are there any PayPal bonuses I could claim across online bingo sites?
As a matter of fact, yes. Considering it has been the preferred payment method to many online bingo players, operators have started offering dedicated bonuses to further promote its use. You just need to dig deep and try to find an online bingo site that offers PayPal bonuses.