Banking options on betting sites and sportsbooks, topics such as how to deposit and how to withdraw, is a popular topic among online betting enthusiasts in India. Additionally, a simple search will reveal forums rife with bettors are searching for reliable banking options with online betting sites.
In composing this article, OnlineBetting.in has collated all relevant information from such forums as well as visitors. This banking guide will save you a lot of time and frustration when betting with real money online.
If you use an e-wallet like Neteller, you will find it available for both deposit and withdrawal at all reputable betting sites. Furthermore, both of these features are unique to e-wallets for Indian betting sites.
The main drawback, however, is that they may take some time to set up. E-wallets are essentially online bank accounts, so these firms require a fairly in-depth verification process in accordance with the law. However, once your account is set up, depositing and withdrawing is fast and easy.
Generally speaking, credit/debit cards are popular with online betting enthusiasts globally. They are also a preferred deposit option.
However, due to banking restrictions in India, this method is extremely unreliable. Also, India’s FEMA (Foreign Exchange Management Act) policy requires players to exercise caution. Using credit cards on betting or cryptocurrency platforms is, for the most part, against most card issuers’ terms and conditions.
So, even if your card is accepted for a deposit, there is no guarantee it will be accepted next time.
Bank wires are particularly used by high stakes bettors. However, e-wallet limits are often larger.
Wiring funds directly to betting sites can be just as unreliable as credit cards due to the same banking restrictions. So there is no clear advantage with using this method either.
Technically, credit cards, cheques, and bank wires are available at select betting sites as a withdrawal option. However, it is very likely that you will face problems similar to what you might have had when you tried depositing with such techniques.
Banks are often likely to reject these transactions since they come directly from betting sites.
Therefore, in reality, there is only one option when it comes to withdrawal from betting sites in India and that is to use an e-wallet.
Banks in India are very conservative when it comes to dealing with online gaming companies.
There is no consistency when it comes to how the state and national laws address online betting. And because of this, it is difficult to send and receive money directly from betting sites. Furthermore, credit/debit card issuers, and the banks themselves, will often reject these transactions.
You may find that these options work some of the time, but they are very unreliable. It can also make the entire process very frustrating.
As explained earlier, e-wallets are essentially online bank accounts as they vet all applications. Another key point is that they can be used at any merchant that accepts them, not just betting sites.
Merchants don’t have restrictions against betting sites and, moreover, Indian banks don’t have restrictions against transactions with e-wallets. Thus, e-wallets can act as the perfect intermediary.
As many players will testify, e-wallets make depositing and withdrawing reliable, fast and also easy.
Firstly, e-wallets make the process far less tedious. Other payment options offer far lower success rates when depositing and withdrawing.
Secondly, e-wallets are greatly flexible as they allow several funding options, including credit cards, bank transfer, and even cheques.
Thirdly, they provide a layer of confidentiality and privacy. Your credit card or bank statement will often show the name of the bookmaker or casino against a particular transaction. When you use and e-wallet, the said transaction will instead reflect the e-wallet that you funded. Not the betting site.
Fourthly, using an e-wallet gives you the option to quickly and safely transfer money between sites in order to get the best value for your deposit and bets.
And lastly, since these e-wallets are used at online merchants and retailers in addition to betting sites, you can always use your winnings straight from your e-wallet to purchase items online.
To begin with, use Indian Rupees whenever available; and not to mention, there are reputable betting sites that offer deposits and withdrawals in INR.
Using INR is easier, and it also helps avoid what can amount to costly currency exchange fees. Converting INR to other currencies such as EUR, USD, and GBP, and vice versa, can be a costly affair. The exchange fee alone is the biggest reason to use INR.
We highly recommend using e-wallets such as Neteller or Skrill to transact with online betting sites. Not only do they allow transactions in INR, they are also the most dependable option for Indian players.
When using e-wallets at betting sites that accept INR, be sure to select Indian Rupee as your default currency.
Benefits of Using Indian Rupee
To learn more about INR, and how to make deposits or withdrawals using e-wallets on gambling sites, visit our Indian Rupees guide.