When it comes to online betting in India, banking is a popular topic among punters. It is easy to find forum threads of frustrated betting enthusiasts who are searching for the best way to bank with online betting sites from India. We have experimented with different options, gathered information from our visitors, as well as forums on the topic. We have used what we have found to develop our banking guides. We hope this information saves you a lot of time and frustration when betting with real money online.
There are several options available for depositing from India including ewallets, credit/debit cards, and bankwires. However, in our opinion, there is a clear best option for Indian players.
eWallets – eWallets are our top recommended option by far. They are the most reliable among all options, and if you use an eWallet like Neteller, you will find it available for both deposit and withdrawal at all reputable betting sites. Both of these features are unique to ewallets for Indian betting sites. The main drawback for ewallets is that they do take some time to set up. Ewallets are essentially online bank accounts, so these companies require a fairly in depth verification process to weed out fraudulent accounts. However, once your ewallet is set up, depositing and withdrawing is fast and easy.
Credit/Debit Cards – Typically, credit and debit cards are the most popular method worldwide for depositing with online betting sites. However, due to banking restrictions in India, this method is extremely unreliable. Even if your card is accepted for a deposit, there is no guarantee it will be accepted next time. You will find a lot of frustrated bettors among various forums discussing credit and debit cards, which is why we recommend using eWallets instead.
Bankwire – Bankwires are usually used by high stakes bettors. However, the banking limits at eWallets are often larger than those associated with bankwires. Added with the fact that wires directly to betting sites can be just as unreliable as credit cards due to the same banking restrictions, there is no clear advantage with using this method. Once again, leaving ewallets the best option for Indian bettors.
There is really only one option to withdraw from betting sites in India, eWallets. Technically, credit cards, checks, and bank wires are available at select betting sites as a withdrawal option, but it is very common to run into the same problems that you do with depositing. Banks will often reject these transactions since they come directly from betting sites.
Problems with Credit Cards, Debit Cards, and Bank Wires
Banks in India are very conservative when it comes to dealing with online gaming companies given that there is not consistency when it comes to how the state and national laws address online betting. Because of this, it is often difficult to send and receive money directly from betting sites because the companies that issue the credit/debit cards, 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 make the entire process very frustrating.
How Do eWallets Get Around These Problems?
As we mentioned before, eWallets are essentially online bank accounts. These accounts can be used at any merchant that accepts them, not just betting sites. Since these merchants don’t have restrictions against betting sites, and since Indian banks don’t have restrictions against transactions with ewallets, they act as the perfect intermediary, making depositing and withdrawing reliable, fast and easy.
Betting with Indian Rupees
We prefer to use Indian Rupees when available, and thankfully, there are a few reputable betting sites that offer deposits and withdrawals in our own currency. Not only is using INR easier, it also helps to avoid what can amount to costly currency exchange fees for changing INR to other currencies like EUR, USD, and GBP before depositing, then converting back again to deposit into your home bank account. Exchange fees that are associated with using other currencies are probably the biggest reason to use Indian Rupees when betting online.
Depositing and Withdrawing in Indian Rupees
We highly recommend using eWallets such as Neteller or Skrill to transact with online betting sites while using Rupees. Not only do both of these ewallets allow transactions in INR, but they are also the most dependable deposit option for Indian players. We will cover more about ewallets below.
Note: When using eWallets, be sure to select Indian Rupees as your default currency if you plan on mainly using betting sites that accept INR.
Benefits of Using Indian Rupees
- Easier to know the value of bets by using native currency.
- Avoid exchange fees that come from using other currencies.
Betway is the best overall betting site for India. They offer our favorite deposit options, Neteller and Skrill. In addition, they accept Indian Rupees directly which is a huge convenience for Indian customers. Betway is a well rounded betting site with sports, casino, poker and more!