Among the first generation of eWallets was PayPal, a brand that has gained considerable recognition since its formation in 1998 and is considered by many to be the king of all eWallets.
Best known as the form of payment used on eBay, the company was actually bought by the online auction site in 2002 and since then has grown significantly. Around the turn of the century, PayPal was one of the most popular payment methods for casino players worldwide. Despite this popularity, in 2003 PayPal stopped processing payments between gambling sites and players.
However, in 2010 PayPal saw the light and reopened to online gamblers exclusively in countries where the activity is legal, the UK is of course one of them.
Casinos will not charge you any fee for depositing from and withdrawing to your PayPal account. Credit and debit card fees can also be avoided by linking your bank account directly to your PayPal account. Verifying your account will also remove any deposit and withdrawal limits, so you can deposit and withdraw as much and as often as you like. If you don’t verify your account and you use a debit or credit card to fund your casino account, the fees range from 1.4% to 3.4% plus a small fixed fee of £0.20.
One last tip, always ensure you deposit into your chosen casino using the same currency that your PayPal account is in. If your PayPal account is in British pounds, deposit in British pounds. If you don’t, then PayPal will charge you the interbank exchange rate which fluctuates, meaning you never know where you stand.
To set up a PayPal account, all that’s required is to register a bank account, credit card or debit card. Once you’ve paid some money into your account then an online casino only needs the email address registered to that account in order to make a deposit.
One thing to bear in mind when using PayPal is that any money withdrawn must be withdrawn back to the same PayPal account. This is to counter any potential money laundering. Almost all other eWallets have to do this so it’s nothing new.
Withdrawing back into your PayPal account certainly isn’t the worst thing in the world. Millions of online businesses accept it as a payment method and you can send money to others as well as transfer it into a bank account.
Although most of us have probably received PayPal spam (or was that scam) emails, the risk is extremely low and when it does happen, PayPal are red hot on the issue and matters are resolved extremely quickly – yes we do speak from experience.
As with using all forms of online payment methods it’s important to follow a few golden rules. These include ensuring that you’re using an up-to-date browser, using a secure trusted email account (Gmail is one), frequently change all your passwords and don’t use the same password for all your accounts. And for PayPal make sure you use the PayPal security key. The security key allows you to double-lock your account and reduces the already slim chances of having your details or money stolen.