When it comes to playing poker online, most of us like to play for real money. While freerolls are nice, and play chips can be fun, serious players are looking to rake in the big bucks. What’s more, the poker rooms know this, and will usually offer cash incentives for depositing more money into your account and moving it around. The poker is online, so why shouldn’t the money get handled there too? Enter the poker eWallet.
Unfortunately, if you’ve ever tried to move money around online, you know what a hassle it can be. Credit cards and banks take days to process a transaction. Potentially leaving you waiting for money to go through before you can receive a bonus or even before you can start playing.
So what is the solution? Simple, get an ewallet. If you’ve never heard of an ewallet before, we’re about to blow your mind. Never again will you have to worry about the security of your money, nor will you have to spend days on end waiting for your money to transfer. And the best part? Signing up and using ewallets is super easy! Let’s walk you through the details of this fantastic system.
What are ewallets?
As the name would suggest, an ewallet is simply an electronic version of the thing you keep in your pocket. Instead of physically holding your credit cards and bank information, an ewallet will store them digitally. Since you are already verified by the ewallet carrier, you don’t have to re-enter your personal information at each site and all transactions are much faster.
In the poker world, ewallets are best used to deposit and withdraw money from your account securely and quickly. Skrill and Neteller are the two primary ewallet providers, and they are accepted at most major poker rooms. Poker sites love working with ewallets because they are much more secure than dealing with your bank or credit card, so they often will process your transactions quicker and even reward you for using them.
Simply put, an ewallet is the fastest, safest way to transfer money online.
Benefits of Using a Poker eWallet
When it comes to ewallets, there are many reasons for you to use them. So much so, in fact, that we think that once you switch, you won’t go back. Here are seven benefits of using these virtual money clips.
If you use a bank account or credit card at a poker room, then you have to enter in all kinds of personal information. If you sign up with multiple sites, that means your data is much more likely to be stolen or hacked. Especially true if you sign up with some questionable websites. With an ewallet, your personal information is stored securely and never given out to any other site. Instead, only your ewallet verification is provided, so you don’t have to worry about your bank account falling into the wrong hands.
Another downside to entering in your bank info is that it takes time. Not only does it take a while to enter everything, but you then have to wait for the poker site to verify all of your information and establish a connection with your bank. To make matters worse, some banks won’t recognize the transaction and may try to shut down your account for fraudulent activity, meaning that you have to talk to them and tell them what’s going on.
With an ewallet, since you are using a trusted service that already has establish relationships with most poker sites, your transactions go through every time with speed and reliability. In most cases, your money is available instantly.
When it comes to extracting money from your ewallet, you have tons of options to do so. You can transfer it into your bank account, withdraw it from an ATM, or you can even sign up for an ewallet card that works just like a debit card. That way, you can get your money however you want, when you want it, without any hassle.
Easy to Use
Once you get all of your information into your ewallet, transacting becomes as simple as entering in your email. Much like with PayPal, you can just provide your email address, and you’re ready to go. Since most poker sites already know Skrill and Neteller, there is no waiting period and no extra verification process.
In case you’re worried about the legitimacy of ewallet providers, you can rest assured that they have accountability, just like your bank or your credit card carrier. ewallet companies are regulated by the FSA in London. If you ever have an issue with a provider for any reason, you can report them and trust that your issue will be resolved.
Finally, the best reason to use ewallets is that they usually will reward you for using them. The more you transact with an ewallet, the more rewards you can get. Much like a credit card offering cash back, an ewallet provider will typically offer cash incentives to move money around. Simply put, you can earn extra money just by doing something you’d normally do.
Downsides to ewallets
Realistically speaking, there is no downside to using an ewallet. However, you can run into trouble if you join a site that doesn’t accept your ewallet provider, in which case you will have to enter your financial information the old fashioned way. Thankfully, the majority of online poker sites already accept the top ewallet companies, so you should be good to go. If you want to maximize your potential, feel free to sign up with all three brands that we list below. Another option is to have a quick check on our poker site comparison tool. Simply tick the payment method you want to use and see which sites accept it.
Put simply, using an ewallet for online poker is the fastest, safest, and easiest option you can have.
Best Poker eWallet
We briefly mentioned that there are two top ewallet providers, but there is a third site that can help you get the most out of your accounts. Here is a breakdown of each company and what you can expect when you join.
Skrill is a great option for most players’ poker eWallet. Having slightly fewer features than Neteller means it’s less suitable for high rollers. However, if you’re a casual player or don’t plan on moving a ton of money around, Skrill is a fantastic option. Also, this service is available in some places that Neteller is not.
Benefits of Skrill
- Sign Up Bonus: when you first deposit money into your Skrill account, they will give you 20% cash back up to $10. That means you get free money just for using the service, and you haven’t even played a game yet.
- Cash Back Rewards: as you transact money through the service, you will rack up VIP points, which you can then turn into cash or redeem for various prizes that are offered by the site.
- Pre-Paid Card: if you don’t want to have to deal with your bank every time you want to use your Skrill money, you can sign up for a pre-paid Mastercard. This will deduct from your Skrill account balance. The fees are lower than with a regular credit card. You can also use it as soon as money is put into your account.
- Quick Balance Transfer: if you do put money back into your bank account, it will usually take two or three business days, which is better than most poker sites on their own.
The only downside with Skrill is that exchange fees are quite significant. It’s best to make sure that all of your accounts are in the same currency to avoid any unnecessary charges.
As the oldest and most trusted ewallet provider out there, Neteller is the gold standard for online transactions. Whether you’re a high-stakes player or still a newbie, this service has everything you need for your poker ewallet.
Benefits of Neteller
- World-Class Security: when you transact with Neteller, you know that your money is safe
- Best Customer Service: if you have any problems at all, you can contact a service representative at any time
- No Fees for Peer-to-Peer Transactions: this is unheard of in the poker community, but if you send money to anyone else, Neteller will process your transaction with no extra fees
- Higher Cash Back Options: with Skrill, you earn 0.5% cash back on all purchases. With Neteller, you can get up to 1.2% back, meaning that you can make more than double what Skrill will pay you
- Low Foreign Exchange Fees: when you exchange currencies, Neteller’s fees are among the lowest of any financial service
- Higher Withdrawal Limit: if you use your pre-paid card, you can take out up to $3,300 per day, which is more than most banks or credit cards allow
The only real downside to Neteller is that it’s not available in every country. Otherwise, if you can sign up with this ewallet, do so.
This next service is not actually an ewallet provider. Instead, ewallet Optimizer (eWO) is a service that helps you get the most out of your Neteller or Skrill account. If you want to get more rewards and more perks, then we would suggest signing up with eWO. How does a poker ewallet that gives you cash back bonuses on your winnings sound? Pretty good to us!
Benefits of eWO
- Higher Rewards: to get the maximum cash back through Neteller, you have to be part of their Pro service. Signing up with eWO means you automatically get Pro status, so you get the 1.2% cash back rebate. Also, you get an extra 0.3-0.5% cash back through Skrill when you use eWO
- No Deposit Limits: also with your Pro status you can deposit as much as you want into your poker account or another peer account without any fees or limits
- Double Cash Back: eWO will allow you earn twice as much with your cash back rewards than you would get otherwise
- Extra Layer of Security: since you are going through eWO, you have an added layer of safety to your personal information
- Double Sign Up Bonus: using eWO with Skrill, you get $20 instead of the original $10 for your first deposit
- Faster VIP Status: also with Skrill, you can earn more VIP points and get a better ranking much faster with eWO
Overall, there is no reason not to use eWO with either of these services. That is unless you don’t like getting more free money and having tons more perks!
Poker eWallet Conclusion
If you want the best, most secure, and fastest way to deposit and withdraw money, then use a poker eWallet. With every reason to join and no reason not to, what are you waiting for? Comment below and let us know all about your Skrill and Neteller experiences. We hope you enjoyed our guide to every online poker player’s indispensable tool, the poker eWallet!