Casino Deposits And Currency Exchange Rates
With the digital era, the vast majority of online casinos are now active in more than one territory. This means that they are supporting all the most important currencies like Euro, Great British Pound, US Dollar and others.
When you sign up to an online casino, it is essential that you check that your local currency is supported: even though it takes just a few seconds to do so, it will save you a lot of issues later down the line when you make deposits and withdrawals. Choosing the correct currency is one of the most critical steps when registering to a new online casino: get this wrong, and you will be charged some costly exchange rates which could have a negative impact on your deposit of 2-3% and sometimes even 5%. Starting to play at a casino with significantly less money that you have deposited just due to the exchange rate is one of the worst things that can happen.
What to do tough if the casino you have picked doesn’t support your own currency? Well, you can still play with them, but you are left with two options. The first option is to pay the exchange rate and the second one is to switch to a different casino that does support your currency. There are so many online casinos available and should be pretty straightforward to find one that does accept your currency.
There are many benefits to choosing an online casino that supports your local currency. The first one is that you don’t have to pay expensive exchange rates. Lots of e-Wallets now have also built-in currency exchange feature: although this might look cheaper, in reality, you need to remember that every time you switch from a currency to another you are going to pay a charge. So, the only way to avoid that charge is to play at an online casino with your own currency: in this case, there isn’t any cost, and you will be effectively playing with all the money that you have deposited. Although you might be able to find a slightly better exchange rate as those do vary from casino to casino, in reality, having unnecessary cuts on your gambling bankroll is not something we suggest.
Another con of having to exchange your currency is that it increases the length of your deposit. As a player you want to deposit quick and get on with the game: when you have to exchange currency, you usually have to go through an e-Wallet which means it will add an extra step in the deposit with a direct effect on the times that it takes to complete the transaction. So, besides, to have to pay a fee to exchange your currency you will also have the unnecessary hassle, and this is the reason why the vast majority of top casinos are offering lots of different currency options.
Be careful when you select the currency at registration level as the vast majority of online casino will not allow you to change it later on. Some casinos also place some restrictions on players in regards to the currency that they can use to deposit and play. Most casinos, however, will allow you to transact in your local or preferred currency and in doing so you will avoid the extra charges we were discussing before.
Euro is the currency that is accepted by the vast majority of online casinos. If you are not allowed to deposit and play with your local currency you might be able to do that in Euro without having to pay an exchange rate. Also, note that if you want to play in the GBP (£) currency, you will only be able to do so if you are living in the United Kingdom or Ireland. It is crucial you know those restrictions when making the first deposit to avoid issues appearing down the line with your casino.
Another critical thing to consider if you are making a deposit in a currency that is different than your local one is the amount of the deposit. If you are taking advantage of a welcome bonus, you will need to check that you are meeting the minimum deposit requirement to claim the reward. This means that you will need to check what is the exchange rate charge and make sure the deposit will cover the full amount after deducting any fees. Since the currency exchange fees will come from your deposit, you might end up being below the minimum requirement for the bonus, and this is why you need to pay attention.
For all those reasons we strongly suggest that you deposit in a currency that you are comfortable playing with. Getting involved in casino games with a currency that you don’t fully understand the value could have some horrible effect on your bankroll. So, unless particular circumstances, always pick online casinos that fully support your own currency as this will give you immediately a lot more benefits as we have seen.