Table of Contents
- What’s PayPal and How Does it Work?
- Benefits of PayPal Bingo Sites
- Drawbacks of PayPal Bingo Sites
- Getting a PayPal Account
- Processing Times, Fees, Limits, and Unique Features at PayPal Bingo Sites
- PayPal Bingo Sites FAQ
What’s PayPal and How Does it Work?
PayPal is an e-wallet payment platform that allows users to carry out online banking transactions independently from their bank accounts. You sign up for a PayPal account and fund it with your credit/debit card or bank account. Then you can use the stored funds to make transactions. PayPal is popular for buying stuff online, sending and receiving payments, and paying other fees and subscriptions. It’s also great for making online bingo deposits and withdrawals.
For a time, PayPal services were not available for gambling transactions. Fortunately, they re-entered the gambling market in 2014. PayPal was founded by the creators of eBay and formerly catered only to transactions made on the platform. It branched out in 2015 and now has a customer base of over 270 million globally. The behemoth financial company is available in more than 200 markets and accepts 25 currencies.
Benefits of PayPal Bingo Sites
Widespread Availability for the UK
The UK is a booming PayPal market for online banking transactions. It’s among the most common payment methods after bank cards and bank transfers. In the past few years, many sites have begun accepting this method, and you’ll usually find it as an option at new bingo sites. Chances are you already have a PayPal account of your own, so you can get right to gaming in no time.
You are using a go-between when using PayPal at an online bingo site. Your banking details are not revealed to the bingo operator and, as such, are at no risk. Only your PayPal email will be revealed to process the transaction.
One of the benefits of PayPal is the speed of transactions. Deposits are instant, and withdrawals are relatively faster than most other methods.
PayPal Sites are Reliable
PayPal has a reputation for excellent security and is one of the top payment providers, so you don’t find this payment method at bingo sites that are not legit. Only the best bingo sites will provide PayPal as a payment method.
Eligible for Bonuses
Some payment methods are often restricted for claiming bingo bonuses, but PayPal isn’t one of those. In fact, PayPal bonuses are some of the best on the market.
Drawbacks of PayPal Bingo Sites
PayPal can put your money on hold for up to 21 days. This is common for new users. Where there is suspicion of unusual activity, they can hold your money for up to 180 days. Although this is for the purpose of security, it can be frustrating to be unable to get your money when this happens.
Doesn’t Work with Credit Cards
The credit card ban on gambling sites in the UK extends to PayPal. You cannot use a credit card to fund your PayPal account for online casino payments.
Getting a PayPal Account
You need to get a PayPal account before using this payment method at online casinos. The need to create an e-wallet account would be a disadvantage if the process weren’t so easy. You can get your PayPal account up and running in minutes, and it’s completely free. Here’s how to do it:
- Head to PayPal.com
- Click the “Sign up” button and fill in your details as prompted – name, email, password, age, address, etc.
- Create your account and confirm the link that’ll be sent to your email
- Log in with your credentials and link a debit card or bank account
- To verify the linked payment method, PayPal with charge a small amount to your bank.
- Verify the amount withdrawn from your bank to complete the link up
- Begin using your account for payments.
How to Use PayPal to Deposit at Bingo Sites
- Sign in to your PayPal bingo site
- Navigate to the cashier page and select “Deposits”
- Choose PayPal from the list of payment methods provided
- Enter the amount you want to deposit
- You’ll be redirected to the PayPal portal, where you will log in to confirm the transaction
- You should receive your funds in your bingo account almost immediately
How to Use PayPal to Withdraw at Bingo Sites
- Under the cashier page, select withdrawals
- Input the amount you want to withdraw
- PayPal will be the default cashout method since most UK bingo sites use a closed-loop system (withdrawals must be made to the same method used in depositing).
- Choose PayPal as your preferred cashout method and complete the transaction
- Wait to receive your funds
Processing Times, Fees, Limits, and Unique Features at PayPal Bingo Sites
While your PayPal deposits should reflect in your casino account immediately, payouts take about 24 – 48 hours. Once the request is approved by the bingo site, your funds will be released to you in a matter of hours. As for limits, these depend on where you play, but there are several £5 PayPal bingo sites. The maximum amount is as high as £5000 per transaction.
Payments at the best PayPal bingo sites are fee-free. So depositing and withdrawing to your PayPal account shouldn’t require any taxes. However, it’s worth knowing that PayPal itself has fees if you’re transferring funds to your bank account or making other transactions.
The PayPal e-wallet is the most common service of this payment provider. But there is also a mobile PayPal app to help to pay conveniently when playing at mobile bingo sites. With PayPal.Me, you simply send a link that the sender will use to transfer money to your account. This is less common for online gambling, though.
PayPal is the biggest e-wallet provider and is popular among bingo players in the UK for its convenience for deposits and withdrawals, speed of transactions, and high-security standard, among other things. It’s also quite easy to set up an account, and the availability of a mobile PayPal app makes it even more accessible.
Despite having more than 200 million users, PayPal is not without its flaws. However, it’s always a question of weighing the pros and cons, and the advantages of PayPal bingo sites are decidedly more significant.
PayPal Bingo Sites FAQ
Does PayPal accept both deposits and withdrawals?
PayPal is a fantastic gambling payment method because it offers a complete solution. You can deposit, withdraw and store funds with this e-wallet.
How long do PayPal withdrawals take?
This payment method has one of the fastest processing times at bingo sites. Withdrawals usually take between 24 – 48 hours before you’re credited.
How do I link my PayPal to a bingo site?
You don’t need to link your PayPal account to a bingo site. When you select PayPal for deposits, you’ll simply be redirected to the PayPal online portal, where you can confirm the transaction.