Banking Options for Florida

Online banking methods are the easiest way to add funds to your online bank account at Florida sportsbooks, and there are many safe options out there.

Florida E-wallets:

An electronic wallet (e-wallet) is a digitized form of your physical wallet. You can use them to hold bank accounts and cards, as well as load them with cash. E-wallets can also mediate transactions.

Pros:

Most e-wallet users face no fees for their use, and providers are great about being upfront if there is a chance for fees. This gives you a safe and secure way to transfer funds into your Florida account for free.

E-wallets play the middle-man for you, keeping card information and account numbers under lock and key when facilitating transactions. This is helpful if you are worried about providers handling this information or if your bank blocks transactions that show up from a gaming site.

Cons:

While most e-wallets are free to use, some fees still apply. Skrill charges a fee ranging from 1 to 6 percent for deposits.

E-wallets are a common tool for money launderers, and you may need to jump through more hoops to withdraw to an e-wallet. Operators like BetMGM require you to make a successful deposit with the e-wallet before the option shows up for withdrawals.

Trustly/PayWithMyBank

Trustly and PayWithMyBank are online payment options popular with Florida sites, and after their merger, you should run into at least one. This banking option uses your login information for your bank account to initiate transactions.

Pros:

Online payment methods have a fantastic level of security that protects information like your account numbers. These methods do not offer you the opportunity to stay logged into your account, and the secure pages prevent hackers from accessing this information.

These companies also require the platforms they team up with to process transactions in a specific timeline, so your payouts should have quick and consistent processing times.

Cons:

Paying online with these companies is not as widespread as some other options, and smaller banks are not as likely to be compatible. If you bank with a larger institution this won’t be a problem, and the situation can change as the method gains popularity.

While some may not be comfortable logging into their account from the page, these sites have greater levels of security. Banks are better prepared to combat these cyber-attacks than stolen account or card numbers (although almost all are safe).

Play+ card

A popular banking option for betting that is built into popular sportsbooks is a Play+ card. This is a platform branded prepaid debit card that you can use for deposits and withdrawals.

Pros:

Play+ cards are directly linked to the platforms, so you can benefit from faster processing times in most cases. These are rarely guaranteed, but users notice a difference.

If you want a physical card to use at retail locations or ATMs you can request one. This card can be used anywhere Discover is accepted.

You also are not limited to using betting funds with your Play+ card. You can reload the card using your bank account at any time.

Cons:

While the physical card is beneficial, Discover Card is not as widely accepted as other card providers.

Play+ cards are also useless if you do not have funds on them, and you still need to wait for transactions to complete before you can use your funds.

ACH: VIP Preferred

Automatic clearing house (ACH) transactions utilize online networks to execute both deposits and withdrawals in a timely fashion. These move funds from your bank account without sharing the account information with the operators, and they also help when banks block transactions from betting sites.

Pros:

ACH transfers are beneficial for security reasons, but they are also useful for those without a card to use for transactions. If you are more familiar with using checks to make payments then these operate in the same way.

These have far fewer hidden fees or issues than most other methods, and your transaction is almost always free. Deposits transfer instantly, and the success rate for ACH transfers is one of the highest of all banking options.

Cons:

Because ACH transfers are an online banking option there is still an online transfer of information like account and routing numbers. There is no evidence suggesting this method is less secure, but bettors wanting to avoid providing this information should avoid ACH transfers.

They can also be less familiar than other methods, and some bettors may consider an ACH transfer to be more trouble than it is worth.

Credit/debit card

Card transactions are the most straightforward and familiar of any method, and sportsbooks are likely to accept most Visa and Mastercard transactions. Bettors using American Express and Discover Card can run into more issues.

You enter the information on the card to complete transactions, including the:

• Card number
• Expiry date
• Security code

The card should match your legal name and address used with the operator.

Pros:

Card transactions are the most familiar and bettors probably already know how to use these online. Most bettors own a card already, so there is no need to open up a new account.

Using a debit or credit card online is unlikely to incur any fees, and using a prepaid card has lower fees than some other methods.

Using a prepaid card is also a good option for those wanting more security when betting online.

Cons:

Different platforms accept different card brands. Visa and Mastercard owners may not have a problem, but if you rely on American Express or Discover Card you need to verify what is accepted at your site of choice.

If you plan to use a credit card to fund your account you need to learn whether it treats deposits as cash advances or not. Fees for cash advances can add up over time.

More options:

• Florida PayPal betting

In-person banking options provide opportunities for those that are not comfortable banking online or those that need to utilize cash to fund their accounts.

PaySafeCard

If your betting site accepts PaySafeCard as a banking option then you can go purchase a card from a retail sales location. Enter this card information on the cashiering page to make a deposit, and your transactions are kept safe and secure.

Pros:

PaySafeCard allows you to add funds to your account safely without using your bank account. This is great for those that do not have an account or those that prefer to keep the account information completely private.

This can also help budget your bankroll. The amount on the card is as much as you can use, and you cannot go past this amount.

Cons:

PaySafeCards can only be funded using cash, so they are not as convenient as online options.

The limit on the transaction size is also inconvenient if you want to transfer large sums of money. The maximum amount per payment on PaySafeCard is set at $300.

PaySafeCards are closed-loop cards, so once you use the amount on the card you cannot reload it and will need to purchase a new one.

PayNearMe

PayNearMe lets you start a transaction with your operator and finish it at the nearest location, usually a convenience store. It can take up to an hour for the transaction to post to your account.

Pros:

This is a proven method for adding funds to your account using cash or cards that are not accepted by your platforms.

PayNearMe keeps your information off the internet, and this security works well for many bettors.

Cons:

PayNearMe transactions are not instant, so you might need to wait to use funds to place bets.

This method is not as accepted as other methods, and running out to the store can be inconvenient for many situations.

Fees are higher than some other methods, and you can pay as much as $6 to deposit to your account.

Wire transfers

A wire transfer usually requires you to physically visit your bank to initiate or approve the transaction. The details differ depending on your bank, but the basics remain the same.

Pros:

Wire transfers allow you to move a larger amount of money into your account. This is a way to get around low maximum limits on most online banking options.

It is also nearly impossible for someone to fake a wire transfer, and going in person helps you go over the information to make sure every detail is correct.

Cons:

Wire transfers are inconvenient for those that would rather avoid a trip to the bank.

There is also a sizable fee tagged onto most wire transfers. Depending on your platform , this can be covered in part or in full.

This is not a quick way to transfer funds. Paperwork and verification add on to processing time, and it can take as long as a week before the funds are available for betting.

Cash at the cage

Cash at the cage banking options allows you to deposit or withdraw funds by visiting the retail location for your operator.

At the cashier of the retail location, you provide the necessary account information for them to find the account and move funds in or out.

Pros:

Cash at the cage can be a faster option for withdrawing your winnings, especially if you are already at the retail location.

This is also a low-fee banking option available for depositing to your account. Instead of working with a third party that charges a fee to complete the transaction you work directly with the Florida company you have an account with.

Cons:

If you do not have a retail location near you then cash at the cage is usually too much of an inconvenience to use for Florida online gambling.