Best Online Casino Payment Methods in Malaysia

Deposit and Withdrawal Methods at Malaysian Casinos

Having many deposits/withdrawal methods is crucial; thus, most Malaysian casinos offer multiple options:

• Credit/Debit Cards;
• Bank Transfers;
• E-wallets;
• Crypto.

These are the most popular options, but each has its differences. Using credit/debit cards is secure. The frame for deposits is instant, and sometimes can take a few minutes. Bank transfers take days or even prolong over the weekend. E-wallets are another method for secure and fast cashing out. Making a deposit with a phone bill is also a fast option. Finally, crypto offers safe and instant transfers but is not widely available in all casinos.

Debit and Credit Cards

Debit and credit cards are the most popular transaction methods. Depositing is fast and can take minutes, but withdrawals take about two or three days. Sometimes transfers may have a 1-2% fee for currency conversions. The three most prominent names in the industry are Visa, MasterCard, and American Express.

Visa: Regarding credit or debit cards, Visa is the first name that comes to mind. It is an American company that provides numerous people with a fast, secure and convenient way to transfer their money. It is an option for online casino payments where a transaction takes minutes.

MasterCard: The second best one from the card providers. It is commonly accepted in online gambling platforms. The transactions are pretty fast and secure.

American Express: This one is more popular with Americans. While it's not so commonly used elsewhere, it's still the third most common credit/debit card. Many casinos accept it as a transaction method. Similarly to the previous two, it is safe, secure, and fast when it comes to deposits.

Popular E-Wallets

E-wallets are considered one of online casino platforms’ most common payment options. Depositing cash happens instantly; withdrawing takes from two to three days. The various wallets differ in their transactional or conversion fees, issued mainly by the casino operator (max 5%).

PayPal: This is one of the best e-wallets; it is accepted in many online casinos. To use it, you need a registration and a credit card. The transfers are fast, secure, and easily accessible from your desktop or mobile. In a matter of speed, the transactions are instant, making it a favorite for many.

Skrill: When it comes to gambling, this one holds the lead. It is popular and has the same features as PayPal. It is fast, safe; it even provides its users with benefits based on their spending.

Neteller: Owned by Skrill, Neteller was once the best e-wallet you could use for gambling transactions. It was an alternative to PayPal sharing its fast transactions and safety features. Living on its excellent reputation, you can still use this method in numerous online casinos.

EcoPayz: Another alternative to these popular e-wallets that comes with all their features but adds something more. Unique for EcoPayz is that they offer ecoCard to their customers. It has the same benefit as a debit card. Overall, this method is safe and fast, plus easy to use.

Trustly: A great alternative to most e-wallets. That is because of its nonexistent fees, fast transactions, and easy access it offers. You can transfer money from one account to another within seconds, which is perfect for iGaming.

Payment With Mobile Applications

Payment with mobile applications is popular in online casinos where players want to operate with small sums. That's because although they have all pros of the other methods, they may have higher fees(1-3%). Deposits are instant, while withdrawals take about three days or are unavailable.

Zimpler is fast, secure, and can be used easily. Once a deposit is made, it’s  added directly to your phone bill each month (a transfer occurs between a day or two). The fastest way is to use your card info for instant payment, as bank transfers may take even a week.

Siru is similar to Zimpler; you deposit money by adding them to your monthly phone bill. It’s a way to postpone the payment and an option that does not require banking information. The app is safe, fast, and can be used with a few clicks.

Payforit operates on the same principle as every app serving as a casino payment method. It is fast and secure but has issues like low daily deposit limits (about $30).

Cryptocurrencies

Apart from all available transaction methods, cryptos have found their standing and have become popular in online casinos. That is due to their outstanding features like:

• Instant deposits and withdrawals (takes a maximum of 20 minutes);
• A secure option that does not require cards or bank transfers;
• Almost complete anonymity;
• No mediators, which means no extra fees.

A prominent advantage of cryptocurrencies is that you do not have to use personal information. That makes options like Bitcoin extremely popular and more commonly seen in online casinos. BTC is not the only option, many platforms accept Ethereum, Litecoin, and even Dogecoin as payment options. That's because these currencies can transfer money instantly, no matter if it's Dollars, MYR, Euro, etc.

Another great side of this payment option is its low fees. Unlike many other options, using cryptocurrencies can come with a 0% fee or up to 1.5% based on your use. Some operators may issue higher withdrawal fees of about 4-5% for BTC.

Not everything is perfect, and this method has disadvantages. In many countries, including Malaysia, Crypto has not been well-accepted. As a result, you can't use it, or you have to convert crypto coins into digital currency.

Prepaid Cards and Vouchers

Prepaid cards and vouchers are a popular way of making an online casino deposit into your account. They are offered by banks, money lenders, and even on many gambling platforms. All you need to do is buy it; depending on how you do it, the process can take from hours to a few days. Additional transaction fees may be applied but won’t be higher than 3%. If you buy directly from an online casino, the issuing authority may require an ID and picture to prove your identity.

An advantage of this method is that you can control your expenditures. You don't need to use your credit cards or bank account to transfer money. Once you set up an account, all transfers can be instant.

Bank Wire Transfer

All Malaysians prefer the Bank wire transaction method. It is accepted everywhere and can happen offline and online, making it convenient. By using this option, you are prone to secure money transfers. Sometimes, they can take from a few hours or even a few days. That's because of operating hours and whether you pick online wire transfers. Note that fees depend on your bank and can be anywhere from one to three percent, in some cases, more. Their best pro is that this option doesn't require any additional documentation and has low or no fees. A main negative is that converting currency may apply additional fees, which also apply to most international transfers.

Recommended Casino Sites

If you are a Malaysian who likes online roulettes, naturally, you will look for a platform with many transaction options. Therefore, we've prepared a list of the seven best online casinos, together with their best features for you:

Conclusion

Regarding online casinos in Malaysia, there are multiple online casino payment gateway options available to choose from. These include the most traditional ones like credit/debit cards or newer options such as e-wallets and Crypto. Each has pros and cons, and whether one method is suitable depends on your needs and preferences. Some players may prefer using Skrill, while others the security of bank wire transfers. Ultimately, the best transaction method for you will depend on your preferences. We've provided you with information about all of them, so make sure to reread them and pick them carefully.

FAQs about Popular Payment Methods in Malaysia

Can I pay by money transfers from Malaysian banks?

Yes, you can transfer money from your Malaysian bank to any international one. That may include fees related to the overseas transfer, or you may pay for currency conversion.

What e-wallets can I use at online casinos in Malaysia?

In Malaysia, you can use many e-wallets for various purposes. PayPal, Skrill, and Neteller are the most popular ones. Each of them is secure and ensures fast transactions. The fees are low in most cases. Exceptions are made when you convert the Malaysian ringgit to USD, Euro, or Pounds.

Will I be able to withdraw to my Visa account?

Yes, you can withdraw and deposit money to your Visa card. You will benefit from low fees and almost instant transactions. Visas allow Malaysians to transfer money safely and without hassle.

Do I have to pay taxes from my cash-out winnings?

You will pay taxes on your winnings when cashing out. According to MOF, you must pay 35% of your winnings in taxes.  The amount depends on the transaction option you pick. Each has different fees, and additional charges can always be applied.

Do I have to pay any fees to deposit and withdraw at an online casino?

You have to pay transactions and, in some situations, conversion fees that jointly reach roughly 2,5%. That is related to your payment option. Some do not have any costs for standard transfers.