When playing real money slots or poker games at online casinos the most important question that I always have in my mind is as how will I make a deposit at the casino. You would say why, it is so easy to do as all is listed in the banking section or banking page of the online casino. I agree with you. It is easy to do but not so easy as it seems to be.
It is true that any banking page at the online casino lists various deposit options and withdrawal methods but you need to choose the one that is more convenient, simple in processing as well as is legally allowed in your country. Some of the common deposit modes are Credit cards VISA and Master Cards; Bitcoin; Neteller; Local Debit cards; Wire Transfer and many others. But there is one more banking method and that is Rapid Transfer. I came across this mode of payment recently at Slots.lv casino. So I thought to share with you all about this method of your online transaction at the casino in case you may find this more convenient to use.
What is Rapid Transfer?
Rapid Transfer is a new depositing and withdrawal method available to US players. This method was first adopted by few casinos in 2008 and works well for Americans. Though this method requires you to do some paper work before making a deposit but as most of the new financial instrument need to go through this process it is not a difficult or anything to worry about. Remember you had signed few papers when you have got your VISA. Same way this too is not a big issue.
Rapid transfer means quick money deposit at your casino to enjoy games. All this is done by a very convenient method in US and that is using Moneygram. Actually rapid transfer is actually money gram or you can say works like Moneygram. Before we know how to make a rapid transfer we need to understand what is Moneygram and how it works.
For those who do not know what is Money gram then understand that MoneyGram is a money transfer service similar to Western Union. It provides services such as money transfers, money orders and bill payment to people who don’t have bank accounts or don’t want to use their normal bank account.
MoneyGram services are available in many pharmacies and supermarkets as well as small local businesses, bus stations and check-cashing outlets which makes it very convenient if your stuck in a jam. They claim to have 350,000 locations around the world for pickup, but transactions can be initiated only in the United States and a handful of other countries.
How Moneygram works?
If you’re sending from a branch office you fill out some paperwork which can also be done online. Then, you use cash, credit or debit card, or a bank account to give MoneyGram the money. There are also fees added on depending on the method of transaction and also the location of the money’s destination.
Since MoneyGram works as a bank, they don’t actually have to bring the money to your destination. All they have to do is wait for the money to come through and notify the destination branch that you’ve submitted money. MoneyGram gives you a number when you submit the money which you then tell to the recipient like here the case of casinos as recipients. After a few hours or days, the recipient can go to their local branch and retrieve the money using that number as well as some form of identification matching the original paperwork.
Thus MoneyGram works in a very similar way to your own bank because you deposit money in one location which can be retrieved at another location (such as an ATM or a different branch). The only difference is that it’s not you retrieving the money, it’s a designated recipient.
How to make a deposit and withdrawal with Rapid Transfer?
There are few online casinos that are offering Rapid Transfer to US players like Bovada casino or Igniton Poker casino, Slots.lv and few others.
Those who have ever had to deal with Western Union or Moneygram will appreciate the ease of Rapid Transfer. The whole system does in fact start at a live Moneygram location.
Let us understand by an example:
You need to deposit to Slots.lv casino using Rapid Transfer
•So first visit or go to https://www.slots.lv with your PC or Laptop or cell phone or tablet whichever gaming platform you choose.
•Contact Slots.lv customer support and ask for transfer details.
•Go to a local Moneygram location with your ID and transfer details.
•Initiate the transfer from Moneygram.
•Contact Slots.lv again with your Moneygram confirmation number.
•You’ll receive the money to your casino account in 15 minutes.
Now making a cashout from Slots.lv using Rapid Transfer
•Go to your casino account and select Cashout.
•Select Rapid Transfer and initiate the cashout.
•Go to your local Moneygram to get the money (remember ID).
The transfer limits, fees and times
Standard deposit limit for Rapid Transfer is $100-$900 (if you want to deposit more money, contact casino customer support). If you deposit $300 or more, casino will charge a bit of fees ($12-$20 fee for depositing) better ask the casino customer support for the fees
Deposits take about 15 minutes after you’ve provided online casino with the confirmation number.
The standard cashout limit is $100-$800 (again, if you need to withdraw more, just contact the casino). You’re allowed to make one free cashout per month, otherwise the fee is $20-$60 depending on the size of the cashout. It should take about 24 hours for the cashout to process.
Remember if you made a Rapid Transfer deposit, you can only receive a Rapid Transfer withdrawal. You cannot deposit by VISA and receive a withdrawal by Rapid Transfer. Basically, your deposit method determines your withdrawal method.
At casinos like Bovada and Slots.lv player winnings are limited to $100,000 per week. That far exceeds the payout limit of $3,000 per check or $750 per Rapid Transfer withdrawal. Though casino reviews indicate that some checks take as little as one week to ten days, the casino websites warn that check withdrawals can take “up to 28 calendar days.”
Advantages of Rapid Transfer
•Rapid Transfer works like or is Moneygram. You make the deposit and get the withdrawal at a live Moneygram location and the process is the same in other ways too.
•While checks usually take at least 7 days to process, Rapid Transfer withdrawals are processed in a few business days, so even though it requires more work (you have to go to a live Moneygram location), you’ll get your money back faster.
•The minimum deposit is $100; the maximum is $800. If you like to do this much minimum amount then this is good for you otherwise a disadvantage, especially considering that you can deposit as little as $20.98 via a VISA card.
•Also you get money to your player account in 15 minutes. It should only take about 15 minutes for the deposit to land on your player account after you’ve submitted the confirmation number of the transaction to online casino.
•It’s quick, simple, and cheap to complete a transfer with the only caveat being that you have to leave the house to get the ball rolling and pick up your money.
•Rapid Transfer is one of the most secure online payment methods – you benefit from all the existing high security standards that your bank offers. The security mechanisms of your bank and the required authentication protect you from fraud. Your online banking details are never stored and remain fully encrypted by your bank. All transactions with Rapid Transfer are SSL-secured and protected.
Disadvantages of Rapid Transfer
•With a check you can withdraw anywhere from $20-$3,000 and each month, you can request one free check withdrawal – after that, check withdrawals cost $50 each. But Rapid Transfer withdrawals are a lot more limited. You can only withdraw between $100 and $750 per transaction. The fee will range from $20 to $60 depending on the amount of your withdrawal though you’ll spend less time waiting for your Rapid Transfer payout, since they require about one business day to transfer.
•You’ll need to pick up your withdrawal at a local Moneygram agent which means you will need to go to receive your payment which might be a hassle if you are far from your Moneygram booth.
•Also the casinos occasionally incentivizes Rapid Transfer deposits by offering a special bonus or promo for depositors using that method. But for other deposit options the casinos offer many bonuses from time to time. Pay attention to any emails or promo announcements you’re interested in method-specific offers.
•Moneygram is the only option for Rapid Transfers in US though at other countries Skrill, Netelleeer and Netbanking is used for Rapid Transfers. In other countries like UK, Germany, Austria, Italy, France, Poland Rapid transfer is done instantly after you enter your bank account details.