What is an eCheque?
The electronic cheque—eCheque for short—is an electronic fund transfer (or EFT) method that is accepted in a wide range of banks within the UK and in other regions. It could be thought of as a digital version of the now-dated paper cheques that some people still use for financial transactions.
Just like their physical counterparts, eCheques transact through your current account, rather than your savings account. For the past twenty years, online casinos in the UK have been accepting them as a valid payment method for withdrawing or depositing funds.
How to use an eCheque at Online Casinos
Moving funds into and out of your online casino account with an eCheque is actually quite simple. We'll go ahead and assume that you already have an active bank account and an account at an online casino that accepts this transaction.
Deposits
When making your deposit into your online casino account, pick eCheque as your deposit option on the payments/banking page. Your account information, including the routing number and the amount you'd like to spend, should then be entered. Complete the purchase by clicking the "Submit" button at the bottom of the page.
If all goes well, you can expect to see your fund in your online casino account in a few days. Yes, you read that correctly—a few days.
Withdrawals
You can also use an eCheque to withdraw any winnings that you may have. This money will be credited to whatever bank account you specify in your transaction. It typically takes between three and six business days for funds to show up in your bank account after completing the withdrawal request.
Are eCheques safe to Use?
Absolutely. Using an eCheque is generally more secure than a paper check because there is no tangible document that can be stolen. In addition, all transactions are protected by 128-bit SSL technology, making them completely secure. (For those unfamiliar with SSL, it stands for Secure Socket Layers, which is the current industry standard for websites that allow their users to perform transactions and transmit personal information through the Internet.)
The systems that handle eCheques have also had major advancements in their security. Data breaches and thefts are therefore extremely rare when using eCheques in online transactions, although they are still possible. Generally, though, you have nothing to be concerned about here.
Do eCheques have Extra Fees?
Deposit and withdrawal fees can be imposed by a number of online transaction service providers. Some casinos also like to tack on their own tiny fees, so it's important to keep this in mind.
When it comes to eCheque payments, you won't have to pay a penny if you've had enough money in your account to make the deposit. However, it's possible that your bank will levy fees on your behalf if an eCheque is returned unpaid.
Which Online Casinos Accept eCheques?
Although they aren't accepted by all outlets, many online casinos in the UK do take eCheques as a valid payment method. It's worth noting, however, that coverage is far better than that of other online payment providers like InstaDebit.
Despite the fact that e-wallets and similar methods are becoming more popular, you're more likely to discover an operator that accepts electronic checks for deposits. Of course, eCheques still don't hold a candle to the ubiquity of bank transfers at online casinos.
Should I Use eCheques?
As with any other payment method, the answer to the question of "which one is the best" is that "it depends." Different players will have different needs and priorities when it comes to choosing a payment method for their online casino transactions. Some may require instant transfers, others might want high transaction limits, and other players still just want what is the most accessible.
In the case of eCheques, the same argument applies. As such, we've listed below the most important pros and cons of using eCheques for your transactions:
Pros
- Only requires a current account
- Simple and easy process
- Many supported online casinos
- No transaction fees
Cons
- Transactions take days to complete
- Bank transfers are more common
- Transactions may fail from insufficient funds.
As always, it's important to consider your needs and priorities when choosing a payment method. Online casinos in the UK tend to offer a wide range of payment options anyway, so you shouldn't feel like you are restricted to using one particular payment processor for your online casino escapades.
Do check back with us at Inside Casino to help find the best online casinos, games, and payment methods that work best for you.
