Online banking, which is also known under the terms Internet banking, virtual banking or e-banking, is a kind of an electronic payment system that provides customers of a certain financial institution that could be a virtual bank, a credit bank or a credit union or building society to process money transactions online. The financial transfers are carried out over the Internet by using a website that is operated by the financial institution itself.
For Australian readers, banking availability does not establish that an online casino is lawful. ACMA explains that providing online casino services to people in Australia is prohibited.
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Accessing the online banking facility is easy – the customer needs to enter a secured website of the financial institution and fill in the details required for login. These details normally include the customer number and password, but additional security steps may occur if the financial institution required further verification.
Online banking is considered a great option for all customers who prefer to make money transactions on the Internet for various reasons, regardless of the fact if they do not have enough time for going to the bank, or are simply not willing to do so. E-banking has become one of the most preferred options for customers from all over the world, as it is fast and easy – users are able to check on their account and operate with it whenever they want, as long as they have access to the Internet.
Advantages
Online banking is considered one of the payment methods that have a great number of advantages. First of all, Internet banking is regarded as one of the safest payment methods currently used. This is exactly why it is so preferred by online casino players when it comes to making money transactions to and from their casino accounts.
In addition, this payment method does not require customers to make any specific actions in order to process their money transactions. Security is also one of the first priorities when it comes to Internet banking. As the transactions are actually carried out through the financial institutions’ websites, customers can rely on the banks when it comes to protecting their personal and financial details and keeping them safe by using special encryptions and firewalls.
Online banking is a flexible payment method, as players have a constant, 24/7 access to their online banking account, no matter their location. This provides customers with comfort, as the payment can be processed with a few clicks of the mouse, which saves a lot of time and efforts.
As customers all over the world know, time is money, which is also why the payment method is among the most-preferred ones. Online casino players can use their e-banking account from literally anywhere, as long as they have access to the Internet. In addition, processing the money transactions with online banking is relatively fast.
Disadvantages
As a matter of fact, online banking has almost no disadvantages, which is exactly why it is ranked among the most-desired and used payment methods when it comes to making online casino deposits and withdrawals. One of the eventual weaknesses is the fact that not all banks are equally stable, which basically means that players will not get the same customer protection in every online banking website.
This is one of the main reasons why players are recommended to always check the terms and conditions of the bank they have chosen, plus the specific policy of the bank concerning money transactions that are carried out on the Internet.
Fees
When it comes to fees, online casino players should bear in mind that there might occur some fees, but the latter depend on the financial institution itself. The reason is simple – banks normally have different policies, which include taxes charged for various services carried out within the bank.
Customers are recommended to make sure they are well-acquainted with the tax and payment schedules of each bank in order to avoid further problems.
Gambling Legislation of Australia
Gambling is currently one of the most popular pastimes in Australia. The industry’s regulation is considered relatively liberal considering the laws applied.
Up to date, there are several licensed brick-and-mortar casinos on the territory of the country. In addition, there is a great variety of gaming machines provided in clubs, pubs, bars, etc. The sports betting sector is also legally regulated in the country and controlled by the Totalisation Agency Board.
Online casinos cannot legally be offered to Australians. Under the Interactive Gambling Act 2001, it is illegal for any company, whether based in Australia or overseas, to offer online casino games such as pokies, blackjack and roulette to people in Australia. Only licensed providers may offer online sports and race wagering and lotteries. The Australian Communications and Media Authority (ACMA) enforces the Act and has had hundreds of illegal gambling websites blocked since November 2019.
The Act targets the businesses that offer these services, not the people who use them. It is not an offence for Australians to play at an offshore online casino, and no player has ever been prosecuted for doing so. However, players who use offshore sites miss out on the protections that come with licensed Australian providers, such as the national self-exclusion register BetStop and local complaint and dispute processes, and may find it hard to recover their money if a site refuses to pay out or is blocked.
The gambling regulation in the country is processed at two levels, including the control of the central government and the states and territories, on the other hand. The legal situation concerning the gambling industry in Australia is controlled by the Interactive Gambling Act of 2001, which is considered as part of the Commonwealth Parliament to protect the society from any eventual negative impacts that may occur on web-based gambling.
Deposit Methods Used by Australian Players
Credit and Debit Cards
Visa and Mastercard are the most widely used cards in Australia, and American Express is also common. To deposit, players choose the card in the cashier, enter the card number, expiry date and security code, and confirm the payment, which may include a one-time code from the bank (3-D Secure). Card deposits are normally instant, while withdrawals to a card, where they are offered, usually take several business days.
Some Australian banks let customers block gambling transactions on their cards, and credit card issuers often treat gambling payments as cash advances, which can mean extra fees and interest from the day of the transaction.
Since 11 June 2024, Australian law has banned licensed online and phone wagering providers from accepting credit cards, payments linked to credit cards (including through digital wallets) and digital currency. Debit cards can still be used with licensed wagering providers. Online casino services remain prohibited in Australia whatever the payment method. See ACMA’s guide to the credit ban.
Cryptocurrencies
Offshore casinos that take crypto most often list Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Tether (USDT), USD Coin (USDC), Dogecoin (DOGE), XRP, TRON (TRX), BNB, Solana (SOL) and Cardano (ADA). The coins on offer vary from site to site. To deposit, players buy the coin on an exchange, copy the casino’s wallet address (or scan its QR code) and send the coins on the network the casino specifies. Transfers are usually confirmed within minutes, depending on the network.
Crypto payments cannot be reversed, so a mistyped address or the wrong network can mean the funds are lost. Coin prices can also move sharply between a deposit and a withdrawal, and casinos that only accept crypto are often licensed offshore or not licensed at all, which leaves players with little protection if a withdrawal is refused.
Digital currency is covered by the same June 2024 ban, so licensed Australian wagering providers cannot accept it. Exchanges that serve Australians must be registered with AUSTRAC.
POLi
POLi is a payment method that offers online money transactions in real time, primarily on the territory of Australia. It is among the newest web-based payment systems and is available for all online casino players who want to make a deposit in their casino accounts. The fact that the method is quite easy to use is considered a great advantage, not to mention the fact that POLi does not involve the use of credit card.
Bank and payment-provider security controls do not make a transaction risk-free or guarantee that personal information is never shared.
The payment system provided by POLi is becoming one of the most-desired and used ones by Australian users, but unfortunately, it cannot be used for making any withdrawals.
POLi stopped processing payments in Australia on 30 September 2023, when Australia Post closed the service, so it is no longer available.
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