Digital payment providers have fully swarmed the modern financial system, with low-cost services and instant transactions attracting users from all sides. Today, you can find many banking solutions perfect for online casino gambling. And if you have narrowed down your search for the all-in-one payment service to PayID or PayPal, you’re in the right place.
PayID and PayPal are both well-known names not only in digital payments and online shopping platforms but also in top online casinos.
In this article, we will use our experience in the field to make a full comparison of PayID vs PayPal to help you decide which one is the perfect option for you.
Founded back in 1998, PayPal is a well-recognized payment solution you can use to safely send and receive funds. The platform has revolutionized the way people pay in a virtual environment and financial technology overall. And this makes it one of the commonly required payment solutions in a diversity of segments, including gambling. Playing at a PayPal casino will grant you the following beneficial features:
- Enhanced levels of payment protection and digital security;
- Instant deposits and swift withdrawals;
- Wide accessibility;
- Default payment method for many platforms.
In addition, the system is known for its low barrier to entry, which means it’s easy for any person or business to set up an account. You only need to connect a bank account or credit or debit card. Also, all transactions you make are processed through PayPal instead of your financial institution.
While PayPal is a good option for casino transactions, it also has some drawbacks. The key ones cover:
- Withdrawal Times: Most operators working with PayPal come with a processing time of at least a day. Thus, you will have to wait sometime before your funds will get into your account.
- Transaction Fees: Depending on the casino platform you are playing, you may need to pay certain transaction fees.
- Gamban: PayPal cooperates with Gamban to restrict problem gambling activities. While, overall, it’s a good feature to stop people from excessive playing, it can also have a negative effect. If you mistakenly activate this tool, you won’t be able to access any gambling platform licensed in Great Britain.
In addition, PayPal casinos are still subject to regular processes like deposit and cashout limits. Most operators have a withdrawal limit of AU$5,000 or AU$10,000, while minimum deposits are often as low as AU$10.
PayID is a highly popular payment service in Australia that lets you carry out instant and risk-free transfers on a diversity of online networks. Not only is it used in basic fields of people’s lives, such as transfers, shopping, etc., but it also has found its place in the iGaming space.
To be more accurate, currently, you can find many PayID gambling sites that have added PayID among the top banking options for deposits and cashouts. So, you can opt for this service for secure and seamless transactions when enjoying your favorite games.
The key features of PayID cover:
- Confirming the identity of the payee before the transfer;
- No need to remember account or BSB details;
- Advanced safety and user protection measures.
In order to get started with PayID, sign up and open an account at your bank website, fill in all required details, and link it to your bank account.
As for the cons of PayID casinos, there are some worth taking a look at.
- PayID is currently available only in Australia.
- Not all casinos feature PayID in the list of available payment methods. Sometimes, it becomes available only after registration or verification.
The withdrawal limits vary from platform to platform and mainly range from AU$2,500 to AU$5,000.
Signing up for a PayID or PayPal Account
Our comparison of PayID vs PayPal would surely be incomplete without reviewing their signing-up processes. The notable thing is that both payment providers offer quite easy and straightforward account creation.
In the case of PayPal, you just need to specify your personal and banking information and verify the authenticity of these details. As for PayID, simply head to your bank’s online website or app and link PayID to one of your accounts after giving your details, like email, phone, etc.
It doesn’t take long for PayID to verify your account. Meanwhile, PayPal can sometimes take up to a couple of days. In addition, creating an account with both of these methods is absolutely free of charge.
Fees and Withdrawal Times
As our practical experience shows, most people and players pay close attention to the fees and related commissions when it comes to picking a suitable payment option.
For PayID users, there are no transaction fees, as the participating financial institutions and banks are the ones managing fees on their own terms. However, when making international transactions, you can come across some fees set by global providers. This can cover FX costs or setup fees.
As for PayPal, you need to pay a transaction percentage plus a transaction cost for global transfers when making mass payments. In addition, international users may need to pay currency conversion and cashout fees as well. All in all, you can expect a transaction fee of up to 5% for global proceedings and a 3% currency conversion fee.
Processing times are another vital factor. When you make a transfer, PayID will usually take only a few minutes to credit the funds into your account. However, sometimes the time depends on the casino itself – in some cases, the operator can delay the withdrawals even up to 72 hours.
On the other hand, PayPal can process your cash out within two hours, based on a number of factors. For example, if you’ve previously received payments from the same source, your withdrawal will be processed quickly.
Actually, it’s hard to find a casino site that offers a specific bonus or promotion for users who make deposits through PayID. These sites still feature many bonus offers, but getting them is not directly related to the payment method you use.
The same goes for PayPal as well. If you really insist on using PayPal to top up your casino account, you might notice that there are rare options that offer a sign-up bonus for this method.
As such, the PayID vs PayPal comparison in this aspect is pretty simple, as both options have equal conditions.
PayID vs PayPal: The Verdict
|Payment Method Name
|2 Accounts (1 business + 1 personal account)
|BRL, AUD, CAD, CZK, CNY, DKK, HKD, EUR, ILS, HUF, JPY, MXN, MYR, NZD, TWD, PHP, NOK, PLN,
RUB, GBP, SGD, CHF, SEK, USD, THB
|USD, EUR, AUD, GBP, etc.
|Account Management Fees
|Exchange Fees (FX)
|Bank Transfer – FreeInstant Bank Transfer – FreeCredit Card – Between 2.90% + 0.30 USD and 7.40% + 0.50 USD
|Cashback and Promotions
|Two Factor Authentication
|PayPal Security Key
|Fee to Order
|Link to Terms and Conditions
All in all, based on our research, we can say that both of these payment solutions are bound to live up to your online gambling expectations. They bring to the table safe, instant, and risk-free transactions that will significantly ease your life.
When looking at these two payment options in comparison, we can see that PayPal charges transaction fees, and there are more cases of accounts being locked. On the other hand, PayID is free to use but has quite restricted availability as it is currently accessible only for Australian players.
One other difference is the transaction times – PayID usually processes your withdrawals in several minutes (not counting some exceptions when the withdrawal can take up to 72 hours). As for PayPal, it typically requires 24 hours to process your withdrawal.So, when facing the debate of PayID vs PayPal, just weigh in on the features and benefits of each option and pick the one that resonates with your wishes and needs the best.