Deposits – getting money into the poker site

The poker rooms make it as easy as they can for you to deposit money. If you use the right financial processor, the poker site will even cover the transaction fees for you. To make a deposit, go to the Cashier section of the poker client. The Cashier screen will give instructions on the deposit methods available; you should also consult the poker site's web pages for details on fees. Some examples:

• Deposit options and fees at Party Poker.
• Deposit options and fees at Poker Stars.

Visa or MasterCard

If you have a credit card issued by a US bank, it is likely that you will not be able to use it to deposit money directly into an online poker room. This is not a Visa or MasterCard policy, but rather a business decision made by most US banks. If your credit card is from a UK, European or Australian bank, you probably won't have a problem. However, even if the bank performs the transfer, it will treat the transaction as a cash advance, which means you will pay a transaction fee of a few percent, plus a higher interest rate that begins accruing immediately. The advantage is that the transfer takes only a few seconds and you don't have to mess around with opening another account.

Bank draft or bank wire

Most sites accept bank wires or bank drafts (a check from your bank to theirs), but usually not personal checks. Your bank will charge you a fee in the $20 to $50 range for either service. Mailing a bank draft overseas will take several weeks while the bank wire only takes a day or two. Generally, a bank wire is the better choice. While expensive, both methods let you avoid the hassle of opening up a web-based cash account.

NETeller

NETeller is an attractive alternative to the difficulties and costs of credit card transactions and the delays of mailing checks. It is available in the US and Canada only. Using NETeller is a two step process. First, you deposit money into your NETeller account. Second, you transfer money from your NETeller account into the online poker site. So how do you get money into NETeller?

Funding your NETeller account is a trade-off between speed and cost. If you need instant gratification, you have two choices. First, you can use a credit card. NETeller charges a 3.9% fee on top of whatever cash advance fee and interest your credit card charges you. Second, you can use an “Instacash” transfer from your bank account, which is NETeller's way of extending you credit until the transfer from your bank is completed. The fee for this is a hefty 8.9%! In both cases, NETeller will contact you on the phone to verify your identity and reduce fraud.

To avoid these fees, you need to plan ahead. NETeller lets you “certify” your bank account by providing them with the account numbers needed to perform a transfer. A few days later, they make two small deposits into your account at their expense. You tell them the amount of the deposits and thereby verify your identity. Once your bank account is certified, you can use the NETeller web site to order a transfer between your bank and your NETeller account. This is called an EFT, has no transaction fee and takes 4-5 business days. You can also transfer money in the other direction, also for free.

Transfers between NETeller and the poker site are currently free at all the top sites. Although NETeller charges the poker site a transaction fee for transfers in either direction, the poker site pays the fee for you.

NETeller changes its policies and fees from time to time. For an up-to-date fee schedule, see the NETeller FAQ entry How do I fund my account?

Player-to-player transfers

All the top sites allow a player to transfer funds from their account to another player's account. If you know someone who already has some money in an online poker site, this is the easiest way to get started playing for real money. In the meantime, you can set up a NETeller account so that when the time comes to withdraw your winnings or deposit more money you will be ready.