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What is Paysafecard?

If you’re not aware of what it is already, your first introduction to Paysafecard may be a little confusing. A quick browse of the website’s homepage throws up a few unexpected treats. First, users land on a splash page offering them the chance to take part in a competition. Underneath, it explains that it’s a payment solution which is neither a credit card nor requires a bank account. Scroll down further, and you’ll even find articles on upcoming video games.

The reason for this mixed approach is that Paysafecard is targeting payments to a wide selection of entertainment markets. This includes gaming, social media, music and film. Whilst most alternative wallets tend to keep their potential use quite broad, this one hones in on a particular brand of deposits a little more closely.

With that being said, Paysafecard can still be used to pay for goods and services at a huge range of providers, as we’ll explore here.

How to Deposit with Paysafecard

With no bank account or credit card needed, how exactly can you get your hands on Paysafecard credit? The solution is a bit more old school than most modern e-wallets. AII you have to do is go to a participating store to pick up a card. They come in denominations of £10, £25, £50, £75 and £100. There are over 600,000 stores that sell these cards, so it shouldn’t be too hard to find. Many mainstream stores carry these cards, including Asda, WHSmith and One Stop. The easiest way to find one is to download the free mobile app. It will show you your nearest stores on a digital map.

Another way to top up your card is at any PayPoint location. These allow deposits of £125, £150 and £175, as well as the aforementioned figures.

You can also use your Paysafecard to top up a digital wallet, which could give you even more ways to spend. If you have an account with Neteller or Skrill, you can use a Paysafecard to top up your balance. Both of these are accepted at a wide range of providers from high street shops to online casinos.

Three Different Choices

Although you don’t need a bank account for the standard type of card, there are actually three products or services in total: Paysafecard, My Paysafecard, and Paysafecard Mastercard.

The first is the most basic and common type of card you’ll find which is sold at over 600,000 stores. Simply pay the cashier and you’ll receive a card with a unique 16-digit Pin. Use this to pay online at a range of stores and casinos.

If you’re a frequent user, you can establish an account called My Paysafecard. Instead of using the 16-digit one-off Pin number, you’ll simply use a username and password to make a payment, like PayPal. Plus, you’ll pick up reward points over time. These can be exchanged at My Plus shop for discounts on things like Skype, Steam and the gift card shop.

For the Mastercard variation, you’ll first need to sign up for My Paysafecard, then apply for the Mastercard itself.

Does Paysafecard Come with Any Fees?

Although it’s marketed as an essentially free product, there are some fees and associated costs when using this payment provider. Fees also differ when using the different cards. For the first year, having credit on a Paysafecard is free. But from the thirteenth month onwards, a monthly service fee of £3 will be deducted from the Pin. If you have a My Paysafecard instead, this fee is slightly reduced to £2 following twelve months of inactivity.

If you want a refund, you’ll also incur a £6 fee, known as a ‘redemption fee’, and when making a payment in a foreign currency, you’ll also incur a conversion fee. Before making an international payment, you can find out how much you’ll be charged using the company’s currency converter.

The Paysafecard Mastercard has an annual fee of £8, plus several other notable costs. You’ll be charged 4% for top-ups made with prepaid cards, 3% for ATM withdrawals, and 2% for foreign currency conversions. However, it can be used at over 35 million offline and online stores, making it much more widely accessible.

Limits on Paysafecard Deposits

Unfortunately, there are some strict limits in place on the use of Paysafecard. However, they vary between the three types of cards mentioned above.

For the most standard card, the deposit limit is £200 per payment. For Paysafecard Mastercard, there’s a long list of limitations. This includes a maximum card balance of up to £4,000, maximum daily top-ups totalling up to £1,500, and monthly ATM withdrawal limits of up to £1,000. Note that these limits are split into two categories, cards for adults and cards for young adults.

If you’re planning to use your Paysafecard at an online casino, you might want to check out their terms and conditions first. Many gambling sites set a deposit limit on Paysafecard deposits to avoid the possibility of money laundering. For instance, some sites set the limit at €100.

There are also restrictive limits on My Paysafecard withdrawals. Again, it’s split into two subcategories, My Paysafecard standard and My Paysafecard unlimited. The former has a limit of £250 for both single and monthly transactions. This means that one lump sum withdrawal of £250 will stop you withdrawing again that month.

Ironically, for the unlimited card, the limit for a single transaction is £1,800. There’s also an annual limit of £11,000. This may not affect all customers, yet it’s still fairly restrictive for a card which calls itself ‘unlimited’.

Making a Withdrawal with Paysafecard

There are a few ways to make a withdrawal. Firstly, you can use ATM machines. To do so, you’ll need the Paysafecard Mastercard. You’ll be charged a 3% fee on all withdrawals. If you have a regular card, you won’t be able to exchange it for cash using an ATM.

If you don’t have a Paysafecard Mastercard but want to swap your funds for cash, you can apply for a refund. To receive a refund, you’ll need to provide your bank details, a copy of the Pin, valid ID and proof of address. You’ll also be charged a £6 fee which will be deducted from your credit, and you’ll need to wait up to eleven working days to receive the funds.

Do I Need to Provide ID to Buy a Paysafecard?

You don’t need a bank account to purchase one of these cards, you just need to provide the payment up front. So, there’s no need to give your name or any type of ID to buy a card from their retailers.

If you want to upgrade to a Paysafecard Mastercard, which allows ATM withdrawals and more, you’ll need to go through some more extensive verification. First, you need to apply for the card through the website. Then, you’ll need to upload ID documentation, such as your passport or driver’s license. If you already have an unlimited account, this step won’t be necessary.

Once approved, your Mastercard will be sent to you in the post. You can activate it online in your account by selecting the ‘Activate now’ button. Your Pin will be sent to your mobile phone, which means keeping your phone safe is of extra importance. It may be good practice to memorise and delete the SMS text after receiving it.

After that, you’re ready to use your card as you like. If you’re playing at an online casino and made your deposit using Paysafecard, it should usually be easy enough to make a withdrawal via the same account. Limits will vary from one casino to another – there are some which allow up to £2,000 to be withdrawn at once. You can find out from our reviews which casinos gambling sites have the highest limits.

Is Paysafecard Safe to Use?

All their products and the company itself fall under Paysafe Group Limited which is regulated in the UK and authorised by the Financial Conduct Authority (FCA). If you lose your card, you’ll have to call Paysafecard to report it. They’ll be able to advise you as to whether your funds can be salvaged.

As well as this, Paysafecard confidently claims that is it is “unhackable”, which is certainly reassuring for customers. And, the website provides a bunch of tips to stay safe online. Another way to stay safe online is by carefully choosing which websites you visit. Our list of the safest online casinos should help.

What Other Options Are There Instead of Paysafecard?

If for some reason you don’t want to use Paysafecard, but do like the idea behind it, there are several alternatives. A few of our favourites include PayPal, WePay, Stripe and PaySimple.

Can I Use Paysafecard at Online Casinos?

Essentially, it works in much the same way as cash – just an online version with a few more hoops to jump through. Because of this, there’s no reason for an online casino not to accept a Paysafecard deposit. However, it’s important to note that some gambling sites may set limits in place to help stop potential money laundering.

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