Casino Withdrawals: Everything You Need To Know
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Dreaming of winning big
Everyone dreams of the big win when playing at online casinos. We all have the image in our heads of taking a massive pile of chips to the cashier’s office and receiving a suitcase full of money in return. The reality is that it is highly unlikely to happen. However, that doesn’t stop us from dreaming. So if we are lucky or wily enough to bag a huge win or even moderate success at a casino, how do we withdraw our winnings?
How to get your cash out
It is worth remembering that it is not only winnings that you might choose to withdraw. For example, you may have a balance from your deposit in your casino account that you would like to access too.
Cashing in your chips
Turning your chips into cash is relatively straightforward if you are playing at a land-based casino. It is easy at online casinos too, but there are a few more stages to go through. How quickly and easily you can withdraw your funds will depend on how the initial deposit. When you play at online casinos, you have to create a digital wallet with the casino. This is similar to going to the cashier’s office and trading your cash for casino chips. Every online casino needs you to do this, and you have to choose how you want to fund the digital casino account.
Instant withdrawal is not the same as fast payout
Modern casinos know that customers want to be able to get their hands on their winnings fast. Many people expect instant withdrawals and are surprised when they discover they must wait up to three days to get their money back. Bank transfers can take the longest, and e-wallets are often the fastest. Whether playing with a prepayment card or at an American Express casino, you must choose a deposit method to suit your playing style. How you pay in will affect how you can withdraw.
Your choice of payment processor is key
The speed at which you get your money doesn’t depend solely on your choice of online casino. For example, many online casinos will advertise as instant withdrawal casinos. However, by that, they mean the speed at which they action the withdrawal from their end. i.e. the speed the money goes from your digital casino account.
The online casinos may process your withdrawal request instantly or rapidly; however, getting the money to your bank account or e-wallet is down to the payment provider. For example, PayPal guarantees your money within a day, and Skrill will credit your account within hours. However, Mastercard players have been known to have to wait up to four days or more to get the money back in their account.
Here is an overview of some of the payment options for payments and withdrawals.
PayPal
PayPal is widely accepted at most online casinos. It has fantastic security due to PayPal’s verification processes. Guaranteed transactions in under 24 hours make it a top choice for withdrawals at online casinos. To avoid any delays, make sure you sign up for your casino account with the same address you used for your PayPal account. You can make same-day casino withdrawals using PayPal at most mobile casinos. PayPal also allows players to link their American Express card to their online casino account. Currently, no online casinos in Canada take AMEX, so this is a handy life hack.
Skrill
A Skrill prepayment card can be loaded up and use for online purchases. It is excellent because it means people using this payment method have total control of their budget and can keep entertainment funds separate from everyday living costs. It offers unrivalled security, easy withdrawals and the fastest payout times. Unfortunately, there are no Skrill online casinos yet in Canada or the USA. This will probably change before too long because it is such a popular choice for players. In countries with Skrill casinos, funds can be back in a player’s account within hours.
Mastercard
Mastercard is a popular choice for players at online casinos. However, not all casinos offer this option, and you do need to be careful not to allow your spending power to run away with you. In addition, processing withdrawals can be much slower than with other payment methods. The best online casinos will not charge a fee for Mastercard withdrawals. However, some casinos have been known to charge up to 2% for this withdrawal method, so do watch out. On the plus side, it is easy and flexible; on the downside, it can be expensive and slow.
Interac
Interac is an excellent choice for payments and withdrawals for players in Canada. It lets you transfer funds directly from your bank account to your online casino digital wallet. Withdrawals do take slightly longer than with some payment methods. However, casinos that accept Interac withdrawals should have the money back to you within two days. Many online casinos that accept Interac allow deposits as low as C$5. Do check the small print, as some online casinos have minimum withdrawal limits, meaning you have to leave money in your casino account.
VISA
VISA is Mastercard’s rival, and the two credit card systems offer similar features, benefits and drawbacks. Some online casinos do not allow you to process withdrawals to your credit card, so make sure that you check the small print. You should not be charged for withdrawals using this method.
eChecks
eChecks let players safely withdraw funds from their checking account to add them to their online casino digital account. As well as top-notch security, they also have higher limits on transactions. While payouts can be slower than PayPal or Play+, large amounts can be withdrawn and deposited in a single transaction using this method. Therefore eChecks are popular with high rollers and professional gamblers. If you use this method, your bank will probably charge you a small transaction fee. This is usually between C$0.30 and C$1.50. They are a digitized form of a paper check and are generally facilitated by Electronic Funds Transfer. The average maximum withdrawal is C$5,000.
If you are dreaming of a big win, then consider wisely your payment choice. It is worth remembering that the odds are always in the house’s favour. Therefore, set yourself a budget before playing and never pay out more than you can afford to lose.
