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Withdrawals explained

What is casino withdrawal?

There is no point in gambling at an online casino if you are not expecting to win. Wins are attributed to your casino account via credits which need to be withdrawn or paid out in valid currency before you can use them to buy anything. The process of recalling your winnings into your bank account in real currency is called a “Withdrawal”.

How work withdrawals at online casinos?

Two of the most important transactions that are carried out at an online casino are deposits and withdrawals. While depositing funds at an online casino is quick and easy, allowing funds to be available on your bankroll almost instantly, withdrawals are less painless and require a bit more patience.

Withdrawals have a significant impact on online casinos

How do I apply to withdraw funds?

Once you have reached sufficient winnings at a casino and feel that you want to withdraw some of the funds to spend, you will need to make your way over to the cashier. The cashier can be found in the casino lobby/home page. You will be required to complete certain procedures first:

  • Once at the “Cashier Page”, select “Withdrawal” or “Payout”.
  • You will then need to verify the amount you want to withdraw.
  • If it is your first withdrawal at the casino, the vendor may ask you to send proof of identity, as payouts cannot be made to minors (under 18 years old).
  • You will need to select your payment method of choice.
  • Finally, you will need to confirm the details of the payout.
  • The funds' transfer will then be sent for authorisation and payment.

How long will the funds take to reflect in my account?

There is no straightforward answer to this question, as various factors can come into play to either speed up or slow down the payout. There are a number of reputable fast payout casinos available online (If you are not sure what these are, read our detailed guide to fast payout online casinos). These establishments will ensure that the majority of payments happen within 3 days. However, certain concessions can be made to pay you out within hours.

Factors determining payout times include:

  • If extra verification is needed (like submissions of ID), it will slow things down a bit.
  • If your funds must be verified by an agent (UK) this can hold up transfers for up to several days.
  • The banking method you opt to use for the withdrawal could play a big role in holding up your funds' transfer. Generally, e-wallet methods are faster and may pay out in less than 24 hours.
  • The amount of funds transferred can be a determining factor. If the sum is very large it may be subject to more stringent clearance procedures than smaller amounts.
  • Your loyalty status at the casino can determine payout times. “High Roller” withdrawals are treated as a matter of urgency and are generally paid out faster.
  • Staffing issues at the casino may play a major role in the processing times.

Are there any limits on withdrawals?

We will deal with this section under two headings:

Standard Casino Withdrawal Limits

Some casinos have a default payout limit on winnings. When doing your homework on what casino to use, make sure you pay attention to the payout ratio. There are the exceptions that will pay out all your funds, but these are usually subject to higher fees.

Bonuses

You cannot simply withdraw funds won when using a casino bonus. You will have to satisfy the Playthrough and Wagering Requirements before being able to withdraw any funds. Be careful when selecting bonuses, as some of them may be capped to a maximum payout.

Will it cost me anything?

There is a good chance that you will incur some costs when withdrawing funds from an online casino. The severity of these “damages” is influenced by a number of factors:

  • If the casino charges withdrawal fees (almost always do).
  • How much money you are withdrawing.
  • What costs your chosen banking method levies.

Avoid using your own banking institutions methods, like Credit Card withdrawals, Wire Transfer payouts, or cheque payments, as these will attract the highest fees.

What are the best banking methods available when withdrawing funds?

Electronic Wallets (E-Wallet)

This type of payment method is a secure account that can store cash balances for ease of payment and refund. These are generally linked to either your banking account or credit card.

This is the fastest form of bank method when dealing with withdrawals. Payouts rarely exceed 24 to 48 hours but are most likely to reflect within only hours of transacting.

The most popular form of e-wallet in the world is PayPal, but due to their strict gambling policies, experienced gamblers and casinos prefer to avoid this brand. The two most popular e-wallets for online gambling are Neteller and Skrill.

Credit and Debit Cards

Credit and Debit Cards are a very good way to make deposits. Although withdrawals and payouts can be made to cards safely and efficiently, the time periods can be rather long. Sometimes the cash may take up to a week to clear in your account. The costs involved in the transfer could be quite severe, depending on the amount withdrawn.

Think wise when choosing your withdrawal method

Wire Transfer and Electronic Funds Transfers

Casinos favour this sort of banking method because of the level of security that it offers to both parties concerned.

As with Credit Card withdrawals, this method could take a few days and you could incur high transfer costs, levied by your banking institution.

Cryptocurrency

Not everyone is clued up on the dynamics of cryptocurrency, but in short, it is a virtual currency with real monetary value, that can be used to trade with online. It is controlled by an online wallet, which makes it easy to transact at supporting casinos.

If you own Bitcoin, Etherium or a number of other cryptocurrencies, you may be able to transact at any one of the Bitcoin casinos around the world. This form of payment and withdrawal is both safe and fast. Usually, withdrawals are instant, which makes it one of the best ways in which to claim back your game winnings.

CasinoWow Conclusion

Now that you know the ins and outs of one of the most important subjects involved with online gambling, go and get familiar with your favourite online casino’s Cashier Page. Should you need any more in-depth information or tips on transfer procedures, then please have a read through our Top Tips For Safe Deposits and Withdrawals at Online Casinos.

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