Playing casino games for real money and winning mouth watering cash prizes is great; however, in order to be able to use these money players have to first withdraw them from their online casino account using one of the accepted cashout methods.
Naturally, some withdrawal options are better than others because they include no fees and take less time in order to be completed. Therefore, players have to be well informed about different payment methods as well as the advantages and disadvantages of using them.
This is our withdrawal methods guide we made in order to help our visitors choose the cashout method that suits their needs the best. Keep reading and learn everything you need to know about withdrawal methods at online casinos.
Unlike credit/debit card deposits that are usually instantly added into players’ accounts, credit/debit card withdrawals take several days. Depending on the casino’s policy, players may have to wait up to 5 days in order to receive their winnings on their credit/debit card.
Money transfer via credit or debit cards includes fees; as a result, players sometimes will have to pay a fixed fee or a percentage of the withdrawn amount. For example, some casinos might charge £2.5 for cashing out via Visa, MasterCard or American Express, whereas other casinos might charge 1-5% fee.
Just like e-wallets are excellent for making safe and fast deposits, they are a good cashing out option as well. Players who own popular e-wallets such as EcoCard, Skrill, PayPal and Neteller can withdraw their winnings within several seconds.
Another advantage of using this cashout option is the fact it is free of charge. Therefore, not only players can have their money into their wallet after couple of minutes, but they also don’t have to pay for the service.
Bank transfer is another possible payment method that not always is the best one. This cashout method usually comes with a long withdrawal processing time as well as with service fees. Naturally, all of this depends on the casino’s banking policy; nevertheless, players may have to pay a fixed fee if they try to cash out a smaller amount of money.
For example, at 32Red Casino those who will request a bank transfer cashout under £100 will have to pay a £5 fee. However, if the cashout amount is more than £100 the service is free of charge.
Another popular cashout method is via personal cheque. Online casinos offer its players the possibility to receive their winnings within several business days in their mail box. This used to be a popular withdrawal method at US friendly casinos when players weren’t able to use other popular banking options.
Nevertheless, the cons of using personal cheque cashouts are fees, high minimum withdrawal amounts and long waiting time for the cheque to arrive.
Depending on the method, players may have to pay a certain withdrawing fee. Those who want to cashout their funds free of charge should consider doing so via e-wallets. However, when the time comes to cashout the money from the digital wallet, then you may also have to pay a certain fee.
When it comes to withdrawal methods that almost always include processing fees, players can use credit/debit cards, bank transfers and personal cheques. Usually, if you are cashing out a larger sum of money it is better to stick to sites that have fixed fees, such as Guts Casino.
Players are not always allowed to cashout as much money as they wish. Usually, casinos have their own banking policy and withdrawal limits that state what the maximum and minimum amount of cash a player can cashout within a certain period of time are.
Minimum withdrawal amount is, obviously, the smallest amount of money players can cashout. It is always the smartest to stick to casinos with fairly low minimum withdrawal amount of £5 or £10. However, you will also find sites whose withdrawal limit starts at £20 and even £30.
Besides a minimum withdrawal amount, casinos also have a maximum withdrawal amount. This means that if a casino’s maximum cashout amount is £5,000 per transaction players won’t be able to withdraw a single penny above that amount.
The maximum cashout amount can vary from £2,500 to £10,000, plus there are sites that do not have a maximum withdrawal amount as well.
Withdrawal Processing Time
When it comes to the banking policy, withdrawal processing time, everything depends on the casino and its way of work. Therefore, some casinos offer instant cashouts, whereas other casinos have a withdrawal pending time of 24 or more hours.
When it comes to withdrawal methods, usually e-wallet withdrawals are instant, whereas all other methods will need from one to five business days in order to complete.