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Withdrawals at Online Casinos
One of the best parts of playing in an online casino is cashing in on your winnings after you land a big jackpot or large win. But before you can put your newly earned riches to good use, you have to go through the withdrawal process at the casino in order to receive your funds. For this purpose, we have put together a comprehensive guide that explains everything you need to know to ensure a smooth process when cashing out our next win. Let’s get going…
More information about Withdrawals at Online Casinos
In modern online casinos, you’ll be able to find plenty of withdrawal options in the cashier. However, the exact offer will vary from casino to casino. Furthermore, it is important to know that not all withdrawals methods are available in all countries. Therefore, it is always a good idea to check out the range of possibilities before making your first deposit at a new site. But let’s start with a quick overview of some cash out options that are commonly at hand:
Most players are using credit cards in online casinos for deposits and withdrawals. They are easy to use and generally safe and reliable. One thing that you should be aware of when withdrawing to a credit card is that you can only cash out to cards that have been used for deposits previously. It is also good to know beforehand that not all online casinos support withdrawals to a MasterCard in spite of the possibility to make a deposit with the payment method. For the most part, this is due to technical limitations. So, if you are planning to make a deposit using a MasterCard, you should make sure that you can use it for withdrawals or prepare an alternative like a bank account for a wire transfer.
When it comes to withdrawals in online casinos, there’s almost nothing that beats the convenience of an eWallet. Popular eWallets are Neteller, Skrill, PayPal, MuchBetter, and ecoPayz. The biggest advantage is that withdrawals are just as quick and easy as depositing. Once the casino approved your withdrawal request, it only takes seconds until your funds are available. Most gambling veterans are using this type of payment method, as it allows them to move funds quickly from one casino to another. Please note that in most casinos, eWallets are only available for cash out if you have previously made a deposit with it.
At almost every gambling site, you’ll find an option to withdraw your winnings only via banking or a wire transfer. This works just like a regular wire transfer and has the same upsides and downsides. It is very reliable and readily available for most people. However, you should be aware that the processing time is much longer when compared to other options like an eWallet.
Today, there’s a multitude of online casinos offering a diverse portfolio of cryptocurrencies for deposits and withdrawals. Some providers even specialize entirely in cryptos and don’t accept any other payment method. Most cryptocurrencies have the advantage the transactions are almost instant, which makes them a great option for deposits and withdrawals alike. However, we would not recommend this option if you don’t have any previous experience of using it. The handling of cryptocurrencies can be rather complicated for new users and is therefore not very beginner-friendly. Your mileage may vary, though, as always.
When you are requesting a withdrawal at an online casino there are several factors in play to determine how long it will take before your funds will be credited to your payment method. First, you should be aware that every casino site has to review each withdrawal request before it can be approved and sent to the player. This is mostly done automatically but a large selection of transactions also has to be checked manually. How long this will take is different on every platform.
Some casinos have systems in place that allow them to approve most cash out requests almost instantly – whereas other operators might hold your funds for up to three days for review. If it takes any longer than that, we recommend contacting customer support to inquire about the status of your withdrawal, as this quite unusual. If this happens, it is often the case that some verification documents are missing on your behalf, but we’ll talk about this later on.
Once your withdrawal has been approved by the payment department of the online casino, it largely depends on the withdrawal method as to how long it will take until the money gets to you. We already mentioned that with most eWallets and cryptocurrencies this is only a matter of seconds or sometimes a couple of minutes at most.
Bank transfers usually take around three-to-five business days. The same is true for credit card withdrawals. In some cases, this can happen much quicker but it’s also not uncommon that it could take some extra days. This obviously depends on your bank as well. Some banks transfer funds much quicker than others. In any case, if you haven’t received your funds after a week, we recommend contacting customer support to see what’s going on.
Most casinos have a policy that you must withdraw your winnings back via the same method that was previously used to deposit the funds. This is a regulatory requirement that most licensors require. The reason for this is simple. By transferring the funds back to the same method, the operator can be sure that the same person is getting the money. This makes it easy to prevent money laundering or any other illegal money transfers that could theoretically be facilitated through an online casino.
There are several deposit methods that can’t be used for withdrawals. In this case, you are allowed to cash out via a different method. An example of this would be cashing out to your bank account via wire transfer after depositing with a voucher card. Please keep in mind that you’ll most likely have to verify your account if the method of deposit differs from the withdrawal method.
The conclusion is that you’re not as free when it comes to withdrawals because the casino operators have to be compliant with certain anti money laundering regulations. For this very reason, it is important to plan ahead and pick the correct deposit method that also suits your needs when requesting a cashout. This is especially important when it comes to our next point – withdrawal fees.
It is not uncommon for some online casinos to charge their customers withdrawal fees for some or all of the payment methods available. As we previously explained, you might be forced to cash out via the same method as you have used for your initial deposit. While you might be able to deposit free of any additional charges, it could be a whole different story when it comes to making a withdrawal.
Because of this, we always recommend checking the casino site for potential fees before making a deposit to avoid any bitter surprises. The best and most established online casinos never charge their customers any deposit or withdrawal fees. This is also the standard that you should look for when choosing a site at which to play. There are some operators that charge up to 5% of your cash out in fees and this can be completely avoided by simply picking another casino. You can find plenty of excellent alternatives in our GoodLuckMate top lists.
Limits are also an important topic when it comes to withdrawals at online casinos. Most operators have a daily, weekly, or monthly maximum withdrawal limit in place. Sometimes, you can use a combination of each of them. If you are a low roller, this probably won’t affect you that much, as these kinds of limits are usually several thousand euros per month. However, some high rollers can quickly hit the ceiling and get their funds stuck at the casino for the foreseeable future. For this reason, it always worth checking out any potential limits that could cause you some trouble down the road.
A general rule of thumb is that the monthly withdrawal limit should never be lower than €10,000. On top of that, it is important that there are some exceptions to this rule. This is especially important if you are playing progressive jackpot slots. In some cases, it is possible to win one of these crazy jackpots and score more than one million euros in a single spin. If you are lucky enough to win big, you should also be able to receive your winnings in one go. That is exactly why most online casinos make an exception for this type of scenario.
Another thing worth mentioning is that there might be specific withdrawal limits for certain kinds of payment providers. These kinds of limits are usually per transaction. So, it might be necessary to carry out several separate withdrawals in order to receive the whole sum of your winnings.
All online casinos, which are properly licensed, are required by law to verify their players at some point. This is mainly done for security reasons. The casino naturally wants to know who its customers are and whether or not you are using someone else's identity. This is also done to trace underage players and to prevent money laundering. This is especially important when it comes to withdrawals because that’s more often than not the time when the verification is carried out. For that purpose, the casino operator will request some documents from you. This process is also known as KYC, or “Know Your Customer”. The following documents are needed:
The most important document is a copy of your passport, ID card, or other valid proof of identity such as a driver's license. The document is used to verify your age and identity. It is important that it is a valid document and that its validity period has not yet expired. An expired passport will, therefore, not be accepted, for obvious reasons.
A document must be provided so that the casino can see that you actually live at the registered address. It must, therefore, be an official document, such as a copy of a recent bank statement or a utility bill. It is important that the document is no older than three months. You can, of course, blacken out any sensitive information on the document that is not required for the purpose of the verification process – in fact, we recommend doing this regardless.
In some cases, you might also have to submit a document that proves that you are the lawful owner of the deposit and withdrawal methods that have been used in the casino. This could be a bank statement or a screenshot of your online banking account or eWallet. It’s rather rare that such a document is requested, however.