Playing with imaginary money is fun, but the real excitement is when you deposit some cold hard cash. Hitting the jackpot, or even winning some small amounts on slots, is what the gamblers live for. Depositing is easy since casinos made sure that the process is simple and straightforward. On the other hand, withdrawing the money can come with certain security issues, limitations, and delays. In case you were hoping for a quick collect, think again. Depending on the casino, the process can be pretty stressful and annoying, so brace yourself for runarounds from customer service agents and long waiting on transfers. We’ll try to walk you through the whole experience so that you, at least, know what to expect.
The money withdrawal process
Once you found your favorite online casino and your virtual wallet starts to swell it’s time to get some cash out. The procedure itself is not complicated, here’s what you need to do:
- Log in to your account
- Find the “cashier” and then the “wallet” tab or the equivalent, depending on which website you’re playing on.
- Click on “withdrawal”.
- Select the payment option – we’ll dig into this one deeper in a bit. Be aware that most casinos require you to use the same method for both deposits and payouts.
- Enter the amount you would like to take out. You might come across a hurdle here due to the casino’s limitations. There are many rules that casinos put in place in order to restrict players from withdrawing too much money.
- Double-check everything, confirm the transaction, and wait.
So far, so good. In case you have some doubts try contacting their support team that can give you more insight into their specific policies. Now that we got this out of the way, let’s tackle some of the potential problems that some players reported to the online gambling community as well as to the customer services.
Payout processing times
Hopefully, before you even start playing, you’re aware that there is no online casino in the world that will pay out your winnings immediately, make no mistake about this. Depending on which withdrawal method you chose, cashing out can take anywhere between 1 to 7 days. This might seem frustrating especially since the deposits are accepted in a second, but there are a couple of good reasons for this.
First off, every online casino needs time to process the payout. Some casinos do it faster while some can take days, depending on their regulations. During this whole time, you will be allowed to cancel the withdrawal if you like, without any charges. You could’ve found this in the beginning when you clicked “I Agree” in a hurry to get to the table, so it was all transparent from the start. Oh, well.
Secondly, the payment processing time is going to vastly rely on your choice of money transferring method.
- If you deposited money and want to be paid out in digital coins using an e-wallet, congratulations – you’ve picked the fastest method that will only take a business day, or two. This is also one of the cheapest ones since there are usually no transferring fees.
- Credit cards are the second-best way of depositing and withdrawing money from online casinos. Banks often have extreme security measures in place when it comes to using credit and debit cards, so the risk of fraud is down to almost zero. However, the processing times could be a bit longer, 3 to 6 business days. If you’re not in a hurry, and you still have enough funds left to play, this might be a good choice. There are usually no charges from the banks for depositing money on the card.
- The longest time needed to collect the money is the old-fashioned way – bank transfers. These transactions often take more than 7 business days and can be pricey with some banks charging up to $40 per transfer which makes them the least desirable way for withdrawals.
These are all approximate times that the online casino needs to process the payment. Sometimes they might take longer, or they might surprise you and payout the next day. Times often vary, and there are no guarantees, so get armed with a lot of patience.
Each online casino has its own set of rules and restrictions regarding the withdrawals. Here are the most common ones that most online gambling sites implemented.
Bonuses – In many casinos, there is a pre-set amount of money that you need to spend before collecting bonuses and getting a payout. Read carefully before accepting the bonuses since there is a great possibility that you’ll need to wage 10 or 20 times more before collecting a penny from a bonus. Check out some great online casinos with no deposit bonuses at casinofy.com.
Withdrawal limits – Every casino has this feature firmly in place. Payouts are usually limited on a weekly or monthly basis. Not even VIP players get unlimited withdrawals, only a small increase in the amounts available.
Time limits – Even though it’s pretty self-explanatory, each casino has a different time frame in which a player can withdraw certain amounts. Payouts are usually weekly, sometimes bi-weekly, up to a certain sum of money. So, be careful and plan ahead.
Amount limits – No matter how much cash you have in the online casino wallet, there is always a cap on how much you can take. The only time some casinos are ready to make an exception is when a player hits the Jackpot, or some major winning. Otherwise, you’ll be limited to weekly pocket money.
Security issues – Casinos are very careful when it comes to following security measures. Before any dime gets paid, management will double-check your age and identity. All information has to match your selected method of payment, or you can expect major delays. This is both good and bad, at the same time. On one hand, it’s good to know that the casino is caring about hackers and potentially fraudulent activities and are taking steps to protect the players. On the other hand, it can be annoying to wait for days just so that casino can verify your information. Still, at the end of the day, every reputable casino that’s looking to stay in the business will pay out in the predicted time frame without further hassle.