We’ll probably all agree that playing online casino games is fun regardless of whether you do it for fun or wager real cash. However, though investing money into spinning the reels of your favourite slot or getting a hand dealt in a game of Blackjack is risky, it’s also far more exciting than playing with fun credits. Especially when you keep accumulating small wins exceeding the overall investment, or you score a massive one in a single round.
Not much can compare to the resulting feeling of joy and accomplishment, right? But before you start calling drinks for everybody and his uncle, the money needs to leave the operator’s hands and land into yours. If only you were a member of Star Trek crew and could ask Scotty to beam it up!
But you’re probably not and you can’t, and same goes for me.
So which options do we actually have available and what are the important things to think about when cashing out? Here, we take a look at these questions in detail. Before that discussion, you may be here to find the top casinos for cashing-out winnings quickly and easily in your region, which are listed below.
Availability of withdrawal methods is completely dependent on the casino, and the only thing you can be sure of is that there’ll be fewer cash-out than deposit options. Sometimes players are able to collect money with the same method they used for funding their casino accounts, and other times the operator will offer an alternative.
Cash-out options frequently include credit cards, the two most widely used eWallets, and Bank Transfer. One can also find gaming sites with a long list of withdrawal options though some of them might be country-specific and unavailable for your particular market.
Credit and debit cards remain a popular choice regardless of the appearance of numerous modern alternatives. They are simple to use, extremely safe, and enable relatively fast payouts. Credit cards frequently come with higher maximum withdrawal limits than other online payment methods, and once the money arrives, you can collect it at any of numerous ATMs.
More and more players use eWallets such as Skrill, Neteller, PayPal, Click2Pay, ClickandBuy, EcoCard and WebMoney. This is a super-practical online banking option since you can fund your eWallet in a number of different ways, payments are executed with nothing more than your email address (or mobile number) and a password, and money arrives promptly.
Bank Wire (Wire Transfer, Bank Transfer) is one the most commonly used options, though its popularity is continuously decreasing due to the fact withdrawals take longer and tend to come with fees. Also, minimum cash-out limits are usually higher than for any alternative. Checks by mail /checks by courier suffer the same disadvantages; you’ll normally be charged a fee, and once the check is mailed to your personal address, it will take days to reach your mailbox.
Depending on the casino you’re playing at, you might additionally be able to cash out via EntroPay (a virtual debit card linked to Visa), Sofort, Instadebit or Trustly instant bank transfers, and potentially also the world’s most popular cryptocurrency - Bitcoin.
A casino will ask you to send a whole bunch of documents before they release your cash, generally because they have to comply with enforced rules and regulations and need to confirm the identity of the account owner to prevent fraud.
So while you may find the whole thing tiresome, it’s really just as much in the player’s interest as is in theirs. Documents are normally requested on the first withdrawal or with a withdrawal request exceeding a certain amount, but that varies from one casino to another and depends on the regulatory body which has issued their operating license.
The process is referred to as KYC – know your customer. To get to know you, the operator will need an identification document such as a photo of your passport, driver license or ID card, and a proof of address like a utility bill or a bank statement with your name, your home address and the issue date. Depending on the chosen payment method, you’ll also be asked to supply a copy of your credit card, a screenshot of your Skrill or Neteller profile with a visible name and e-mail address, or a bank statement with your name and bank account number.
Make sure to reveal only the information the casino actually needs. When sending a copy of your credit card, you should only leave the first six and last four digits in the card number visible and cover those in between, and also hide the CVC/CVV code on the back of the card. Fail to provide the required documents and you’ll never get to touch a cent of what you’ve won.
When you request a withdrawal, the real money casino’s payments department will need to process this request. Some take as little as couple of hours and others will hold your money for days. During the pending period, players can reverse the withdrawal and put the cash back into their casino accounts. While on the subject, let’s address a feature called the Withdrawal Lock.
Responsible operators have recognised how easy it is for a player to cancel their cash out request and use the money to continue playing, only to regret it later on. For your own protection, they introduced an opportunity to lock your withdrawal and thus become immune to the temptation. This feature is still not widely available but it’s a great tool to help players gamble responsibly.
Once the withdrawal is confirmed, money will be sent to your chosen payment method. In the best case scenario (fast processing on the part of the operator and using speedy options such as eWallets or Bitcoin), you’ll receive it within hours; worst case scenario (slow operators, payments via Bank Transfer or Check), it could be weeks before you get to enjoy your winnings.
Some gaming sites feature a maximum withdrawal frequency, allowing one to request a cash-out only once a week, and there are also those which will allow you to make as many withdrawals as you wish, but will charge a fee for each of them except for the first one in a calendar month.
You probably already know that every casino imposes payment limits per transaction and time period. The minimum one can collect may depend on the payment method, and as mentioned earlier, it’s very likely that Bank Wire and Check transactions will come with much higher minimum limits than credit cards and eWallets. Casinos usually set maximum limits per day, week and / or month, though some reward loyal players and VIPs by allowing them to cash out higher amounts.
All these things need to be taken into consideration when you’re choosing where to play and how to pay. Check which methods are available for your particular country, are they free or have fees attached, what kind of limits they come with, and how long does it take to send money on its way once you ask for a withdrawal.