Being able to withdraw winnings is the main goal for all who choose to engage in gambling, no matter if it’s lotteries, slots or betting you decide to try your luck on. When playing at an online casino a withdrawal should be easy and fast, and if you follow the rules for cashing out it should all go very smoothly. This is usually the case, but just how fast a withdrawal can be processed, and how quickly you get your funds, can vary depending on which withdrawal method you are using. The different terms for each payment method is what we will tell you all about in this casino guide.
There are many different kinds of e-wallets available to Canadian players, and the most common ones are Skrill and Neteller, but also MuchBetter and ecoPayz are becoming more and more popular. When using an e-waller, or a virtual wallet, as your payment method of choice when playing online, you’ll get a huge advantage over using other methods, when it comes to withdrawals. This advantage is that these kinds of withdrawals are instant. This means there is no extra transaction time necessary, as the only thing you’ll have to wait for is for the casino to process and approve your withdrawal.
How long it takes a casino to process a withdrawal might differ, but what you should be prepared for is that you’ll be asked to verify your account before the cash-out can be processed. When doing this you’ll have to verify your identity and address, and in addition to that you might have to verify your e-wallet, so they can make sure it belongs to you. This is often done by simply sending in a screenshot of your virtual wallet while you’re logged in, and where your name and the connected email address or account number appears. Quite often the casino will also require that the connected email address is the same as the one you used when registering at the casino. This will only have to be done once, and all future withdrawals to the same wallet will occur much faster.
However, it’s not like you can just choose to make a withdrawal to your Skrill or Neteller account, as these withdrawal methods are only available if you have also used the same virtual wallet for your winning deposit. This means you’ll have to deposit money with your Skrill account to be able to get your winnings sent to the same account. Also, it’s not possible to add an e-wallet to a casino account without making a deposit. In other words, you can’t withdraw winnings from a no deposit sign up bonus to an e-wallet, unless you first make a deposit to activate it as a withdrawal method.
Once the e-wallet option is available to you in your gaming account you can simply choose it from the list of available options on the banking page at the casino. Simply choose the amount you want to withdraw, and either your account number connected to the wallet or the email address. Then you’ll just have to wait for the casino to approve the cash-out, and when they do you’ll instantly get the money credited to your virtual wallet.
The most popular way to deposit money into a casino account online is by using a normal credit or debit card. This is easy, safe and instant, so there’s no downside to it. The instant part only applies to the deposits, and that’s why quite a lot of players would rather use e-wallets for withdrawals. Requesting a withdrawal back to a card will take longer, and often it can take up to 3 banking days, even though in actuality, it usually doesn’t take more than 1 day. And, if you’re unlucky you might also encounter what is known as a “Mastercard issue”, where your card refuses to accept the payment. Even though it’s often referred to as a Mastercard issue, it can in reality be any credit card, so also Maestro and VISA can be affected by this.
If you encounter an issue with your card withdrawal, then chances are that you are using a credit card. Most credit cards accept funds going in to the card, but not out of it, but that’s not every casel. The problem is that you can’t know if the payment will go through or not before you’ve tried it, and the same goes for the casino. So if you’ve deposited funds with your credit card they will ask you to cash-out any winnings back to the same card. It will appear as if it works just fine, and it’s only when you notice after a couple of days, that you haven’t received the money, that you might notice that the funds are back in your casino account.
What will have happened is that the bank issuing your card has refused the payment, and sent the money back. You will then have to request the withdrawal from the casino again, but this time to another payment method, which will usually be a bank transfer. Some casinos will also allow you to withdraw back to another payment option, like another card or an e-wallet, as long as you can verify that you are the legal owner of all the payment methods involved.
Even though there can be an issue when withdrawing back to a card, most withdrawals work just fine. What you will have to do when requesting the cash-out from the online casino is to go to the banking page, choose the card you want your funds sent to, and add the amount. Just make sure that the card you choose is the same as the one your winning deposit came from, in case you have added more than one card to your account.
After the withdrawal request is sent you’ll just have to wait until the casino has processed and approved the withdrawal, and when that’s done, you'll must wait for the money to appear as available on your card. As mentioned this might take up to 3 banking days, and even though this is way slower than when you withdraw from an e-wallet the benefit is that you’ll get the money into your normal debit or credit card, so it’s easy for you to spend the money on whatever you like.
Even though a lot of players will avoid using a bank transfer as a means of withdrawing from an online casino, it is still a very useful option to have. The reason it’s not very popular is because it is a slow method to use, as it can take anything from 1 to 7 banking days before you see the money in your account. The normal timeframe is, however, a couple of days. The reason why this is so slow is because it’s always an international bank transfer, as most of the online casinos we Canadians are playing at are located in either Malta or Cyprus. In fact, none of them are actually located in Canada, and hence it will never be a local wire transfer.
The good thing with a bank transfer, and when it can come in handy, is actually in two instances. The first one is if you win from a sign up bonus, where you get a bonus without having to deposit money yourself. If this is the case a bank transfer will be your only option for withdrawing these winnings, as the wire transfer is the only payment method that doesn’t have to be activated by a deposit. Meaning, if you have never made a deposit into the casino, there are no saved withdrawal methods available, and a bank transfer is the only option. The other time when a bank transfer can come in handy is if you win a lot of money. This option is the one that usually allows for the biggest cash-outs per transaction, and if you win a jackpot you might be able to get the whole balance paid out at once, instead of splitting it up into a lot of smaller withdrawals through another methods.
As we mentioned a transfer like this will always be an international transfer, and that’s why you will need to use the IBAN (International Bank Account Number) and SWIFT/BIC (Bank Identification Code) to complete your transaction. You’ll have to enter this information which you can get from your bank, and also the banks name and address, along with the beneficiaries name, which will be your name. This is all a bit more complicated than withdrawing back to another payment method, which is also why a lot of players avoid it when they can.
Some players prefer using a prepaid option for depositing into their casino account, such as a PaysafeCard, This is something that most casinos accept as payment into the account, but when it comes to withdrawals it is not always accepted. If that is the case, you will have to use a different payment method when cashing out your winnings, and most often it’s a wire transfer you will be asked to use. If the casino accepts payouts to a prepaid card, it is actually possible in some cases,and the withdrawal is both easy and instant.
For a withdrawal to be processed back to a prepaid method the voucher or card you used has to be connected to an e-wallet. Paysafe has a sort of e-wallet you can choose to sign up for and use for withdrawals, and you’ll then get the funds you withdraw added to your Paysafe account. From there you can either use the money to pay at a merchant that accepts those payments online, or you can withdraw the funds from there to your bank account. For this to be possible the casino has to have integrated MyPaysafe into their casino, and not all have chosen to do so. So whether Paysafe, or any other prepaid payment method withdrawal is an option to you or not, will depend on the casino you play at.
There are some players who don’t have a debit or credit card, bank account or an e-wallet, and then the only option to cash-out from an online casino is by cheque. If this is your situation, you should be very careful when choosing your casino, as this is a withdrawal method almost no casino allows. In fact, there are just a handful of casinos who will offer this, out of thousands of casinos in existence. Not only is this option very rare, but it is also very slow, and you might have to wait for months before you get your winnings. A better option would be to sign up for an e-wallet, as the only thing you need in order to get access to an account like this, is the same documentation you need to sign up to an online casino. This means that if you can’t get an account with an e-wallet, you can’t play at an online casino either, as you’ll also need to verify your details to be able to even request a withdrawal.
The withdrawal methods mentioned above are all the normal ones, plus cheque of course. However, these are not the only options available, as there are some other ones you can use as well. Crypto currency is one of them, and for the most part it is bitcoin that is accepted at online casinos. Thus far crypto currency is only accepted by casinos with a gambling licence from Curacao, as the Maltese licence doesn’t allow these forms of payments and transactions at their casinos. To be able to use bitcoin or any other crypto to withdraw funds from a casino the deposit you won from will have to have been made with the same method.