Players wager at online casinos for enjoyment, but they also like to win. And when they win they would want to withdraw the funds from their online casino accounts. Players may also want to withdraw the balance of their deposits from online casino accounts. The options available to them for this purpose are known as withdrawal options. They include credit cards, electronic wallets and bank transfers. Some factors are important while making withdrawals. One is that most online casinos have a hold period before they process withdrawal requests. Another is that limits are imposed on the amounts that can be withdrawn in a given time period.
How to Make Withdrawals at Online Casinos
Before the first withdrawal is allowed the player has to complete the verification required by submitting the identification documents. This is a one-time requirement but online casinos will not allow a withdrawal unless this is done.
For effecting the actual withdrawal the player has to log in at the online casino and visit the Banking (Cashier) section. There he must select the desired withdrawal option. Usually the withdrawal option is determined by the deposit option selected. If the deposit option allows for withdrawals then the player should use the same. Otherwise he should choose one of bank transfer or check options.
After selecting the withdrawal option he would be required to enter the amount. This amount cannot exceed his clear balance and also has to be within the minimum and maximum limits imposed by the casino. The player may be asked to enter other information relevant to the option chosen. Thereafter he should follow the instructions on the screen to complete the transaction.
Hold Periods When Making Withdrawals
Online casinos do not process withdrawal requests immediately. There is a hold period imposed. This may be referred to using different terms. Some online casinos call this period “pending state”. This is usually a 24 hour or a 48 hour period after the withdrawal request is made. The purpose of this hold period is to enable the player to make a reverse withdrawal if he so desires. Some online casinos have a default hold period but allow the player to waive it. Generally players will have to contact customer support and make a specific request. Their withdrawal requests will be processed immediately thereafter.
Being Aware of Maximum Per Period Imposed by Some Casinos
Online casinos impose limits on the amounts that can be withdrawn. Some limit the amount that can be withdrawn in a single transaction. Others limit the amounts that can be withdrawn in a given time period usually a week or a month. Separate limits may be imposed by the online casino and the withdrawal option and then the stricter limit will apply. Players must check these out very carefully before signing up.
What this means is that if a player has a big win he may have to withdraw his winnings in installments over several periods. The best online casinos exempt progressive jackpot wins from such conditions.
Issues with Payments for Withdrawals Made to Players in the US via Check and Wire Transfer
In any other country Checks or Wire Transfers would be the least preferred withdrawal option, but in the US in many cases they are the only option. Credit cards generally do not accept withdrawals in the US and there is a lack of reliable electronic wallets. The main problem with Checks and Wire Transfers is the time. Wire Transfers will take at least a few days and Checks will take at least a few weeks. Then more time will elapse after the Checks are deposited by the player in his bank for clearing and receipt of funds. Wire Transfers can have a high fee that online casinos may not absorb.
Issuing Withdrawals Back to Your Credit Card
Electronic wallets allow withdrawals back into them. It would be great if all credit card companies allowed withdrawals back to the credit cards everywhere in the world as well. Unfortunately this does not happen. The fact is some credit cards allow withdrawals in some countries but not in others. Also the extent of withdrawal may be limited to the amount deposited using the credit cards. In cases where withdrawal is not allowed to the credit cards the players will have to opt for some kind of bank transfer or check payment. Therefore it is essential to understand the policy as applicable to the country of residence of the player.
A reverse withdrawal is simply a cancellation of a withdrawal instruction. When players put in a withdrawal instruction the amount is removed from the balance but the processing of the withdrawal is put on hold for a specified period. During this time the player can make a reverse withdrawal request for a part or the whole of the amount and his balance will immediately be credited by that amount. He can immediately use that amount for wagering. Reverse withdrawal is not a healthy practice and should be resorted to rarely, if ever. Reverse withdrawals do not count as deposits for the purpose of bonuses and promotions.
Popular Withdrawal Options at Online Casinos
The same payment solutions providers offer both deposit and withdrawal options. Credit cards offer limited and conditional applicability, but if applicable they are one of the most convenient withdrawal options. Electronic wallets have the greatest applicability. Usually unconditional withdrawals will be allowed to the electronic wallet used to deposit funds. This makes them the most popular withdrawal option. Bank Wires is the default option to be used if no other option is applicable. If the credit card does not allow withdrawal the Bank Wire has to be used. Other withdrawal options remit funds instantly, but Bank Wire will take a few working days.
Visa is the credit card that offers various withdrawal possibilities. It has three lists of countries. Countries in the first list cannot withdraw to Visa credit cards. Countries in the second list can withdraw to the extent of exposure (deposits made) only. Countries in the third list offer unconditional withdrawal.
NETeller is a global electronic wallet payment option. Withdrawals from online casinos to NETeller are free. The funds in the NETeller account can be withdrawn by way of a bank draft, check or wire transfer at a nominal cost. They can also be transferred to a third party for a small charge.
Skrill (Formerly Moneybookers)
Skrill operates in over 200 countries and in over 40 currencies. Withdrawals from online casinos are credited instantly to the players' Skrill accounts. These funds can be used to make deposits at other online casinos. They can also be used to make other online payments or can be withdrawn by the players.
Click2Pay is an electronic wallet popular at many online casinos. Players can withdraw into their Click2Pay accounts amounts greater than their deposits so it is a great option for big wins. The withdrawals require entering a PIN specially allotted to the player at the Cashier of the online casino as an added security measure.
EcoCard is a debit card that allows players to withdraw funds from online casinos into it. The withdrawals are free of cost and take place in real time. Once the funds are in the EcoCard account they can be withdrawn to the player's bank account. Funds can also be withdrawn in cash at ATMs.
ClickandBuy is an electronic wallet that offers secure services to online casino players. Withdrawing funds into the ClickandBuy account is free. The advantage is that withdrawing funds from the ClickandBuy account to the player's bank account is also free for Verified accounts. The process of getting the account Verified is free and simple.
WebMoney is a withdrawal option popular at Russian online casinos, though not limited to them. It operates in Russian rubles along with other currencies. Withdrawals can be made from the secure WebMoney site by entering the WebMoney wallet number, the casino account, the amount to be withdrawn and the casino password.
UseMyWallet is a popular electronic wallet at US online casinos. An invitation is required from an online casino that accepts UseMyWallet for the player to open an account. Once opened, the UseMyWallet account can be used to fund online casino accounts and withdraw winnings back. The funds in the USeMyWallet account can be transferred to any bank account in the player's name.
InstaDebit account holders can use this option to withdraw funds from online casinos. The funds withdrawn are held in the player's InstaDebit account. These funds can be used to make deposits at other online casinos. Players can also transfer these funds to their bank accounts from the InstaDebit web site.
EntroPay is a debit card that can accept withdrawals from online casinos. The withdrawals are given credit instantly. The player can keep the amount loaded in his EntroPay card or can transfer the amount to his bank account. The balance can also be converted to cash at ATMs that accept MasterCard.
Bank Wire is a universal payment option at online casinos. The funds are directly transferred to the player's bank account, which would be the ultimate destination for the funds for most players. Players need not apply for credit cards or electronic wallets. The disadvantage is the long time taken to receive the funds. Also there is a flat fee that makes it costly to transfer small amounts.