By J. W Pitt
May 18th, 2022
BURLINGTON, ON
Casino players consider many factors when choosing a casino. They look at the variety of games, software providers, security, bonuses, and more. But many of these factors will not make a difference if you cannot process your winnings in the fastest time.
Time is of the essence when you visit an online casino. Players want a casino that can process deposits and more importantly, withdrawals quickly. Thus, it is no secret that they will swamp fast payout casino.
Thus, what factors affect casino withdrawal speed? What should a player look out for?
This article will share what factors you should watch out for.
Amount Cashed Out
The amount of money you want to withdraw is a determinant of how fast it will be processed. Several payment methods have daily, weekly and monthly limits. This means if you won big at a jackpot, you may need to wait a couple of days for your winnings. The withdrawals are divided up into portions to meet the withdrawal limits of the particular casino and payment method.
But if your winning amounts are small and within the daily limits, you can receive the same-day payout.
Country of Residence
Different countries have specific restrictions on casino withdrawals. In the US, for example, the UIGEA of 2006 has placed restrictions between banks and casinos.
Additionally, if you want to use instant payment options such as PayPal, Skrill or Neteller are not accepted for online casino deposits and withdrawals.
This is not the case in every country outside the US. You will need to pay attention to whether there are any casino transaction restrictions where you reside. For example, Canadian online casinos have very similar rules to those in the USA.
Account Authentication
If you are new to a casino and make some winnings, the casino will have to verify your account before processing any payment. While this may be a once-off process, it may take considerable time.
After submitting all the requirements, the verification team takes some time to process your authentication. It could take a couple of days to weeks depending on the casino.
Since it can be quite a long process, make sure you do not make any mistakes. Mistakes in your documentation will make it even longer and increase your withdrawal wait.
Payment Method
Not all payment methods are created the same. They may have similar characteristics but when it comes to withdrawal processing speed, they can be different. There are several payment methods to choose from in the casino world including debit/credit cards, e-wallets, wire transfers, bank checks, and cryptocurrencies.
For the fastest payout casinos, e-wallets are your best bet.
If you are looking for the fastest payout casinos, e-wallets are your best bet. You will wait for anything from a couple of minutes to 24hours.
What makes them even better is you have a couple of options to choose from such as PayPal, Neteller, Skrill, and EcoPayz.
Cryptocurrencies are another fast method although they are not widely available at many casinos. But they are slowly making headway. If you want an instant payout casino, cryptocurrencies deliver with several options. The options include Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and Ripple.
Debit/credit cards are relatively fast but not as fast as e-wallets. You can expect withdrawals within 24-48 hours. Plus, you can choose from many options such as Visa, Mastercard, and Maestro.
Wire transfer is the old school method of transfer. It has remained relevant because of its higher withdrawal limits and direct to bank account transfers. One of its drawbacks is it is costly and will take a while to make your transfer. Withdrawals can take up to 7 working days.
Checks are still an option and one of the slowest for withdrawals. You will wait up to two weeks or more.
The payment method you choose will be a large determinant of how fast you can process your withdrawal.
Bonus vs Pure Deposit Withdrawal
Playing with bonuses at some casinos comes with terms and conditions. At casinos where they have to manually crosscheck whether you meet the wagering requirements will take more time to process your withdrawal.
It is better to play with pure deposits since they have fewer terms that will check out easily.
Conclusion
While playing at a casino, it is important to consider withdrawal speeds. If you win and want to withdraw, it may determine whether you review a casino well or poorly.
To determine withdrawal speed, you need to pay attention to a couple of factors. These include bonus vs pure deposit withdrawals, payment method used, country of residence, account verification, and the amount being cashed out.
Additionally, you can use customer reviews as an indicator of which casinos do a great job at processing withdrawals. They will give you a great idea of withdrawal speeds at most casinos.
Do not forget to enjoy your casino experience responsibly.
