Online casino players can rely on several instruments to withdraw funds from their accounts. Let us discover such withdrawal methods along with their pros and cons
So you've made a deposit, played some games, and have managed to walk away in the money? Well done! It's an old saying that the house always wins, but experienced players know that isn't true on an individual level and some serious paydays can come from playing at online casinos.
So, how do you get your winnings? That's where casino withdrawal methods come in, and you might have noticed there are more of them than you could shake a stick at these days.
While it's no secret there are usually fewer withdrawal options than there are deposit options, you will still have to choose how to get your cash.
Let's look closer at what options are available and the various pros and cons of both.
Credit and Debit Cards
The good old credit card is accepted anywhere and everywhere, from your high street retailer to offshore online casinos. Money is money, and a Visa or Mastercard is as good as any.
- Paying Bills - If you have racked up a little debt on your card since, this can be a way to instantly pay it off. Or you can load the cash onto your card, having your account 'in credit' and go on a spending spree right away.
- Simplicity - You won't have to set up third party accounts and can keep it all simple by using your card to both deposit and withdraw.
- Fees - We hate the word as much as you do, but they are all too real. Lots of casinos will charge a fee for withdrawing to credit cards. Really shoddy credit cards will also charge you one, even though you aren't using their money.
- Time - It can take 3-5 business days to get your money. If you withdraw on a Friday evening it might take until the following Friday to get your cash! This can be a major downer.
- Security - It's understandable why some people don't want to share their credit or debit card details online. Data breaches make the news every week, and while most reputable casinos are safe as houses, it can happen.
E-wallets like PayPal, Neteller, and Skrill are all the rage these days. Those who are digitally savvy are all over them, and often have multiple wallets on the go.
- Faster Payouts - You will usually get your cash the very same day you withdraw it, and most often within minutes. If you have a card linked up to your e-wallet (such as those available with Neteller), you can start spending right away to celebrate your big win.
- Security - This is actually a big plus of using e-wallets, whereas it is a liability to using cards. If a data breach did happen, a hacker would only see your e-mail address and no other personal details. E-wallets provide that extra layer of protection.
- Goodies - If your win is big enough, or you play often enough, you might qualify for a Skrill or Neteller VIP account. Goodies include loyalty points, prizes, VIP account managers, and reduced foreign currency fees.
- Goodies - This is probably the only real con to using e-wallets for casino withdrawals. The FX fees on some of them can be a tad on the high side, so if you are withdrawing in USD and hoping to spend in Australian Dollars, you might lose a percentage of your credit.
Bank transfers have been around forever, and most legit casinos online will accept them as a way to withdraw funds.
- Direct to Your Account Whereas you might have to withdraw to your account from an e-wallet after withdrawing from the casino to the e-wallet, this method takes the direct route. The money is in your account when it lands and is yours to spend.
- Fees - You will almost always be charged a fee for using this withdrawal method. It will likely be the steepest fee of them all on the casino side, and that's before your bank takes a slice (if they do).
- Security - If a hacker does break into a casino, he has your bank account details and personal details in front of him. This is a recipe for disaster, although it is an extremely rare occurrence.
- Withdrawal Times - Much like the credit and debit cards, you will have to wait between 3-5 business days to get your funds.
There are very few pros to using this withdrawal method and many more cons. While the vast majority of gambling operators allows withdrawal via this method we recommend using bank transfers only if you can't avoid them.
It seems that e-wallets are the way forward when it comes to making withdrawals at online casinos. Faster payouts, reduced fees, and possible extra rewards if the haul is big enough make for three great reasons to choose Neteller, Skrill, or PayPal. Good luck and remember to play responsibly!Last update: 30-09-2019