Let’s say while playing you hit a nice winning amount, or you simply want to take a break from playing. Naturally, your next step would be to withdraw your money from your casino account.
Well, this is the process of requesting an online casino withdrawal or otherwise known as cashout. However, what seems like a simple cashout often comes with lots of terms and conditions, processing times and limits. Therefore, rookie players must get familiar with casino withdrawals and how they work before requesting one in order to avoid making mistakes that can cost a lot.
How to Request a Withdrawal
In order to request a withdrawal, you must visit the cashier section at your online casino operator. At the cashier you should select the “Withdrawal” or “Cashout” option. The system will load the withdrawal screen where you are asked to choose your preferred withdrawal method. Finally, you need to enter the desired cashout amount and provide the necessary details. These depend on the method you use. Thus, you may need to provide bank details or e-wallet address.
Account Verification Process
You should know that most casino operators won’t let you cash out unless you verify your identity first. This verification process usually is quite simple and requires you to provide certain documents. Namely, these documents always include copy of ID with a photograph as well as copies of utility bills. Some operators may ask you for a bank statement as well. You should send the document either to customer support or to a dedicated e-mail for that purpose. Once the operator approves the identity verification, you will be able to withdraw your funds.
Various Types of Cashout Methods
Players should know that there are various types of cashout methods available at online casinos. Each of them comes with their own benefits and disadvantages. Thus, you should find the withdrawal method that suits your needs the most. Most common cashout methods at online casinos are bank cards, e-wallets, bank transfer and cheque.
Bank cards and e-wallets provide instant and safe money withdrawals. Plus, they are usually free of charge. Moreover, bank cards are divided into debit and credit cards. Most popular debit and credit cards among players are Visa, Visa Electron, MasterCard, Maestro and Diner’s. On the other hand, bank transfer and cheque cashouts often take longer. Additionally, online casinos often apply processing fees on such withdrawal requests.
Another thing you should have in mind is the withdrawal limits. Namely, these limits show the minimum and maximum amount of funds you are allowed to cash out on daily, weekly and monthly basis. It should be noted that different online casino operators have different withdrawal policies. Thus, make sure to read the cashout policy before signing up with an online casino.
So, let’s see what to expect in terms of minimum withdrawal limits. Well, these usually vary between £10 and £20. However, certain methods such as bank transfer and cheque may have higher minimum withdrawal limits that go from £50 to £100.
When it comes to maximum withdrawal limits, these can vary as well. So, most casinos limit weekly withdrawals between £2,000 and £5,000. Monthly withdrawal limits, on the other hand, start at £5,000 and go up to £20,000.
Of course, you must remember that these are examples that can easily change. Certain casinos have much higher monthly limits of £100,000, while some operators don’t even have withdrawal limits. Moreover, the UK Gambling Commission is constantly working on improving players’ rights and lately it has been demanding for UK operators to increase or even remove withdrawal limits altogether.
Cashout Processing Times
When talking about cashout times, one can refer to processing times and completion times. The first focuses on the time an operator needs in order to process a withdrawal request. The latter, on the other hand, focuses on the time needed for your fund to be available to you on your bank account or e-wallet. Both concepts are quite important to online casino players.
So, let’s start with cashout processing times. These largely depend on your chosen operator. However, it can be said that average processing times at online casinos are between 24 and 48 hours. There are operators that offer instant cashouts, but this service is usually reserved for VIP players.
With such processing times, the withdrawal completion times start at 1 business day and may take up to 10 business days. Generally, credit/debit card and e-wallet withdrawals take faster than bank transfer and cheque. Namely, bank transfers and cheque withdrawals sometimes may even take up to 15 business days.
Mistake number one among rookie players is trying to cashout a bonus before meeting the wagering requirements. Doing this always results in losing both the bonus and any winnings won with it. Namely, each bonus comes with rules and wagering requirements. Players can withdraw only after they meet the playthrough requirements. These requirements show the number of times a bonus amount needs to be wagered in order to be available for cashing out.