When you enjoy the thrills of online casino gambling, you also want to cash out your winnings quickly so you can enjoy that feeling of the win becoming a reality. However, not all online casinos make it easy to get your winnings back into your account, with fees, long processing times, and other limitations. The good news is that there is a wide variety of payment options that offer safe, secure, and speedy withdrawals. Most online casinos will accept bank cards, but you can also find eWallets, bank transfers, cryptocurrencies, and many more. To help you stay on the right track, we’re going to run through the best withdrawal methods for new gamblers.
How Long do Online Casino Withdrawals Usually Take?
Getting money out of your online casino account and into your bank account has never been an easy process. For many years, online casinos were making it as hard as possible for players to withdraw their winnings. These obstacles include minimum withdrawal limits, processing fees, unnecessary document requests, hidden terms and conditions, and much much more.
The casinos would drag out the withdrawal for many days in the hope that the player will use the cancel withdrawal option before the transaction is completed. The casino’s ultimate goal was to have the players give in to the temptation to play away their balance. The psychology was in the casino’s favor since the player just won and they feel they are on a lucky streak or have what it takes to win here. That was a very underhanded and sneaky strategy.
In reality, the casino only needs to approve the transactions to get the money sent out to players. Then the processing time sits with the player’s receiving bank or other withdrawal method. Online casino players vented their anger at slow withdrawal times and this became a niche for casinos wanting to stand out from the crowd and attract new customers. The whole industry made a positive change in withdrawal speed as that became the expectation of customers who have plenty of choice of where to play. Nowadays, online casinos are competing to offer players the fastest withdrawal times, and some are even instant.
The time it takes to withdraw depends mostly on the payment method a player used. If you opt for a debit or credit card withdrawal, you can expect to wait between 3 and 5 days for the transaction to complete. If you pick an eWallet service, you can expect your funds back in just a few minutes, but in the worst cases, it can take up to 48 hours. If you use a crypto option, you can expect your winnings back in a few hours with no human interaction needed to process the transaction since the money moves through the blockchain network.
Here are some popular withdrawal options that you should learn as an online casino beginner:
Visa and Mastercard
These traditional bank card payments are one of the best and safest withdrawal options. Visa and Mastercard are nearly universally accepted at all casinos but unfortunately are not the fastest withdrawal option. Once the casino approves your withdrawal, the transaction is sent to your bank and will sit there until it is approved on the bank’s side. Therefore it can take up to five business days to complete.
eWallets
eWallets have become supremely popular in online casinos because they allow players to use their bank cards without the long withdrawal wait times. These eWallets act as payment gateways for your bank cards but provide a withdrawal time of a few hours as the money is approved by them much faster. They also add enhanced security as you won’t be required to enter your sensitive banking details into a casino account. However, some eWallet services will charge a fee to make deposit and withdrawal transactions.
Bank Transfers
The traditional bank transfer option, or wire transfer as it is also known, is not a good payment option for those lacking patience. This withdrawal method can take up to ten days to complete a transaction. Although the payment method offers excellent online banking security, the manual work required by the casino and bank involved means you’ll have to wait a long time.
Cryptocurrencies
More and more online gambling sites are accepting crypto payments as it offers excellent payment privacy, rapid withdrawal times, and super low fees. Some of the most popular crypto options include Bitcoin, Ethereum, Litecoin, Dogecoin casinos, and Tether. Because the crypto payments are transacted on the blockchain, withdrawal times are super-fast with most casino withdrawal transactions just taking a few minutes.
