What are the Best Withdrawal Options Used at Online Casinos?
Most people consider the payment methods used at online casinos before making a decision to sign up with the casino or not. When choosing a withdrawal method, most gamers consider if they will be able to make smooth and hassle-free withdrawals, if the transactions are fast enough and the security of their funds. There are some withdrawal options that are only available in specific countries so it is advisable to have knowledge of these options before settling for one. Among the most effective withdrawal methods at online casinos are inclusive of but not limited to the following:
Credit/ Debit Cards
This is the most popular withdrawal method used at online casinos. Credit and debit cards include Mastercard, Visa, American Express cards, Visa Electron and Prepaid cards such as Paysafecard and EntroPayz.
Pros of Cards
There is no standard fee charged on withdrawals done using cards such as Visa and Mastercard.
The deposits are instant so you can access your funds in your account as soon as they have been deposited and, in a few hours, they will be ready for withdrawal.
It can get a little confusing if you are using the same cards as the ones you use for your everyday bills. As such, you require a card that is strictly for your casino play only.
Some cards such as Mastercard do not allow withdrawals in some countries which can at times be an inconvenience. An exception of this rule is the United Kingdom and Ireland which allow gaming winnings to be paid back to a card.
When using cards for withdrawal, it is advisable to play only at online casinos which have been fully-regulated as you are required to provide your personal details; your name, card number, billing address, security code and the expiration date of the card.
This mode of withdrawal is gaining a lot of popularity in modern casinos. Among the most commonly used eWallets are Neteller, PayPal, Ecopayz, Skrill and InstaDebit.
Pros of E-wallets
Electronic wallets (or digital wallets) are the as the withdrawals are usually processed within a few hours. You can cash-out on the same day you play. This method is best if you are playing in online casinos with instant withdrawal.
This withdrawal method allows you to keep track of all the transactions you make.
All transactions are kept separate so there is no chance of confusion or mix-ups.
Transactions using e-wallets are done in a very safe manner and they are arranged almost instantly for your convenience.
Neteller guarantees safety of your earnings because your account balance and sensitive information are secured in trust accounts.
It is easy to manage all your casino affairs with Skrill because it lets you move your money around easily. Skrill accepts receival and sending of payments in 41 currencies and all the major debit and credit cards.
Some e-wallet methods of withdrawal such as Skrill do not require you to provide any financial details which ensures confidentiality and secures your funds.
Bank transfers is the most traditional payment method used in online casinos. This is a very straightforward method of relocating funds between bank accounts that has been used for decades now. When making a withdrawal using bank transfers, you are required to have your bank account number, a SWIFT number and an IBAN number, which is dependent on where you reside.
This is a safe method of withdrawal because your bank details do not leave the casino.
This method can be used in any casino worldwide because it is a classic payment method. There are many online casinos where you can withdraw money through bank wire.
Bank transfers are the only viable option if you want to make a large transaction.
The limits are usually higher when using bank transfers which makes it a more desirable method for high rollers who need to make big transactions.
This is the slowest method of withdrawal. Banks take atleast three to five working days to process a deposit and up to ten working days to process a withdrawal which can at times be an inconvenience.
Direct bank transfers are not a good option for transactions of small amounts
It is important to remember that majority of online casinos allow you to cash out your winnings only if you use the method with which you made your last deposit. This means that if you used a card to make your last deposit then you must use the same to make your withdrawal. This security measure was put in place to hinder dodgy activities such as laundering of money.