When it comes to choosing an online casino, payment methods are among the key factors the players consider. The players generally prefer signing up with the casinos that offer faster payouts. Therefore, most online casinos across the globe incorporate the payment solutions that are safe, quick, and provide a smoother experience. Withdrawing funds from a casino should not be a troublesome affair after you join a casino to play your favourite money games and enjoy the winnings out of them.
If you are new to online casinos and seeking information on the frequently used withdrawal methods, you are at the right place. Here we will discuss the online casino withdrawal options along with their pros and cons.
Credit and Debit Cards
Credit and debit cards are the most common modes of depositing and withdrawing the funds from an online casino. Most common options included under these methods are Visa, MasterCard, Visa Electron, American Express, and prepaid cards such as Paysafecards and Entropay. Using cards (mostly credit cards) as your payment methods comes with certain perks, such as rewards programs and high security,
Pros
- No standard fee applicable on withdrawal involving Visa and MasterCards.
- You can make instant deposits using debit and credit cards, and the funds are accessible as soon as the deposit reflects in the account.
- Visa credit cards are popular among online gamblers because they process the withdrawal quite faster.
Cons
- It can be confusing if you use the same cards to pay the bills for your daily expenses and gambling purposes. It is always advised to use a different card to play at an online casino; you can track your spending and wins.
- Certain cards such as MasterCard restricts the withdrawal of funds from online casinos, which can be inconvenient at times.
- It may take a few days to process the funds from your casino account to bank account. Besides, the players have to go through the verification process when using a card as a payment method.
E-Wallets
E-wallets (digital wallets) are becoming an increasingly popular payment option among modern players. This is undoubtedly the quickest withdrawal method, known for its reliability and an additional layer of protection. Some of the most used payment options include Nettler, Ecopayz, Skrill, Paypal and InstaDebit. To use e-wallets as payment methods and receive the winnings, you will need to connect it to your cards or bank account. Below are the pros and cons of this payment method.
Pros
- Digital wallets offer the fastest withdrawal at online casinos. You can expect the withdrawal processing within a few hours, which can be cashed-out the same day you play.
- With the withdrawal method, you can easily keep track of the transactions you make with the casino.
- E-wallets offer an additional layer of security to all the transactions by using encryption technology. This technology keeps your personal and financial data secured from the prying eyes and keeps you safe against any fraud.
- Some digital wallets like Skrill accept and process the funds in multiple (41) currencies.
Cons
- E-wallets require to be attached to your regular credits or debit cards. Some people see it as a disadvantage, while for others, this is not an issue.
Bank Transfer/Wire Transfer
Bank transfer is the most convenient payment method in online casinos. This conventional method is still trendy among online punters, as it is a simple method of transferring funds from bank account to casino accounts and vice versa. When using a bank transfer option for withdrawals, you should have a bank account number, an IBAN, a SWiFT number. The requirement may vary based on the player location.
Pros
- A straightforward method for transferring funds
- This is a classic method available all the online casinos worldwide. Many online casinos allow you to withdraw money through bank wire.
- The only feasible option when the transaction involves large amounts.
- Bank transfer option usually possesses high limits, which makes a suitable option for the high rollers, which typically make larger transactions.
Cons
- Bank transfer is the slowest payment method. It takes around 3 to 5 working days to process the deposit, while 7 to 10 working days to process the withdrawals. This long waiting period is usually a matter of inconvenience for the players.
- This method is not a feasible option for small amounts.