Deposits and withdrawals at online casinos in a nutshell
Online casinos are a way of having fun, but one thing that worries new players is making deposits. This problem is not a problem at all. As long as you choose a reliable, licensed casino your round-trip transactions (deposits and withdrawals) will be no different to paying for any regular products or services.
How to deposit at an online casino
Online casinos have a significant advantage over their land-based 'counterparts' in terms of the way money is deposited. Anyone who has been to an offline casino knows that you can only pay in cash or with a bank card. Remote gambling sites on the other hand, offer a much greater variety of payment options. For deposits you can use:
- Bank credit/debit cards
- E-wallets
- Vouchers (prepaid cards)
- Online banking
- Cryptocurrency.
Cash payments are not available at any online casinos, so think carefully about your choice of payment. Most gambling sites will withdraw funds to the method that was used to make deposits. Other payment methods will require additional verification.
Bank cards are the most popular payment method. Not everyone has a cryptocurrency wallet, but most adults have bank cards these days. To use this option, you will need to enter your card details (name, number, expiry date, CVV) when you make a deposit. The money sent is usually credited to your casino account instantly. Some banks charge a fee for transactions but the amount depends on the bank's terms and conditions.
Electronic wallets are an equally popular way of depositing funds. The most popular wallets are Skrill and Neteller, both available in almost every country world-wide. If your digital wallet is empty, you'll obviously need to top it up, then simply provide the account details along with the deposit amount. The money will also arrive in your account instantly. More often than not, there is no fee.
Prepayment cards are special cards of a certain value and are essentially single-use cards - once you have spent all the money loaded onto them they cannot be used again. These cards are a great solution for those who are not able to control their spending and those who still fear that their identity will be revealed. All you need to do to make a top-up transaction is to enter the unique identification code.
A transfer via online banking is another method. Enter your account number and transfer amount in the appropriate payment line and wait a few seconds for the funds to arrive in your account. The disadvantage of this method is that there may be spending limits, depending on which country you are playing in. In some countries gambling is illegal, so any such transactions may raise questions from the authorities.
To make a deposit in cryptocurrency, you need to choose a gaming institution that supports this payment option. Simply enter your wallet details and the amount.
Any virtual casino uses at least 128-bit SSL encryption to protect financial transactions on its website. A similar method of protecting financial and personal information is used in banking and on major online payment sites.
How to withdraw from an online casino?
Withdrawing money from a casino is one of the most important operations. This is especially true for withdrawals of large winnings. It would hardly be right to win 50,000 USD and then re-draw it all on betting in casino games, you will want to withdraw some of it for your own use. You may use almost all of the same methods to complete the transaction as when you make a deposit, the only exception is prepaid cards due to the fact their nature inherently prohibits the deposit of funds. If you deposited with this option and want to withdraw your winnings the same way, you will have to consider another option.
Almost every casino offers withdrawal methods such as bank cards, e-wallets or bank transfers. The first and last option will not always be fast. We are talking about 3-7 business days. If you need money as soon as possible, these options are not the best solution. Besides, any banking system will definitely charge you a transaction fee. But in return, the player is guaranteed to get his money to the account specified at withdrawal.
Another way to withdraw funds is to use a cryptocurrency wallet. To do this, just like in all other cases, log into your account and go to the "Cashout" tab. Then all you have to do is choose the withdrawal method and amount. In this case, it will be cryptocurrency. Select a currency from the list, and specify the amount and the wallet address in a special field. Withdrawal of funds, in this case, can vary. The point is that the blockchain system, on which the entire cryptocurrency system is based, requires confirmation by other participants. In the case of major currencies like Bitcoin, Ethereum, etc., the transaction speed can sometimes be delayed. Otherwise, the wallet balance will be credited within minutes.
What is the processing time at online casinos?
Processing time at an online casino is a mandatory process that is initiated by the operator's administration. As it says on www.casino-howto.com, it is necessary for the administration to make sure that the player complies with all the casino's rules. For example, 100% wagering of the bonus, compliance of the withdrawal amount with the minimum requirements and early confirmation of identity in the verification procedure. If at least one of the conditions for withdrawal is not met, the casino will send an email to your email account informing you that your withdrawal will be denied. For example, if you are rejected due to an unsuccessful verification, you will have to pass it first and only then reapply for withdrawal.
The processing time varies from operator to operator, this includes the timing of the finance department and the casino's commitment to the fastest possible payout. There are dozens of casinos which aim to make the fastest withdrawals possible, in which case, requests are processed within one to 24 hours. On the other hand, there are institutions that use the standard processing period which is 24-48 hours. Then there are the "slow" operators, who usually take 48-72 hours to press a withdrawal request. Fortunately, there are not many slow operators around.
