Withdrawing winnings is not a super complicated process, though it can be convoluted to the inexperienced online gambler, especially when bank and credit card companies’ policies are to block transactions dealing with online wagers. Luckily, there are plenty of methods that tech-savvy online patrons and the casino companies have developed to make this process less of a hassle.
Just as with depositing funds to place bets with, withdrawing must be done in a way that the bank and/or the card company does not recognize the transaction as illegal. To do this, you must take a few steps:
- Make sure there are funds to be withdrawn (obviously).
- Check the casino’s regulations for withdrawals; some have a minimum amount that can be taken out, some have maximums, and still more have other rules that must be abided by.
- When sure of all procedures, figure out where the withdrawal is supposed to be deposited to.
- Once a destination for the money is determined, follow the casino’s steps to withdrawal.
Also note that you need to send your Identity proofs for verification at casinos to make a withdraw so check out with the casino support team and know the documents you need to post or upload to them for withdrawals.
Remember: It is illegal to gamble online within the U.S. Because of this, when withdrawing winnings from an internet casino, make sure the funds are deposited into an e-wallet or somewhere similar. Then, from the e-wallet, or whatever alternative account the funds were placed in, transfer the money to a regular bank account.
Here is a short list of accounts to withdrawal the winnings into before transferring them to a bank account:
- Coral Connect-this is the preferred e-wallet of online gamblers. It is designed specifically for online casino and wager winnings. The way it works is: the card holder goes to a store that carries the connect cards, deposits cash directly onto the card, and then uses it for online gambling purposes only. This bypasses the banks completely. There are many stores worldwide which accept Coral and will deposit funds as well as accept the card for payment. It is also possible to withdrawal cash from the card.
- Skrill, Neteller, and Eco are all e-wallet companies who are more or less the same.
- PayPal, the most commonly used is a good option but is the most likely to get the user caught.
Are there any Limits on Withdrawals from an Online Casino?
As a general rule of thumb, keep in mind that almost all organizations which provide financial accounts to their consumers will have some sort of limit on withdrawals, as well as other policies regarding taking money out.
Most casino companies will charge a small transfer fee, ranging from five dollars all the way up to $30.00. The fee depends on the website, the method of withdrawal, and what country you reside in. Also, if you are using a credit card to withdrawal from, there is usually a processing period which takes up to five business days.
There’s a multitude of options out there for the online gambler; the trouble is finding which one works best for the individual. Some folks prefer PayPal, some BitCoin, and some to just take a chance with the credit card companies and banks.