Playing at online casinos for real money involves depositing and withdrawing money to and from your casino account. Money earned can be in the form of your winnings from casino games such as slots and table games, or simply the money you once deposited into your casino account, but now want to withdraw.
Checking out an online casino’s cash withdrawal policy is one of the most important things to do BEFORE you sign up for an account at any casino. This may not be such a big deal for most players as top EU online casinos set comfortable cash limits, but then in gambling you never know when your luck will turn around, so read on!
Types of Casino Withdrawal Limits
All online casinos impose limits on the amount you can withdraw from a casino at any given time. These can be in the form of ‘Time Limit’ or ‘Amount Limit’ or both. Some casinos also stipulate that withdrawals must be done via the same payment method used by the player when making a deposit. Whatever the case, it is important to understand a casino’s withdrawal policy at the very outset.
Time Limit: A time limit indicates the set number of withdrawals that a player can make within a specified period. For example, an online casino might only allow players to make 2 or 3 withdrawals per week.
Amount Limit: With the amount limit, the casino stipulates how much money a player can withdraw per transaction. This limit is hugely dependent on the baking method used.
Suppose a casino’s maximum withdrawal via Skrill is set at €2,000. This means that if a player wins €10,000, and they are wanting to use Skrill for withdrawing the winnings, they will have to withdraw their money in several instalments.
Both Time & Amount Limit: Almost all the casinos follow this setup and set max cashout limits that combine both the time and amount limit. So, for example, you will be allowed a maximum cash withdrawal of €4,000 in a day.
Why Withdrawal Limits Can be Tricky
People sign up at online casinos to relax, have a great time and win real money while at it. Since it is impossible to estimate how much one can win in gambling, it sometimes becomes difficult to select casinos that strike a good balance between great gaming experience and seamless money management.
Generally speaking, reputable European online casinos have pretty generous max cashout limits. For example, Royal Panda Casino has a liberal €/£/$100,000 daily cashout limit for Bank transfer/Skrill/Neteller and €/£/$50,000 when using credit cards.
Despite this, players can remember one rule of thumb. Good casinos are expected to set the withdrawal limits at par or above the deposit amount limit.
Fast and Popular Online Casino Withdrawal Methods
Before you can make any withdrawal from a casino, you are required to verify your casino account and that’s a legal requirement by the casino regulatory bodies. Legal identification such as proof of age, identity, address are common requirements to all casinos.
E-Wallets: They are the most popular and the quickest online payment methods for online casinos. E-Wallets such as Skrill, Neteller and ecoPayz are fast, trustworthy, hassle-free payment options supported by almost all the casinos. Some casinos charge a withdrawal fee, though.
Credit/Debit Cards: a very popular and widespread payment method at online casinos, but when it comes to withdrawing they are not as fast as e-wallets.
Tips on handling online casino withdrawals
Every casino comes with set terms and conditions. The max cashout limits imposed by online casinos are also one such thing aimed at preventing money laundering, identity theft, account abuse and other fraudulent activities.
To make the best of the situation, some pointers can be of help.
- Search for an online casino with flexible withdrawal parameters. Usually the details of the withdrawal info is on their website’s Terms & Conditions page
- Avoid making huge deposits, even if the bonus on offer becomes more impressive with a higher deposit
- Understand the terms and conditions before committing to a casino