When in search of the best withdrawal casinos, players often forget to look at the terms and conditions. However, this is the page where they will find the answers to their question “will I get my money instantly on this casino?” But even though you actually read the general terms and conditions of your selected casino, you might not understand certain points. In this post, you will find out how to read the terms related to withdrawals. Thus, you will be able to identify instant and not-so-instant casinos by yourself.
Where to Find Withdrawal Policy
Legit online casinos don’t hide the information about their withdrawal policy. But players, in their turn, are often unwilling to read the terms because they are written in the formal language, plus the text is pretty long. Okay, if you aren’t ready to read the entire text, don’t. You can just scroll down to the withdrawal section. Usually, it is in the middle of the general terms or at the end.
The section can be called in different names such as withdrawals, withdrawal policy, payment details, payment of winnings, and so on. Anyway, you will understand that you’ve found the section.
Key Points of Withdrawal Policy
So when you start reading the terms of withdrawals, you might fail to understand them properly. Although online casinos differ, their terms are similar and can tell the same things in different words. Pay attention to the following key points.
Min and Max Withdrawal Limits
Most casinos begin their withdrawal terms with a minimum withdrawal amount. It is a simple term that states you can cash out money when you have a minimum withdrawal amount or more on your cashable balance. Usually, it’s about $10 to $30. Obviously, the smaller the amount, the better for the player. For example, at Play OJO casino, there are no minimum limits on withdrawals, so you can cash out as low as $1.
A minimum withdrawal limit at PlayAmo is $10.
Also, remember that different payment methods have different min and max limits on transactions. Keep it in mind when you withdraw via your preferred option.
For example, bank cards accept transactions of $30 and more, while bank transfers will only process payments of $500 or more. If the amount is less, you will be charged a $5 fee. The following casinos are examples of such restrictions:
What’s wrong with max limits?
Difficulties come when you win big and want to withdraw this whole amount. First of all, not every casino will let you cash out the entire amount of money at once. Secondly, it can take time to process the payment. Here are different cases that you should understand:
- Maximum withdrawal limits are usually stated in the terms or on the banking page. A casino has the right to pay you in installments if the amount of withdrawal exceeds the max limit. This means that if you win a $10 million jackpot, you will receive your money in equal installments for several months.
- Almost every casino has the right to double-check your account and ask for additional verification documents if you win a large sum of money. This means you need to be prepared for the long withdrawal process.
- Some casinos allow you to withdraw no more than a certain amount a week/month. In other words, if you win $15,000 and this is the max limit per month, you will not be able to request further withdrawals till the end of the 30-day period.
- There are casinos that can check your account for suspicious activity if you withdraw a sum of money 5 times or more greater than your total deposit amount in the casino.
The last case is about withdrawals from the Casino Rewards network. They allow withdrawing only €4,000 per week, and the remaining amount is returned to your account until you become eligible for further requests meaning you withdraw no more than 5 times your lifetime deposits. However, this rule doesn’t apply to progressive jackpot wins. So, you can play Mega Moolah, hit the jackpot, and cash it out all. For example:
Withdrawal Options & Fees
Nearly every casino will pay out to the same payment method that you used for deposits. For example, if you deposited with your bank card, it will be automatically selected as a withdrawal method. If you want to change the method, you need to contact the support team.
If the deposit payment method doesn’t allow withdrawals, then players can select another method that they prefer. Pay attention to the restricted countries. Sometimes, casinos mention that Visa or MasterCard payments are not supported in certain countries. However, Canada is usually not on the list.
Types of Fees
Here we advise you to check all available withdrawal methods and their fees. Legit online casinos don’t charge players for transactions, but they inform you that some payment methods incur fees.
- Usually, when you choose bank transfers, you need to pay a fee to your bank or intermediary bank. So don’t get surprised if you receive a smaller amount than you actually requested.
- Besides, fees can be charged for currency conversion. If your currency is different from the casino’s internal currency, then you will probably have to pay the fee plus the currency conversion rate can slightly change your actual payout amount.
- Fees can be charged for withdrawals made too early. The terms state that players must wager the deposit amount a certain number of times before making a withdrawal. The wagering requirement isn’t big, about x1 or x3. However, if you don’t meet it, your withdrawal will be smaller because the casino charged a fee.
Withdrawal Process Speed
You should understand that the withdrawal process is not simple and fast. Even though the casino calls itself “instant”, it can be far from reality if you look at the terms of withdrawal.
How can you understand the speed of payout? By certain points in the terms and conditions, of course. Look for the following formulations:
- The casino has the right to pay only after verification of the player’s account. This means you will not see your cash until you submit your documents that prove your identity, location, and payment service account.
- The process of approving your docs can take a few days, but it can be faster if you provide the correct documents in due form. While your documents are being checked, the withdrawal is held pending.
- The pending period lasts for up to 72 hours from the moment you confirm the request.
- If you submitted your documents before and passed the verification stage, your winnings can still be held pending. This means no matter what you do, you will have to wait for up to 3 days until further actions on the casino’s side.
- During the pending period, the casino is checking your account for suspicious activity such as bonus abuse or violation of terms. But you can cancel the withdrawal and get the money back instantly.
- After the withdrawal has passed the pending period, the team is working on transferring money. The speed of withdrawal can vary depending on the payment method.
- The casino has the right to deny your withdrawal request and block your account without saying the reason. If you don’t agree with such a decision and are sure that your actions on the site are legit, you can make a complaint to the regulatory authority of your casino.
Cash Out Money Smart
The process is way too complicated for players. It is inconvenient because of regular checks and verifications. Besides, you can withdraw only certain amounts of money during a certain timeframe. Plus, with so many payment methods, there are numerous restrictions and fees.
That being said, payers obviously make withdrawal mistakes now and then. And this is also why players are always searching for the best online casinos that will pay out fast. However, you can rarely find a real instant casino. And to find it, you need to read the terms and conditions related to cash-outs so that you know all the details and withdraw your winnings easily.
Check out our post about Casino Rewards withdrawal time to understand the specific payout rules of 29 casinos in the network.
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