When it comes to withdrawing your money from a casino, how you want to get paid can greatly affect how simple it is. Each payment method differs greatly in the range of time it can take. On top of that, different casinos can take varied times to carry out each method.
It’s a confusing system. But luckily we’ve got you covered. Over the course of this series, we’ll break down everything you need to know about withdrawing your winnings quickly and safely from your mobile casinos.
For now, let’s begin with the different ways there are to withdraw.
- The Basics
- Cheque Summary
- eWallet Summary
- Bank Transfer
- Bank Transfer Summary
- Paysafecard Summary
There are 4 key ways that you can withdraw your winnings from a casino:
- Bank Transfer
All of these methods will be carried out within very differing time periods. If you’ve found your withdrawals are coming out slowly or are uncertain if there’s a problem with your payments, then it’s good to know the average range of time that each method should take. You may even be considering changing your withdrawal method, but be uncertain of how to go about that.
In the next few sections, we’ll break down all of the withdrawal methods, so you can be up to date on which one does what.
Cheques are the slowest of the withdrawal methods. It varies between casinos but usually it’ll take at least 3-5 days to receive your cheque in the post. On top of this, there is also the time required for the bank to then cash it, which can take up to 4 working days.
Because of this, cashing a cheque can take 7 days to cash at its quickest. If your post is slow and you try to cash it across a weekend, this can easily be extended to 11 days. If you manage to get caught in a bank holiday as well, then it won’t get better any time soon.
Reasons For Choosing Cheques
If you are accepting a cheque, then it’s likely you have a bank account, but simply don’t want to attach your card to your mobile casino. People do this for many reasons, the most common reasons being:
- Security conscious about sharing their card details online
- Don’t trust themselves to not go over a deposit limit
- Don’t have a bank card attached to their bank account
Having a bank account attached to your mobile casino, can be problematic as it may cause some people to spend too much. Many times people purposefully don’t add their details due to this reason.
Deposit Methods That Work Well With Cheque Withdrawals – Mobile Depositing
Mobile depositing payment methods, such as Boku, allow for players to deposit to casinos without a bank account, whilst also controlling their deposit limits.
This isn’t a two way system, so a casino can’t deposit money back into your phone as credit, since you wouldn’t be able to withdraw it from there.
When you deposit with payment methods like Boku, you are receiving increased security for both yourself and your bank details, but you will also have to accept the negative aspects of cheque withdrawal.
Cheque Withdrawal Summary
- Safer – They can only be cashed by you
- Slower – Have to be posted and then processed at the bank itself
- Bank account required – Faster alternatives available such as Bank Transfer
A lot of confusion arises with eWallets, since they’re often mistaken for bank transfers. eWallets are run by private companies which hold your money for you, as if it is a bank account; but an ewallet is still just like any online fund.
The best way to imagine it, is just a different version of your balance with your casino.
Reasons For Choosing eWallets
eWallets are the fastest method of payment of the three choices, taking as little as an hour to process, depending on the casino. Some casinos do take longer, but this is simply an administration thing on their end and not because of eWallets themselves.
This speed comes about because payments done through eWallets don’t have to be processed by a bank. When an eWallet transfer occurs, it effectively goes from your wallet with the casino, straight to your eWallet.
eWallets provide several benefits for the user:
- They’re quick as they’re not subject to bank processing
- eWallets are not subject to bank holidays or Sundays
- They don’t require a bank account to use
- They offer better fraud protection than many banks
- They can be connected with a bank account if desired
eWallets are less concerned with where the money has come from and so are much better at processing payments faster, giving you an updated balance within a few hours. Banks go through a lot more checks on each transfer, meaning that any money passed through to your bank account, will take longer to show up on your statement.
There are several eWallet companies, each with their own strengths and weaknesses. The key players of these are Skrill and Paypal. Both of these eWallets function in much the same way, with good fraud protection and functioning independently of a bank account.
Once you register your eWallet account with a casino, they will then have your details and will be easily able to transfer any withdrawals straight to your eWallet. The system has all the ease of a bank transfer without the delay.
eWallet Withdrawal Summary
- Fast and Simple Payment
- Safe – Good fraud protection
- Require an eWallet to use
- Money will be subject to the limitations of your eWallet (possible limited acceptance) until transferred to a bank account
Bank Transfers are the middle ground of withdrawal options. They lack the speed of eWallets or the privacy of cheque, but they are a solid method of withdrawal
Reasons To Choose Bank Transfer
If you have a bank account, trust sharing your bank details online and want your money stored in your bank account; then these would be the key arguments to use bank transfers as a primary withdrawal method.
Security should never be a huge concern with bank transfers. Banks offer extensive fraud protection, which although not as swift as the cover eWallets provide; covers casual use more than enough.
The fear of sharing bank details online is mostly an outdated concern from the early days of the internet when protection wasn’t as well implemented. Online banking today is a necessary occurrence, so measures to protect people while spending online have become greatly strengthened . The reason to not use your bank details for security reasons, is mostly unfounded and down to personal preference.
People may simply not want to have their gambling habits be traceable, which is unfortunately, very easy with bank transfers. But bank transfers have other strengths:
- Bank transfers are safe – Although many might still not feel comfortable with them
- They are traceable – Any transfers will show up on your statement
- They are reasonably fast – 3 days to process depending on casino
- They are simple
- They make money free – Your money is in your bank and so more available for use than if it was in an eWallet or Cheque
- Requires a bank account
Deposit Methods That Work Well With Bank Withdrawals – eWallets and Bank
If you are depositing using methods that don’t require a bank account or are designed for anonymous banking, then it makes little sense to then withdraw your money by bank transfer.
eWallets are particularly flexible with bank transfers, since they can be connected to your bank. You can even set it up so that eWallet transfers go straight into your bank, effectively withdrawing money into your bank via your eWallet.
This is a good system because it can transfer your money as quickly as normal, while hiding the source of the money on your bank statement; since it’ll just be listed as a deposit from your eWallet and not a casino.
Bank transfers for both depositing and withdrawing money are the simplest since it can just be controlled with one set of details, which is available immediately from one single account.
Bank Account Summary
- Not as risky as people believe
- Reasonably fast – 3 days on average
- Good Fraud Coverage
- Can be made more anonymous using eWallets
- Money available to use elsewhere immediately
This method has become much rarer as of late, with alternative methods fulfilling much of the same pros but without the extra hassle and restrictions.
Paysafecard used to be known as Ukash, a system which allows users to turn money into vouchers. Any voucher has a 19 digit code that records how much the voucher is worth. These vouchers had to bought in a store and can’t be bought online. By typing this code into a site, the user then deposits the value of the voucher.
Paysafecard was a way to store these vouchers in one manageable account, acting like an eWallet, which could only be deposited into through the use of these vouchers.
Reasons for choosing Paysafecard
- You don’t have to have a bank account
- It’s anonymous
- Transfers are immediate – Voucher code emailed to you
Limitations of Paysafecard
Paysafecard is very much its own beast. It can’t transfer money to other eWallets and can’t access a bank account; since the purpose of it is to replace a bank account. For this reason, we think it’s best to focus straight on the limitations of the service.
One large limitation of Paysafecards is that they aren’t very common in the market for withdrawing. Many mobile casinos simply won’t email them out to you and the ones that do are limited.
Casinos don’t usually mind deposits with Paysafecards, but withdrawing becomes a bigger issue since any amount must be revealed as a code. Because of this, it’s very easy for money to be intercepted, since all someone has to do is steal the code from you and deposit it into their own account. Once a code has been used, that’s it.
It’s hard for a casino to confirm it’s you on your computer and worst of all, if it isn’t, unlike other withdrawal methods, your money can’t be traced to confirm it has been stolen, since it leaves no trail. Security is a big risk to take into account when using this system and is certainly one of the main reasons it’s rarely used for withdrawing.
- Simple to use
- Immediate payment
- Not very popular with casinos
- Not very secure due to the use of codes and untraceable transactions
There are a lot of options when it comes to withdrawing your money. They all have their own strengths and weaknesses that hopefully the above information has run you through.
Many of these methods, such as paysafecard, are likely to become less popular than they already are. It’s not unlikely that with the rise of eWallets becoming a simple and safe transaction system outside of bank accounts, that cheque withdrawals may also disappear quickly along with mobile depositing. It’s much cheaper for casinos to transfer electronic currency than mail a cheque, so there is some business sense in phasing out these options.
For now though, this is the current state of things. In future instalments of this series, we’ll go into what methods the most popular casinos deal with, as well as break down the precise processes to withdraw your money using these methods.
We hope you join us again for those.