Published by Programme B
Having fun at an online casino platform includes a roller-coaster of possibilities, from winning the ultimate jackpot to losing a fortune in just one dice roll. However, when the time comes to pull your winnings and enjoy the fruits of your good fortune, you could experience issues in terms of long transfer periods, conversion losses or inability to pull all your resources at once. In some countries, you could even get penalized for receiving funds acquired through online gambling.
According to 7BitCasino Review, the benefits of cryptocurrency payout are that you have funds at your disposal immediately, transfer fees are minimal, and you enjoy full benefits of blockchain technology meaning your location and other personal data are intact.
That’s why it is important to learn about all the available payout options, so you could choose the most appropriate for your situation and avoid any potential issues. In our current article, we are going to go through different payout methods, various casino withdrawal limits, and how to overcome the challenges they place in front of you.
Pay attention to available deposit and withdrawal methods
The first thing you should learn about an online casino is what payment options are available for you. This includes both depositing and withdrawing money from your casino account. There are rules that you should be mindful of, each determining the method of payment as well as potential fees, processing time, and limits that come with each payment option.
Some of the most popular payment methods include Wire transfer, Credit Cards, Internet Banking, Prepaid Cards, or e-Wallets. The last one is extremely popular with cryptocurrency users.
Processing time
Each type of payment and withdrawal method takes a certain amount of time to process the transaction from and to your online casino account. So how do you find out which one is the fastest? Let’s say you’re looking for the online casino with the fastest payout in NZD, if the website has any design logic, you should find the Payment options within the Main menu. There you’ll have a list of payment methods and the time it takes to process each transaction.
In most cases, deposits are instantaneous, which means that it won’t take more than a few moments to have your funds available for wagering. As for withdrawals, depending on the payment method you choose, some payouts could take a few minutes, while others could take several days to process. We’ll get to that with a bit more in detail when we describe different payment options.
Online casino withdrawal limits
It’s important to know that online casinos prefer players keeping their funds in play, especially when it comes to larger amounts of money. Some casinos will send your Jackpot winnings to your casino account but you’d have to wait a 24h authentication period before you have those funds available for pulling back to your account. Other, lesser winnings are not subjected to this kind of procedure.
Also, withdrawal limits are different and their amount depends on the online gambling platform you choose. Moreover, depending on where you wish to pull your funds, different waiting periods might apply. Some options could take a day or two, others up to four days, while there are ways to have your funds available instantly.
Most importantly, keep an eye for any potential daily withdrawal limits that might exist. Online casinos, just like any other business, have their own set of rules, some might limit the amount of money you could pull out from your account, disregarding other existing limits. This means that even if your payment method allows you to pull $1000 from your casino account, the platform could limit you to $500 or $5000 per day.
Most popular payout methods
As we already said, each payout method has its own set of features that provide different processing times, withdrawal limits, and currency exchange fees. Not all casinos use the same payout methods, not all payout methods provide the same features in different countries, neither. Just because there’s a skrill casino in Canada, doesn’t mean that you could use the same payment service in a casino located in some other country. So, let’s check out some of the most popular options available on the market, and list some of their main features.
Cryptocurrency
Bitcoin casinos are growing in popularity, especially among players from countries where gambling is illegal. The benefits of cryptocurrency payout are that you have funds at your disposal immediately, transfer fees are minimal, and you enjoy full benefits of blockchain technology meaning your location and other personal data are intact.
The money goes straight to your e-Wallet where you can keep your funds for online purchases or cryptocurrency trade.
Credit cards
Visa and MasterCard are the most popular credit card payment options which allow you to receive funds in your national currency even if the funds on your casino account are in a different coinage. When using this option you have to count on exchange fees and 2-4 days of waiting to get the money on your credit card.
Payoneer
The reason why Payoneer is a good payment method is that it’s fast, the fees are minimal, it allows instant or 48h waiting period money transfer and it provides users with a debit card that you can use with any ATM, online, and brick and mortar store anywhere in the world. Payoneer also features different currency options, which means you can set up your national currency (if available) and avoid exchange fees.
Conclusion
These were some of the most important information you should know to avoid issues when trying to put your online casino winnings to some other use. Make sure to read terms of use, learn about Payment options, and keep your personal information safe at all times. Remember that casinos should not send you emails asking about your PIN code or any other personal data.