The Fastest Online Casino Payout Methods
You hit the jackpot! You made it big (or small!), and you’re ready to cash out. Now what? Very often, online punters don’t think this far in advance when they sign up for an online casino account. Anxious to start playing, they simply skim over this part of the process, assuming they’ll cross that bridge when they get to it.
Well, now you’re standing on one side of the bridge, your winnings on the other, and you’re not sure what to do. In fact, there are numerous methods for getting money in and out of your account. But which ones are the best? Here’s a quick guide to getting your money out of the online casino account and into your pocket in a snap.
What Makes Something the Best Payment Methods?
In addition to getting your money as fast as possible, the best payment methods out there will also help you get money into your casino account quickly. Why? So you can start playing as soon as you want to. After all, that’s why you’re signing up. Besides, the faster you get money into your bankroll, the faster you can start winning money to withdraw, as well.
So, the general idea is speed. Are there other factors that we look for when scouting out payment methods for your online casino account? Sure.
- Ease of use: How simple is it to set up, use, how much does it cost
- Security: What kind of encryption is used? Is there a middleman?
- Availability: Is this method available in all countries (or at least where you live)?
- Acceptability: Do all online casinos take this method?
Common Roadblocks to Faster Payouts
Every industry has them. Hiccups that make certain tasks take much longer than necessary. Here are a few of the more common problems that online casino punters come across when trying to get money in and out of their accounts:
- Processing Time
How fast a company processes your payment request (either withdrawal or deposit) will determine how well it ranks as a payment method. Some withdrawals are done on the same business day the request is made, while others can take days or possibly even weeks depending on the method.
- Casino Payout Policies
In addition to the payment method speed, you have to consider the online casino’s payment policies. Each casino can have a different policy, so it’s important to read up on these fine print terms and conditions before selecting the best online casino for you. Add to that the financial institution’s own payment processing time, and you could be waiting for a while for funds to come in.
The Fastest Payout Speeds of All
The fastest deposit methods are e-wallets, prepaid or virtual cards, and other forms of electronic payments. These don’t depend on financial institutions that aren’t concerned with getting your money moving faster. Punters should, however, remember that not all deposit methods are ideal for withdrawals. For example, some prepaid cards such as POLi and PaySafe Card, cannot accept withdrawals at all, while others will take longer than most.
The most common withdrawal methods are listed in the table below:
|Payment Method||Withdrawal Speed*||Added Bonus|
|E-wallets (EcoPayz, Skrill, and Neteller)||Immediate||Additional layer of privacy|
|PayPal||Immediate, Note: Withdrawing to a bank account will take another 1-3 business days||Global availability|
|Visa Debit cards||3-5 business days||Globally accepted|
|Virtual cards (EntroPay)||Immediate||Anonymity|
|Bank transfer||3 business days||High security|
*All withdrawal speeds are after casino processing times, which may vary depending on the online casino.
And the Winner Is…
As mentioned above, e-wallets and virtual payment cards are generally the fastest payout methods available today. Both these options also have the added benefit of increasing your privacy. With bank transfers and debit cards, your casino activity is carefully documented for anyone with access to your bank or card records to see. This can get uncomfortable for people who are trying to keep their punting sprees on the quieter side. E-wallets and virtual cards are anonymous, keeping your privacy intact while not hampering the payment process.
Tips for Getting the Your Money Faster
Here are a few great tips for getting your money faster:
- Never use a deposit method that doesn’t have a fast (or any) withdrawal method. Most online casinos will automatically default their payments to the payment method you used for your deposit. If there is no withdrawal option for that method, then they will send out a bank cheque via post…the SLOWEST possible method for receiving payment. Avoid this obstacle by depositing with a payment method that has a good quality withdrawal process, as well.
- Have documentation ready and scanned. Most online casinos will require some sort of verification before they approve of the withdrawal. Have proper documentation on hand and ready to send. This may include passport, driver’s license, copy of debit card, and proof of address.
- Timing is important for successful withdrawals. If you put in a request at the end of a business day, your request won’t be processed until the beginning of the next business day at the earliest. That’s hours of unnecessary waiting on your part. Schedule your withdrawals for earlier in the day or week, and avoid holidays and weekends if possible.
- Remember that various financial institutions tag on more time to the overall wait. A bank transfer or cheque will take longer (10-14 business days) than other methods, while even debit card companies can add 2-5 days on top of the processing time.
Pros & Cons Weigh In
As detailed in the table presented above, there are benefits and drawbacks to each type of payment method. Bank transfers and cheques take the longest; many pre-paid methods don’t allow withdrawals; some debit cards are not accepted or available globally. So, you have to choose the payment method that works for your circumstances, locations, and preferences.
Get Paid Faster!
Now that you know the details about the different payment methods, you can make a smart choice. Get paid faster with just a little forethought, and keep those jackpots coming!