People usually have only one thing in mind when gambling in online casinos: to win some cash. To get it, you have to play with real money and then cash in that same real money. Therefore, the payment methods used to deposit and withdraw funds are extremely important when setting up a casino account.
Take a look at the most popular payment methods below, as well as the most frequently asked questions when it comes to casino money transactions: how to make payments, are they safe, how long does the payment take… this article answers these and many more questions.
How Online Casinos Pay You
Casinos generally have a “Cashier” or “Payments/Banking” section, or they may have two separate sections divided into “Deposit” and “Payout”. In any case, if you want to withdraw money from the casino, you need to submit a request for a withdrawal. When you do this, the casino team will process your request and hopefully approve it (if all goes well).
To make your payments as quick and easy as possible, make sure all your account details are verified. To do this, send the appropriate documents to prove your identity. This may sound irritating, but it is only an additional measure by casinos to make sure everything is legitimate. This is completely normal and quite routine in their business.
To speed up this annoying process for some, Swedish fintech company Trustly, for example, has unveiled its Pay N Play service, which allows you to just deposit money on the go and payout cash via the same payment method. No documents or verification required. Speaking of Sweden, one more payment system came from this county, which is more and more used by online bookmakers both in the country and abroad, list of which is composed at https://topcasinoexpert.com/paymentsystems/swish/. It is Swish, a mobile payment system originally intended for transactions between individuals, but soon its features have begun to be used beyond initial purpose.
Let’s go back to the story about the request for withdrawal of winnings. So, when the casino team approves your request, the question is how long the chosen method of payment of money will last. For many e-wallets, such as ecoPayz and InstaDebit, this is a matter of minutes. So they are instant. For credit cards, it can take up several hours, while withdrawing funds directly to a bank account can last up to five days.
Are Online Casino Payments Secure?
Basically, yes. Online casino payouts are definitely safe. They use bank-level security to ensure that all player’s funds are secure. In order to achieve that, a number of measures are taken:
• Requesting of certain legal documents proving the legitimacy of the player’s identity
• Assuring player’s confidentiality when it comes to legal payment documents
• Using SSL 128-bit encryption technology for payment transactions
The latter is especially important. Every transaction you make in an online casino, whether it is a deposit or a withdrawal, is encrypted. This means that it is extremely difficult, if not impossible, for a third party to hack your information.
How Long Does It Take to Withdraw Money in Online Casinos?
The speed of payments/withdrawals depends on two important factors:
• How long it takes for the casino team in charge of payments to process and approve your payout request
• How long it takes for your bank to process the casino approval and pay the amount to your personal account.
Most reputable online casinos need a maximum of 24 hours to process and approve your payment request. Other casinos may take up to 48 hours. At less reputable casinos, it will last over 48 hours, sometimes up to 5 days.
Do Online Casino Payments Include a Fee?
No, they are free. Furthermore, the casino will never charge you for depositing or withdrawing. If it charges you, then find another casino right away. However, the payment method you use may have transaction fees that will be charged to you. For example, sometimes credit card payments such as Visa, MasterCard or Maestro have a small percentage of the fee each time you make a transaction with them.
So, online casino payouts are usually free but our advice is to always check the cashier at your casino before making a transfer as this information varies from one casino to another.
Why Do You Have to Confirm Your Winnings?
This is a security measure for the casino and is also intended to comply with the general regulations for online casinos. The casino will payout a lot of money in one go. There is always some risk that comes with this, especially if the player’s identity is not 100 % clear. That is why casinos ask you to confirm your winnings every time luck smiles upon you. This is standard procedure.
Think about it, if a casino cashes out hundreds (or even thousands) of dollars into a player’s account by a mistake, it can negatively affect not only the casino itself but also other players who depend on a secure and safe payment system. This may seem like a hassle, but just remember that your winnings are only minutes away. Confirming winnings is usually simple, as long as you have the documents ready.
