Why Your Online Casino Withdrawal Isn't Instant and What's Behind Those Payout Delays
One of the most exciting things about online casinos, apart from the actual feeling you get when you win big, is the thrill that comes from cashing out your huge windfall and then the anticipation that builds when waiting for your winnings to arrive back in your bank, crypto, or digital wallet account.
Deposits at online casinos today are generally processed instantly. However, when it comes to withdrawing online casino winnings, it's never instant, which can lead to some players getting frustrated.
If you're really lucky, you can find some online casinos that process withdrawals in as little as a few hours, but in most cases, it can take up to 48 hours or longer to be processed, so be prepared to wait.
The time it takes to receive your winnings will also depend on which online casino you have signed up to, which withdrawal method you used to cash out your winnings, and several other factors. Let's dive straight in to discover how players can go about speeding up the average withdrawal times.
Right To It: How Players Can Speed Up Withdrawal Times
Did you know that there are several things you can do to speed up the withdrawal time at an online casino? One of the easiest and most effective ways you can speed up the length of time it takes you to get your hands on your rightful winnings is to complete the account verification process.
It's also known as the KYC process (or Know Your Customer), and it must be completed by all players who sign up to online casinos to play games in the real money mode.
Players can also use certain payment methods to speed up withdrawal times, such as e-wallets (aka digital wallets) or cryptocurrencies. These two methods are known for their speedy withdrawal transaction processing times.
The good news is that it’s easy to find casinos reviewed for fast payouts along with other important withdrawal information. These review sites have the latest information about trustworthy online casinos, rapid payouts and other withdrawal info.
Some online casinos today are known for processing rapid withdrawals, whereas others are known for being slow. You should also be aware that it can take longer when you attempt to withdraw a huge win.
The best thing to do would be to take a few minutes to read through the casino's policies to find their maximum withdrawal amounts.
You may find that some online casinos cap your monthly withdrawal amounts at $50,000 or $100,000. Therefore, if you win $1,000,000 (or equivalent currency value), you must expect to wait slightly longer to receive the entire amount.
This is fairly standard practice at almost all online casinos today. Large withdrawals usually take slightly longer than small withdrawals, as more checks are needed. Therefore, staying within set withdrawal limits can avoid additional checks and delays.
The Banking Process Behind Withdrawals:
Due to laws and regulations, and to prevent money laundering and other illicit and fraudulent activities, intermediary banks can take even longer to process your transaction, adding even more time to receiving your winnings.
Also, if you attempt to withdraw from an international online casino, currency conversion can also prolong the process.
Identity Verification and Fraud Prevention:
If you haven't completed the KYC process, you won't be able to withdraw, so to ensure you never wait any longer than you have to, remember to get the KYC process completed as quickly as possible, preferably from the moment you sign up to the casino.
During this process, the online casino's account verification department will check that you are telling the truth based on the information you provided during the sign-up process.
If you lied, your account won't be activated. If your account was activated, and they find out you have been lying about your age, etc., it will be frozen/deactivated, and you won't be able to log in.
To complete the KYC process, you will be requested to send in scanned colour copies of your ID and proof of address.
For example, a valid driver's license, passport, or other internationally accepted form of ID can be used to prove you are who you say you are. Your proof of ID must be valid/not expired. The proof of address can be a gas or electricity bill, a yearly mortgage statement, or a recent bank statement.
It must be less than twelve weeks old and clearly display your current address (the address you supplied to the casino when you signed up). Also, make sure the documents aren't blurry or out of focus because they won't be accepted, delaying the KYC process even further.
Internal Casino Procedures:
Some online casinos have different processing times, depending on what kind of withdrawal review process they have in place, and some online casinos deal with higher volumes of withdrawals than others. These factors can all affect how long it takes to receive your winnings.
The other thing that can cause withdrawals to take longer to be processed is trying to process multiple simultaneous withdrawals. Just wait for one withdrawal to be processed first, and then, if you have more winnings to withdraw, you can start another withdrawal after the previous one has been processed.
As you can see, many factors can affect the average withdrawal time at online casinos, but the good news is you can do several simple things to speed up the process.
Therefore, it's important that you understand why some withdrawals are taking longer than others.
As a player, remain patient when you land a big win and attempt to cash out from your chosen online casino. Always remember to prioritize safety and security over speed.