When you’re looking to sign up for a new online casino, cashing out probably isn’t the first thing you look for; it’s unlikely any potential punter has ever said “well the bonuses are great and there’s ten million slots to play but what about the cashing out…”. While cashing out may not be as important as those reasons we’ve just mentioned, we would like to explain what it is and why reading the small print can be important.
What Is Cashing Out?
Well it’s pretty much what it sounds like – it’s the process of withdrawing your money from the casino and this is something that we all want to happen as quickly and smoothly as possible.
At any casino you can fairly easily find out which deposit methods are available and in the same area you should also be able to see which withdrawal methods are available. There are far fewer withdrawal options because some of those deposit methods are not suitable for transferring money in the opposite direction.
Common withdrawal options include Visa and then e-Wallet’s such as Skrill and Neteller. Each route should take between 24 hours and five working days depending on the method and the casino (see below). Bank account withdrawals are generally universally available but may be limited depending on your country of residence.
With the exception of bank transfers, all methods should be free but there will almost certainly be a minimum withdrawal amount – usually around £/$/€10-20.
For those who are lucky enough to hit large jackpot wins, the casino may also require some extra identification before they will hand the cash over and some players justifiably get frustrated with this practice, especially if it seems as though the casino is just dragging it’s heels. Our recommended casino have a solid track record of swift payments.
On least thing worth mentioning, and something we’ve covered in more detail here is the practice of maximum payouts. This can be set by the casino and can, for example, limit the player to £10,000 per month. Not too bad you might think but imagine for a second that you strike lucky on Hall Of Gods and win £3,000,000. You would then have to wait 300 months before the whole amount was transferred – that’s 25 years of the casino holding on to your money. It was never their money anyway – the progressive jackpot sum comes from the software developer.
While the above example may be something of a first world problem, it’s easy to see why it’s worth checking out the terms and condition of any potential new casino.