Fast Withdrawal Methods
Fast withdrawal methods tend to be favoured by online casino players that want their cash-outs quickly. This is an important factor for players when they try and play at fast paying casinos anyway in order to minimise reverse or pending periods. With improved banking in many countries, especially the UK, the methods seen as slower at one time are rapidly catching up with the traditionally faster withdrawal methods such as vouchers and web wallets.
How Fast Are The Various Withdrawal Methods?
This depends on how you look at things from both a player and casino perspective. If a casino traditionally processes withdrawals quickly then the primarily factor from that point onward is how fast you can access your cash via any given payment method. In other words, if the casino processes cash-outs in say 3 hours, then if you use web wallets such as Neteller, Paypal or Skrill the funds become instantly available to you after 3 hours too. Those methods often have an ATM card provided too which means this cash can be instantly accessed. If you use a debit or credit card the bank may take either 24 or 48 hours to credit the amount back to the account as a refund so the huge majority of the timescale is down to the payment method itself as opposed to the casino.
These will always be the web wallets or vouchers because the credit is instant once the casino processes the withdrawal, and as stated above you may use an ATM card although unlike your bank account this will cost you a fee of a few percent which is the only real downside. Debit cards usually take 24 to 48 hours depending on which bank you are with, but there are no fees to access you cash. Now as you could well be aware already, web wallets like Paypal and Neteller will transfer funds to your attached bank account if you choose. There will be a fee for this, it’s £5 for example with Neteller so you cannot escape charges alas! Paypal mostly pay this instantly by BACs (Bank Automated Clearing) with no fee whereas with Skrill or Neteller the BACs transfers are handled daily so you could wait up to 36 hours for them to process the funds to your current account.
This will always be debit card because there is no charge your end, unlike a credit card which treats gambling transactions as cash advances with a percentage fee and higher interest, plus the UKGC or banks may be preventing credit card gambling in the near future. Refunds to these methods attract no fees from the bank provider although the casino may charge their end, but it’s rarer nowadays. The disadvantage though is that if the casino takes say 48 hours to process, then you won’t see your money until 72-96 hours later, possibly longer if you do this just before the weekend. So vouchers, web wallets and bank transfers (if the casino uses BACs which will usually mean it’s based in your country or has a bank account there) are the fastest. All these methods though charge you both ends to deposit and withdraw so it’s almost impossible to escape without losing a small amount of your transaction.
Common Deposit/Withdrawal Methods & Timescales
Debit Card – Visa, Visa Debit and in some cases Maestro, free to pay unless you deposit in another currency, free to withdraw generally, withdrawal is 24-72 hours to receive funds.
Credit Cards – percentage charged to deposit, free to withdraw, Mastercard is excluded at most casinos except UK ones for UK Mastercard holders, 24-72 hours to receive funds.
Skrill or Neteller – fee to load up, none to receive money back, withdrawal instantly credited, fee to withdraw to bank account (takes up to 48 hours) or use ATM cards.
Paypal – fees may be charged to you or vendor depending on country, withdrawal instantly credited, free to withdraw to bank account which is instant via BACs.
Bank Transfer – usually free to deposit and withdraw, but deposits may need verifying before play, depending on casino location withdrawal may be instant BACs or 48-96 hours if based outside your country.
Trustly – a method of instant bank transfer for countries like Sweden and Estonia, small fee for both deposits and withdrawals, instantly credited withdrawals.
Paysafe – a Mastercard you buy in a shop, load up with cash to spend online, fees both ways and to use ATM, limits on monthly load-up and ATM withdrawals are a disadvantage, monthly fee but instantly credited withdrawals. Not accepted at all casinos.
Apple Pay and other Phone Apps – simply a phone-based secure web wallet attached to your debit or credit cards and works in the same way as those above, although cheaper and used by a limited amount of sites at present.
Sofort – same as Trustly above, but for Germany, Austria, Belgium and Switzerland
RAPID Pay – like Sofort and Trustly but owned by Skrill and used in more countries including the UK.