When playing an online casino it’s essential that you understand the withdrawal policies they offer. After all, what is the point of playing at an online casino if you do not know how to get your money back out after a win? Usually it is simple enough to make a withdrawal but it is still worth making sure you are playing on a fast withdrawal casino. There are instant withdrawal casinos which makes the process even easier.
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Minimum Withdrawal Amounts
The majority of casinos allow you to access your account and withdraw any amount that you choose. However, there’s usually a minimum amount you can withdraw. Minimum withdrawals are often frowned upon by players as it is often more than the minimum amount you can deposit. It can be seen as strange that a casino is happy to accept a smaller amount of money paid in than they would be willing to pay back out. Of course for high roller players, this is not a problem as they play with amounts of money that would always be far greater than what the minimum withdrawal amount would be. It does not matter how much money you play with as long as the game is fun when you play. The reason for a minimum withdrawal limit is so the transaction is worth the casino’s time.
The minimum withdrawal amount encourages the player to keep playing a casino game until they reach an amount that would be worth withdrawing. Quite often this is £10 but it can vary depending on which casino you are with.
Maximum Withdrawal Policies
In addition to withdrawing a minimum amount, casinos always limit a maximum amount that can be taken out. The main reason for this is so they can protect themselves from paying out large sums of money in a short time frame. If numerous people all withdrew funds at the same time, there is a danger that the casino would not be able to afford to pay it all out. It is unlikely that this would ever happen but it is important to take the necessary precautions just in case. The maximum withdrawal amount is usually very high anyway.
it’s worth noting that depending on the size of your win, you may have to withdraw in numerous stages. It’s therefore imperative to make sure that you follow the withdrawal limits. Whilst it could possibly take a couple of weeks to withdraw exceptionally high amounts, we’re sure you will not mind waiting a while for what would be a life changing sum of money.
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How Fast are Withdrawals?
It is always worth noting how quickly casinos tend to process their withdrawals. A fast withdrawal is important as that means you will be able to collect your winnings sooner than if you had to wait around. One of the big advantages of playing casino games online as opposed to in a brick and mortar building is that you get to skip any cash handling – the money goes straight into your bank. A lot of casinos have started using an instant withdrawal process, but this can often depend on the bank which you are using too. Of course the instant withdrawal process is a great thing to have but you may want to check that your bank supports that too before you commit to a casino for their quick withdrawal policy.
The absolute maximum amount of time you will usually have to wait is five working days for a standard withdrawal. Sometimes the larger withdrawals do take a little longer so everything can be checked over. It is excellent for UK gamblers that they do not have to pay any tax on their casino winnings as this is something that prolongs the withdrawal process. Many other countries have gambling taxes so this is a big thing for the UK not taxing any winnings.