An increasing number of gamers have begun to take an interest in transitioning from land-based to online casinos since they offer enhanced flexibility and convenience. A major question that online casino players ask concerns how to access the payments of their winnings online. Unlike the brick and mortar casinos where players immediately exchange the chips they have won for cash, an online casino requires you to send a withdrawal request the wait for a few days for the transaction to the approved. Below is a guide on how to make deposits and withdrawals from your online casino account.
Depositing and Withdrawing at Online Casinos
- Processing a Deposit
After successfully completing your registration at the online casino, it is time to make your deposit to join the online action. The deposit process follows the following steps:
- Choose the currency you will be using since you will not be able to change it at a later stage. Picking a specific currency prevents you from incurring additional fees while converting the currency.
- Click on the virtual cashier and click on the deposit button to load all the deposit options provided by the operator
- Choose your preferred deposit option from the drop-down list
- Input the amount and all details required under your preferred option
- Confirm the transaction
Most of the online casinos allow players to make deposits using a debit and credit card or online banking system. Deposits at online casinos are processed instantly, and you will get a confirmation confirming your successful transfer.
- Collecting Your Winnings
Collecting what you have earned from online casino is as simple as making the deposit, although not instantaneous. To submit your first withdrawal request, you will need to sign in and visits the cashier section then click on the withdrawal button to load the cash out option supported by the casino. Many of the reliable online casino provides the player with a wide range of cash out options ranging from credit and debit cards, digital wallets, online banking processors, and bank transfers. To make an initial withdrawal, the operators will require you to go through the verification process where you send a copy of your photo, screenshot of the initial deposit transaction, and any utility bill to verify your identity. Verification also involves keying in the security code sent to your email or phone before you can withdraw your winnings.
Pending Withdrawals vs. Manual Flushing
When making your withdrawals, online casinos will offer two main types of cashouts; one that allows a pending period and manual flushing. When you submit your withdrawal request, the request remains pending for at least three days, depending on the policy of the casino. While the status of your withdrawal remains pending, you will be able to play or reverse the request as the money is still in your account. During this period, the casino verifies and approves that the transaction is made to the account holder.
Some casinos recognize the frustrations accompanying pending withdrawals hence support manual flushing. Under manual flushing, the operator skips the pending period, and the amounts requested for withdrawal are automatically sent to processing. In so doing, the players can neither continue playing nor reverse the withdrawal.
Deposit and Withdrawal Limits
Players need to comply with the specific limits as to the amounts they can deposit or withdraw. The limits depend on the payment solution used to process the transactions. The deposit limits include the minimum, and maximum amounts you are allowed to deposit in your accounts per day or per single transaction. Some online casino such as ComeOn goes further to allow players to set their limits per week or month to encourage responsible gambling and control money laundering.
Similar restrictions are also enforceable on the amount you can withdraw within a month. As with the deposits, the cash out limits will also vary based on the regulations of the casino. More often than not, the law permits maximum cashouts of £40,000 within a month.
Security Standards at Online Casinos
Security concerns regarding your funds and personal information is a key issue for players. If you are using a licensed regulated, and online casino, security should not be a major threat. Since casinos deal with the massive flow of money daily, they have adopted the same security measures as banking institutions ensure to protect their customers’ transactions and personal information. Authorized and regulated online casinos have also invested in the latest 256-bit SSL encryptions to encrypt and decrypt personal and financial information. Additionally, all established casinos, are by law mandated to have a security department dedicated to detecting and preventing fraud.