Quick and Hassle Free Cashout Options
Assessing the fastest cash-out options for Canadian casino players today.
You’ve joined a reputable online casino. You made your deposit, claimed your bonus, and played your favorite games. After a period of time, you’ve experienced some good luck and won a nice amount of money. Now it’s time to cash out those winnings. If you’ve landed on this page, you’re probably wondering, “What’s the best way to go about getting your money?”
You’ve come to the right place. In this section, we’re going to talk about some quick, hassle-free cashout options; particularly those available to Canadian online casino players.
Fast & Easy Online Casino Withdrawal Methods for Canadians
When you win big at an online casino, you want to receive your money as soon as possible. It took no time to deposit. Cashing out should be just as easy, right? Well, there’s good news and bad news.
The good news is that the days of painfully slow cash-out options are behind us. The bad news is that “instant payments” applies only to deposits, not cashouts, so you’re going to experience some wait time. How long you wait will depend on two things – your online casino’s payout policies, and the withdrawal method you choose.
Almost every online casino (every one worth visiting) enforces a 24-48 hour “process pending” period. During this time, they will run their KYC identity checks, and verify the accuracy of your winnings. They’re also hoping you’ll change your mind, reverse the cashout, and wager that money back into the casino. Stay strong – that’s your money, and you will get it soon enough.
Once that pending period is over, the transfer takes place. Choose the wrong method, and you could be waiting quite some time. Bank transfers and wire transfers, for instance, could take up to a week to hit your bank. Credit and debit card withdrawals usually take 2-3 business days before you see your money. Request a paper cheque, and you can expect 2-3 weeks to go by before you get paid.
Fortunately, there are some much faster methods, like Instant Banking and web wallets, that allow you to receive your money while your excitement is still at its peak. Let’s take a closer look…
Year’s ago, Paypal refused to process any payment that had anything to do with online gambling. They had to, to protect their own back-sides. But when other web wallets came along, catering to the iGaming industry and earning millions of dollars, it got their attention. Paypal tightened its belt, changed its policies, and allowed players in legal jurisdictions (i.e. not the US) to use Paypal at online casinos.
Paypal may not be the biggest web wallet for iGaming, but it is still the biggest web wallet in the world. You don’t even need to open a Paypal account to send money, although you will need one to receive money. Registration is free, allowing members to move funds through a credit or debit card, or link directly to their bank account.
Cash outs to your Paypal account are virtually instant, once the casino processes your withdrawal. How soon you get your hands on it from there is your choice. If you request a Paypal debit card, you can go to just about any ATM and withdrawal it as cash. You can also transfer it to your bank free of charge, if you don’t mind waiting a day or two. Or, for a small fee, you can initiate an immediate bank transfer that guarantees the money arrives in a matter of minutes, at most.
The best thing about PayPal from the perspective of a gambler is that it can be used as a bankroll. You deposit how much money you are prepared to lose over a given period, and from there you drip-feed that money into your gambling accounts. You can top it up at will, and you can even set limits to restrict yourself from depositing more from your bank account, should you feel the need to do so.
We mentioned that PayPal is not the biggest web wallet in the online gambling industry. That title belongs to Skrill. If you’ve been around the iGaming block for a while, you may recognize this eWallet by its former name, Moneybookers (2001 est.)
Skrill has always been open when it comes to online gambling, so it has always enjoyed a friendly relationship with this industry. Back in the day, it was the perfect alternative to Paypal – friendlier, cheaper, and far more accommodating.
Today, web wallets all use the same state-of-the-art data encryption technology to secure their transfers. Skrill and Paypal are equally safe, equally fast, and equally beneficial. But where Paypal wins in terms of universal recognition in global eCommerce, Skrill is just a little bit cheaper.
Citadel is one of the biggest Instant Banking payment methods in Canada. As some of our readers know, we’ve been recommending Citadel casino deposits for years. It works via a web-based app, providing customers with a safe and expedient way to transfer money.
While Citadel is more commonly used to deposit, more and more online casinos are now promoting it as a cash-out option. If your bank does not offer the Citadel web-based app, then you can simply download a hard copy of it onto your computer or mobile device. As a result, Citadel can pretty much be used by anyone that owns a Canadian bank account.
Another Instant Banking method that’s continually growing across Canada is Interac. Dating back to 1984, Interac has been facilitating fund transfers between Canada’s largest banks for decades. More recently, it’s become a public service, wherein members of associated banks and credit unions can send and receive money online.
Today, Interac is just as common as Citadel. More importantly, it’s just as quick and secure. Almost every Canadian with a bank account is eligible. To find out it you have access to it, simply log into your online bank account and look for the Interac logo, or see the current list of Interac supporting banks.
It works via security codes. The sender creates a security question and answer, and relays it to the recipient. Then the sender simply transfers a set amount of money to the recipient, using their email address or phone number. Interac sends a message to the recipient, asking for the answer to the security question. If the recipient responds correctly, the cash is released.
There’s only one disadvantage to Interac casino withdrawals, and it’s the reason we’ve chosen to list it last. While Interac casino deposits are widely available for Canadian players, it’s rare to find this as a cash-out option.