Few things are better than winning big at an online casino. One of those things is withdrawing your money; to see your bank account hold more cash than it did a few days ago. What a feeling!
Regardless of what kind of player you are and your playing budget, we recommend taking profits from time to time if you happen to win. Playing casino games should be an entertainment product, and looking after your financial health ensures it remains that way. Take out some money to treat yourself to something you like, regardless of what that is.
But first, let’s start with a pro-tip that might speed up the process if you find yourself wanting to cash out some winnings in the near future.
Verifying Your Account
If you get the chance, we highly recommend verifying your casino account. Online casinos are required by law to verify their players’ identity through KYC (Know Your Customer) controls when they pass certain transaction thresholds. Typically, the process involves verifying your address and sometimes your payment method by sending in some supporting documents.
How each casino handles this process differs. Some casinos let you do it right away, while others contact you to complete a control later.
Either way, we would recommend undergoing these KYC controls at your earliest convenience. Having a fully verified account makes sure you can complete large transactions without any hold-ups in the process. Just what you want if you win big!
Next up, let’s see which payment solutions you might use to withdraw your casino winnings.
Online Bank Solutions
Online bank solutions represent the most used withdrawal method for Canadian players. Integrated bank solutions such as Idebit, Instadebit and Interac are commonly offered at all casinos catering to Canadian players. This represents a familiar and convenient way to get a hold of your winnings, while a standard bank transfer is also offered.
These withdrawal methods have a minimum limit of $20, and they are normally subject to a waiting period of 1-3 business days from the moment the casino accept the withdrawal. Bank withdrawals should incur no fees for this kind of withdrawals; if there is, we would strongly recommend started browsing for a new casino site.
The chances are high that you own either a credit card like Visa or Mastercard. If you do, you can easily withdraw money directly to your credit card. The process works in the same way as the aforementioned bank solutions, and you can expect a waiting time of 1-3 business days.
While the online casino will not charge you any fees for this transaction, there might be a small fee charged by the bank. Depending on the casino you play at and their base currency, there might be a slight difference between amounts depending on the currency conversion rate.
Online wallets, commonly referred to as e-wallets, have become increasingly popular among Canadian players over the last few years. They represent a convenient way of rapidly transferring money and paying merchants.
After signing up for an account at an e-wallet provider such as MuchBetter and ecoPayz, you can start depositing and withdrawing money from your casino account in a heartbeat. The reason for the popularity of these wallets is that you will receive your money instantly. No need to sit around waiting several days for your bank to process the transaction; receive and enjoy your casino winnings right away!
These payment solutions also offer a prepaid MasterCard to go with the service, which you can top up and use as a normal credit card. Withdraw your money to an e-wallet and spend your money instantly at any store or ATM that accept Mastercard. That should give you plenty of choices.
Use the Same Method for Deposits and Withdrawals
Most online casinos have a rule that state that you need to use the same method for a withdrawal as you did for your last deposit. This is to be compliant with AML laws and to secure there is no fishy business going on.
This shouldn’t be a problem to comply with for most players, and if you, for whatever reason, cannot use the same method, customer support can typically help you with that. All that remains to do now is to play casino online and hope you win it big. If you DO end up with a jackpot, you should be prepared for the next step, withdrawing your money and having fun.