Withdrawal Guide for Casinos
If you’ve ever won big at a land-based casino, you know that to receive a payout, all you need to do is walk over to the cashier window. However, when it comes to online gambling, things are a bit more diverse.
Every South African player should know how casino payment methods differ, what different ones offer, and what best suits their needs. Everyone wants swift, hassle-free transfers, so let’s learn how to get them.
How do I make a withdrawal?
Winning is a thrill. However, you’re not home safe until the funds are in your pocket. Making withdrawals is a simple process on your end, one that may take some time due to things out of your control. There may be slight differences depending on the method you use, but these are the usual steps:
- Play with real money and win.
- Open the withdrawal tab inside your account page.
- Select your preferred withdrawal method.
- Enter your desired amount.
- Click the withdrawal button.
How long does it take to get my money?
After you click the withdrawal button and confirm the transfer, the online casino has to approve your transaction. Usually, an agent must manually approve every withdrawal request.
On top of this, if you are using a banking option of some sort, it may take time for the funds to go through the banking system/network. E-wallets work faster.
Also, some casinos place a 24-48-hour hold on withdrawals. During this period, you can cancel your transaction, and play with your funds again.
Withdrawing back to deposit method
Many online casinos in South Africa limit players so that they can only withdrawal funds using the same method they deposited them through. They do this as a measure to minimize potential fraud. It is called a Closed Loop Policy.
When this measure is in place, the casino cannot act as a transaction platform between bank accounts. While some players may find this frustrating, more online casinos are implementing it as they are forced by regulators to fight against fraud and money-laundering schemes.
Use your own payment methods
Always make sure that you use your payment method. One that is in your name, or that you have opened, and can access at any time. Using another person’s e-wallet, debit card, bank account, or any other option, could get you in trouble.
All casino’s terms and conditions outline a policy which states that in such a case, the casino may confiscate your funds. By using your payment method, you also simplify the identity-verification process that you’ll have to go through before your first withdrawal.
The best withdrawal methods
Casinos that target South African players allow the use of some popular South African options, such as Easy EFT, SID Instant EFT, iPay EFT, and Pay By Phone.
However, given that fast transfers are likely the most important factor for many, most players gravitate toward e-wallets. These not only provide speed, but also offer privacy, security, and ease of use. They also feature dedicated apps with simple user interfaces.
Nonetheless, some prefer to stick to leading credit/debit cards, as they are already familiar with how these options work.
Formerly known as Moneybookers, Skrill is a convenient online payment method that South African players can use at virtually all online casinos. With over 40 million customers in over 200 countries, and with over 40 accepted currencies, Skrill is a fan favourite due to its speedy withdrawals, anonymity, and 24/7 customer support.
Skrill encrypts all transmitted information to the highest standards (PCI-DSS Level 1), and it was the first licensed e-money issuer in the UK that the Financial Conduct Authority authorised.
Neteller is another popular e-wallet that Paysafe Group owns, along with mentioned former competitor Skrill. Using Neteller at your chosen casino is pretty straightforward, whether for making deposits or withdrawals. The only things you need to remember are your account ID and security code.
The service uses high-grade encryption that protects against fraud, and all your transactions are private. Withdrawing funds from your online casino account into your Neteller one should be instant. At the most, the funds should appear within hours of your withdrawal.
How do I verify my account?
Since, in the digital sphere, face-to-face interaction is non-existent, gambling platforms have to make sure their clients are who they say they are. For this, in most cases, online casinos will require a copy of an ID card, passport, or driver’s license, as well as a utility bill and bank statement that clearly shows the client’s address and name.
If a player prefers using an e-wallet option, the casino may require a screenshot of his account interface.
Why can’t I withdraw my money?
If you’ve followed all the necessary steps, then you should face no issues when withdrawing funds. These are account verification, meeting the wagering requirements, entering a withdrawal amount within the set limits, and using an appropriate payment method.
However, in some rare cases, a delay may occur. It may happen because the verification process has not gone through, someone with the same IP address has made an account on the site (one account per household policy), when the casino suspects identity fraud or some other type of illegal activity. In such instances, you should reach out to the customer support staff and resolve the issue.
What is the wagering requirement?
Wagering requirements are an important concept that every South African player must understand. They are often a bonus term, a multiplier that represents how many times you must play through a specific bonus before you can remove any winnings from your account.
Everything you win, as you work toward the requirement, gets stored in your account, and you cannot withdraw it until you complete it. Once you do, all the stored funds get released to your main wallet, and you can do with them as you please.
Are there any limits to withdrawals?
Some casinos offer no max payouts. However, more often than not, casinos have set daily, weekly, and monthly limits. These are in place to protect the casino’s financial stability. If too many players win big in a short period, the casino may go bankrupt.
They are also in place to protect against fraud. If a player account gets hacked, the perpetrator will not be able to withdraw large sums, giving time for the casino and player to react and stop future transfers.
What are KYC checks?
KYC stands for Know Your Customer. It is an element in the fight against financial crime, a mandatory identification process that clients have to go through when they open an account, or one they have to go through periodically.
The practice is in place so that businesses are sure that the client they are transacting with is who he/she claims to be. In many countries, this procedure is mandatory by law, and casinos that do not comply, risk fines.