How to Withdraw Winnings from AUD Casinos
Remember your first ever casino withdrawal? Feeling like the king of the universe, you have placed your first cash-out request and then probably checked every 5 seconds to see if money has arrived. The excitement of having won was eventually boosted by the fact you get to spend your winnings, but how long did it take? Was the amount won transferred in full or was some of the cash snatched on the way to cover transaction fees and pesky exchange rates? The latter can be avoided by playing at a casino that accepts AUD payments and the right choice of a payment providers may help with the first.
Although every new depositor hopes to get a chance to collect, few plans for it when deciding how to fund their casino accounts. There’s nothing wrong with going for the most convenient payment option, but when it’s time for the operator to pay you back, the chosen method may have to be replaced by a not-so-convenient alternative. So, what are the options available to those lucky enough to generate withdrawable profits?
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Credit Cards
Credit cards, in particular, Visa, are not only widely accepted for both deposits and withdrawals, they also offer many benefits to the player who uses one to finance their online play. Funding a casino account via a credit card is convenient if you’re already using Visa or MasterCard to purchase products and services via the internet, plus it removes the need to sign up with a new payment service provider. These guys know everything there is to know about securing online money transfers and are upgrading their safety tools and procedures at the same speed at which fraudsters develop their hacking skills. Something high-rollers will appreciate is that maximum deposit and withdrawal limits attached to cards tend to be higher than those available with other payment options. Yes, you may have to pay a fee when making a deposit and/or requesting a cash-out and those come on top of fees charged by your bank, but it is possible to find operators willing to process credit card payments for free.
Deposits made with the help of a credit card are instant but so are those executed with nearly all available alternatives. However, when it comes to withdrawals, cards are the next best option for those reluctant to use eWallets. Payments to and from the casino are executed by supplying a few pieces of information found on the credit card itself, a process you’ll be well familiar with if you had ever paid for an online purchase using Visa or MasterCard.
So let’s summarise: credit cards are convenient and practical if you already own them and trust the issuer’s security measures. They are widely accepted and, having made a credit card deposit, you’ll usually be able to use the same card when cashing out rather than be forced to choose another tool. At the same time, there may be fees to be paid. Since one has to share credit card information as well as the billing address, this particular option may not be the right choice for players who wish to remain anonymous.
eWallets like Skrill and Neteller
Having visited a number of online casinos, you must have noticed that Skrill and Neteller tend to be on the list of available payment options even when the list in question is very short. Although a Skrill/Neteller account has to be opened and eWallet funded via another payment method prior to using the service, making deposits and withdrawals is dead easy. But what online casino fans like the most is the fact that, after the operator approves their cash-out request, it takes a day (or at most two) for funds to become available for spending. Really, there’s no faster option to collect with the exception of Bitcoin and other cryptocurrencies. Users needn’t worry about safety as all service providers implement multiple security measures, including encryption technology, anti-money laundering protocols and account monitoring.
To start using Skrill, Neteller, PayPal or a similar eWallet, you’ll have to visit the provider’s web page and register for the service. Some eWallets have to be funded (Skrill, Neteller), others need to be linked to a bank account or a card (PayPal), and some require an app download (MuchBetter). Having gone through the registration and funding process, you can head to your favorite gaming site and start investing. Both deposits and withdrawals are executed with the help of email + password/PIN combination and by confirming the transaction via your eWallet account or an app. Most, if not all service provider also offer a card customers can use to withdraw cash via ATMs as soon as the casino operator has transferred the winnings.
Operators rarely charge fees for eWallet payouts but are aware that the payment service provider probably will. Amounts vary from one provider to another and will differ depending on where you choose to send money (a bank account or a card) and whether there’s currency conversion to be made. When collecting cash from an eWallet, users are charged 0.99%-7.5% or a small flat fee, and currency conversion fees range between 1% and 4%. Still, multiple other benefits of eWallet withdrawals, especially the speed of payments, will likely make up for having to cover this additional cost.
Bank Transfer
Bank Transfer is almost always available as a withdrawal option and frequently used when funding of a casino account was done by prepaid cards, mobile payment tools, or any other deposit-only method. It’s safe as houses since money moves directly from one bank account to another and it’s hard to beat security tools used by these financial institutions. Bank Transfers are quite convenient; they don’t require registering for the services like alternatives described above, and one doesn’t need to use a credit card worrying about a skillful fraudster intercepting the transaction and misusing private information for their own gain.
It’s not all roses, though; operators frequently charge fees for Bank Transfer withdrawals and these are usually much higher than those attached to the available alternatives. Furthermore, your money will travel for at least 5 or 6 days before it reaches your bank account. High cost and slow payments are the main reasons why players like yourself tend to avoid using Bank Transfer.
Instant Bank Transfer
Instant Bank Transfer is a frequently featured deposit method that players can sometimes also use to make withdrawals. The service provider is a kind of a middleman that enables users to pay via their online banking system. More often than not, one doesn’t need to register in order to use the service which, combined with the fact you’ll be going through the familiar online banking process, makes this option easy and convenient. Payment service providers don’t charge any fees and usually neither do casino operators. Thanks to the intermediary, users will not be sharing sensitive financial details with the recipient. Their winnings will be transferred back to the same account they deposited money from.
There aren’t any major disadvantages to using Instant Bank Transfer when gambling online. Money doesn’t travel as fast as when cashing out via eWallets but also doesn’t take as long to arrive as with Bank Transfer. The only issue may be availability; choice of options varies and some operators may be happy to accept a particular Instant Banking tool for deposits but not withdrawals.
Bitcoin and other Cryptocurrencies
Some love them and others refuse to touch them, but that doesn’t change the fact that cryptocurrencies offer more benefits than any other payment option. Bitcoin withdrawals are as good as immediate and enable users to start spending their winnings an hour or so after the operator has released the money. You can’t beat that! The fact that most people are struggling to understand how Bitcoin and other digital currencies work says something about the safety of these transactions. We’re talking cryptographic protocols and complex code systems that virtually guarantee no one can mess with your funds. Transactions are confirmed via a computer network run by thousands of independent miners and that makes them impossible to replicate, remove, modify or tamper with. Transfers are recorded by being added to the blockchain in chronological order so one can track their ownership at any moment in time.
It may be difficult to understand the concept of a virtual wallet storing virtual money but the whole thing doesn’t function all that different from the physical alternative. To start with, one has to acquire an online or offline Bitcoin wallet and fill it with digital currency. Having set up a wallet, the user gets a private key that allows them (and only them) to access their Bitcoin. When completing a transaction, they will receive a public key that connects them with other Bitcoin users. To buy cryptocurrency in Australia, you will need to complete a once-off verification with your cryptocurrency provider. The verification process became mandatory in April 2018 and was implemented to prevent money laundering and terrorism financing. Verification is done by providing one or two document numbers (passport, driving license, Medicare) plus a residential address. Having done that, an Aussie can use POLi to securely buy Bitcoin and Ether from Bitcoin Australia or another provider via their internet banking system.
Online casino operators simply love digital currencies and you’ll see more and more of them adding it to the list of deposit and withdrawal options. What’s more, they frequently provide multiple motivators to use Bitcoin instead of an alternative and offer players additional and/or bigger bonuses, free transactions and super fast payouts. They normally also attach better transaction limits as in low minimum and high maximum ones. In order to make a Bitcoin withdrawal, you’ll have to go to your Bitcoin wallet, copy the address and paste it in the “receiving Bitcoin address” field. That’s all!
Unlike banks, Bitcoin network works 24 hours a day and 365 days a year. There is no middleman to make the process longer than it needs to be and charge various fees for services rendered. Your funds are fully protected as long as you take the necessary measures such as keeping your private key private and acquiring a wallet from a trustworthy source (not eBay!). While Bitcoin ownership can be established without any doubt, not having to share any personal information in order to send and receive payments guarantees anonymity.
How to Choose the Perfect Withdrawal Method
Online casino operators will insist that you withdraw money via the same method which was used for making a deposit; only if that’s not possible will they offer another option. That means that you’ve got to think about cash-outs even before wagering a single dollar. When choosing a deposit method, ask yourself the following:
- Will I able to use the same payment option once there’s money to be collected?
- What are the attached minimum and maximum withdrawal limits?
- Are there any fees which need to be paid to the casino operator, and if so, how big are they?
- How long will the operator take to process this payout request?
- How long will it take for funds to show in my bank account?
Only once you answer the above can you make an informed decision and choose the payment option which meets your criteria. A final word of warning: be aware of the risk when playing at a casino that takes two days or more to review cash-out requests. Some of these guys are intentionally holding your money hostage, hoping that you’ll reverse the withdrawal and put your money back into play. It’s tempting and many players do it. Playing at a site which offers a Withdrawal Lock feature can and will help; using this practical tool, players can lock their payout and thus make their decision irreversible. An alternative is to look for casinos willing to process payments within a couple of hours. In fact, anything less than 24 hours is good enough and you’ll find a large number of operators able to deliver within this time frame.
