You’ve just won $500 in non-bonus real money at your favorite online casino. Now, it’s time to collect your winnings. Will you get the money the next day, so you can buy a new high-def TV that’s on sale? Fat chance. When it comes to online casino payouts, patience isn’t just a virtue: it’s mandatory. US based players, in particular, must be extremely patient. The current banking climate in the online gambling industry creates considerable delays when it comes to sending money to the USA. Unfortunately for you, cashing out winnings isn’t like it is at land based casinos.
Are fast online casino payouts even possible? Yes and No. If you happen to have an e-wallet like UseMyWallet, eWalletXpress, Neteller, or Moneybookers, many casinos can payout winnings in a matter of hours. Online casinos are usually allowed just one e-wallet business account. As a result, there is a constant flow of player deposits and withdrawals. This means the casino must keep a large balance in their account to be ready for any financial transactions that must be processed. If your payout takes more than 3 or 4 days to be credited to your e-wallet account, it’s time to call the casino and demand they get their act together. E-wallet deposits only takes minutes. So should withdrawals.
If you don’t use e-wallets, be prepared to wait up to 10 days for your money. The only alternatives to e-wallets are Bank Wire, Check sent by mail, or an EFT (Electronic Funds Transfer).
In most cases, bank wires will originate in foreign countries like Cyprus, Malta, or the United Kingdom; which means the money transfer process is significantly slower. Sometimes, offshore online casinos based in Central America first have to withdraw money from a Panama bank account, then wire it to Cyprus, and THEN process payouts. That takes 7 days itself, not to mention all the bureaucracy that comes along with any sort of international financial transaction.
On the bright side, Bank Wires are very secure and reliable. Millions of international bank wires are processed everyday, to and from the USA. Unless you’re banking in the Middle East or Pakistan, receiving the funds should be very easy. Most US commercial banks won’t “hold” the bank wire while they verify the nature of the transaction. In reality, it’s none of their business: you could just be getting money from a friend in another country. The anonymity of Bank Wires is definitely a plus, despite a longer-than-normal wait period to get your funds.
The proverbial expression “the check is in the mail” definitely applies to online casino withdrawals by check. First, someone in the casino’s finance department must approve the transaction. Next, another person must actually write the check and/or go to the casinos’s bank and authorize a check. A manager will have to sign the check, making sure the payout is accurate. Finally, the check is dropped off at a nearby Fedex or UPS office, where it is addressed to you and put on the next the flight to the USA. That’s a lot of hoops to clear, which makes withdrawing by check one of the slowest – if not THE SLOWEST – payout option. There’s one positive, however: no wire transfer banking fees will be deducted from your payout, although some stingy casinos might charge you $25 USD to write the check and mail it.
Despite these less than favorable banking options, there’s no need for dismay. Some casinos are highly efficient, well financed, and extremely player friendly. You’ll be able to sort out the good from the bad based on the quality of customer service you receive while your withdrawal is processed. Good casinos will send you an email advising you of the status of your transaction. They’ll also personally verify your physical address for check and bank wires. Bad casinos won’t email you at all. In fact, they might not even lift a finger until you call and complain. Make sure a withdrawal with one of these shabby outfits is your last transaction. There are MUCH better casinos online.
That’s it for now. Enjoy our selection of outstanding casinos, which DO payout players, and have strong reputations as trustworthy gaming businesses.
Good Luck from JaxCasinos.com!