When it comes to withdrawing your money from an online casino, there are certain limits that may be in place. The limits could also apply, depending on which withdrawal method you are using. Withdrawal limits can apply to both minimum and maximum amounts and we will explain both of these in this guide for you. You will also come across withdrawal limits based on a daily, weekly and monthly basis, depending on the amount you wish to withdraw.
First and foremost, it is important to note that casinos reserve the right to limit the amount you can withdraw at any one time. However, this can always be found in the casino’s Terms and Conditions and it is always a good idea to check these limits before you play at any casino.
We will quickly just touch on minimum withdrawal limits, as they tend to be the same across the board of online casinos and do not tend to be main focus with gamblers, as it is the maximum limits that they are more concerned about. However, minimum withdrawal limits will apply and most online casinos will require you to make a minimum deposit of $10 – $20. However, the minimum withdrawal limits for payment methods like wire transfer or cheque may be significantly higher.
If you win the big jackpot you want to be able to withdraw this amount as quick as you can. However, this will not always be possible, due to withdrawal limits that are in place. Many online casinos will place a daily withdrawal limit, which can differ depending on which casino you are playing in. If the casino does not have a daily withdrawal limit in place, there may either be a weekly or monthly limit. Some online casinos may also have both of these withdrawal limits in place.
When there is a maximum withdrawal limit in place, normal practise is, when you submit your withdrawal request for any amount higher than the maximum, an amount equal to the maximum will be paid to you over the period of time that is set by the casino. This will continue until the full amount has been paid to you. So, if a casino has a set daily withdrawal limit of $5000 and you request a withdrawal of $50,000 you will be paid out in $5,000 increments on a daily basis until the full $50,000 has been paid to you. However, many online casinos will have similar withdrawal limits, which can be on a monthly basis, usually between $5000 to $10,000 or currency equivalent. This is just a guide and there are casinos that will also allow higher limits than this. If you were to request the same withdrawal of $50,000 at a casino that only has a monthly withdrawal limit as opposed to a daily limit say of $10,000 you would only be able to withdraw $10,000 over a period of five months.
If you are lucky enough to win big and request a big withdrawal in the thousands that exceeds the casino’s maximum withdrawal limits, it certainly will not do you any harm to chat with the casino’s support team to see what terms they can agree to as to how much you will receive and when. Winnings thousands, even millions of pounds, and not being able to get your hands on that money all at once is a major downfall for any gambler, so knowing the facts about withdrawal limits at each and every casino you play could be a vital key to your success. Do not assume that every casino is the same; it is worth investing a few moments of your time to gather this information before you play. There is only one possible positive factor that could come out of this kind of situation with withdrawal limits. If a hacker was to access your bank details, they would not be able to steal your thousands or millions if the casino was still withholding your money. If this situation did arise, you would be able to inform the online casino to withdraw your funds to a different account or even hold the winnings in your account until the time is suitable and safe for you to withdraw them again.
As well as the casino imposing daily, weekly and monthly withdrawal limits, there may also be withdrawal limits associated with the particular withdrawal method you received. Some online casinos may restrict the amount you can receive in one go to your credit or debit card and such limitations may also be imposed by the card issuers. If you are using an e-wallet to withdraw your funds, you should check with the company in regards to the limits on your account. Bank wire transfers do not usually come with withdrawal limits, but again, this should be checked at every online casino you play in.
Know your withdrawal limits before you play to avoid any disappointment once you have requested your withdrawal.