If you are playing in an online casino, you are probably hoping to win enough prizes on your favourite games to make a handsome profit. However, unless you read your particular casino’s exclusive terms and conditions regarding withdrawal and cashout limits, you could find yourself losing a large proportion of what you’ve just won. Even a no deposit bonus usually entails playing through a wagering requirement before you can request a cashout of any kind, unless of course you’re taking advantage of free spins, no deposit, no wager bonuses. Asking for your own money can be a complicated procedure, but there are ways of reducing or avoiding some of the restrictions. Primarily, it pays to shop around, particularly on new casino sites, in order to find the best deals for withdrawal and cashout limits.
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What is a Withdrawal Limit?
It is the maximum amount of money you can request from your online casino balance in one or more transactions. Individual casinos have the freedom to write their own policies, choosing to set withdrawal limits for each day, week or month. A daily limit allows you to withdraw a specific amount of money each day, weekly is per week and with a monthly limit, you can only request a certain number of payouts during a month. Bear in mind that if you have a great run of success, but you’re on a once monthly withdrawal scheme with a low maximum amount, it could take a long time to take out your winnings in bite-sized chunks. Remember to check whether maximum withdrawals are restricted by the amount or if there are wagering requirements to play through first.
What is a Cashout Limit?
A cashout limit is the total amount of money you are allowed to withdraw from your account, but the exact figure is affected by the size of the deposit you paid and the type of bonus you were awarded. For instance, if you make a deposit of £50 and the online casino operates a ten times maximum cashout, you can only withdraw an amount equal to £50 times ten which is the equivalent of £500. If you’ve built up a large balance or unexpectedly hit a jackpot that exceeds the maximum cashout limit, you risk having the excess confiscated if you don’t remember to adhere to the maximum limit. To be sure of how a casino’s cashout limits operate, always read and understand the small print in the terms and conditions before making any withdrawals.
Landing a Jackpot
If you’ve landed the biggest win of your life and you’re stuck with a low maximum cashout limit that could take months to withdraw your winnings, you can always appeal to customer services. Ultimately, casinos want to keep their customers content, so many will offer to bend the rules for a substantial win and might even allow you to withdraw it in one transaction.
High Rollers and VIP Status
Once you’ve progressed to playing for lucrative high roller stakes you’ll appreciate how restrictive maximum withdrawals can be. That is when it pays to find a casino that offers VIP status. This usually brings benefits such as higher maximum withdrawal and cashout limits. Some may not even have upper limits.
You can lessen the impact of withdrawal limits by researching the permitted amounts and being mindful of which payment system you use. Even though you will have completed security checks when registering with an online casino, some of them still appear uneasy about certain payment methods. Consequently, they don’t always allow you to use the same system for withdrawals as deposits. They can sometimes look more favourably on secure bank transfers for withdrawals. This can result in higher maximum withdrawal limits or being allowed to make several requests in one day, week or month. Choosing to use an e-money wallet, such as Skrill or Neteller could mean lower maximum withdrawal limits. Many online gamblers like the convenience and swiftness of e-wallets as they can often complete transactions on the same day compared to at least five with a traditional banking method. However, in the long run, you could withdraw your winnings faster by using bank transfers.
Is it Possible to Avoid Withdrawal Limits?
Whatever the online casino’s withdrawal rules are, you have to obey them. Always remember to check how the wagering requirements for both a deposit and no deposit bonus can affect your withdrawal limits. Take notice of the terms and conditions policy of new casino sites regarding withdrawals and cashout limits to help you make an informed decision on which one you’ll register with. After all, you never know when you might suddenly land a massive win.