The premise of fast withdrawal casinos seems simple enough on the surface. But between fees buried deep in the casino’s terms and conditions and the variety of factors that could affect the withdrawal process, the concept of “fast withdrawals” is a lot more complex than one might initially expect. And in this guide, we will explore fast withdrawals in detail:
Our team are intimately familiar with casino withdrawals, along with the tricks that casinos use to delay them. We closely monitor the new technologies and providers that enter the market each year. Each of our in-depth casino reviews test their withdrawals and deposits with our own money, ensuring that we can give you the most accurate impression of how the casino treats your hard-earned funds.
Withdrawal time is the time it takes for a casino site or sports betting site to process winnings and give a player the money they requested to pull from their account balance. Since withdrawals are one of the two financial services that casinos must provide to players, the general expectation from players is to receive an instant withdrawal, ideally in the same way that casinos accept instant payments from their customers.
If we can only give one reason for desiring fast withdrawals, it is that fast withdrawals give players control. Regardless of how much money you spend on playing at casinos, you would want to be able to pull out your funds (winnings or otherwise) whenever you might need it. Casinos are not stock investments, but entertainment services that you pay for. As a general principle, they should give you full control of your balance instead of being forced to play through and inevitably lose it all. The fastest withdrawal casinos also show that they play by the rules and are more likely to have a good reputation.
Although it seems pretty straightforward on the surface, withdrawing money from your casino account is a fairly involved process. Before you can get your funds into your hands, the money has to go through several steps and pass through multiple hands to get there. As such, measuring the withdrawal time of an online casino is more than just checking how long it takes for your funds to appear in your bank account or e-wallet.
To give players a more accurate idea of what exactly they are waiting for during a casino withdrawal, the total withdrawal time is typically broken down into 3 sections: the pending time, the request processing time, and the payment provider processing time.
Pending time in a withdrawal refers to the time it takes between the player making a withdrawal request and the casino receiving and responding to said request. Under ideal circumstances, cash out rules should be simple and the withdrawal should immediately go through to processing. However, the actual time can very often be affected by other factors that prevent the withdrawal from going through.
One of the most significant examples is the player not completing account verification. For larger sums, many real money casinos in Canada require their players to submit verification documents before they can make large withdrawals. This is done to comply with legal requirements and AML (anti-money laundering) policies. If players neglect to complete verification before making a withdrawal request, the withdrawal will be stuck in pending until the verification is approved. This extra time can take anywhere between a few hours to a week depending on the casino, with the potential for even more delays if the verification fails. For smaller amounts, players can generally withdraw without sending documents.
The next part of a casino withdrawal is the processing time of the withdrawal itself. Once the withdrawal request has been approved, the casino now has to process the details of the transaction through their systems to get the money out to the player. Assuming there are no other issues encountered along the way, the processing time for the quickest withdrawal casinos can be done within an hour.
The waiting time for this step is determined mostly by the policy and abilities of the casino and is typically how they advertise that they provide fast withdrawals. This process should be completed within the same day, at the longest.
Withdrawal times for even the quickest casinos in Canada tend to take much longer than advertised because of the payment method that the player selects as their preferred payment provider. For the convenience of their players, casino sites often accept a wide range of popular payment methods that players can choose from.
Banking providers are third party firms that have their own systems, policies and processes. As such, their processing times vary and the casino has no control over how long it takes for a transaction to go through. Even if a casino site can process a withdrawal request within the hour, the additional time it takes going through the payment processor can push the total withdrawal time to days.
Now that we are aware of the actual time frames, what are the best payment methods for players to receive instant withdrawals, or the nearest thing to it? Players generally have a preferred method that they use and their decision is often based on speed, so payment merchants are incentivised to be quick and keep improving as technology improves. Here are some of the quickest options available for players in Canada today:
Withdrawal fees are another thing you will need to look out for when you are gambling online. While fees are not exclusive to casino withdrawals, they are still important to understand and be aware of so you are not caught off-guard when you receive less than you requested to withdraw.
Casino withdrawal fees are typically broken down into two types: those connected to the casino and those connected to the payment method. These fees can vary from being completely free up to as much as 15%. We explain this in more detail below.
As the name suggests, casino specific fees are incurred from the casino itself, when you make a withdrawal request. These fees can either be a fixed or dynamic rate that scales with the size of your deposit and are deducted from the withdrawal amount before the funds are sent to the payment processor.
You shouldn’t worry too much about these fees, though, as most casinos nowadays rarely charge withdrawal fees directly.
The more common type of withdrawal fee that players are likely to encounter are ones that come from the payment method selected. These fees are often labelled with a variety of names, such as general per-transaction fees and fees from foreign currency conversion.
The payment method-related fees can vary massively. In most cases, withdrawals made by debit cards or crypto are free, because the casino only gets charged a minimal amount from the merchant provider. In other cases, for some e-wallets or mobile phone casino billing services, the fees can be up to 15%, so the gambling site passes these fees onto the player.
So what exactly are these fees for? Casino-specific fees on withdrawals are typically charged to players to recoup the cost of doing business with payment processors. Payment providers generally charge for the privilege of using their services. In some cases, some gambling sites don’t use Canadian dollars as their primary currency, so currency transactions are also required which also incur a fee. For this reason, this cost is passed onto the players through withdrawal fees.
The same way that players are often seeking low deposit online casinos nowadays, the same should be considered when it comes to minimum withdrawal limits. A casino site has fixed costs associated with paying out and as such, they are likely to have a minimum limit in place. This often varies depending on the withdrawal method that you use, but the minimum threshold can range from $10 up to $50. Withdrawal by wire transfer is generally only used for large amounts due to the costs, so the min amount for this method could be even higher.
Some casino sites in Canada offer a no deposit bonus as their welcome gift to new players. Since no-deposit bonuses don’t require players to make a deposit, it may seem as if players might be able to withdraw those funds after clearing any other bonus terms. Casino operators are quick to make sure this is not the case.
Those who enjoy bonuses like these, should be mindful of the terms associated with these welcome packages because many have stringent wagering requirements. This often means that if a player wins from using the bonus, they will then have to use those funds multiple times before they can withdraw. A typical example would be 35x wagering, which means that if a player wins $10 from a bonus, they would have to use that money 35x more times before it is eligible for a withdrawal.
Many gambling operators in Canada are offshore and as such they can be incentivised to slow the process of casino withdrawals, so players are more likely to re-spend their money on playing. So just because a casino can process instant withdrawals, it doesn’t mean they actually want to part with that money.
It is always a good idea to read our casino reviews and find out what the cashout rules are and if you can get a quick payout. If a delay in the process does occur, remember to gamble responsibly and don’t be tempted to play through your winnings before you receive the payout.
It is important to monitor yourself and make sure that you do not gamble beyond your means. If you, or others around you, notice that you might have a gambling problem, you should immediately try to seek help. There are several organisations in Canada that can help, including the GGTU project, which were formally known as the Problem Gambling Institute.
Fast withdrawals are always desirable when it comes to gambling in Canada. However, many gambling operators can be reluctant to payout and our team at InsideCasino have seen most of the tactics used for payout delays over the years. Casinos that offer instant payouts and fast withdrawals have a better reputation in our experience. This goes a long way to boost a player’s trust and give them the comfort to spend the hard-earned money with a casino. An operator’s behaviour in relation to paying out is high up on our list of importance when we carry out reviews and now you understand why.
Some of the fastest withdrawal casinos in Canada are locally licensed, including those that have been licensed in Ontario.
For players in Canada, the fastest payment methods are Interac, iDebit, Gigadat and payments with bitcoin casinos.
Withdrawal times work as the time it takes between the player requesting the withdrawal of funds from their casino account and the funds entering the player's bank account or e-wallet.
Players can receive funds as fast as a couple of hours, depending on the casino site and the method of payment selected.
Withdrawal times can be affected by the casino operator's speed of processing withdrawal requests, the speed of the selected payment processor, and the volume of total transactions going through each step.