Every casino reviewer on this planet states in their reviews that banking is important, all gamblers must pay attention to banking when they choose real money online casinos.
However, the banking rules are usually really tricky, plus casinos tend to describe them in the finest font in their Terms and Condition, and make the whole thing look so complicated, that most beginner gamblers just skip that part.
Even experienced and seasoned online casino gamblers often lack the patience to find out exactly what banking rules apply.
They go “USD is accepted and some crypto, too, the minimum deposit is small, I think that suits me”.
The truth is, though, that the banking rules and conditions apply directly to the players’ money, and if the players are not aware of all the nuances, they cannot assess the terms and conditions objectively.
As a result, players lose money and go file complaints.
So, it is crucial to know what banking rules, terms, and conditions are applied by each particular casino, but it is even more important to be able to analyze the conditions offered. And moreover, there is another reason why this banking guide must be checked out by every gambler…
Why This Guide is Crucial
CasinosHunter has been writing online casino reviews for quite a long time. We have taken considerable effort to analyze the banking conditions at every casino reviewed, and explain to potential customers what are the exact rules, what are the advantages or hidden pitfalls, and what can be the consequences if a wrong banking decision is taken.
Due to those rather educational reviews, many gamblers learned to better assess online casino sites in general, and banking rules in particular, therefore improving their ability to choose the safest and the best paying platforms.
Recently, however, we here at CasinosHunter have noticed a new trend. Online casino sites started removing their Banking/Payment pages from sites; before, every site had a Banking page that explained in detail the banking conditions. Moreover, the same information plus additional conditions have always been provided in casinos’ Terms and Conditions documents.
And yet, online casinos started removing the Banking pages, but this is not all. They also started removing exact Payment terms from the Terms and Conditions pages, too.
According to the casino operators, the reason why they do that is to keep this information more private (we’re wondering what is so secret there in the Banking rules?).
Also, online casinos state that it is more convenient for the customers to see banking rules that apply exactly to them (considering location, currency, etc.), in their casino accounts, rather than go and read all the general rules applied to players from all countries.
While it is hard to disagree that seeing more exact information applied directly to the player right in their casino accounts is more convenient, lack of all the rules in general free access has two more important problems than the issue of convenience.
Firstly, it takes way more time for the casino reviewers to find out about the banking methods. The reviewers have to register, often from different emails, or using VPNs, in order to find out the banking rules for every jurisdiction. But even when they find that out, a standard online casino review, say, at CasinosHunter just cannot contain all the separate tables of banking rules for all the locations allowed by the casino.
And secondly, the customers are unable to assess the real benefits and drawbacks of the casino if they are not fully aware of the banking rules. They will only see banking terms that apply to their location and currency, but without knowing what are the general rules for all players, they cannot evaluate the conditions objectively.
Upon discovering this new and unpleasant trend among online casino sites, CasinosHunter could not stand aside and created a comprehensive guide that would explain all the traps and pitfalls of online casino banking.
How to Use This Guide
It is hard to analyze the casino rules when you don’t know what you are looking for. This is especially hard when there is nothing else to compare with. Previously, when casinos used to provide all the banking info on their Terms and Conditions page, the players could see that, for example, only Canadians can deposit and withdraw in cryptocurrency while other players could only use fiat currency, or that players from Sweden cannot take any bonuses whatsoever regardless of how much they deposit. Knowing what others get helps understand whether what you are offered is good enough.
Today, when casinos started hiding their general banking rules, online casino gamblers may lack the experience to evaluate whether the banking conditions offered personally to them are good enough, or if they are unfair. Without knowing what options can be out there, even poor options may look attractive enough.
This is why this Guide should be used as a go-to book every time when the gambler checks banking rules at a new online casino of their choice.
Casinos do not explain if their rules are fair or not, they just give you the facts: deposit and withdrawal limits, currencies, and other rules. This guide discusses all possible nuances you may find, and moreover, this guide analyzes and explains why this or that rule may be unfair or unfavourable for the gambler.
Go through this guide and get back to it as often as you need, until you can analyze and assess casino banking rules as a pro.
When choosing the casino site for real money play, the potential customer must consider the following aspects of the offered banking options.
It is important to look through the list and see what methods are available; ideally, there should be options for credit and debit cards, e-wallets, bank transfers, vouchers, safe payment mediators that allow payment from the bank account, and mobile payments.
Next, the potential customer should analyze how many of these methods they already have (like plastic card by Mastercard, an e-wallet, and an ability to buy a prepaid voucher), and how many of the methods offered are freely available in their jurisdiction. There may be a case when the customer needs another online casino payment method than the one they already have, and if access to those methods is limited, this looks like trouble.
Another important aspect to check is the methods available for withdrawals. As a rule, withdrawal methods are usually fewer than those for deposits, but if the difference in amount is impressive - like, 15 deposit methods and 5 withdrawal methods - the customer should pay attention to this.
The casino site may be fraudulent and may manipulate the payment processes to put the player into a situation when the player just has no option for withdrawing their winnings.
And eventually, withdrawal methods should not be limited to the slowest ever possible. If the payout methods are only limited to those with 5-14 days waiting time, this is not a decent option. So the customers must look for the fastest payment.
Fiat Currencies and Cryptocurrencies
While most gamblers prefer to deposit and withdraw in the most popular currencies like USD, EUR, or CAD, the general rule is that the more currencies are accepted by the casino site, the better. Those customers who want to deposit and withdraw in their local currency seem to benefit from this opportunity.
However, there may be a catch, and potential customers must watch out for it. Some casino sites do allow deposits in different currencies, but their default currency may be EUR or USD, and in some cases, withdrawals will only be possible in the default currency, regardless of the customer’s preferred currency. This means losing money on currency exchange fees when cashing out.
Some sites go even further and declare double currency conversions - one immediately after making a deposit in the currency different from the default casino currency, for the player to be able to make real money bets. And the second exchange is before withdrawing the winnings, paying the winnings out in the local currency again.
The same trap may be waiting for the customers depositing in cryptocurrencies; it is only logical to suggest they would want their winnings in crypto, too. However, crypto casino players may face double conversion - they may be forced to exchange their digital coins into fiat currency of the casino’s choice to make real money bets, and then exchange again to withdraw digital coins back. Obviously this scheme means huge losses for the players, as all fees are on them.
Some casinos offer an even trickier scheme and allow cryptocurrencies for depositing and betting, but not for withdrawing.
They give no such option at all, and withdrawals are only possible in fiat money. You can see that trap if you look carefully at the withdrawal options list; if it has no e-wallets for crypto in the list, the casino site accumulated all the crypto for themselves.
Deposit limits and rules may seem simple, but there are two issues to pay attention to.
Besides checking minimum deposits accepted, and maximum deposits eligible for the bonus (if you want one), the customers should read Terms and Conditions carefully and look for the wagering requirements for initial deposits without bonus attached.
The point is, most casino sites do not allow the players to withdraw their initial deposits back without playing them through. This is done as part of the anti-money laundering scheme, and also because casinos can do so. As a result, initial deposits that had no bonuses attached to them should be wagered from 1 to 3 times. This is a regular rule and the player should only pay attention if the wagering requirements exceed x3.
Some casino platforms have no wagering casino bonuses or do allow withdrawing the initial deposits back without wagering them in the games, but the customer has to pay an administrative fee which is around 10%-15% of the deposit amount.
In addition to checking the maximum withdrawal limits per transaction and per day, the players should pay attention to withdrawal limits per week and per month. Even if they do not expect to win such amounts of cash on a regular basis, they still have a chance of winning the Progressive Jackpot, and depending on the monthly withdrawal limits and additional rules, they will know how and when they are to receive the jackpot.
Some casinos state that monthly and weekly withdrawal limits do not apply to Progressive Jackpot wins, and these wins will be paid out immediately and in full. This approach may also be supported by the software provider running the jackpot game; some providers can afford paying out huge sums at once.
Other casinos state that, in case the customer wins a jackpot that exceeds the maximum withdrawal limit per month, the casino will split the sum into smaller sums and will pay them out for several months until the whole jackpot is paid out.
While this scheme is not really attractive as it is, because no one wants to wait for their money for months, there is a catch that during these months, the casino operator may find some rules violated by the player (or the player may actually violate some rules), and suspend the payouts.
Maximum withdrawal limits may also depend on the player’s status in the VIP/Loyalty Program of the site. The higher is the level of their account, the more they can withdraw per transaction, week, or month.
And the last but not the least is the rule of sending the payouts to the same payment channel that was previously used by the customer to deposit. While this is an OK rule for e-wallets, and some bank account payments, it does not work for most debit and credit cards and for prepaid vouchers.
In this case, the casino operator reserves the right to send the cash via the method of their own choice - not the customer’s choice! - and their chosen method may be the slowest and the most inconvenient of all possible methods. So, the customers should pay attention to this rule, and find out what payment options will allow them to avoid this trouble.
Withdrawal Request Confirmation
All customers should pay attention to the waiting time stated in the banking information.
When the player makes a withdrawal request, the request is not processed by the payment processing company of their choice immediately. First, the casino team checks whether this player has not violated any rules of the site, and whether they are eligible for withdrawal.
This check usually takes from 24 to 72 hours, and only if the request is checked and confirmed, the transaction is passed on to the payment processing company, which, in its turn, can take several hours or days to process everything. Therefore, when choosing the withdrawal methods, the customers should also keep in mind the time needed for the casino check.
Also, in some casinos, the teams processing withdrawal requests only work standard business days and hours. This way, if the request is placed on Friday evening, the team will only start working with it on Monday morning. As a result, the player will have to wait two more days in addition to all other waiting periods explained.
Some gamblers ask “Can I stop payment on an online casino?”. If the players’ accounts become inactive, the player stopping payment online casino, and no activity is tracked for 6 months and more, casino sites usually apply administrative fees. The fees often make about $5-$10 or equivalent in other currencies.
The funds for fees are withdrawn from the customer’s balance, if any, left. If the balance lacks money for monthly administrative fees, the casino warns the customer about closure of the account, and then closes the account until the player pays the administrative fees accumulated while the account was inactive.
These are the main and the most important traps and pitfalls a gambler may face when dealing with online casinos banking. Hopefully this guide will help gamblers stay alert to any unfair conditions or suspicious schemes when it comes to payments.