Cashing out at online casinos refers to the process of withdrawing your funds, including your winnings, from time to time. Some online casinos term this process as withdrawal. Your balance with the US online casinos will consist of two components. One is the free balance available for withdrawal. If you have claimed a bonus, then the second component will be the bonus related balance, which is yet under play through restriction. This balance is not available for withdrawal till such time you meet the wagering requirements. Then the funds will get transferred from your bonus balance to your free balance and can be withdrawn.
Before you can make your first withdrawal, the online casino has to complete the verification of your identity and address. For this you have to send the required documents to the online casino. It is best that you do this as soon as you register in order that the verification is completed by the time you want to withdraw funds.
US Player Accepting Online Casinos With Fastest Cashouts
Why speed varies from one casino to the next
The first step after you make a valid withdrawal request is that it gets placed in the pending period. All US online casinos have a pending period, which is also known as a reverse withdrawal period. The online casinos want to give you time to cancel the withdrawal in case you have made a mistake or want to change your mind. They will not process your cashout request in this period. All US online casinos do not have the same pending period. Those that specify shorter pending periods will normally have faster cash out speeds.
The actual processing of the cashout request after the pending period is quicker at some online casinos as compared to others. Your request would be put in queue and processed on first in first out basis. There is a random variation in the length of the queue at any given time. It is possible that many players have chanced to make a withdrawal request about the same time as you have. However it is also true that online casinos with larger client bases would normally have longer queues.
Why the payment method you choose to receive winnings matters for speed
After the withdrawal request has been processed by the US online casino, the funds will be remitted to you through your chosen payment method for withdrawals. Based on its innate nature each withdrawal option takes a different time for delivery of funds. We discuss the three most important options at US online casinos.
The fastest is bitcoins. Bitcoin is a digital currency and is stored in your online bitcoin account. The operation is similar to a dollar electronic wallet account. The transfer from the online casino’s bitcoin account to your account is carried out electronically and is instantaneous.
Wire transfers are also carried out electronically through a network like SWIFT or Fedwire. The online casino instructs its bank to remit the funds to your bank, which then routes it to your account. Because of the step wise nature of the process and the traffic on the banking system the process can take a few hours to a day. The online casino may recover its cost from you.
Checks have to be prepared by the online casino and posted. After you receive the check you have to physically deposit it at your bank and wait for it to clear. This can take 7 to 10 working days.
Why there are weekly cashout restrictions at online casinos
You have the right to withdraw funds due to you whenever you want. Online casinos recognize this right, but are constrained to impose weekly cashout restrictions due to the randomness inherent in withdrawal requests. In some weeks the sum total of withdrawal requests would be comparatively small and in other weeks it may be huge. Online casinos cannot keep infinite sums of money idle just in case the withdrawal requests happen to be voluminous at any time. They work on statistical averages. Based on past experience they do the number work and arrive at a weekly limit per customer. Should you happen to win an amount larger than the weekly limit then you would have to withdraw the funds in weekly instalments.
Two related points need to be made here. If you have hit a big progressive jackpot and you want to cash out, the best US online casinos will let you. It may take a few days to organize the payment, but they usually will not compel you to adhere to the normal weekly limits. Also, the weekly limits are not the same for all players. Those players who wager larger amounts will be in higher VIP levels and will enjoy larger weekly cashout limits.