How to Cash Out Your Online Casino Winnings in 2020
So, you're all ready to enjoy your winnings – now you just have to get the money out of the casino and into your account! Every online casino has different policies, procedures, and expectations. But the reality is that, in terms of what you really have to do, most are nearly identical. Let us show you how easy it is for Canadian players to cash their winnings out, which fast cashout options you should use, and even learn about the tax situation for gamblers.
Watch this 60-second video to find out how to cash out at an online casino.
Cash Out in Three Steps
In order to cash out your winnings, open your casino's software and navigate to the cashier, where you originally deposited your money.
From here, select the option to make a casino withdrawal and choose your preferred deposit option.
Finally, give them any personal/billing info that they need, and click the 'Withdraw' button at the end to submit the withdrawal.
The process is pretty self-explanatory, and casinos want to make it as easy as possible. Just be aware, though, that there are some points at which you may get stuck. Before you even attempt to make an online casino withdrawal, you must decide which withdrawal option is right for you.
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Top Casino Cashout Options
Most premium online casinos will offer you lots of cashout options, but not as many as you can use to deposit funds. For this very reason, before ever selecting a casino, make sure they have a cashout option that works for you - even if you see that your favourite deposit method is supported. Out of the current cashout options available for Canadian gamblers, let's start with the newest ones.
Banking Methods for Canadian Casinos
There are many different payment methods available to those who would like to play for real money online, depending on how fast and cheap you would like transactions to be, what your budget is, how important privacy is for you, and what the legal constraints of your location might be. Below is a quick summary of the most common available banking options for great Canadian casinos and some of their features.
eWallet Cash Out Options
Modern services like EcoCard, Skrill, and Neteller are collectively known as eWallet services because they let you store money in an online account - like an electronic wallet - ready to spend, save, and retrieve whenever you feel like it. The big names are all very popular, safe, and effective, not to mention fast.
In most cases, these online accounts are linked with your checking account. You can seamlessly move money between your land-based bank and digital account, where it can be used in conjunction with your online casino. Withdrawals to eWallet accounts generally take 2-3 days before the money appears in your eWallet account, and you'll need to allow a few more days to pull the funds down to your bank.
Luckily, though, services like this provide a great buffer between online casinos and your personal bank account, which make them ideal for privacy and safety reasons. As you may already know, some of these options are tough for US players, but you may not know that Canadians often get caught in the crossfire as well. Neteller, for example, cannot be used by anyone in North America (including Canada)!
Credit Cards Withdrawals
Credit card casino cashouts are relatively straightforward. Just give them all of the same billing/card information that you provided to make your credit card deposit, and let the process work in reverse. These can be processed in less than a week in some cases, and they're extremely safe, due to the considerable protections offered by your credit card company. Note that MasterCard can no longer be used to withdraw funds from your online casino account, though other brands like Visa are still quite useful.
Withdraw with Wire Transfers
Wire transfers have become the de facto withdraw option for most US online gamblers out of necessity, and many Canadians enjoy the same benefits. You need to trust your online casino to make a transfer of this kind (since it requires you to share your bank account information). However, by cutting out the middle man, your casino money will arrive directly at your fingertips within about 5 to 10 business days. Using wire transfers to cash out your real money winnings is ideal, especially if you used a deposit option that cannot be used for withdrawals, like MasterCard, and it should be an option no matter where you live!
Cashing Out with Cheques & eChecks
This is one of those long-standing online casino cashout options that proves that, on occasion, newer isn't better. Cashing out of an internet casino site via cheque works no matter what technical limits you may face, and there really is something to say about the experience of receiving a freshly cut paper cheque with your winnings - you can't frame a wire transfer! Expect a few days for processing, and then a few more for delivery.
You can also use eChecks, which is just a safe and reliable as using physical cheques, but much quicker. As with all deposit options, you'll have your money sooner rather than later if you stick with our recommended online casinos.
What You Need to Enjoy Fast Withdrawals
What makes an online casino's withdrawals worthy of your time? There is a range of different factors that the review team consider when rating withdrawals. While an online casino's fast withdrawal speed rates quite high on this list, the variety of accepted banking options comes first. Depending on whether you live in Canada or not, and what banking methods you usually use, some casinos might not be appropriate for you simply due to their limited banking options. All of the top-rated casinos on our list offer a wide variety of different types of banking options. In addition, there are instant cashout casinos where you can withdraw your bonuses or winnings on the same day you request the real money. Our review team also examines whether the gambling sites offer high-quality games with intuitive, well-designed software and real money bets, and how they compare with each other. One more major factor when rating online gaming withdrawals is how secure the casino's cash transfers are for players in Canada, in terms of encryption of private data and the money transfer process.
Canadian Gambling Taxes
Canada does levy taxes on gamblers, but only if their winnings can be considered a form of business income. If your casino winnings aren't considered to be your main income, you're excluded from paying taxes on them! This is due to Canada's "right to a prize" law.
So, how much can you cash out at a casino without taxes? There's no exact figure, but if you consider gambling to be your work, and your winnings represent a substantial part of your income, chances are that you'd need to pay taxes on your winnings. Professional gamblers fall into this category for sure, and there is a massive grey area for gamblers like poker players and sports bettors that have to use a lot of very specific strategies.
If you are a professional gambler and need to pay taxes on your winnings, you can expect to pay the following:
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If you find yourself earning a living as an online casino player, we'd recommend that you speak with a lawyer who can help you navigate the murky legal waters.
Top Tips For Easy Cashouts
- Always do your homework first and read any T&Cs, as most casinos only offer cashouts via the same method you used to deposit. You don't want to get caught out at the point you want to withdraw your winnings!
- The faster you can have access to your cash, the better. Cashing out should be speedy and easy so find out how long your withdrawal method of choice takes before you use it.
- Make sure that you use a service that practises top of the range security and encryption. Use trustworthy services with fraud protection policies to make sure your money stays yours.
- Choose a service that works for your lifestyle. Perhaps you'd like to keep your personal details separate from your online gambling. Or perhaps you'd want one without a daily withdrawal limit. Do your research and make the choice that's right for your gambling habits.
How Withdrawal Speeds Can Affect Bonuses
Online casinos' real money welcome bonuses usually come with some conditions attached and a common feature of these conditions are time limits. Fast payouts may not be possible at some casinos because they expect you to play a large number of times or games before you can withdraw your winnings and so it is often best to pick different casinos. The best casinos online tend to feature bonuses that have simple and realistic welcome bonus conditions, and where withdrawing your real money winnings is a fair and straightforward process. The casinos recommended to you here all offer fast cashouts to Canadian players.
How Our Shortlisted Casinos Are Rated
There are so many ways in which casinos vary from each other and it might seem difficult to pick the right casino for you. That's why our team of dedicated reviewers and professional players do the legwork for you, so you can pick only the best online casinos for players in Canada. Fast payouts, for example, are one of the key criteria because the faster the casino can pay out, the faster you will be able to have the real money in your hands. Other characteristics looked at when rating casinos are:
The more games a casino has the longer you will be entertained by it. And a top casino can offer poker, roulette, blackjack, slots, bingo, sports betting and many other games to its players.
The best gaming sites provide their players with good, reliable customer support that can be reached at any time through a number of different communication channels.
There are many different banking options available at top online casinos. Instant withdrawals are definitely one of the criteria to help you choose the right casino for you.
A good casino will ensure that its welcome bonuses, promotions and perks keep your bankroll looking healthy so you can play for longer and become a loyal casino member.
The best casinos offer sleek, powerful software that is easy to use and pleasant on the eyes. It needs to run well on all devices, such as iOS and Android, or anything else that supports a WiFi connection.
Many people nowadays spend very little time on their computers, so in order to be a top-rated casino, gaming sites need to be able to offer mobile gaming. It shouldn't use up too much bandwidth and needs to be designed with comfort and speed in mind, no matter whether you are an iPhone user, own an Android phone, or prefer tablets and iPads.
While online casinos' fast withdrawal speed, software, banking options and all the rest are very important, it is essential that your personal and banking information stays strictly between you and the casino. That's why we look for top-notch 128-bit SLL encryption at casinos, so you don't need to worry about your data being stolen or shared.
Now Get Playing
One thing that makes online casinos seem backward compared to land-based casinos is the perceived fact that there are no fast withdrawals. Gambling sites used to use banking systems that could sometimes take weeks to provide you with cash. However, that is not so anymore, and instant withdrawal casinos are now the norm, where you can have your winnings in your hand in a couple of hours from making them! There is a wide range of available banking methods, and not all of them might be appropriate for you, so we hope our review of them has helped you orient yourself around the ocean that is banking for casinos online. Not all casinos offer fast cashouts, so be sure to check out our detailed recommendations on top online casinos for fast withdrawals before you sign up!
How can I withdraw my money?
There is a wide range of available banking methods for Canadian players. Whether you prefer using your bank cards directly, or you would like to maintain your privacy at all costs, there is a method out there for you. With eWallets you have more freedom in controlling the personal information that goes out to the casino about you, while with credit and debit cards you'll find that most deposits and withdrawals are instant. Some banking methods have higher charges than others, so always remember to do your homework beforehand.
How long does it typically take to withdraw winnings?
Nowadays, most casinos offer very fast withdrawals. Online casinos have the technology to allow you to receive your real money within a couple of hours of requesting it. However, it could take up to 7 working days to be able to use your cash winnings if you are using a wire transfer and even longer for other methods.
Does my banking options selection make a difference?
Yes it does. Some methods, like wire transfers, can take up to a week for a transaction to be completed. Credit cards are usually instant, however they often charge for each transaction. While it's usually a small flat fee, at other times it could be a percentage of the transaction. In addition, some prepaid methods can't be used for withdrawing your winnings, which is something to be aware of.
Does the withdrawal's size make a difference?
Yes, the withdrawal size makes a difference, as some banking methods have limits, which can be either low or high. Some banking options have a limit, above which the transaction will not go through or will have to be specifically authorized. Other methods benefit from transferring larger sums, as they have flat fees for each transfer, rather than a percentage fee based on the amount.
Are there minimum withdrawal amounts?
For some online casinos, like those that cater for high rollers, there are minimum withdrawal amounts. Withdrawals can also be limited in their maximum size, or how often they can be made, or when you can start withdrawing your winnings, especially if there is a large welcome bonus involved.
Which casinos offer the fastest payouts?
Some casinos are faster than others, and our professional review team has gone out and played at all the casinos we review to ensure that the casino you choose will offer exactly what the recommendation states. So if you want fast withdrawals, the only casino for you is any of the ones given top stars our our recommendations pages. So head that way so you can start playing today.
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