Consider withdrawal fees before choosing an online casino
When you are lucky enough to win something from an online casino, it is only natural to want to withdraw those winnings. Unfortunately, if a casino charges high withdrawal fees, a hefty percentage of those winnings could be eaten back up by the casino. Choosing a casino that does not charge extortionate fees for withdrawal is thus a very good idea.
Different withdrawal methods, different withdrawal fees
Frequently, a single online casino will support several different payment methods. These will usually include online payment providers such as Skrill and Paypal, bank transfers (which casinos can call ‘wire transfers’) and cheques. It is rare for online casinos to offer payouts in cash. A casino will normally list the fees associated with each withdrawal method, and you will see that the fees that apply are very often different depending on which withdrawal method you use. Sometimes, these fees will be expressed as percentages: for instance, the casino may recoup 2.5% of a total withdrawal amount if you withdraw via PayPal and 5% if you withdraw to your bank account. Alternatively, the casino may charge what is known as a ‘flat fee’, i.e. a fixed withdrawal amount that does not alter depending on how much money you are withdrawing. If a casino charges a flat fee of £5 for every withdrawal to your bank account, they will deduct £5 from your total winnings no matter if you are withdrawing £20 or £200.
How different fee types can affect how much of your winnings you take home
With casinos that charge flat fees, it makes sense to let your winnings accrue and only make the minimum number of withdrawals necessary to avoid paying that flat fee numerous times. With casinos that deduct a percentage of your winnings, it does not matter how many times you place a withdrawal request, the total fee will be the same. If your casino charges 10% withdrawal fees, for instance, and you have winnings of £200, you will pay them a fee of £20 overall whether you withdraw the £200 all in one go (and pay a single 10% fee of £20 on that) or whether you withdraw two lots of £100 (and pay 10% fees of £10 on each of those withdrawals).
The holy grail of casino free withdrawal
Casinos offering free withdrawal will enable you to bypass all of these issues. If you do find a no fees casino, make sure that it is not too good to be true by checking that the casino in question is reputable, licensed and well reviewed. Occasionally, casinos that usually charge withdrawal fees may decide to waive those fees for a certain limited period as part of a promotion.
Further considerations to bear in mind
In addition to casino withdrawal methods and the fees attached to them, another thing to consider is the speed of withdrawals. Different casino withdrawal methods may be associated with different processing speeds: it may take 48 hours for a PayPal withdrawal request to be processed, but up to a week for a withdrawal to your bank account to be completed. Balancing out withdrawal speeds with withdrawal fees until you find a combination that you are happy with will help you to make the most of your online casino experience.
A smart gambler checks out the fees
Before signing up to an online casino, a smart gambler will check out all of the fees and commissions that are applied at that casino. This may take some minutes to do, but it could save you a lot of money in the long run.