Understanding Withdrawal Fees: Are They Worth the Cost?
Casino withdrawal fees are the price charged to customers for withdrawing money from their casino accounts. Not all casinos charge withdrawal fees, but you may encounter them as you wager online.
You can use different methods to avoid or reduce the cost of withdrawing, so let’s look more about the practice, what you should expect to pay, and ways to reduce the amount you have to pay.
Why Do Some Instant Casinos Charge Fees?
Instant withdrawal casinos and merchants in general, have to pay a percentage of every transaction to the service provider. The service provider is the payment service you use, such as at a Visa, Skrill, or cryptocurrency. So, if you are depositing funds of £100 at a Skrill casino, the casino will pay a percentage of that to Skrill.
The cost of these fees can be as much as 10% of the value of the transaction. In order to offset this overhead online casinos charge customers a fee to complete transactions with their site.
The site might request that a customer pay the whole fee or just part of it. It helps casinos maximize the amount of profit they can extract from their service.
Source: Raging Bull Which Factors Affect Withdrawal Fees?
- Payment Method – There is often no fee associated with a casino Bitcoin withdrawal. So using cryptocurrency can affect withdrawal fee prices.
- Currency – Using a different currency to the one the casino operates in can apply a currency conversion charge that would otherwise not be in place.
- Speed – If you want your payout sooner than the timeframe suggested by the casino, you may have to pay a fee or a larger fee.
- Casino Systems – The casino may be using an automated system or a team or personnel. This process will affect how much you have to pay.
Different Types of Withdrawal Fees
The value of casino gaming payment fees are calculated differently and vary depending on both the site and type of payment method used. These are how sites calculate the casino withdrawal payment fees.
Fixed Withdrawal Fee
This is a fee that is always the same amount. The transaction’s size or speed does not affect the transactional fee. This type of fee is usually employed by offshore casinos that offer one free withdrawal a week but charge for any more than that. The fee is usually a low amount.
Percentual withdrawal fee
In this case the value of the fee you pay for using different casino payment methods is calculated as a percentage of the overall transaction. The percentage is usually of single-digit value but will mean that the size of the fee is in direct correlation to the size of the transaction. You may be asked to pay this to cover operating costs or to receive your payout earlier.
Currency conversion fee
Completing transactions with a different currency to the one the casino operates in may involve a fee. This fee could be a fixed or a percentual fee, and it is likely charged by the payment service provider rather than the casino.
Other transaction fees
In terms of crypto withdrawal fees, you will likely avoid being charged by the casino but you may have to pay gas to complete the transaction. The gas goes towards supporting and maintaining the blockchain.
PayPal withdrawal fees apply when using the service to receive money not sent by a family or friend. The service charges 2.9% for money received as “goods and services.”
How Much Should You Expect to Pay?
You should not expect to pay too much and there are steps you can take to reduce the fee.
Using crypto casinos is one step that you can take. Casino transactional fees for cryptocurrency banking are much lower than for other payment methods. In fact, most crypto casinos don’t charge crypto transaction fees.
Even Bitcoin gambling sites offer no fees, you may have to pay gas towards the blockchain. However, this is not charged by the casino and it is included in all crypto transactions. The money goes towards maintenance of the blockchain the token operates on.
You can reduce the amount you pay by using alternative coins to the more popular ones like BTC or ETH. The price of gas is lower for lesser-used tokens rather than the big stablecoins. Alternatives that tend to be widely accepted include Tron, ADA, and Ripple.
Common Withdrawal Payment Methods, Fees & Times
Find out how much you might expect to pay for using different payment methods. We have used some of the most common withdrawal methods you will encounter such as Neteller casinos and PayPal casinos.
Payment Method Withdrawal Fee Withdrawal Time Credit/Debit Card (Visa, Maestro, Mastercard) None One to five days Bank None Up to 15 business days eWallet/Third-party service (PayPal, Neteller, Skrill, ecoPayz) None Within 24 hours Cryptocurrency None Usually within an hour Tips For Avoiding Payout Transaction Fees
Before logging in to play a slot game, here are some tips you can employ to help avoid or at least reduce the cost of your withdrawal fees.
✅ Use The Same Currency – You will avoid currency conversion fees if you use the same currency as the online gambling site.
✅ Read Terms & Conditions – Reading the casino’s terms and conditions can help you avoid banking withdrawal fees. For example, you might find out that your first withdrawal every week is free, or you can avoid withdrawal fees if you rollover your deposit at least once.
✅ Accept Slower Transactions – You may have to be willing to accept receiving your money later than you’d like in order to avoid fees.
✅ Read Reviews & Testimonials – Find out what the situation is like at different online casinos by reading reviews and customer testimonials. You will garner more valuable information from first-hand experiences.
✅ Wagering Requirements – Make sure you have completed any rollover related to any bonuses you’ve claimed.
Verification Processes For Withdrawals Explained
Online casinos require players to verify their identity before they allow withdrawals from the website. This process usually involves sharing two forms of identification: one with a photo and another with proof of address.
Dealing With Casino Withdrawal Disputes
When you encounter any issues completing fast withdrawals, these are the steps you can take for a positive outcome.
- Read The Casino Policy – Make sure you have met any required terms and conditions before withdrawing.
- Contact Customer Service – Start by using the chat feature and escalating each time your issue is unresolved.
- Contact The Regulator – A licensed and regulated casino cannot operate with practices that obstruct players from accessing payouts. The regulatory body of a casino has the power to compel the site to pay customers’ their money.
- Accurate Verification – You may be blocked from withdrawing if there are any discrepancies in your account.
Crypto Casino Withdrawal Fees: Questions And Answers
What are gambling fees?
Do online casinos charge fees?
Why do some fast payout casinos charge fees?
Can I avoid paying casino withdrawal fees?
Which banking methods don’t have withdrawal fees?
Resources
https://www.paypal.com/us/webapps/mpp/paypal-fees
