Interested in signing up to an online casino? You are not alone. The online gambling industry has been growing steadily for years now. Perhaps one of your biggest challenges will be determining which casino to join.
There are a lot of factors to look at but you cannot afford to ignore the online casino’s withdrawal timelines. Lengthy or unpredictable waits for your withdrawn winnings can be frustrating and worrying. We take a look at the online casinos with the fastest withdrawal time in NZ as well as the key factors that affect withdrawal timelines.
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Understanding Withdrawal Times
Withdrawal time is the duration between when you initiate a withdrawal request in your online casino account, to the moment you receive the money into your account. While It is a term that is sometimes used interchangeably with transaction processing time, it is not the same thing.
Transaction processing time is the time it takes the casino to process the withdrawal request and forward it to the payment processor. In this sense, transaction processing time is a subset of withdrawal time.
Withdrawal times are primarily dependent on:
- The payment method
- The casino’s internal verification procedures
- The casino’s operational efficiency
- The casino’s policies
We take a look at each of these in more detail below.
Factors Influencing Fast Withdrawals
Once the casino gives instructions to a payment processor to move the funds, the speed of the transaction is effectively in the hands of the payment processor and not the casino. Different payment methods typically have different processing speeds.
Withdrawal to web wallets tends to be quickest and may be complete in a matter of hours but no more than a couple of days. Cryptocurrencies are even faster but aren’t as widely available or accepted as a payment method. Bank transfers usually take the longest and you may have to wait for up to five business days.
As part of the withdrawal initiation process, online casinos have a user and transaction verification procedure to prevent fraud, detect money laundering as well as comply with licensing regulations.
The exact nature of the verification process, required documents and the overall number of verification steps will vary from casino to casino. All this ultimately has an impact on how long the withdrawal process takes.
Online casinos are organisations with multiple moving parts. The degree of efficiency within the organisation has an impact on withdrawal speed.
Does the casino carry out the withdrawal process in the most efficient way possible? Does it dedicate adequate human and technological resources to the process? How much of the process is automated? How does the casino handle a surge in the number of withdrawal requests?
An online casino has to take certain strategic decisions depending on what risks it considers pose the greatest danger to its operations. This strategic position encompasses its priorities in the withdrawal process as well.
Some casinos see prioritising withdrawal speed as imperative for their success. Others may deem a robust verification process that takes longer than average is key to safeguarding the company’s reputation.
Tips for Players Seeking Fast Withdrawals
While the online casino and payment processor will ultimately determine how quickly withdrawal occurs, there are steps you can take to expedite the process.
- Do not wait for the casino to ask for your most current documentation. Proactively provide these as it could help speed up the verification process.
- Choose the fastest withdrawal method that’s available to you. Opt for withdrawal to a web wallet where available.
- Understand the fees applicable to each withdrawal method. The fastest method may also be the most expensive so there may be a need to strike a balance between speed and cost.
The joy of winning is the opportunity to enjoy the spoils. Speedy withdrawals are an integral part of a fulfilling gaming experience. Choose online casinos that have the quickest withdrawal timelines. Speed is not the only indicator of a good online casino though. Make sure it also scores well on other core measures of online casino quality such as proper licensing, transparency, game variety and payout rates. My top choice is Casumo casino, which fulfils 99.9% of payouts to New Zealanders in under 1 hour! Besides the quick withdrawal time, Casumo offers excellent promotions, jackpots, pokies and table games. Visit Casumo to see everything there is on offer, or read my full review here.