Fastest Casino Withdrawals Canada – How Fast is Fast?
We’ve come a very long way in the last twenty-five years. That’s about how long the online gambling industry has been in operation. In that time, we’ve gone from excruciatingly slow load times, minimal game variety, and far more sketchy operators than reliable ones, to a strictly regulated environment highlighted by speed, mobility and boundless selection. Unfortunately, one thing that hasn’t seen nearly enough change is the amount of time it can take for players to receive a cashout.
Canada’s more reputable online casinos are forging ahead in this department, giving their players more choice in payments and quicker withdrawal times than ever before. The majority, however, are taking their sweet time, letting the hours wile away, instead of processing your payments in a timely manner.
Fastest Casino Withdrawals Canada – How fast is fast?
Let me start by saying the absolute fastest withdrawal time you can expect is about 12 hours. There is no such thing as an “instant cashout”; at least, not from any responsibly regulated gambling website. Only crypto currency withdrawals can be truly instant, and there’s a notable lack of social and regulatory responsibility in sites that offer such an option. Quite frankly, if it’s not a respectable operation, the last thing you should do is trust it with your money.
Realistically, a casino that pays out in 12-24 hours is as good as it gets.
Hold up… Why are deposits instant, but not withdrawals?
Ahh, yes… the most common argument of all. It typically starts with, “It’s my money and I want it now!” and ends with, “My deposits are instant, why not my cash outs?” And that inevitably leads to accusations that the casinos are just slow and stingy, purposely holding your money because they don’t want you to have it.
I understand where you’re coming from. These are casinos, after all. They don’t exactly host “fair” games, so we have a hard time trusting their intentions. Then again, gambling is their business. If the odds were a genuinely fair 50/50, they wouldn’t stand to make any money. That’s like opening a store and selling everything at wholesale cost. What’s the point of operating a business that only stands to break even? But I digress…
The truth is, deposits are not really instant. It can take days for your money to get from your bank to the casino operator’s bank. Online casinos credit their players with the amount of money they’ve deposited long before that money actually arrives. They know that the money is coming, because both banks confirmed that it’s being sent. Therefore, they’re being generous enough to let you spend it before they get it. In this way, casino deposits appear to be instant, when they’re really not.
As much as operators might want to earn the title of quickest paying online casinos, they have absolutely no control over how fast your bank credits you with an incoming transfer. Odds are, it’s going to be the same ‘1-3 days’ that it took the casino to receive your deposit.
The only thing the casinos have any control over is how fast they process a payment once you request a cashout. Which brings us to…
What happens during “process pending”?
The moment an online gambler requests a withdrawal, the status of the payment becomes “process pending”. The amount of time a payment spends here determines just how fast the online casino’s payouts really are. This is where it should only take, at most, 24 hours. What happens during this time depends on the casino’s operating hours, and whether this is your first withdrawal request.
If you’ve never cashed out winnings from this online casino, and have yet to verify your identity, you’ll have to do this first. It’s part of the strict regulatory process. They are responsible for thwarting identity fraud, underage gambling, and money laundering. If they don’t verify your identity, they get in big trouble with the government.
So the next time you think they’re being “too invasive”, remember – it’s not just about you. And besides, if someone was trying to steal your identity and use your bank account, wouldn’t you want the casino to stop them?
Assuming you have already completed the verification process, your account will still be run through a quick check before you withdrawal, just to make sure everything looks legitimate. Beyond this, the pending process has everything to do with the casino’s staff.
If customer support operates 24/7/365, it shouldn’t take long to verify that you are eligible to withdrawal that money (i.e. you have no active bonuses or unfulfilled wagering requirements), no matter when you submit the request. However, if customer support is only available something like 16 hours a day, or doesn’t process payments on weekends or holidays, then the time and day you request your payout will significantly impact the length of “process pending”.
Why are some casinos so much slower than others?
It’s true – some online casinos are way quicker than others, and if you think they’re doing it on purposes, well… you’re probably right. You see, there are two ways an operator can handle their payout system. They can either try to offer one of the fastest casino withdrawals Canada players have access to, or they can rely on the tried-and-true ‘bait-and-wait’ method.
Unfortunately, that second option is still all too common, mostly because it works. The idea is to make a customer wait longer so that they’ll get bored, reverse the withdrawal request, and bet that money right back into the casino.
How do you know the difference, you ask? If your iGaming website says it takes 48 hours to process a payment, you can rest assured they’re betting on your impatience to make more money. If they say cashouts take up to 24 hours, and actually live up to that promise, then speed is their priority.
What happens after a payment is processed?
This is where customers have more control over their cashout speed. Every withdrawal method comes with a time range. Bank transfers, for example, usually take “1-3 business days”. The same goes for eChecks and EFTs, as they are all just fancier ways of processing a bank transfer. Web wallets like Neteller, Paypal and Skrill really can be instant casino withdrawal options, after a payment is processed.