What Affects the Withdrawal Time?
Withdrawal of your winnings from a casino account depends on several things. From account verification to processing time, there are a lot of things that work in the background to let you withdraw your funds instantly. Even the mode of payment is a critical factor.
As you try to choose the best instant withdrawal casinos in Canada, here’s a look at the factors that influence withdrawal time:
Know Your Customer (KYC) Verification
Having a completed profile on a casino site is one thing and having a verified account is another. We have previously discussed the importance of profile verification where you have to furnish your identity and address proofs to validate your account registration. Sometimes, this also involves showing your income statements so that the casino company can keep up against anti-money laundering (AML) practices.
Instant withdrawal in casinos across Canada is possible only if your KYC documents are verified.
Casino Processing Time
Every casino takes its own time to process payments. This usually involves clearing transactions to and from software providers and other players. Technically, your winnings are contributed by other players who lose.
For faster processing, a casino has to have a good cash flow and should maintain it. In the list of the same-day withdrawal casinos in Canada below, we have focused on this very parameter to judge.
Withdrawal Method
Finally, a faster withdrawal means a better banking method. As you may already know, wire or bank transfers take the longest. On the other hand, electronic payments using e-wallets and credit cards offer instant withdrawals. In Canada, options like EcoPayz, Interac, and Neteller are recommended.
Advantages and Disadvantages of Fast Withdrawal Casinos
Here’s a quick rundown of the pros and cons of registering for and using instant withdrawal casinos in Canada.
Pros
- Instant withdrawals let you roll your money quickly
- Keep playing without depositing more money
- Large number of banking options
- Fast withdrawals mean safe and secure payment gateways
- Such casino companies are more trustworthy
- Your hard-won money does not “sit” in the casino account
Cons
- Other features like progressive casino games may not exist
Top 5 Fast Pay Casinos
Now that you know what it takes to process withdrawals faster and the pros and cons of such casinos, let’s take a look at some of the biggest players in this category in Canada. Here’s a list of the top fast withdrawal casinos in Canada.
Caxino Casino
Caxino is a Malta-based casino operator that allows playing with a minimum deposit of 1 Euro. With a colorful website and a tailored list of only reputed software providers, it is one of the hottest casinos in the country. Fast deposits and withdrawals, even faster registration, and MGA regulation makes it our top choice.
Wildz Casino
Wildz Casino is big on bonuses and is operated by Rootz Limited, the same company behind Caxino. Payment options like iDebit and Interac allow instant withdrawals (and sometimes less than 24 hours).
22Bet Casino
22Bet has a large repository of games to choose from. Add to that the quality of fast withdrawals, and you have the perfect casino platform for your entertainment and gambling needs. It is the only casino site that also allows credit cards issued by companies such as Diners Club and Discover.
Cookie Casino
At Cookie Casino, options like iDebit, Instadebit, and ecoPayz offer instant withdrawals. While the maximum withdrawals range from CAD 4,000 to CAD 6,000, we feel it’s a decent range for both beginner players and professionals. It is also one of the most charming casino platforms we have seen that operate in Canada.
Royal Panda Casino
Royal Panda is a standalone operator and offers a wide variety of payment options. You can choose from credit cards to Interac, from Instadebit to iDebit, and electronic wallets such as MuchBetter and ecoPayz. This is the only casino platform on this list that offers so many options.
How We Assess Instant Withdraw Casinos
You might be wondering how we picked these top 5 casino platforms. Well, here are the top parameters we judged the sites on. You may use these parameters to do your own due diligence.
Fast withdrawal casino should have an active license
This is a deal-breaker. If a casino does not have a valid license or is issued by an unreputed entity, it is better to stay away from that site.
Bonuses should be instantly credited into the user’s account
A good way to gauge the authenticity of a casino site is to check how the bonuses are credited. If they are credited instantly after you satisfy the conditions, it’s a good site. Otherwise, the site is bound to hold up your winnings.
VIP casino program with instant withdrawal of funds
The casino should have a VIP/loyalty program that supports instant withdrawals regardless of funds. For example, Cookie Casino only allows withdrawals up to 6,000 CAD. This is a big amount for many, but VIP programs usually involve astronomical payouts. So, the site should also allow big-amount withdrawals on a case-to-case basis.
Fast payout casino payment methods
Another obvious way to check a fast withdrawal casino’s efficacy is to look at the banking options available. If it has several methods including e-wallets and credit cards, it’s a good bet.
Multiple fast payout casino providers
As noted above, even the game providers are involved in payments. After all, you win a game when several other players lose, which means that the provider of the game has to calculate the winnings and inform the platform. So, we have to make sure that only reputed providers are present.
Large assortment of casino games with instant payouts
Much like the providers, even the games influence how quickly payments are sent out. For example, certain new games may offer instant withdrawals just as a promotion/marketing tactic.
High level of fairness in casino games
Lastly, the games in a casino have to be fair enough to all players. Otherwise, there is no point in getting a fast withdrawal if all you do is lose money due to unfair practices.
Payment Methods That Support Fast Withdrawals
A quick note on each of the top payment methods available for Canadian casino players. Many of these offer faster withdrawals.
Neteller
This e-money transfer service offers a quick way to transfer money from your bank account to casinos. Withdrawals are usually within 24 hours.
Paysafecard
This is a prepaid card and is a standalone money transfer service. This is why both deposits and withdrawals are instant here.
PayPal
The popular payments system also allows instant deposits and withdrawals but it takes a cut every time you make a transaction.
Skrill
This is a digital wallet and can act as both a deposit and withdrawal option. Payments can be made or collected within 24 hours.
Instadebit
The recommended payment service for Canadians as it is a Canada-based payments company. Withdrawals can be instant if you are KYC-compliant.
ecoPayz
Similar to Instadebit but is a global player. This can be used for transacting in currencies other than Canadian dollars.
Neosurf
Europe-based payments system that offers withdrawals between 24-48 hours.
Cryptocurrencies
Cryptos like Bitcoin and Ether offer more liquidity than other new-age crypto coins. You can also use stablecoins provided the casino supports it. According to us, Bitcoin is the most recommended crypto coin for casino payments.
Bank Transfer (Visa, Mastercard)
This is the most time-consuming withdrawal method. It can take anywhere from 1-3 business days for the money to be deposited into your account.
Factors Slowing Down Withdrawal Time in Casinos
There are a lot of factors that can negatively influence withdrawal time. For example, choosing an old method like a wire transfer can keep your money from you for up to 3 days. That is the time it takes for the payment to clear. This is why we recommend opting for electronic payment methods such as Instadebit and Skrill.
Other factors include an unverified account, questionable casino license, and unsecure payment gateways.
Can I withdraw my winnings on the same day?
Yes, some casinos like Royal Panda, Caxino, and Wildz allow same-day withdrawals. However, you should choose a suitable payment method and keep within the minimum and maximum limits.
What are the fastest withdrawal methods?
In our opinion, you should use an electronic wallet such as Interac, iDebit, or ecoPayz to get instant withdrawals. Even credit cards are also fast enough.
What affects the withdrawal time?
Withdrawal time in online casinos is affected by several factors. These include KYC verification, payment processing time taken by the casino, and payment method. As a user, we recommend choosing the fastest payment method to get instant withdrawals.
What are the factors that slow down the withdrawal of funds?
Factors such as old payment options (wire transfer), incomplete profile, unverified account, questionable casino license, and unsecure payment gateways can hamper instant withdrawal of funds. You should stay away from casinos that exhibit these features.
What are the factors that fasten up the withdrawal of funds?
Electronic banking option, reputed platform, and amount within the withdrawal limits ensure that your money reaches your account on time.
