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Every Canadian player gambling at an online casino plays with the hope of seeing some form of a win and hopefully, though a long shot, a progressive jackpot win. Should you win it would be a great cause for celebration, but it’s important to bear in mind that receiving your winnings is a financial transaction and as such is bound by global banking regulations. You don’t win $10,000 or $1 million one day and immediately see the money in your bank balance. We’ll cover the important factors to bear in mind when winning and also when choosing a casino, as the withdrawal policy is immensely important.

Proving your Identity

Signing up to an online casino is a relatively hassle free task. You don’t need to go to great lengths to prove your identity, you simply need to be able to purchase playing credits through a multitude of depositing options and fill in some basic personal details. When it comes to withdrawing money, and especially big amounts, online casinos have an obligation to ensure that the transaction meets international standards of banking. The key concern for international governments and indeed banks is the possible abuse of the system for fraud or money laundering. Because of this, when you withdraw any winnings from an online casino, you may be asked for a number of documents to prove your identity and to ensure that everything is above board.

These documents include, but is not limited to:

  • A copy of any photographic ID in the form of driver’s license, passport or national ID
  • Proof of address via a utility bill with your name and address clearly visible
  • A copy of the front and back of your credit card (you should black out your security code at the back of the card and the middle eight digits of your number on the front)
  • These documents should all be notarized by a qualified source and should field a signature or stamp as evidence of its legitimacy

Withdrawal Limits for Canadians at Online Casinos

Also due to different financial laws in different jurisdictions there is usually a minimum and maximum withdrawal limit that applies to all withdrawal requests by Canadian gamblers at online casinos. These vary by casino depending in which jurisdiction they are registered in, but at the most reputable online casinos, like 888 Casino, based on our investigations it ranges from between $10,000 to $45,0000 per calendar month. The limit is also sometimes restricted by the method of withdrawal, so whether you withdrawing via credit card or e-wallet there may be a difference depending on the policy of the specific banking operator.

Important around the maximum withdrawal limit is the online casino’s attitude towards paying out progressive jackpots. Just imagine you strike it lucky on the Mega Moolah progressive jackpot slot and win a cool $10,000,000, only to find out that you will still only be allowed to withdraw a fixed, say $10,000 per month. It would thus mean that it’ll take you decades to receive the full amount. Many good casinos like Go Wild Casino waiver this maximum limit clause for big winnings but be sure to carefully read the withdrawal policy of a ┬ácasino you’re considering ┬ábefore signing up or you may just find that big win turns into a big sad battle for what is rightfully yours.

Methods of Withdrawal

You can find the methods of withdrawal at our online reviews section for each casino, with each having a different range of options. Important to note when withdrawing winnings is that your winnings will first be paid out in the same way and amounts in which you initially deposited into the casino. After that your withdrawal selection applies.

Example

On your first deposit you pay $50 via Visa Credit Card
2nd Deposit of $200 is done via an e-wallet like Neteller
3rd Deposit of $100 is done via PayPal

You win $650 and request payment via check

The casino will however send your winnings in the following manner:

$50 to your Visa Credit Card
$200 to your Neteller account
$100 to your Paypal account

The remaining $300 will be sent to you in a withdrawal method of your choice, in this case via check.

Withdrawals usually have a pending period of 24 hours within which time you can reverse your withdrawal decision if you so wish. After the 24 hour period, withdrawals are usually processed in 7-16 days depending on the method of withdrawal and the status of your account, with more loyal players receiving a swifter transfer of funds.

So before you make your choice of online casino be sure to confirm the withdrawal policy, in this way you’ll avoid any disappointment down the line when trying to withdraw any significant winnings.

WITHDRAWAL TIP

Should you win at a casino and you are not allowed to withdraw the full amount in one lump sum, don’t continuing playing at that online casino until you’ve received the full amount of your winnings. Along with legislation, casinos often use the monthly withdrawal limit as a means to get back some of your winnings by enticing you to play more.