Banking with Online Poker Sites
The answers to all your questions about safe and quick transactions at online poker sites.
- Deposit and Withdraw Methods
- Time Frames
- Minimum and Maximum Amounts
- Perks and Incentives
The finer details of how to deposit cash and withdraw winnings may change from poker site to poker site. However, some fundamental principles and practices, specifically those explained here, do not. Bookmark this page.
Deposit and Withdraw Methods
Each poker site will offer a range of various deposit methods, dependent upon your location, with the more popular ones common to many sites. All of the methods can largely be grouped into either e-wallets, prepaid debit cards, money transfers or credit cards. Unfortunately, some banks block their cardholders from making transactions with online gambling sites.
As with deposit methods, there will be a variety of withdrawal methods. You might be required to use the same transaction method that you selected to deposit your money originally.
For security reasons and to prevent fraud, you will be required to verify your identity (with recent utility bills, photo id and copies of your credit card) before you can withdraw your winnings. As an incentive, some online poker rooms will even reward players who send their these documents when first registering and before they even have any winnings. You might receive a bonus for doing so in addition to quicker service.
Due to internal checks of all account and deposit method information, it may take up to two or three days to receive your winnings. How quickly you receive it may also depend upon the transaction method you choose. For instance, credit cards may actually take up to 1 month.
Minimum and Maximum Amounts
The minimum you can deposit will depend upon the method you choose and may range between $5 and $25. Also, the maximum withdrawal you can make will vary from poker site to poker site. Additionally, there may also be a limit on the number of times per month you can withdraw. So it is worth checking cash-out limits before you register so you don't have any nasty surprises.
There may also be a minimum amount you can withdraw which is usually around $25 but may be as high as $50. If you have less than the minimum amount in your account but wish to withdraw it, contact the customer service team.
Many online poker sites allow you to deposit in a number of major currencies. The mostly common accepted currencies are USD, CAD, Euros, GBP and AUD. However, your deposit might then be converted into the site's chosen currency so be careful you understand the value of your chips and check the exchange rate. You will receive your local currency when you cash out again.
Perks and Incentives
Look out for preferred payment bonuses (ranging from 10% to 15%) as some poker sites might give your account an injection of funds simply for using one of their preferred transaction methods.
Reputable poker sites will use only the latest security measures and encryption technology to protect the integrity and security of your personal information. If you feel comfortable with online banking, you should be very confident about depositing money with an online poker site.