Best Methods for Withdrawals
This page takes you through all the different ways in which you can withdraw those poker winnings – and will help you find the best withdrawal method for your profile. I have organized the page to start with US cash-out options, followed by those for worldwide players. After that some of the things you can do to make sure your poker withdrawal is fast and smooth are discussed.
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Best Withdrawal Methods for US Players
Poker payments from the US have switched up to avoid the federal restrictions on the banks. Some of the best ways to make a poker site deposit are not available for withdrawing. These include both credit card deposits (Visa, MasterCard and Amex) and prepaid Visa cards too.
The most common US cash-out method comes as a surprise to many players withdrawing for the first time. This is to request an old-fashioned paper check. There is a speed element to consider, since the check will need to be cut and then mailed to you before you can even present it to your bank. On the plus side, US banks process paper checks without any restrictions – meaning you can be sure to get the money into your account.
There are 3 alternatives, and not all of them will be available from every site.
Wires are sometimes possible – though only for high rollers, since the cost and effort needed are restrictive. Person to person transfers are also used for withdrawals. Here you will ask your poker site to wire the money to you using either Western Union or MoneyGram. This method is fast, though you will usually find that your site passes on the fees to you.
Finally, Bitcoin is emerging as a great alternative to the regular withdrawal methods. One criteria here is that you made at least one deposit using the Bitcoin wallet you are withdrawing to. This is protection against money laundering. Using Bitcoin is very easy, and I expect to see this take over from Paper checks as the most common withdrawal method of all over the next few years.
Best Poker Site Withdrawal Method for Worldwide Players
While there are some individual country restrictions, players outside of the US generally have it very easy when it comes to both deposits and withdrawals from online poker sites.
All the cash-out options covered in the US section above are available, plus several more.
If you made your initial deposit using one of the popular eWallet services like Skrill, Neteller or PayPal (there are several more), then you will be able to withdraw that way. This is very quick, and depending on which eWallet service you use will be free of charge too. Note that PayPal charges the receiver of the funds.
Deposits made from bank debit cards will be able to get money paid back into the same account. This is via a local wire transfer, rather than directly onto the card. You will have to wait a couple of days for the wire to arrive, though this is another very easy and reliable withdrawal option. Credit cards are not suitable for withdrawals, so you’ll need to find a different option if you deposited with those – a bank wire is always an option.
Checklist – Making Sure Your Withdrawal is Straightforward
There are three things you can do before you even deposit to make sure that things go smoothly when it comes to withdrawal time.
First, you can double check that the personal information you used to register with is accurate. However tempting it seems to add a random date of birth or address – you’ll need to back this up with id when it comes to cashing out. By double checking upfront, you’ll save yourself the trouble of needing to explain the changes to your poker site.
Second, you can anticipate the request for back-up documents and either send them to your site early or have them ready for when they are (inevitably) requested. A photo Id, bank statement and / or the front of your credit card (you can black out all but the last 4 digits of the number) can be requested.
Third, if you would like to use a specific withdrawal method – check whether you need to deposit with that method first.
Once you have the practical elements of poker site deposits and withdrawals organized, you can focus on the most important part – learning enough strategy to make a profit from the games!