Deposit and withdrawals at crypto casinos

[Tonybalony]

Hey, lately I’ve been depositing using mastercard in several of your accredited crypto casinos. What I’ve noticed is that’s there has been an issue to withdraw winning through the bank cards. Should I just stick to MiFinity?

I’ve been disappointed on how often I’ve used a high rated casino at this site, and then how many times I’ve been frustrated about cancelled withdrawal processed due to not accepting Mastercard withdrawals. The times I’ve been told to use MiFinity, it’s also stuck because they claimed I should use the same withdrawal method as deposit method, so it’s been like a loop

 

[jeckiesz1]

When I made a deposit in cryptocurrency in my fav casino, and tried to withdraw my winnings to Skrill, I encountered two problems:

1. Casinos are not financial institutions and do not provide cryptocurrency to fiat conversion services.
2. You should withdraw funds to the same payment method you used to make a deposit.

After having familiarized myself with the T&C's of my few fav casinos, I realized that this is a common features.

 

[mulven]

The times I’ve been told to use MiFinity, it’s also stuck because they claimed I should use the same withdrawal method as deposit method, so it’s been like a loop

Have you ever deposited with Mifinity? Whilst they have given the alternative method they'll still require you to deposit with it at least once.

Canada for example does not really do card withdrawals from casinos. This is well known and casinos allow interac withdrawals even if you've used card. Some don't require a deposit via interac first, some do.

 

[ritae]

Coinbase are asking for more paperwork to withdraw there, so going to transfer to Kraken. Does anyone know which method I choose for withdrawal to a regular UK Bank Account (Lloyds) and how long does it take?

 

[Guntis]

FPS stands for something like Faster Payments, etc.. That's what i usually use on Kraken and then you see money in your bank account in about 10 minutes.

 

[jasonuk]

FPS stands for something like Faster Payments, etc.. That's what i usually use on Kraken and then you see money in your bank account in about 10 minutes.

Correct - Faster Payments System. For most UK-based transfers it'll be faster payments now-a-days, unless there's a specific need otherwise.

Since we've been talking about it in another thread, might as well make a table of it... Note that this information can and will change over time.

	Availability	Use Case	Speed	Cost
FPS / Faster Payments	UK	Usually up to 5 figures (bank-specific, can be up to £1m)	Minutes (or faster)	Usually Free
CHAPS / Clearing House	UK	6+ figures (e.g. house purchase)	Same day, subject to cut-off time	e.g. £15-£40
BACS	UK	Batched payments, such as payroll	e.g. 3-5 working days	e.g. 50p
SWIFT	International	The "old way", been running since the 1970s	e.g. 1-4 working days	e.g. £15-25
SEPA	Euro Currency	Euro-denominated payments	e.g. 1-2 days	Often Free, or e.g. 20p*
Instant SEPA	Euro Currency	Euro-denominated payments, but faster	Minutes (or faster)	Often Free, or e.g. 20p*

* For UK banks, be careful of secondary conversion fees - the SEPA payment may be free even if the currency conversion charge is not.