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Withdrawal Methods For Online Poker
Winning is one of the best parts about playing poker, and what is the point of winning if you’re not able to withdraw the money you just won? Which is why, knowing how to withdraw your money from your poker bankroll is important. Various online poker platforms in India have a deposit and withdrawal option for players. This is necessary as poker sites mostly deal with real money and players need to be able to choose which withdrawal methods they are most comfortable with. So, if you’ve recently won a big tournament and want to know how to get access to your prize money, read on!
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Why are Withdrawal Methods important?
Looking at the kind of withdrawal method available should be top priority when it comes to picking the online site you want to play on. You need to make sure that the cash out methods provided by the online poker operator works for you, otherwise you’ll be putting yourself in a risky situation where you’re unable to take out the money you deposited or won. Usually, the methods available for depositing will also be available for withdrawal. There are also other things to take into consideration.
Banking on Online Poker Sites
When you sign up to an online poker platform, you will first need to make an initial deposit in order to get started. Many platforms offer welcome bonuses or first time deposit bonuses so that you can have an amazing poker experience on their platform. Once you deposit the amount into your poker bankroll, it will reflect on your account. Then you can begin grinding at the poker tables.
You can use these funds to play poker tournaments, cash games, pay for your chips, and the money you win from playing will be credited to your poker bankroll on the site. This amount will remain in the account until you decide to withdraw it. Keep in mind that there will be a portion of tax that will be cut from the amount you’ll be withdrawing.
What are the different money withdrawal methods?
In most popular poker sites, there are a number of methods you can choose if you want to withdraw. While every platform offers a different set of poker withdrawal methods, here are some of the most popular ones that you will find.
Direct Bank Transfer
This method is by far one of the more common ones used by players. This means your fund will be directly transferred into your bank account. However, this could take some time to reflect into your account.
Skrill is a payment processing service like PayPal. This method is one of the most popular among non-US facing poker platforms. It is an intermediary service that allows you to transfer into your Skrill account with your credit card or checking account. You can then transfer this money to the online poker site you’re on.
As an e-wallet, Neteller is also an option you will find for deposit and withdrawal on poker sites. Neteller is owned by the same company as Skrill and usually there are no service charges for using the service for online gaming. This means that you will get 100 percent of your withdrawal via this method.
When it comes to money, players in India might be more comfortable using a service from their own country. This is where Paytm comes into play. Available in 11 Indian languages, Paytm is popular among Indian players. There are no charges for using it for online payments and withdrawals are processed fairly quickly.
UPI (Net Banking)
Unified Payments Interface (UPI) is an instant real-time payment system that is very popular for money transfers. As the National Payments Corporation of India runs the system, it has one of the best safety and security. However, the UPI method can only be used for those with Indian bank accounts.
Eazypay is runned by the ICICI Bank in India and is available to players who have an ICICI bank account. However, as it’s not very inclusive, there are not a lot of online poker sites that have it as an option. It is not as popular as Skrill or Neteller, but its usage is gradually increasing.
One of the most popular methods for online payment is Google Pay. Available to use in 30 countries, it is considered as one of the most trustworthy online payment methods. Depositing and withdrawing from it is easy and the requests are processed instantaneously. There is also no charge for transferring money via Google Pay and that means players can get 100% of their money.
How do I withdraw Money from online poker sites?
If you want to withdraw from online poker sites then all you need to do is go to the cash out of cash register option on the platform. This will then show you how much money you’re able to redeem from your poker account. There will be a percentage deducted as TDS (Tax Deduction at Source). You will then get an option to choose a withdrawal method, however, most Indian poker sites will have direct bank transfer as a default option. Once you enter your account details, and have completed your KYC, your request will be processed. The money will then reflect into your bank account between 48-hours to 7 – 10 business days depending on the poker site.
Being careful of your finances is important especially when playing real money games like poker. Which is why choosing a trusted online poker website and a safe and secure payment process is something that needs to be done mindfully. To have the best experience playing the game you love, don’t gloss over crucial processes like these. Most poker sites go through a strict process when issuing a cash out. Players are required to provide formal ID as identity proof, which need to be submitted and accepted before any funds are released. Even though this slows down the withdrawal process, it is necessary in order to avoid fraud of any kind.
What withdrawal methods are available on online poker sites?
While withdrawal methods vary from one platform to another, here are some of the most popular methods that you will come across.
- Credit and Debit cards
- Wire Transfer
Can I withdraw my money from my online poker bankroll?
Yes, you can withdraw your money from your poker bankroll. Just go to the cash out or cash register option on the platform and select a withdrawal method that suits you best.
How quickly will I get my money?
This mostly depends on the poker site you play and the method of withdrawal you use. While some sites offer instant cash out, with other sites you can expect a minimum wait of at least 48 hours. However, for sites that follow a thorough process before releasing the money, you can expect to get your money in 7 – 10 business days.