Tuesday, June 27, 2006

Mini guide: How do I withdraw my winnings?

Or "So you started playing online poker a while ago and now you do not know what to do with all that cash sitting in your account?"
There are many different ways to withdraw your money but this time I will focus on Neteller.

What is Neteller?
Neteller is an online money transfer service and your Neteller account works like an online wallet (much like paypal or stormpay). You can use Neteller with most poker sites.
How do I open an account and how do I deposit?
Go to www.neteller.com and follow the link "Open Account".
When you have opened your account login and click deposit, from there you have the choice to deposit with credit card, bank wire and so on.
Do I have to certify my account?
No but if you wish to deposit/withdraw directly to your bank account Neteller want you to certify your bank account.
It is an easy and quick process where Neteller deposits a small amount of money into your bank account (this takes 2-3 days). After the money is in your account you have to verify the amount by telling Neteller how much money they deposited into your account.
If you live outside of US or Canada the certification process are a bit more tedious.
What you have to do is send in a copy of your ID or Passport and a front and back copy of your credit card and a copy of a utility bill to Neteller.
I have never heard that anyone have had any problems with this but if you feel nervous about sending Neteller a copy of your credit card you can "black out" the 8 middle numbers on the copy of your credit card.
Withdrawing to Neteller.
Deposits to the poker sites are instant but withdrawals can take up to 3-4 days.
This is because the poker sites wants to make sure you arent trying to withdraw more money than you are eligable to do (for example trying to withdraw bonus money you havent earned yet).
Withdrawing from Neteller.
If you have made a deposit to Neteller by credit card you can withdraw the same amount to your credit card.
If you have verified your bank account you can withdraw any amount any time to your bank account.
Another good way to withdraw money is to get a free Neteller issued ATM card.
Fees when you deposit/withdraw.
Instacash: 8.9% processing fee.
Credit Card: 3.9% processing fee.
Bank Wire: Neteller covers the receiving but the your bank might charge you a fee for the sending (ask your bank).
If you keep money on your Neteller ATM card for longer than 30 days Neteller takes a small fee ($2-3).
So do not keep money on the ATM card for to long.

Transfers between Neteller and the different Poker sites are currently free (at least to and from all the top sites). Neteller charges the Poker site for the transaction but the Poker site pays the fee for you.

If you have any comments or questions about Neteller please let me know and I will update the MiniFAQ as fast as I can.
See you at the tables. ;)

poker omaha
best ways to win money on poker
Online Gambling - online casino gambling sites