Depositing money to Bovada offers various deposit methods including VISA Credit / Debit / Gift Cards or the "Rapid Transfer" Moneygram. A card deposit is the easiest and fastest of Bovada deposit options. Netspend debit cards have a high success rate and lesser successful include Greendot and Vanilla VISA cards. Bovada charges a 4.9% fee for card deposits except for the first deposit. Betonline is the only other US poker site that charges for such transactions (6%). So, a $20 deposit really needs to be $20+4.9%. $20 is the minimum card deposit and the max is $500. Using Moneygram, expect 15 minutes for a deposit and 24 hours withdrawal time. By depositing $300 or more at a time and withdrawing max once a month, Bovada takes care of all the transaction fees. (Otherwise deposit fees are $12-$20 and withdrawal fees $20-$60.) The minimum Moneygram deposit is $10 and the max is $800.
How to Withdraw Money from Bovada
Your available withdrawal option depends on the way you deposited money to Bovada. If you made a credit card deposit, you can withdraw the money as a check. Bovada has the fastest check payouts out of all US poker sites. If you made a Rapid Transfer deposit, you can withdraw the money by using Rapid Transfer. To withdraw by credit card, you must complete the credit card verification form on Bovada's website. The minimum check withdrawal is $20 and the max is $3000 and for Rapid Transfer withdrawals $100-$750. There is no charge for your first check withdrawal of each month, however cashing out for the remainder of the month costs $50 each. Rapid Transfer cash out fees are $20 to cash out $100 - $199, $30 to cash out $200 - $399, $45 to cash out $400 - $599, and $60 to cash out $600 - $750.
Bovada Payout Problems
In 2008, Maryland DOJ and IRS seized $25 million of Bodog's money as the dollars were sitting on their payment processor's account. This obviously caused a delay in payout. An undercover agent registered an account at Bodog and made two cash outs during the year of 2007, which helped the IRS to seize the money. Again, there was a delay in pay outs in 2011 but there is no real information on what caused them, except Bovada says they were in the process changing payment processors in order to deliver checks faster in future which then slowed down current check processing. There have been no reported problems since.
Bovada Bitcoin Withdrawal
Bovada gladly accepts Bitcoin. Bovada does not charge any regular fees when Bitcoin payments are processed whether depositing or withdrawing. Occasionally wallet and exchange providers may charge a small transaction fee or users may add one to transactions for priority processing. These fees are usually less than a dollar, still much lower than credit card fees. Bitcoin is the fastest way to get your winnings. In fact, expect about a 15 minute turnaround time from when your funds are processed and deducted from your account. BitCoin is instantly exchanged into US Dollars at the rate at the time of deposit. You will need to set up a BitCoin wallet, and then fund it using your bank account / credit card.
Bovada Check by Courier
Check by Courier is Bovada's preferred method of payment. Couriered check is a safe and secure option that is delivered directly to your door via courier service. Your signature will be required upon delivery. The average payment processing time frame is 10 to 15 business days. Couriered checks are issued in a maximum of $3,000 increments. Payments over this amount will be sent out in $3,000 increments every 7 business days. Multiple pending couriered checks under the maximum may be combined, totaling up to $3,000. You are entitled to one free payment every 90 days. Each additional check will incur a specified fee.
Bovada Money Transfer via Western Union
Western Union is a sure way to get your Bovada account funded. However, the fees which can be between 6% and 15% of the total, depending on the amount you want to transfer. The more that you transfer the cheaper those fees become. Bovada now refunds fees on deposits over $300 using this method.