Betting withdrawals

[Seether]

Hi.

Sorry in advance if this has been covered before.

Are all betting withdrawals processed in one single daily cycle? Or are they sporadically sent out to accounts as and when Monzo receive them?

Thanks.

[kolok]

Hi

Welcome to the community.

Monzo participate in all 6 MasterCard clearing cycles, although your betting company may only do 1 of those.

Once monzo receive the ‘file’ it should be a matter of minutes.

Read here

Ladbrokes withdrawal payment

Yup! Most banks participate in only one card network clearing cycle per day. This is where Mastercard or Visa receive files from everybody connected up describing every transaction they want to collect/send money for, process them, distribute files back out, and work out how much money is owed to/by each participant. On the Mastercard network, there are around 3–6 of these cycles per day (except on Sundays) so that every time zone has one after the close of the business day. Monzo participates…

[Seether]

@kolok

Hi

Welcome to the community.

Monzo participate in all 6 MasterCard clearing cycles, although your betting company may only do 1 of those.

Once monzo receive the ‘file’ it should be a matter of minutes.

Read here

Ladbrokes withdrawal payment - #5 by Rika

Thank you for the kind welcome and reply.

Good to know.

Only reason I ask is when I used Revolut the funds used to hit pretty much exactly when I got the ‘withdrawal processed’ email from the bookmaker in question.

It’s the first time I’ve done this on Monzo so just trying to get a feel for how it works.

[kolok]

Do you put in your account number and sorctcode, or does the company refund a card?

Sounds like from your Revolut experience it’s a bank transfer, have you got an email from them but the money hasn’t hit your monzo account yet?

[Seether]

I believe it’s a card refund. They have give me an email when the withdrawal is processed with a transaction number which says it’s now the responsibility of my bank. In these instances it’s pretty much instantly in with Revolut.

[kolok]

As far as I’m aware card refunds cannot be instant so I’m not sure what’s happening, I guess you’ll have to wait and see what happens with monzo…

Which betting company is this?

[Seether]

Novibet is the company.

I must admit it surprised me but that is what’s happened with them on Revolut.

With a conventional bank (Santander) it would hit at night time when the card transactions all go through.

[Ashton]

Normally when I have used sky casino (now blocked gambling transactions as I had a nasty habit and I don’t recommend gambling to anyone even if you can afford it as it is addictive and has high risks) it went in the next working day at 3-4am for the exact withdrawal amount. If I withdraw multiple times I’ll get them all at the same time aswell but it won’t be combined unless I withdrew it in the same withdrawal - it also shows as a refund

[Gaoler]

I’ve done withdrawals across a load of bookies over time - can’t say there’s any consistency in card refunds.

If you’re remotely worried about how long refunds are taking, I strongly suggest you lock yourself out for a while.

Any withdrawal could easily get held up with AML checks for ages, so you should not rely on them at all…

[welshguy99]

Refunds to Monese appear almost instantly, but are ‘pending’ usually until around 1am the next working day morning, when the funds become available.

Refunds from the same companies to Monzo usually appear as available funds around 4-5am the next working day morning.

[Seether]

Thanks Welshguy very helpful