One of the main considerations when choosing an online casino is the available deposit and withdrawal methods. Typically, players prefer Canadian web-based gambling establishments with fast and secure payment options that enable instant play and quick cashouts.
Before deciding how you’ll manage your online casino transactions, it’s wise to review the available choices. This article examines the best payment options at online casinos in Canada so that you can weigh the alternatives and make an informed decision.
Available payment methods at online casinos
Internationally, some of the top recommended payment methods are ApplePay, GooglePay, PayPal, Bitcoin, and ecoPayz. In Canada, online gamblers can choose from a bevy of payment methods.
These are credit or debit cards, e-wallets, bank transfers, prepaid cards, mobile payments, cryptocurrencies, and instant banking. Let’s look at the pros and cons of these different banking choices.
Credit or debit card payments
All online casinos accept credit or debit card payments. The most popular are Master and Visa, which still dominate the global scene. Discover and American Express cards also feature prominently at online casinos.
When internet gambling first launched in the mid-1990s, credit and debit card deposits and withdrawals were the only viable banking methods. Since these early days, both online casinos and their payment methods have evolved in leaps and bounds.
Fraud is always a concern when using your debit or credit card to make electronic deposits and withdrawals. However, virtual security has come a long way, and the best online casinos protect their player information with advanced encryptions.
Keep in mind that not all Canadian banks look favorably at gambling transactions. Some reject deposits and withdrawals. Therefore, it’s recommended that you use a bank that allows online gambling for your virtual iGaming ventures.
On the upside, deposits are immediate, and you can start playing without delay. It takes roughly three working days to process withdrawals, which means you don’t have to wait long before enjoying your spoils.
An e-wallet is a digital payment method that works like a gateway between a bank account and an online casino. It allows you to transact without divulging your financial information. This makes it secure and eliminates the risk of card fraud.
Canadian online casinos accept several e-wallet payments. These include EcoPayz, MuchBetter, Interac, Instadebit, WebMoney, Jeton, SticPay, and eZeeWallet. The majority of internet casinos in Canada no longer accept Skrill, or Neteller.
When using InstaDebit, WebMoney, and Jeton, deposits are instant, meaning you can immediately take a turn at the tables or spin the reels. EcoPayz takes one business day to process a deposit, while MuchBetter deposit times vary according to the funding method.
EcoPayz and WebMoney instantly process withdrawals, while InstaDebit takes up to 10 working days. The withdrawal times for MuchBetter and Jeton again depend on your funding methods.
Bank transfers, also known as wire transfers, are a secure albeit old-fashioned payment option. Here, players contact their banks and provide the online casino’s bank wire details. The bank then transfers the money, and once it clears, you’re good to go.
Many people prefer tight control over their bankrolls and casino-based spending. Some don’t have a credit card or e-wallet. For these purposes, a prepaid card is ideal. You can purchase one from any participating store such as 7-Eleven outlets.
A prepaid card comes in various denominations and has a unique PIN or serial number. You simply choose the applicable pre-paid option from your online casino’s banking function and enter this number.
The most popular pre-paid cards in Canada include PaySafeCard, Vanilla Prepaid, NeoSurf, Revolut, AstroPay, Flexepin, CashToCode, and KOHO. As of July 2019, EntroPay is no longer accepted at Canadian online casinos.
Remember, you can only make deposits with a prepaid card and will need to list a valid withdrawal method for your cashouts. All deposits are instant, allowing immediate play. Before purchasing a specific prepaid card, make sure your preferred online casino accepts it.
The popularity of mobile payments is rising as more and more people use mobile devices to gamble. As such, an increasing number of Canadian online casinos are now accepting mobile payment operators, such as Bell Canada and TELUS Mobility.
Reports indicate people find mobile wallets such as Apply Pay and Google Pay convenient as it allows them to manage credit cards, rewards card, memberships, and other financials directly on a single mobile device. The latest FIS PACE research found that 32% of users have three or more different mobile wallets.
Cryptocurrencies allow players to make anonymous payments that are fast and secure. The acceptance of this payment method at Canadian online casinos is becoming more prominent. There are even online casinos – or crypto casinos – that only accept virtual currency as payment.
A stumbling block remains the conversion of CAD to a cryptocurrency. Rates are in constant flux, and due to this uncertainty, many shy away from this option for deposits and withdrawals.
However, these obstacles do not seem to hamper the increasing popularity of cryptocurrencies. Today, there are several options, which include known names such as Bitcoin and Ethereum, and lesser-known cryptos such as Cardano and USDT.
Instant banking lets you connect your banking details to an online casino through a third-party intermediary. It’s a streamlined and quick way of transferring and receiving funds.
Players simply enter their banking details in the online casino’s payment section and choose the deposit amount. There are several instant banking options for Canadian online gamblers.
You’ll get instant deposits and withdrawals when using Interact and iDebit. The eCheck and Citadel deposits are also immediate, but withdrawals can take between three to seven working days.
It’s wise to first have a look at the payment options available before you register an account with a Canadian online casino. In the long run, you’ll be glad you took the time to review the best payment options for online casinos in Canada before diving in.