When you sign up to play at one of our top online casinos you must consider several factors, including payment methods. Gone are the days when the only options were wire transfers and card payments. Players now have a plethora of choice in addition to those traditional methods, including online banking, e-wallets and prepaid vouchers.
But which is the right option for you? What are the pros and cons of each payment type? This guide aims to shed some light on casino payment methods in Canada to help you decide which is the best one for you.
What makes a payment method popular?
Convenience is important when talking about popular casino payment methods, but there are several other layers that combine with this to help certain payment providers stand out from the crowd.
When real money and sensitive financial information are involved, security is paramount. All modern payment instruments need to meet a certain standard in this area to be licensed by the relevant authorities. However, the inclusion of extra security features, such as 2-factor authentication, are highly recommended. This prevents unauthorised transactions taking place without a unique code.
Currency support applies both to payment methods and your chosen online casino. As a Canadian player, you will want to deposit using Canadian dollars and receive your withdrawals in the same currency without the ordeal of using costly foreign exchange mechanisms.
Ease of use
For many e-wallets, you enter your email address and a One Time Password (OTP). Online banking apps may only require a password, and credit cards simply a name and credit card number. Payment methods that are easy to use for everyone help to make them popular.
Players want payment methods that are fast at both ends of the transaction. This means instant deposits and speedy processing times for withdrawals. E-wallets have shown how this is possible, which is why many of us use them.
Types of casino payment methods
Online casinos offer many payment methods. These include:
Online payment transfer systems
It is possible to make casino payments directly from your bank account to the casino. However, this usually means handing over your banking details. A popular alternative in Canada is to use payment transfer services, such as Interac and Instadebit. These companies act as a ‘middleman’ between your bank and the casino, which means you never share any financial information with the casino. Something to be aware of, however, is that there are a few casinos which do not let you withdraw via these services.
Debit and credit cards
If you want to cut out the use of a third-party service, all of the best casinos in Canada accept debit and credit payments. The casinos promoted on our website are all highly secure, so this is a straightforward and safe option to use.
The only drawback is that when using a credit card for online gambling, the card issuer may charge you an additional handling fee. This could either be a fixed sum of a percentage of your total deposit. Even if it’s only 2% or 3%, this makes a big difference over the long term.
E-wallets have become one of the most popular payment options for casino players in recent years. Although there are a limited number of PayPal casinos in Canada, other options such as Neteller, Skrill and ecoPayz are widely available.
The benefits of an e-wallet are that you don’t have to share any banking information, deposits are instant and withdrawal times are among the fastest around. Of course, some of these services charge customers money to fund their wallet, and several casinos exclude e-wallet deposits from their matched deposit bonus offers.
The mobile casino payments sector is exploding as more players use their phones and tablets for gaming. You can choose between dedicated mobile wallets, like the MuchBetter payment app, or use your bank or credit card’s mobile banking service.
Mobile wallets are essentially e-wallets. Their functionality is the same and as a third-party service, customers may be charged a small fee for using them. However, the extra layer of security protection is worth the cost for many. Also, like e-wallets, players may find restrictions when it comes to claiming bonuses, which is a drawback.
Which payment methods offer the highest deposit and withdrawal limits?
In most cases, the good old bank transfer is the payment method to use if you want high limits, although services like Neteller and Skrill can also handle payments of $10,000 or more. At the other end, prepaid vouchers (Paysafecard, for example) and mobile wallets are likely to offer the lowest limits.
What payment options are the best for fast withdrawals?
Typically, e-wallets are the fastest option when it comes to withdrawals. After the casino has processed a player’s withdrawal request and the money is handed over to the e-wallet provider, you can expect it to show up in your e-wallet balance within the hour. Of course, if you want this money in cash, you need to transfer from the e-wallet to a bank account, which could take another 12-24 hours.
As a comparison, withdrawals to Visa and Mastercard credit cards can take anywhere from 3 to 7 business days.
How do I know if any payment methods are excluded from a casino’s bonus offers?
To find out if there are any payment restrictions, you must review the bonus’ terms and conditions. This information will be clearly stated, along with the minimum amount you need to deposit to qualify for the offer.
Can I use more than one payment method?
Yes, of course. However, several online casinos specify that withdrawals must be made back to the same account that the original deposit came from. For example, if you deposit $500 using Neteller, you must withdraw back to Neteller. However, if you win, and want to withdraw more than $500, the first $500 will go to Neteller, with the remainder usually sent by bank transfer.