Payment options at CAD online casinos
Since 2009 the Canadian Government has left the legality of online wagering up to the various provinces. This means some provinces have embraced iGaming while others have left it at the status quo, preferring to turn a blind eye to the millions of dollars being pumped into offshore gambling websites.
If you are new to the online casino world, this article will run you through the various deposit methods available to Canadians, including making recommendations about where to play. For instance, Neteller might only operate in regulated gambling markets, preferring to keep its nose out of this industry in countries such as Australia and China, who have strict laws surrounding online casinos.
More Canadian guides:
Credit & debit card deposits
Credit and debit cards are the most common way people fund their online gambling accounts in Canada, and you will generally have no problem using either. If you have never used your credit card at a gambling site, it works the same as making an online purchase. You just punch in your details and complete the purchase.
Visa: Hands-down the biggest payment processor in the world, and is commonly used for gambling deposits. A huge plus is that you can withdraw back to your Visa account from your casino account.
Mastercard: Another popular type of credit and debit card which acts much like Visa; its main pitfall is that you can’t withdraw using this method.
Debit cards: Works much like a credit card, although you are using your own money, rather than credit, to make the deposit.
There are many more types of credit and debit cards available to Canadians which will allow you to make transactions to online casinos, with some other well-known ones being American Express and Diners Club.
Prepaid cards in Canada
The major benefit of using prepaid cards to fund an online casino account is you don’t have to give your card or bank details to anyone. Prepaid cards essentially work like a credit card; you are given a card or voucher with a number that can then be used to make purchases.
Many retail outlets such as Target, Walmart and gas stations will offer a selection of prepaid cards and give you the ability to recharge ones you have drained. Essentially you have a debit card at your disposal which can be used to buy things online.
PaySafeCard One of the most popular prepaid cards and is readily available around Canada. Basically find a location to buy a card on the official website, pay the cashier and you will receive a pin. You then choose PaySafeCard as your deposit method and enter the pin and amount you wish to transfer to your casino account.
Visa: Another popular prepaid option is Visa, with these cards readily available at retail outlets across Canada. Once you have one, they act exactly like a debit card, except your own banks details are not linked to it.
Entropay: A popular online casino deposit method in Canada, Entropay gives you the chance to purchase a prepaid Visa or Mastercard. Many of the best online casinos accept this as a form of payment.
Using E-Wallets at online casinos
Canadians have few restrictions when it comes to e-wallets and gambling transactions, which means we can use the big name brands such as Instadebit and Paypal to fund our online casino accounts.
You haven’t used an e-wallet before? To put it simply an e-wallet allows you to process your payment with an added layer between your bank and the casino. Often people don’t 100% trust organisations enough to give them their card details, but a web wallet will go some way to alleviating those concerns.
How do i fund an e-wallet? Any number of ways are available, including using your bank or credit card, bank transfers and many more. Some people feel more secure giving bank details to respected brands like Instadebit and Paypal.
While it’s not a hard and fast rule, generally withdrawal from your casino account back to your web wallet will be instant, which is a convenient plus of this banking method. Some of the most popular e-wallets Canadians use are:
Paypal: Probably the most popular e-wallet in the world with millions of transactions done daily. Chances are you already have a Paypal account, which means you are armed and ready to fund a gambling account.
Instadebit: Probably the no.1 option for Canadian punters, largely because it has been developed locally and works perfectly with the banking system in the country. Instadebit is available at most online casino operators catering to Canada. A huge plus of this system is that even if you don’t hold an account with Instadebit you can still use this method and sign up during the deposit process.
Neteller: Has been one of the more popular ewallets for gambling but a bigger focus from this company on regulated markets has seen it pull out of many lucrative gambling markets. Much like Paypal you create an account, fund it via a number of easy methods, and begin depositing at merchants which have this is a payment option.
ecoPayz: This deposit method can work in one of two ways. You can either fund your account with a linked card or you can link your ecoPayz account to your bank account to facilitate instant transactions.
Bank wires to CAD online casinos
You can deposit to some Canadian online gambling websites via a bank wire, which can be a good option for those wishing to transfer a large sum of money. To initiate this type of transfer you need the bank details of the business you are sending the money to. You then need to either use your own online banking, telephone banking or visit your bank to facilitate the bank transfer.
The big downfall of this method is that it can take some time for the money to hit your gambling account. Be aware that it will take longer if you are transferring the money to an account outside of Canada. In fact we have heard reports of some transactions taking as long as a week. If you are transferring to a Canadian bank account you can expect the money to hit your account within 48 hours.
eChecks at CAD online casinos
For those who don’t want to give their credit card details to any online banking organisation the eCheck is a viable option. The eCheck is issued by a bank, either online or in the flesh, and you are then given a digital code which can be used to deposit at an online casino.
An eCheck usually has a limit of around $2000 Canadian dollars, while there is usually a minimum of $20 to actually be allowed to make out an eCheck. You will also be required to prove your identity before making a deposit at an online casino using eCheck as your method.
Don’t be fooled into think eChecks are anonymous because they are not linked to your bank account, they still leave a digital footprint, and can be traced back to the purchaser.
Funding your casino account with cryptocurrency
Cryptocurrency is still relatively new to most people but it has definitely become a mainstream way to fund online gambling accounts over the past few years. Like much of the world Canada has not classified bitcoin or other cryptocurrencies as a fiat currency which means you are free to buy, sell and use crypto to fund your gambling accounts. The government does keep a close eye on the crypto space for any potential money laundering purposes, but for depositing to an offshore gambling website you will have no trouble.
Popular cryptocurrencies in Canada include
Bitcoin: Still the no.1 cryptocurrency in Canada and you will find many online casinos willing to accept this as a deposit option. Works instantly both ways. Well it should theoretically, but withdrawals will rely on the casino to process them promptly.
Ethereum: While not as prevalent throughout Canada, Ethereum can be found at some online casinos as a deposit method. Works much the same way as bitcoin in that deposits and withdrawals will be instant, or be processed in a matter of seconds.
Online casino banking withdrawals
The options to withdraw your funds from your account vary greatly from casino to casino. It largely comes down to the regulations placed on the particular method.
In Canada we are lucky in that we face very few restrictions when it comes to gambling online, which means that payment processors such as Paypal and Instadebit allow withdrawals as well as deposits.
While we cannot stress enough that it will change from casino to casino, some of the more popular ways to withdraw money from your account include:
- Credit card
- Bank transfers
Canadian banks currently processing gambling payments
At this point in time we have had no trouble processing payments to gambling websites from Canadian bank accounts. We have tested with the “big 5” banks in Canada without experiencing any trouble with local or international deposits to casino accounts.
The Big 5 are:
- Royal Bank of Canada
- Toronto-Dominion Bank
- Bank of Nova Scotia
- Bank of Montreal
- Canadian Imperial Bank of Commerce
Commonly asked CAD casino banking questions
Do you have a question about online gambling and making deposits from Canada? Email us at firstname.lastname@example.org to hear our response. The following questions are ones we have been asked in the past:
What is the maximum I can deposit?
There are a couple of things to take into consideration, including the deposit method you are using and the rules of the casino. For instance a Skrill deposit might be capped at $500, while a Visa deposit might be capped at $2000. You also need to be aware of your own card’s or account’s spending limits. One thing is for sure, if you talk to the customer service team at the chosen casino they will talk you through the deposit process.
How long do withdrawals take?
Again this will come down to the website you are playing at and the method you are using. If you are withdrawing from a casino licensed in Canada you will be able to access your funds within 1-2 business days, or even quicker if you are using a withdrawal method like Neteller, which is largely instant.
The time your withdrawal takes could become significantly longer if you are gambling at an offshore website, however, most Malta- and UK-licensed gambling sites will have your payment processed within a few hours, which means a bank transfer could hit your account within 2-3 business days.
As a general rule you will be able to find estimated withdrawal times on the casino’s website.
What the hell is SSL encryption?
Secure Sockets Layer encryption is the industry standard when keeping banking transactions safe and all online casinos you play at should have this level of security. How can you tell? You will see a small lock next to the website’s URL. You will also notice that the casinos URL will be https:// rather than http://.
Do I need to own a credit card to play?
No, you don’t need a credit card to play, and there are many methods above that don’t involve credit cards. As long as you have cash money or a bank you will be able to find a suitable way to fund your online gambling account.
What is the quickest way to withdraw money
Withdrawing back to a web wallet is probably quicker than the initial transaction back to your bank account. If you find a diligent casino you should have a same-day withdrawal back to your web wallet. Your best bet to know about withdrawal times is to read reviews of the casino you are playing at.