Payment method options at Online Casinos
What most players wonder about when joining online casinos are the payment procedures. Not only do players want to feel safe when depositing and withdrawing money online, but they also want to have various options at their disposal.
Luckily for Canadian players, the options are abundant. Online casino payment methods vary from the classic bank transfer to convenient credit card and prepaid card deposits to more modern e-wallet transactions, mobile payments, and similar.
Naturally, there are some differences between each payment method, starting with processing times. Both deposit and withdrawal times vary depending on the payment method. For example, while all instant banking methods allow for instant deposits, their withdrawal times differ from three to seven working days. You might also find other differences, such as fees and third-party account requirements.
List of Payment options at Online Casinos
Credit and Debit Cards
If you’ve joined an online casino before, you’ve probably noticed that Visa and Mastercard are the most dominant names among credit and debit card payments. However, with the continuous technological improvements, other credit and debit cards are being widely accepted in online Canadian casinos. You’ll also see names like Maestro and American Express, among others.
To fund your casino account using this method, all you need to do is enter your personal information, card number, and the sum you wish to deposit. It’s a proven easy and quick way to add money to your account.
Although some banks will likely reject an online casino transaction due to clamping down on online gambling, most of them do not have any issues working with online casinos. For example, it’s highly unlikely that the Bank of Nova Scotia will process just any payment as its main focus is Provincial Lottery Corp casinos.
However, that shouldn’t discourage you from using credit and debit cards for online deposits as it is one of the most convenient methods. Yet, be prepared to switch to an alternative method if your bank declines to cooperate.
In addition, credit and debit card withdrawals can be tricky as not many casinos allow these. If you’ve set your mind on this type of withdrawal, make sure to check if the casino offers one before you start playing. Bear in mind that these withdrawals take up to a few days to be processed and typically come with additional fees.
An e-wallet or a digital wallet represents your financial account where you can store funds and make transactions by using your computer or mobile device. Basically, an e-wallet will act as a bridge between your bank and the online casino. That means you will not have to provide any bank data to the online casino, making this payment method safer and more secure.
Canadians have a plethora of e-wallets that they can use for online casino transactions. All of them have passed security checks, so you can rest assured that they are not fraudulent.
E-wallet options include:
Prepaid cards have become a common option among players these days as they allow complete control over their bankroll. Prepaid cards are bought in supermarkets, gas stations, and similar stores and typically come in increments of $20 to $250, more or less.
These cards are an excellent solution for players that want to control their online gambling habits as there isn’t a possibility to overdraw or add funds to the card. Similarly, people without bank accounts can use prepaid cards to fund their online gambling activities. Prepaid cards are activated with a PIN code or a serial number, so users can remain anonymous and safe.
Prepaid cards for Canadian players include:
- Vanilla Prepaid
Instant banking is more than popular and widely spread in many countries in Europe, while slowly gaining momentum in Canada. Instant banking is a terrific option for people wanting to make quick and secure online transactions without plenty of hassle. All you need to do is connect your bank details to the online casino of your choice through an intermediary.
It’s a relatively simple method to use, plus it does not include any bank account details. This means all your transactions will be protected, and you will avoid any possible misuse or harm of your funds and data.
While deposits are instantaneous, withdrawals can take up to a couple of days, depending on your preferred payment type. When depositing, you will need to enter a number that allows the transaction and your deposit amount, and your funds will appear on your account ASAP.
Currently available instant banking methods include:
Online casino payments with cryptocurrencies are slowly becoming a common sight for Canadian players. They are used for depositing and withdrawing money in online casinos, but are also widely spread in everyday use. The number of crypto ATMs is increasing every day, as well as crypto payment processors and crypto wallets, making this payment method the money of the future. Additionally, the method is entirely safe, efficient, secure, convenient, and low-cost.
However, using cryptocurrency as a payment method for online casino transactions might not be the best choice for occasional players. This is especially significant for people wanting to convert their cryptos into fiat money as conversion rates might be high. On the other hand, this has proven to be an excellent choice for people who have experience in trading cryptos.
Some of the most common cryptocurrencies for Canadians include:
- Bitcoin Cash
- Bitcoin Gold
Bank wire transfers are still popular in many online casinos, even though they are considered to be an old-fashioned way to deposit and withdraw money online. The reason why many people avoid using this payment method is due to lengthy transaction times, which usually take three to five business days for deposits and up to seven business days for withdrawals.
On the other hand, if you have great communication with your bank and you prefer making safe and protected transfers, this might be a great option for you. Keep in mind that using bank transfers means you will have to disclose your personal data to the casino of your choice, but by using bank wire transfers, you will avoid that scenario.
Similarly, any processing fees depend on both your bank and the casino of your choice. In most cases, you can check the fee amounts by contacting your bank or in the casino’s banking section.
Bear in mind that not all Canadian-based banks will allow such transfers as many of them condemn online gambling operations. So, banks such as the Bank of Nova Scotia, Canadian Imperial Bank of Commerce, and Toronto-Dominion Bank, reserve the right to not process gambling transactions. Still, there are many of those that have no problem with these types of transactions.
Another quite popular payment method includes transactions through mobile operators. This is a relatively new addition to the long list of available payment options for online casinos, but it’s one that has proven to be extremely convenient and popular. It is particularly present with players that want to play occasional casino games on the go.
All you need to do is enter your mobile number and the sum you want to deposit before you start playing. Your monthly mobile bill will be charged with that sum at the end of every accounting period. Canadian players can currently use the services of Bell Canada and TELUS Mobility.
However, we urge you to pay attention to your spending habits as this type of payment can easily get out of control because there are no restrictions to the amount of money you can deposit this way.
Other Important Information
Bear in mind that you will need to go through the process of verifying your account before your first deposit. This is a precautionary measure taken by top online casinos to avoid any misuse of information and to operate fairly under strict gambling laws. Note that if you don’t verify your information, you won’t be able to join the casino.
Similarly, the casino will take you through a “pending withdrawal” process even after you verify your account. This is a necessary process as the casino needs to make sure there are no irregularities. Nevertheless, the waiting period shouldn’t be too long.