Casino Payment Methods
How We Find the Best Casino Payment Methods
The sheer choice of payment methods available in Canadian casinos can be overwhelming. Luckily, we’ve done thorough research on the matter and created a short list of banking options that provide maximum security, convenience, and speed. Here’s how we did it.
First, we investigated which payment methods that Canadians commonly use. Playing at a casino that doesn’t support these methods can be a real hassle. Ideally, players should be able to utilize the same banking options they already use for other purposes.
Then, we looked for payment methods that charge the lowest fees (or, better yet, none at all) for transactions. Users shouldn’t have to worry about charges adding up every time they make a deposit or a withdrawal on a gaming site.
We also want our readers to have a smooth user experience and be able to withdraw their winnings fast and trouble-free. Therefore, we explored how easy it is to sign up for and use the services of a payment processor and how much time it takes to process your casino payouts.
Best Online Casino Payment Methods in Canada
There is plenty of payment methods Canadian players can opt for at online casinos. In this section, we’ll take a look at some of the safest, most convenient, and most popular options.
Credit and Debit Cards
Credit and debit cards are some of the most popular casino payment methods. Most of Canadians own at least one of these and use them frequently, so having them as an option for casino payment is quite convenient. Here are some of the most commonly used cards:
- Visa
- Mastercard
- American Express
We have to note, though, that Canadian banks have been known to block credit and debit card casino transactions in the past. While you may be fine on certain sites, your best bet is to stick to some of the alternative options below.
E-Wallets
E-wallets are electronic casino payment methods that act as intermediaries between your bank and the gambling site. Not only are they easy to use, but they also eliminate the need to share any sensitive banking details with the casino. They typically provide instant deposits and same-day withdrawals.
Some of the most popular e-wallet options used in Canadian casinos include:
Bank Wire Transfer
Using bank wire transfer for online casino transactions is a secure and reliable option available at almost all Canadian casinos. Furthermore, players don’t have to share too much of their banking information with the operator, which adds another layer of protection.
However, there are some major downsides to using bank wire transfers at online casinos. The deposit and withdrawal process can be quite cumbersome, and withdrawals take a notoriously long time to reach your account.
Pre-Paid Cards
Pre-paid cards are an excellent option if you don’t have a credit card or don’t feel comfortable sharing your banking details with the casino. They are also effortless to use — pre-load your physical or electronic card with a desired amount and then use its unique code to deposit at a casino.
The cards you can expect to see on Canadian gambling sites include the following:
One of the most significant downsides of pre-paid cards is that they don’t support withdrawals. Keep this in mind when choosing a casino payment option, as most casinos will ask you to withdraw using the same payment method you used to make a deposit.
Mobile Payments
Many Canadian online casinos let their players deposit using mobile casino payments – these work by charging your phone bill with the amount you’ve deposited into your casino balance. One of the most commonly-accepted mobile payment methods in Canada is Boku. It’s easy to use, but it doesn’t support withdrawals.
Instant Banking
Instant banking services connect your bank account with your casino account, allowing you to make transactions without sharing your banking information. It is also one of the most straightforward casino payment options; plus, it enables withdrawals. However, other options, like e-wallets, process them much faster.
Canadian casinos commonly rely on the following instant banking providers:
Cryptocurrency
Over the years, cryptocurrencies have become a popular option for online casino payments. Players like to use them mainly because they provide anonymity and facilitate instant deposits and withdrawals.
On the flip side, only some Canadian casinos accept this option, and inexperienced users may have a hard time using it. Cryptos are also quite volatile, which means you can lose a lot of money on conversions. Overall, their benefits may need to be bigger to warrant the risks.
The most popular cryptocurrency casino payment methods include:
- Bitcoin
- Bitcoin Cash
- Litecon
- Ethereum
- Dogecoin
- Ripple
- Cardano
- USDT
Deposit and Withdrawal Transactions
Let’s take a look at the fees and deposit and withdrawal times commonly associated with each of the casino online payment methods we’ve mentioned.
|
Payment method
|
Deposit time
|
Withdrawal time
|
Fees
|
|
Credit/Debit cards
|
Instant
|
1–3 business days
|
None
|
|
E-wallets
|
Instant
|
Up to 24 hours
|
Up to 3%, depending on the method
|
|
Bank wire transfer
|
Instant
|
3–5 business days
|
Depends on the bank
|
|
Pre-paid cards
|
Instant
|
n/a
|
None
|
|
Mobile payments
|
Instant
|
n/a
|
None
|
|
Instant banking
|
Instant
|
Instant–7 business days
|
Up to $2
|
|
Cryptocurrency
|
Instant
|
Instant
|
None
|
Why Choose a Site With Casino Payments in CAD
Not all online casinos that cater to Canadian players accept Canadian dollars. However, as you will see for yourself, playing at online casinos that accept your native currency is much more beneficial. To illustrate this point, we’ll compare direct deposits at CAD casinos with deposits that include conversions.
- Direct deposits — When you play on a site that supports casino payment in CAD, you can make direct deposits without worrying about conversion. What’s more, you can also play games, claim bonuses, and withdraw winnings in your own currency.
- Deposits with conversions — If the casino you’re playing at doesn’t accept CAD, you’ll have to convert your money into the operating currency. Depending on the conversion rate, you may lose a considerable amount in the long run, not to mention the fees involved in the process.
Casino KYC and Identity Verification
An important thing to note when it comes to casino payments is identity verification. Many Canadian casinos have strict Know-Your-Customer policies, according to which they must verify their new users’ identities before letting them deposit and play.
Casinos do this because they want to protect themselves and their players from possible scams and money laundering. Besides, many operators are required by law and their gambling commission to conduct these checks. This procedure is also beneficial for you as a player, as it prevents unauthorized third parties from accessing your account and withdrawing your winnings.
The verification procedure usually entails submitting copies of personal documents like IDs, driver’s licences, or passports to the casino. The operator’s KYC team will then verify that the information is correct. Once that’s done, you will be allowed to make deposits and withdrawals on the site.
Final Words
Gambling for real money at Canadian online casinos can be straightforward and easy if you choose the right casino payment method. The one you opt for should provide safety and security, facilitate fast deposits and withdrawals, and charge minimal fees.
If you don’t know which banking solution suits your needs, feel free to explore the options above. We’ve listed all of the best and most convenient payment methods Canadian casinos accept so that you can compare their features and find the one that is most suitable for you.
