One of the most favourable aspects of gambling online is the variety of casino payment methods available to choose from. In the offline world only bank cards and cash are the options. Online, the field is much bigger and alongside traditional payment services gamblers can choose from alternatives like eWallets, cryptocurrencies, bank transfers and pre-pay cards. Each service has different features, fees and limitations, as well as variable withdrawal speeds and deposit limits. Finding the right one for you can be hard work.
To help you out, at The Casino Heat, our editorial team have produced this guide to the best payment options. Click on a service below to read more about how it works, the pros and cons, and where it can be used. Further down the page, read up on the different categories of deposit and withdrawal methods for CAD players right now.
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FIVE BANKING CONSIDERATIONS FOR ONLINE GAMBLERS
As you can see there is now a wide variety of payment services available for real money online casino players in Canada. The traditional credit and debit card services are still by far the most popular and widely accepted, but it is certainly worth considering other options when you next make a deposit. Before we discuss the different methods, here are five considerations to think about when browsing our lists.
1. DEPOSIT AND WITHDRAWAL LIMITS
Online casino operators will always set their own deposit and withdrawal limits but it is worth remembering that individual payment services may also have their own. For example, the best services for low deposits are eWallets or Pay by Phone options. And for making big deposits, your best option is to use wire transfer, or a debit card like Visa or Mastercard. You can read more about low minimum deposit casinos in our magazine pages.
2. SPEED OF SERVICE
Whilst deposits are always instantaneous, regardless of the method you use, withdrawals happen at different speeds depending on the payment method you use. Remember that an operator will take time to approve your transaction first. This ‘pending period’ where funds are not yet cleared, may take from 1 or 2 hours up to 72 hours. Check our casino reviews for the fastest pending periods. Once the finance team at your chosen casino approve the transaction, how soon your funds appear will depend upon which method you pick. Typically, bank card transactions take 3 to 5 days to appear on the balance, whilst eWallet payments are instant. You can find a list of Instant Withdrawal Casinos in our magazine pages.
3. SECURITY AND ANONYMITY
In the online environment, security is a big concern where financial transactions are concerned. All licensed online casinos are fully audited to ensure that they transact over secure socket layers and hold your personal details in encrypted format. But what about the payment services? Many gamblers prefer to use eWallets because they do not require you to share your bank details with the casino operator. This is also true of Pay by Mobile services and Instant Banking methods.
4. ELIGIBILITY FOR BONUSES
If you are signing up to a new casino and want to take advantage of the sign-up package, before you make a deposit, be sure to check that the payment service you are using is eligible for bonuses. Some options, such as Paypal and Skrill, will not be included in bonus offers because they are open to abuse by gamblers who sign up multiple accounts.
Of course, we all need to trust the provider we transact with. With payment options that usually means a name we recognise, like Visa or Mastercard, or Apple Pay or Paypal. You may not have heard of some of the services on these pages, like BOKU or eCheck, but keep in mind that they are all regulated by relevant financial authorities in the jurisdictions in which they operate. You can find out more by reading our guides on each one or clicking through to the company home pages where you will find details of the regulators who oversee them.
SIX TYPES OF CASINO PAYMENT METHODS
All the different payment services available in Canadian online casinos can be broadly grouped into six categories. To help you decide which method is suitable for you, here are those categories, with a brief description of each and some of the advantages of limitations that come with them.
CREDIT AND DEBIT CARDS
Bank cards are a hugely popular choice for online gambling deposits. This is because everyone has them, and all casinos accept them. They generally have low minimum deposit limits ($10 or less) and high maximum deposit limits. There are few limitations to this service but bear in mind that some banks will not accept transactions from gambling sites, and some operators charge a fee when payment is to a gambling operator.
eWallets like Paypal, Skrill and Neteller and widely regarded as the best alternative to bank card payments. They are now widespread and provide a safe, secure and fast service. Once you have opened an account you will be able to transfer funds directly into a virtual wallet from which you can then deposit into your casino account. Withdrawals can then be made back into your wallet and appear instantly once the operator has approved the transaction. These are the best available eWallets for use in online casinos:
PAY BY PHONE
In the era of mobile gambling there are plenty of services that allow you to make payments via a mobile phone. These include BOKU, which allows players to charge deposits to their monthly bill or pay as you go credit, and Payforit, which is a similar service. These are both ideal for quick deposits when you are playing on a hand-held device. When you use a mobile payment casino, deposits are confirmed by SMS and there is no need to share your bank details with the operator.
The old-fashioned way of transferring money between two accounts was wire transfer. All you need to do is to tell your bank the wire transfer details of the casino site you are playing at, then confirm the transaction. The advantage of this payment service once again is that it does not require the player to share their bank details directly with the operator. It is very secure and carries no charges.
INSTANT BANKING - ALTERNATIVE TRANSFER OPTIONS
Whilst bank transfers are a relatively easy way to deposit funds into your casino account there are alternatives that are just as quick, secure and free of charge, and many casinos accept them. These services act as an intermediary between your bank and the casino operator’s bank. They facilitate the transfer so that your gambling account balance will be updated almost instantly. Here are the most popular Instant Banking options:
PRE PAY CARDS AND CASH ALTERNATIVES
If you are not in possession of a credit card, you do not like sharing your bank details anywhere online, or you are unsure about using eWallets, then pre-pay cards are a valid alternative. Pre-pay cards and voucher services work by allowing the user to purchase credits with cash in local retailers. Your card will come with a PIN that you can enter into the cashier when you request to deposit. Provided there is enough balance on your card then the transaction will occur instantly, your balance will be topped-up and you can start gambling.
Here are some of the most popular pre-pay cards:
- Vanilla Pre Pay
For casino players who prefer anonymity and security in their transactions, Cryptocurrency is one of the surest bets. It is still a relatively niche payment service and in truth, not many casinos accept it. There are a few big crypto brands, like Bitstarz for example, but this service certainly has not hit the mainstream yet. It is also true that many gamblers still find the process of converting their CAD to crypto a little confusing and are reluctant to use an option that adds a further layer of complexity to transacting with a gambling site. It’s also worth remembering that the highly volatile nature of cryptocurrencies can make them a risky betting option as wins from your bets in crypto may be lost in the conversion back to real dollars if the currency has tanked in the meantime.