There are a few categories to consider that cover most popular methods:
- Credit Card
- Instant Banking and eChecks
- Prepaid Card
- Bank (wire) Transfer
There are various options contained within each of these basic methods and each has its own pros and cons as well as processing times. Most casinos also prefer you to use the same method for depositing and withdrawing so consider your choice carefully.
Before we delve into each method and the various options within each, it may be a good idea to talk about Canada’s favourite online payment method here, just in case you’d prefer to not get bogged down in all the details of other methods.
Interac Online has taken over as our favourite payment method. This ubiquitous Canadian payment method is now available at a growing number of casinos. How cool is that. After years of having difficulty of finding a way to deposit at an online casino, the card that is in everyone's pocket is now available.
Instadebit, still a top choice because it is accepted at more casinos, is an e-Wallet that has been designed especially for Canucks who want to make easy payments online and still protect their sensitive banking information. Instadebit acts as a sort of middleman and deals with the casinos on your behalf. The casino deals with Instadebit without needing your banking information directly. This is a very safe and efficient method, just for Canadians!
Now let’s take a look at some of the other popular payment methods.
Credit cards are a standard online transacting method and are trusted throughout the internet. Using a credit card to deposit funds with an online casino works in pretty much the same way as any other site where you would use your credit card. The problem in Canada, banks have historically blocked players from using credit cards for gambling. Times have changed and the top online casinos have new methods to avoid this problem. It is recommended to not use whole numbers when depositing in a casino. For instance if you would like to deposit $100, deposit $102.43 instead.
Simply submit all the relevant card information including:
- Card number
- Card holder
- CCV number
- Your address and that should be it.
There two basic options when using a credit card:
Visa is the more popular of the two and some casinos will also throw in a bonus just for using it. MasterCard works as well but it is important to note that MasterCard does not currently allow Canadian users to withdraw their winnings via MasterCard.
e-Wallets or electronic wallets are very popular with Canadian players as they allow for safe and easy transacting with casinos without the need to provide any credit card information to them. e-Wallets are actually becoming more popular than credit cards as they are more flexible, allowing users to add funds from numerous sources including bank transfers.
The chosen e-Wallet is then linked to the casino that includes that specific type among its options, dead easy!
Using bank wire to deposit or withdraw funds is also a popular banking method that is supported by virtually all online casinos.
Bank wire transfer can be a bit more labour intensive and payment times can be quite a bit longer.
The upside to them is that you don’t have to share too much of your banking information with the casinos.
Instant banking is sort of similar to bank wire transfers but is a bit more direct. Instant banking lets players link their bank account directly to their casino account and it works for both depositing funds and withdrawing winnings. Payment waiting periods are also a bit longer than using e-Wallets.
Popular instant banking methods include:
- Interac Online
Pre-paid Debit Cards
Pre-paid debit cards are also very popular with Canadian players, especially those that don’t have a credit card or prefer not to use their credit card for casino transactions.
Quite simply, pre-paid debit cards can be bought at various stores and are pre-loaded with a certain amount in dollars. You buy the card, visit your online casino and select the specific pre-paid card option.
The casino will then ask you to enter the pin number that comes with the card as well as that card number.
These are popular because you don’t have to give any of your banking/credit card information to the casinos, they are completely safe and fool-proof.
Popular pre-paid cards include:
Payment Methods you can Trust
We have included the Better Business Bureau Rating where applicable.
Popular e-Wallet options include:
- Instadebit: Designed especially for Canadian players - BBB rating B+
- PayPal: The most popular online payment method in the world - BBB accredited business rated A
- iDebit: A new player in the Canadian market that streamlines banking at online casinos - BBB Rating not yet rated
- PaySafeCard: Supported by most online casinos and Canadian-friendly - BBB rating F
- ClickandBuy: German Deutsche Telekome-payment service has terminated business. - BBB not rated
- Neteller: Popular payment and withdrawal method worldwide but not available to Canadian gamblers - BBB not rated
- Skrill: Previously known as Moneybookers, popular worldwide but not available to Canadian gamblers - BBB rating B-
A word on withdrawing winnings
Withdrawing winnings from a casino works slightly differently to depositing funds into your player account. While it is true that most online casinos prefer you to use the same method for both, not all institutions will allow this, as is the case with MasterCard, who allow payment to be made but do not allow withdrawals from casinos for Canadian players.
Withdrawal processing usually begins after a 24 hour period at most online casinos. After processing the waiting time for funds to reflect with you will depend on the method that you have chosen, anywhere from 48 hours to a week.
It is important that Canadian players check each of our Casinocanuck reviews, where we discuss the banking methods of each casino, to see which one will work best for them. Most of our recommended Canadian-friendly casinos will carry the best methods for Canadians, with faster withdrawal times in CAD.