Place Your Bets: Payment Methods in Canadian Dollars
With a variety of payment and withdrawal methods available at our online casinos in Canadian dollars, you’ll want to be sure before you start.
Take a look through Casino Canuck’s list of Canadian online casinos and you will no doubt notice that each of them gives you a variety of banking methods.
Online casino banking methods, which includes both payment methods and withdrawal methods, are as important in terms of casino features as the range of games are. After all, this is how you deposit money into your account so that you can play your favourite casino games. Even better, this is how you withdraw your winnings!
Payment methods can often be a source of a lot of confusion, especially for new players. The number of different methods can also be overwhelming and a bit intimidating.
Which one is the right one for you?
What are the benefits of choosing one over another?
Have no fear! Casino Canuck is here to sort the good from the bad, the fact from the fiction so that you can make the best decisions regarding online casino payment methods and which one will best suit your needs.
Every country has different policies on gambling and online casinos. Considering the complexities of the gambling legislation in Canada and the country’s prohibition of online gambling without a license from the government, it is not surprising that Canadian gamblers are highly active on offshore gambling sites. Although Canadian laws have loosened up regarding online gaming, it limits online gaming by requiring government approval but it has not affected the steady rise of Canadian gambling on foreign sites. This increase in Canadian usage of offshore online casinos may be explained by the simple fact that these sites have become more accessible to a variety of different users. They have adjusted to the market by giving foreign players a chance to play in their own currency. Previously, users would often have to go through a lengthy process to locate suitable deposit methods and convert their local currency to the US Dollar or to Euros just to play on many gambling sites but with a growing demand for online gaming worldwide. This limited a market accustomed to fast transactions and immediate access to products and services online which also decreased traffic to these sites. Many casinos have opted to change the prerequisites of their sites regarding deposit options and funding accounts by offering games in different currencies which lead to a distinct rise in Canadian and other foreign players.
Canadian Dollar Casino Banking Options
There are a few categories to consider that cover most popular methods:
Instant Banking and eChecks
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:
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:
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.
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-
Why Bank at the Casino with CAD
As a Canadian citizen, it is advisable to stick to CAD-friendly casinos with viable deposit options for your native currency. Depositing in your native currency removes the risk of excess spending on conversion rates and related losses. The games become easier to access, enhancing your overall gaming experience. With an immense increase in CAD-friendly casinos making it easier for the Canadian gambler to explore popular sites, there is no reason to struggle with conversion rates, excess spending and difficult payment methods with the rise of CAD casinos. Online gambling has become much more accessible with new options for a variety of currencies, welcoming players from all over the globe to gamble in an inclusive and secure environment.
When online casinos optimize currency selection, it makes the site more accessible to a vaster market but also makes it easier for players who have been dealing with the certain limitations. Conversion rates can become quite pricey with larger bets or longer gameplay. Players avoid excess spending by dodging conversion fees which makes it cheaper to bet more money and leads to higher spending for each player.Playing in a foreign currency also inhibits gameplay quite drastically. It forces the player to keep track of their winnings and losses by checking the conversion rate and calculating these results in their native currency. By eliminating the need to convert currency, casinos are improving the quality of the user’s experience, increasing the amount of games played as well as investing in players and building a returning client base.Some casinos have policies which limit payment options significantly for the Canadian player using the CAD, creating another obstacle for players and forcing them to check if their payment option is viable to the casino. Perhaps, the players don’t have to constantly check the conversion rates but they are now forced to sift through various deposit methods to fund their account.
Deposits with Conversions
Trying to access a casino that does not cater to your currency can be quite stressful. Many online gambling sites (that do not cater specifically to a wider market) sport busy interfaces with little information on whether they allow foreign currency. The player may open an account only to find that the site does not offer what they need. Navigating these sites can become time-consuming only to discover that the deposit methods do not suit your needs. When the player finally discovers the payment methods available to their country and decides to convert their currency, miscalculations may occur in the conversion process leading to the player depositing more money than intended as well as incurring an unforeseen loss upon withdrawal. The difficulty of accessing the games as well as the information on deposit options for foreign currencies results in a frustrated player making rash decisions with their money and affecting their overall experience negatively.
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 Casino Canuck reviews, where we discuss the banking methods of each casino, to see which one will work best for them. Our top 10 Canadian online casinos will carry the best methods for Canadians, with faster withdrawal times in CAD.
What is the best way to deposit money into an online casino?
Canadians best option to deposit money into an online casino are e-wallets that allow transactions in Canadian dollars such as iDebit and Instadebit. These are the fastest, cheapest and most reliable ways to manage your online casino account. Other good options include prepaid cards like PaySafeCard.
What is the fastest way to cash out casino winnings?
For Canadians, the best and fastest way to cash out your winnings at most online casinos is using e-wallets like iDebit and Instadebit. Withdrawal times are the fastest for e-wallets but keep in mind that is to your e-wallet account and it may take longer to get your money into your bank account.
What are the cheapest payment methods for online casinos?
E-wallets are the cheapest way to transact payments with online casinos as both casinos and the e-wallet company generally do not charge for these transactions. E-wallet companies generally charge you when you remove money from the e-wallet to your bank account. The most expensive methods are credit cards, bank transfers and cheques.
What is most important when it comes to online casino banking?
Most players base their decision where to gamble online on the available methods for depositing and withdrawing funds. Both the players and online casinos benefit from having as many payment methods as possible, making sure if one method fails, there are others. That’s why almost all casinos offer multiple deposit and withdrawal methods.
What banking options do most online casinos offer for deposits and withdrawals?
Almost all casinos offer the following payment methods at their online casinos: credit and debit cards, e-wallets, prepaid methods and bank wire transfers. Players should decide upon one of these depending on which they prefer and the time it takes a particular banking method to deposit and withdraw funds, as not all take the same time to process deposits and especially withdrawals.
Do I have to pay any fees when withdrawing funds?
All withdrawal methods that are supported at casinos come free of paying any fees, except for bank wire transfers. The fees will be displayed on the withdrawal page for players to see before they approve the transaction. Some casinos will charge you fees for certain methods and in certain circumstances, but you’ll usually be notified about these charges ahead of time.