Online casinos are great and when it comes to online payments, you can’t be so sure about the best methods in Canada. There are several online methods available for Canadian players and the big question is usually which ones are the best. In this guide, we will look at some ideal payment methods for Canadian players that will help get the most out of their winnings. Sit tight as we unravel this decisive information.
But first, we’ll need to look at a couple of pointers that will help select payment methods. Here are a few tips to help you check out favorable banking options.
Is the payment method secure?
Like in most online industries, there are always shoddy dealers who want to steal money from unsuspecting customers. In casinos, you should always check to see if the payment method is secure enough and has top banking options. Remember, an unsecured method doesn’t mean they necessarily steal from you, but they might put up your information to a third party who can use it for malicious means. Ideally, a secure method will have robust encryptions and will protect your personal information from theft or hacking.
Does the online casino accept your preferred payment method?
Online casinos have their preferences when it comes to payment methods and not all will have your preferred method. This is due to issues with partnerships with financial institutions and also the members of the casino itself. If you really trust one payment method and it is not offered in a particular casino, make sure you are comfortable using the preferred options.
Does the payment method offer additional bonuses?
Bonuses are great ways to kickstart your gambling experience and casinos offer them when certain banking methods are used. You can take advantage of such incentives and enjoy as high as a 20% bonus match on your deposit.
Does the banking method have any additional charges?
Plenty of Casinos in Canada will have a zero charge on deposits and withdrawals. However, some payment methods attract fees, so it is wise to double-check the charges prior to using it. Such charges are given by the banking method itself and are out of control of the casino itself. So, while the casino may advertise free transaction charges, make sure the payment method also offers the same.
Now that you have a few pointers to finding the ideal payment method in Canada, here are some popular methods you can use to deposit or withdraw winnings in your casino.
While credit and debit cards have been the more popular options during the start of online banking, they are not as effective nowadays. You can still use them for casino payments as they are accepted in almost every other online casino. But since banks started tracking online gambling-related transactions, it has not been a favorable option for Canadians. Below are some better alternatives.
E-wallets were introduced to bridge that gap between your bank and online transactions. The good thing about e-wallets is that you don’t have to submit financial information when making payments. However, Canada does not allow popular e-wallets like Paypal, Neteller, and Skrill. Ideal e-wallets to use in online casinos include EcoPayZ, MuchBetter, Jeton, SticPay, and WebMoney.
Prepaid cards are the go-to option if you want to take control of your bankroll and track payments. Here, you purchase a prepaid card in retail outlets and use it to deposit money in your casino. All you need to do is enter a PIN provided or serial number after selecting the prepaid card type. Canada accepts the following prepaid cards:
- Vanilla Prepaid
Bank Wire Transfers
A rather traditional path but it has proved to be worth it for old-timers. In wire transfers, you contact your bank and authorize a transaction without necessarily having to give out your personal information to the casino. Due to the back and forth communications, wire transfers may take longer than other online payment methods in Canada.
A more modern approach to making payments at online casinos is through cryptocurrencies. The anonymous approach to crypto payments makes it an ideal method since it is lightning fast and efficient for online casino payments. While everything seems positive for cryptocurrency payments, it is still not popular in online casinos and only select casinos accept such payments. Also, crypto is quite volatile and even a day’s transaction can see a huge change in the exchange rates to CAD. However, since there are casinos that accept such payments, here are the top cryptocurrencies to consider:
- Bitcoin Cash
Once companies realized how long the banking process is when making transactions to casinos, they came up with instant banking. This method allows you to enter your bank or cheque details and processes the transaction instantly- just as the name suggests. Instant banking methods include:
Important Tips To Consider When Transacting At Online Casinos
As you look for the best payment methods for online casinos, there are a few tips to keep in mind.
- All transactions have deposit and withdrawal times. It is you to choose how urgent you need to withdraw/deposit your money. Generally, bank transfers are the slowest with newer online methods like crypto processing almost instantly.
- Transactions may have limits. Yes, not every banking method will have all the money you need. Just think of winning a jackpot worth CAD 1,000,000. Payment companies will have limits to how much you can deposit or withdraw. Check with the terms and conditions to confirm.
- Age restrictions. Casinos have to abide by responsible gambling policies and therefore there are age limits. Ideally, if you own a passport of some form of national identification, you are eligible to play for money at online casinos. Just be sure to check on this before putting up your money on the casino site.
- Casinos will need verification first. While payment methods offer to secure your identity, you will have to prove you are the person gambling so that you can deposit or withdraw money at the online casino. Some documents needed include a utility bill, passport, national ID, driver’s license, etc.