Online casino payment methods are among the most nasty stumbling blocks that online casino gamblers try to avoid. Being aware of all the nuances of payment methods is crucial, since these can eventually make or break the whole gambling experience. CasinosHunter explains everything you need to know about casino payments.
Best Online Casino Banking Options
Canadian online casino players find themselves in a more advantageous position than players from many other countries, due to the regulated market of online gambling in Canada. However, even for them, finding the best online casino Canada is a challenge! This is why CasinosHunter offers a list of the safest casino sites for Canadians below.
The Complete Review of Online Casino Payment Options in Canada
Online casino banking is indeed one of the most important aspects to always double-check before the potential customer even registers at the site. However, this is also one of the most complicated aspects to check, for several reasons.
Firstly, many gamblers, especially beginners, are not aware what to look for, what offers and options are safe and handy, and what banking rules are fair. They often fail to check the Payments page on the casino site, let alone read Terms and Conditions carefully, and therefore miss some important points about banking rules.
Secondly, many casino sites often do not provide all the information about their banking options and banking rules. Some sites do that to conceal some unfavourable details from potential customers, to lure them into playing, while other casino sites try to protect their info from competitors.
Other sites still accept players from too many countries, to provide all the payment info for each jurisdiction in one document, and inform each player about their available payment methods already upon registration in the casino account.
To make head or tail of casino banking methods, casino players need to know what payment offers. The table below shows some of the most popular methods, but please keep in mind that the withdrawal times, fees, and transaction minimum and maximum are indicated for the payment methods alone.
But every real money online casino Canada, in turn, can apply additional time for withdrawal processing, add fees, and establish higher and lower transaction limits.
One crucial process of new account registration that many inexperienced gamblers forget about is casino account verification. However, whether the account is verified or not eventually defines the success of casino banking for the customer.
When the new customer registers their account, they have to provide certain information and upload certain documents that verify their identity and ability to use funds for betting. The new customer needs to connect their preferred online casino payment method to the casino account to be able to deposit, take bonuses, and make real money bets.
The catch is, casino account verification does not happen immediately after registration, because it takes time. The casino operator does not want to scare people off as soon as they register on the platform.
So, the new customer can play games, make bets, and win real cash in games, but the withdrawal option will not be unlocked until the account is verified. For this, the following steps are to be taken.
the newly registered player needs to contact Customer Support and ask them to verify the account
Customer Support should look at the casino account and ask the player to upload the necessary documents, in proper quality. Some additional documents may be required to prove age, residence, or paying capacity
after all the documents are in place and uploaded, Customer Support starts the verification process, by checking all the info and all the documents. They may contact the bank or the tenant if they have doubts about the customer
some casinos allow the player to continue playing games on the platform as the verification process begins, but some casino sites may lock the account and limit betting with real money before the account is verified
in some cases, the casino Customer Support may ask for a phone call or Skype call with the customer, to prove identity
only after the casino account is verified, the system will unlock the withdrawal function for the player, and they will be able to cash their winnings out
Withdrawal is probably one of the most exciting and at the same time one of the most artful aspects of real money gambling at online casinos. Withdrawals are never instant; in all cases, the withdrawal request will be pending for some time, and there may be several reasons for that status.
Pending withdrawal means that the casino site has accepted the withdrawal request made by the customer, and is currently double-checking whether all the rules and conditions were followed by the customer, and whether the customer is eligible for withdrawal.
As the withdrawal request gets double-checked, there are several aspects that impact the outcome:
whether the player has their account verified
whether the wagering requirements for the bonus and \ or deposit were met
whether there were no suspicious gambling patterns or attempts of scam by the player
whether the payment method, currency, sum of the withdrawal meet the rules
Typical withdrawal verification takes from 24 to 72 hours; if the withdrawal requests are only processed on business days, the request made on Friday will be taken for processing only on Monday. As soon as the request is processed, the player will have their money sent to the banking channel of their choice, or get a notification of why the withdrawal request was rejected.
Fees And Limits in Online Casinos
When it comes to withdrawal, withdrawal limits and fees are important to consider.
Let’s state right away that most casino sites do not apply withdrawal fees, but payment processing companies do apply fees for every transaction. However, if you want to withdraw less than you deposited, or you want to withdraw your initial deposit back without wagering it in real money casino games, most casinos apply a processing fee as part of the money laundering prevention.
There are always minimum and maximum withdrawal limits for cashouts. If you have not taken any bonuses, you just have to make sure your withdrawal request fits the min and max sum allowed by the casino site per transaction\per day\per week\per month (and of course make sure the casino payment limits are also met).
If you have taken any bonuses and want to withdraw what you won by wagering the bonus, please keep in mind that according to bonus T&C, in many cases the winnings from the bonuses are capped at a certain limit, which is usually lower than the generally maximum withdrawal limit allowed.
Safety and Secure for Online Casino Banking
Online casino banking has to be safe and secure, and there are many ways to double-check whether a casino site offers such banking.
Potential online casino customers should go and check the Payment page on the site, and the Terms and Conditions document, to see what rules apply to banking. If no such information is provided, they should not be shy to contact Customer Support and ask for precise information on the number of methods, currencies, minimum and maximum limits, transaction time and fees, etc.
Online casinos that accept customers for real money betting are obliged to give clear and comprehensive information on how many banking options they offer for deposit and withdrawal, what currencies they accept, what are the limits, fees, and payment time.
The infographic below discusses the top crucial landmarks of online casino banking; when the casino customer faces these points, it is where he or she has to be aware of the nuances, and take correct informed decisions for themselves.
If the potential customer feels they do not get enough information from the casino site, they should feel free to go and choose another platform that is more transparent about their banking.
Infographic of 10 Crucial Landmarks for Online Casino Banking
Credit Cards, Debit Cards, Prepaid Cards
One of the most popular methods of online casino payment is credit and debit cards, and prepaid cards that are issued not by banks but by some online payment processing companies.
In most cases, plastic cards are handy and efficient for depositing, but they are not good for withdrawals, since banks in many jurisdictions, including Canada, do not allow transactions from merchants that look like online casinos.
At the same time, certain countries limit depositing with credit cards, to prevent people from depositing and gambling with money they do not own.
Most casinos accept Visa plastic cards, so depositing with Visa is fast and convenient. However, withdrawals are usually impossible for Visa cards, as Canadian banks are not allowed to accept funds from online casinos. Transactions via Visa are safe and protected, and the fees are low.
Mastercard plastic cards are even more popular for online gambling since this system is generally more gambling-friendly. The deposits are fast and convenient, but withdrawals are not always possible, depending on the bank and the jurisdiction.
Paysafecard is an online voucher that enables fast and safe online payments, and is completely casino-friendly. One can even order a Paysafe plastic card issued by Mastercard. The transactions are encrypted, and the fees are very low per payment. Withdrawals are accepted.
NeoSurf is a prepaid voucher that can be purchased online or offline, and used for online payments. No registration is needed to use the service, and the transactions are instant. However, withdrawals to Neosurf are impossible due to the nature of the system.
Ewallets are second the most popular among payment options in online casino gambling, due to the outstanding flexibility they offer to both users and merchants. However, the probable downside of the ewallets is that they are not so straightforward in the payment terms and conditions, so the users should be extra attentive checking out the rules, and keep in mind the differences between different options, to choose the most convenient ones.
MuchBetter uses contactless technology for payments, and is handy for online payments. It is also completely casino-friendly, and already has several awards as a payment processing operator. It is safe, has low fees, allows transaction monitoring, and is accepted by many casinos.
EcoPayz offers several products for online payments, including a plastic debit card by Mastercard. This company has an official mobile application, applies low fees, and allows using several accounts\cards. The transactions are instant and anonymous.
Skrill is currently not available for online casino payments in Canada. Skrill is one of the most popular options, being casino-friendly. The transactions are instant and very small fees are applied. Skrill also allows paying with cryptocurrencies within the same account.
PayPal is currently not available for online casino payments in Canada. PayPal is very convenient and secure for online payments, and many casinos have it. PayPal offers low fees, fast transactions, and has an official mobile application.
Neteller is currently not available for online casino payments in Canada. Neteller accepts fiat currencies and crypto, easy to fund, and the transactions are very fast. Neteller is one of the old and secure companies that are completely online casino friendly.
Bank transfers are often perceived by the casino players as one of the most reliable, safe, and protected ways of sending money to and from online casinos. Gamblers believe that if the casino site thinks scam, they will not risk messing with banks.
However, the truth is, if the casino site thinks scam, firstly, they will not include bank transfers in their payment options, and secondly, they will scam earlier, before withdrawal via a bank transfer takes place.
So, bank transfers are safe and reliable, but they do not protect from scams. Moreover, they are slow, and not all banks will allow transactions to and from casino sites, even if the site itself has this option.
Wire transfer is a bank to bank transfer of funds from one entity to the other, using purely platforms and instruments provided directly by the bank (banks) that hold the funds. Bank transfers are reliable and well-protected, but extremely slow, can be suspended, and are not casino-friendly.
Interac is a completely casino-friendly online payment system that facilitates bank payments. Interac is linked to many Canadian banks, accepts CAD, makes fast and easy payments, and applies a stable small fee. Transaction limits are flexible, and the transactions are well-protected.
Instadebit is a mediator between banks, payers, and online merchants. It works with many Canadian banks, accepts CAD and other currencies, and allows multiple accounts with multiple bank cards. The transactions are fast and the fees are low. Interac is online casino friendly.
iDebit facilitates payments to and from bank accounts, but adds additional security by concealing the users’ data from merchants. iDebit does not require account registration, has small fees, allows tracking transactions, and is popular with casino sites.
eCheck is a fast and secure system of online payments from banks. As a rule, online casinos only offer eCheck for withdrawals. The casino site sends the player a digital check with all data needed for bank transfer, and the user sends it to the bank that cashes the money out for the player.
Klarna is a mediator between banks and users, allowing payers to pay online from their bank account, but not directly exposing their sensitive data to the merchant. Klarna is casino-friendly, flexible, and has many convenient instruments for split payments, loans, cash outs, etc.
Mobile Payment Options
Since playing online casino games for real money from mobile devices becomes a more and more widespread trend every year, mobile casino sites are extremely popular and mobile payments are, as well. Having a mobile payment option at hand is convenient for faster and more controlled deposits and withdrawals. Many payment processors have their official mobile apps, but there are purely mobile options, too.
Apple Pay is an online payment system indigenous for iOS devices only. To send and receive money via this system, both parties have to use an Apple account, and have the other party in their contacts list. Payments are confirmed via Face ID, Touch ID, or passcode.
Google Pay works as a hybrid of a bank-user mediator system and a prepaid voucher. The user connects the bank account, and the Google Pay system generates one-time passcodes for transactions. The system is fast, intuitive, and totally online casino friendly.
In addition to all the payment methods described, online casino gamblers can take advantage of the speed, control, transparency, and protection provided by cryptocurrency payments. Cryptocurrency casino sites offer deposits, bets, and withdrawals in crypto coins, which can turn out really beneficial for the gambler.
Bitcoin is one of the most widely accepted cryptocurrencies in online casinos. It supports fast, secure, and transparent transactions. Moreover, some casino sites offer special bonuses for BTC deposits, and even create exclusive games for betting with Bitcoin.
Litecoin is almost as popular as Bitcoin, but is easier for the gamblers to manage. Casinos do not create special Litecin games, but cryptocurrency bonuses are still available for Litecoin gamblers. Also, Litecoin deposits are usually cheaper and more affordable.
Ethereum keeps gaining popularity with online casinos. Transactions via Ethereum are fast, transparent, secure, irreversible, and the parties are anonymous. If the online casino has bonuses available for deposits in crypto, Ethereum is usually also eligible.
Frequently Asked Questions
Can I deposit in CAD?
Yes, all casinos available for Canadian players allow CAD for transactions.
How to choose the best casino payment method?
Check out the comparison table above, see what payment conditions work best for you, and opt for the most convenient methods out there!
Can I deposit in other currencies if I am from Canada?
Yes, most online casino payment options for Canada are not exclusively for CAD, they work with other fiat currencies and even with cryptocurrencies sometimes.
Can I withdraw cryptocurrency from online casinos?
Yes, but only if you make a deposit with cryptocurrency, bet with it, and your winnings are in crypto, too. You cannot deposit and bet in fiat currency and then exchange it into coins for withdrawal.
Can I play for free before making real money bets?
Yes, most online casinos have the games available in Demo mode, and they can be used without deposits and even without account registration. Play online casino games for free and see whether you like them, before you start making real money bets.
Are eWallets safe for online casino payments?
Yes, most eWallets are run by reliable financial companies that have been in business for decades. They protect the data and the funds well, and provide convenient services.
Can I buy cryptocurrency at online casino sites?
Some bigger cryptocurrency casinos do allow currency exchange right on site, and if they have available crypto coins, customers can deposit in fiat money to buy some coins for betting. However, this is not possible on any crypto casino site, and the currency exchange rates are not very beneficial for the player. So, it is better to buy crypto beforehand on specialized platforms.
Can I withdraw my deposit back from an online casino?
Most casino sites do not allow withdrawal of the initial deposit until it is wagered at least 1-3 times in real money games. This is done to prevent money laundering operations by scammy customers. Some sites allow withdrawal of the initial deposit without wagering it, but with a 10-15% fee applied.