As online gambling is becoming more accessible for Canadian residents, players who are thinking of joining an online casino will inevitably ask the same question at some point: what’s the best and safest option for depositing and withdrawing funds online? Should you go for a Paypal casino, an iDebit casino or are there even better options?
Luckily for Canadians, the best online casinos support several online payment methods, including the most popular credit cards, e-wallets and prepaid cards. In this article, we’ll take a look at the most common casino online payment providers that Canadians can make use of and list some advantages and disadvantages for each one.
VISA and Mastercard are the most common deposit method across online casinos, for obvious reasons – almost everyone has one or the other, and just as you use these cards to make online purchases, you can use them to deposit funds to your online casino account.
When it comes to online casinos, VISA has gotten more popular than MasterCard for online casino deposits and withdrawals. This is because there are currently certain restrictions when it comes to withdrawing funds to a Mastercard, so you'll find that this is not possible at several Canadian online casinos. This means that if you deposit using your Mastercard, then you would have to withdraw using another method.
You should keep in mind that when you withdraw using a credit card, it will take about 2 to 3 days from when the casino processes your withdrawal to see the money in your account. This has got something to do with the credit card provider, so casinos have no control over it.
What’s more, there is normally a transaction fee (service charge) imposed by the credit card companies when it comes to withdrawing to your credit card. A few casinos pay this fee themselves as one of the strategies of retaining their players, however at most online casinos, this charge is something you have to factor in if you intend to withdraw your winnings to your credit card.
Online banking solutions consist of services or platforms that allow players to make deposits instantly from their own bank account without having to make a bank transfer through their bank. This saves time since players would not have to manually enter the casino's bank details in their internet banking, and the casino wouldn't have to wait for the money to come through. Instead, there would be an intermediary service that makes the process much smoother.
One provider we cannot fail to mention is Instadebit, since this instant bank transfer method has been created specifically for Canadian banks and online gambling sites. Instadebit is partnered with a lot of Canadian gaming operators, and offers a seamless deposit and withdrawal alternative which doesn’t even require players to have an account beforehand, as they can register for this account while making their deposit with the casino. Following this, you can deposit and withdraw to any private bank account from Instadebit casino sites.
It’s important to keep in mind that Instadebit is not an e-wallet, which means that players cannot use their Instadebit account to deposit funds directly into it and store them there (as you could with PayPal, for example). It’s a real-time transfer method for those who already have a savings or checking account with a Canadian bank.
One of the disadvantages of Instadebit casino transfers is that you cannot simply transfer your online casino winnings directly to your bank account. Instead, your winnings are transferred to your Instadebit Balance Account first, which may take a few days.
Instant Banking by Citadel is a service that allows you to use your internet banking to deposit funds to an online casino. This method is extremely convenient because you don't even need to subscribe to this service or even prefund your account; all you've got to do is select your bank from the Instant Banking by Citadel platform, and then log in to your own internet banking to make the payment. The only downsides to this method is that not all banks are supported by the service, and also not all casinos offer this facility.
Fundsend is a transfer platform that's regulated by the UK Financial Services Authority (FSA), which allows you to fund your online casino account via a credit or debit card that's already linked to your bank account. In this way, it acts as a sort of intermediary between the player and the casino, keeping the payer's data protected. Although Fundsend is a relatively new payment option for Canadian players, its ease of use for online casino deposits is a great plus and many online casinos are now offering this method. But unfortunately, Fundsend comes with one main disadvantage - you normally won't be allowed to use it as a withdrawal method (though some casinos may agree to it if you speak to their support team).
E-wallets are very popular amongst online casino players, because of their convenience. To use an e-wallet, you still need to connect your credit card to the e-wallet account, but then you can use that same e-wallet account across several casinos without having to enter your credit card details at each one, and you can also withdraw your winnings much faster! In fact, withdrawals to e-wallets are instant (once the online casino has processed them). Let’s take a look at the most popular e-wallets you can normally use at Canadian online casinos
This e-wallet is getting very popular amongst Canadians, and we can see why - it's free to register for Click&Buy, and transactions are safe and instant. ClickandBuy comes with many more advantages, one of them being that pseudonyms are used so that you don't even need to show your real name when depositing. This payment option also supports 120 different currencies and allows you to set a limit on your monthly spending, which can be useful if you're trying to avoid gambling too much!
The main disadvantages of ClickandBuy are two: one is that some online casinos won't allow this option for withdrawals, and secondly, if you want to withdraw money back to your credit card, you'll be charged a 3.9% fee. However, there are many other methods by which you can fund your ClickandBuy account without using your credit card.
PayPal casinos are highly sought after, for the obvious reason that PayPal is very popular and convenient for all sorts of online transactions. Deposits and withdrawals with a PayPal casino are instant, and there’s an extra layer of security as your PayPal transactions are monitored for any abnormal activities. Since it’s accepted by so many online merchants, it makes it easy to use the money in your PayPal account for all sorts of purchases – this means that if you make an online casino withdrawal, you can use your winnings to make a different PayPal purchase without having to request a withdrawal to your credit card and pay the fees associated with it!
The disadvantage of using PayPal as a casino payment method relates to the fact that not so many online casinos are offering this option, although this is changing slowly. LeoVegas Casino Canada is one such PayPal casino, and it's also a casino which we don't hesitate to recommend for slot and table game players due to its attractive bonuses and promotions.
Extremely popular in Canada, iDebit is a digital wallet connected directly to a bank account, which means that you don’t need to use a credit card to fund your casino account! iDebit is actually the same company behind Instadebit, and the two work almost exactly in the same way, except for one main difference: while Instadebit will require you to fund your account first, then transfer the funds to the online casino, with iDebit this can be done instantly using your bank account. When it comes to withdrawals, these are exactly the same.
Advantages of using an iDebit casino include the fact that it’s secure, quick and financial and personal details are not shared with the online casino. However, there’s a fee of C$1.50 when your money is taken directly from your bank account and C$2.00 when you transfer the money from your iDebit to your bank account.
EcoPayz is also a global e-wallet which also offers virtual and physical prepaid cards. With EcoPayz, you can either make deposits directly via your ecoAccount, or you can order an ecoCard to enjoy faster transactions. You can use an EcoPayz account to transfer money to online casinos who support this payment option, although you have to first use your wallet. You can do this by funding your EcoAccount with a credit card, direct bank transfer (takes up to 4 days), an ecoVoucher or even using Instadebit, iDebit or Instant Banking.
EcoPayz allows you to withdraw your funds to a bank account via bank wire transfer. Alternatively, you can spend your winnings using the ECO Webcard, which provides you with a MasterCard number that you can use to make online purchases from your Ecopayz account.
One of the main advantages of ecoPayz/ecoCard is that it’s got one of the best security measures as all ecoPayz servers are encrypted and the company is fully compliant with the Payment Card Industry standards. What’s more, it is completely free to get an ecoPayz account! What's more, there's a huge choice of Canadian casinos that accept Ecopayz, which means that you can use this e-wallet for multiple operators.
You'll see many online Canadian casinos advertising Skrill and Neteller as payment methods. These e-wallets are very popular with casino players all around the world, and are a standard payment method. However, Canadians should note that it is not possible for them to use these e-wallets at present, and the situation isn't likely to change anytime soon due to certain legal obstacles. Luckily, iDebit, Ecopayz and MuchBetter are great alternatives for Canadian players you are after instant deposits and withdrawals.
Prepaid cards are a convenient option for those gamblers who would like something that’s completely disconnected from their bank account. These cards are purchased from different retailers and topped up with any amount. One other advantage of Prepaid Cards is that they limit your spending and may prevent you from developing excessive gambling behavior, since if the money in your card runs out, it’s not as easy to deposit again than if you were using a credit card or e-wallet!
Paysafecard is by far the most popular prepaid cards that’s sold throughout Canada and accepted at most Canadian online casinos. The disadvantage? Well, you can’t withdraw to your Paysafecard, which means you’d still need a bank account and/or e-wallet for your online casino withdrawals.
The ecoCard is a convenient prepaid card that EcoPayz account holders can order. This card is linked directly to your ecoAccount, and you can also use it in physical shops and to withdraw money from cash machines. The advantages of using an ecoCard at online casinos is that you don’t have to provide your personal or financial data as you deposit online or via your mobile phone.
Online casino winnings that are withdrawn via EcoPayz can also be transferred back into your EcoCard and reused at many online retailers in 45 different currencies.
It comes as no surprise that some providers are catering to the growing demand for mobile payment solutions these days. E-wallets like PayPal already have their mobile apps, allowing for smoother payments via your phone, but there are also other mobile-focused payment solutions around. The best option for Canadian players at the moment seems to be MuchBetter, which is a mobile e-wallet app.
The list of casinos accepting payments through MuchBetter is increasing as we speak. MuchBetter is an app-based payment service developed specifically for online gambling. It requires you to download the app via App Store or Google Play and register for your account. Players will need to provide a form of identification before their account is approved for deposits and withdrawals. Then, they can top up their MuchBetter account via their bank or with a credit or debit card.
The advantages of using MuchBetter for your online casino payments is the fact that withdrawals are processed instantly in real-time, and fees are low. What's more, MuchBetter has also got a rewards system that you can constantly benefit from: Every time you deposit $100 or more, you will get rewards points, and every week your points are entered into a prize draw, giving you the chance to win $100 back!
Last but not least, the number of crypto casinos in Canada is also growing, as operators are becoming aware of the potential of cryptocurrency as a great alternative to traditional payment methods. Cryptocurrencies provide players with a high level of security, instant transactions, and additional privacy. What's more, there is no central authority regulating cryptocurrencies, which does away with a lot of red tape. Players would simply need to buy or win the currency and use their crypto wallet to fund their casino account.
The most famous cryptocurrency is of course, Bitcoin, but there are others that make use of the bitcoin platform and that are becoming widely accepted, with Litecoin being one of them. You can find more information about how to use Bitcoin at online casinos here. Some casinos, such as Unikrn, have also got their own specific cryptocurrency.
Canadian players can rest assured that it is safe to deposit money with a licensed online casino, such as the ones we recommend on this page, even if these are licensed offshore. Sometimes, casinos may ask for ID verification to ensure that it is really you requesting an online casino withdrawal (especially if it’s a large amount you’re withdrawing), and this is just one of the measures taken by the best Canadian online casinos to ensure that players’ money is secure. Online casinos also make use of 128-bit encryption for transactions, which means that each transaction (both deposits and withdrawals) is encrypted, making it very hard for third parties to hack your financial data.
If you’re still concerned whether or not the casino you intend to deposit with is secure, we suggest you hang out at Canada Casino and join one of the brands we recommend on our website. We do all the research to make sure that we only promote those online casinos that are licensed by authoritative bodies, most of which have been operating successfully in several markets for many years.
The above are the most common online casino payment methods available for Canadian players, although in this digital age of ours, there are more and more payment solutions that are making their way online, giving consumers more choice, freedom and flexibility.
Of course, an online casino has to support your preferred payment provider before you can make use of it to deposit and withdraw funds. However, the best Canadian online casinos will enable you to conduct your transactions using many of the providers we mentioned above, which means that the situation for Canadian players is quite good!
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