Payment Methods Used in Online Casinos
Our testing of both casinos and payment methods for Canadian players ensures that you will get the best banking experience available. It would be a shame to register, only to find out your desired payment method is not accepted. Therefore, we carefully list the payment methods in our reviews to avoid confusion further down the line.
There are many different payment methods used for online casino sites, more than you probably imagined. Not only can you use credit and debit cards, but more and more e-Wallet options are being added yearly. In conjunction with improving technology, cryptocurrency such as Bitcoin is widely accepted at some casinos. The options for Canadian players are some of the best in the world, so let's take a look at all the popular payment options available.
- Credit cards (VISA, Mastercard)
- Debit cards
The most popular payment method is via credit cards. They are the quickest and easiest way to deposit money with an online casino. All you need is a VISA or MasterCard, and you are ready to go. However, some online establishments could charge a fee for the transaction. With that being said, our recommended gambling sites tend to do away with fees associated with using a credit card. All your credit card information at an online casino is protected, so you do not have to worry about your details getting into the wrong hands. Overall, credit cards are used predominately by Canadian players.
One of the most famous e-Wallet providers in the world, PayPal is a trusted casino payment option. However, it is not available with every site that accepts Canadian residents. Some restrict the use of PayPal but offer alternative e-Wallet options. If your favourite casino offers PayPal, and you love using its service, then it is a great option. If it offers PayPal and you do not have an account, sign up is easy, and depositing money into your account is a straightforward process. It is also a great way to avoid using your bank funds, which can affect your credit score.
Paysafecard is a prepaid online payment system, and it is accepted by most online casinos that accept Canadian players. It works with vouchers with a 16-digit PIN code, which is independent of your bank account, credit card, or any other personal information. All you need to do is purchase vouchers online, which you can then use at your favourite online casino. Most, if not all, offer Paysafecard as an option. As the name suggests, it is safe and a popular option for online gambling players.
Neteller remains one of the most-used e-money systems in the world. It is run by the same company as Paysafecard, so you are getting a similar service either way. It is a safe and fast way to send money overseas, and it also works brilliantly for online casinos. Priding itself on offering players a safe and efficient way to load their accounts, Neteller is an excellent option when making a deposit. Not every casino offering games to Canadians has Neteller as a payment method. However, if it is available, we recommend giving it a try.
Another e-wallet brought to you by the Paysafe Group. Skrill is a widely used online casino payment method, which focuses on low-cost international money transfers. That is an ideal focus for any Canadian player, who wants to load up the account and play their favourite game. Skrill also offers players a prepaid MasterCard, which enables you to use Skrill as a debit card. Much like Neteller, Skrill is only available with certain casinos, so look out for it.
The award-winning payment service offers casino players fast, reliable, and quality transactions. EcoPayz does not receive the same attention as PayPal, Neteller, and Skrill, but it is just as good. Commonly used in business-to-business transactions, ecoPayz lent its service to the gaming industry only a few years ago. Since then, more and more players deposit using ecoPayz, and it is an online payment method we highly recommend.
The global leader in cryptocurrency, Bitcoin, is a viable option for many online casino players. Although not available at everywhere, it is starting to become used more frequently. Some have become Bitcoin-only, whereas many established casinos have been quick to offer cryptocurrency payment options. Admittedly, paying with Bitcoin is a little more complicated than paying with a credit card or e-Wallet. However, those who understand Bitcoin prefer to use this option.
A debit card uses funds from your bank account when you deposit at an online casino. It has the same function and speed as a credit card, but it does not come with any potential costs or credit card fees. Any deposit or transaction will show up on your bank account, which some players prefer to avoid. However, using debit cards to make an online transaction is a safe and fast method.
Which Deposit and Withdrawal Method to Use?
When you first sign up, you will be asked to select a payment method. You do not need to decide straight away, as you can roam the casino with no money in your account. However, if you wish to take advantage of the deposit bonuses, you need to make a deposit. You should be aware that it does not matter what payment method you decide to use, you will still get to enjoy the bonus. There are some exceptions, but they are rare, and they will let you know if a sign-up bonus is not applicable to that method.
So why is choosing the best online casino payment method important? Depending on what method you select, it could ultimately affect the speed of deposit, withdrawal times, payout fees, and security. Most deposit methods are instant, which means as soon as you click deposit, your money appears in your account. The same cannot be said for withdrawing, and it matters what depositing method you initially used. Some withdrawals can only be sent back to your card or e-Wallet where the deposit came from. Withdrawal times differ from casino-to-casino, and they are important to note.
Credit card withdrawals can take 1-2 hours, whereas some e-Wallet services take a few days. Make sure you check before making a deposit, and it is also wise to check for any associated fees. No one enjoys paying the fees associated with online money transfers, but they sometimes exist. Luckily, casinos rarely charge any fees for the use of credit cards or e-Wallets.
Safety is a significant issue for all online casino players, and so it should be. Knowing that your funds are safe and secure is of the utmost importance. All the deposit and withdrawal options mentioned above are safe for online casinos, and we would not suggest a payment method unless it was 100% secure. If you are ever worried about how much you are depositing, every casino has an option where you can set a limit. It is all part of adding to the safety and security of the player.
Finally, not every casino in Canada offers the same payment options. All of them offer Canadians with credit card and debit card options, but e-Wallet and Bitcoin availability depend on the individual establishment. For instance, one offers PayPal but not Neteller or Skrill, whereas another one offers Neteller and Skrill, but not PayPal. Before you have your heart set on a casino, it is best to check what depositing and withdrawal methods it has available.
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