Casino Banking in Canada: What Are the Available Options

Casino Banking

Introduction

For those new to the online gaming world, one of the major considerations of signing up with an online casino site is the prospect of handing out your details to move money in and out of your new account. Whether it relates over ease of use, hidden fees, or security there are lots of concerns that rear their ugly heads and deter gamers from accessing games.

Luckily, the finest Canadian online casinos currently provide a large variety of banking options that are fast, safe and easy-to-use. Therefore, you’re sure to get one that fits your preferences especially if you pick any of the reviewed platforms that our gambling experts have approved. To help you understand the options that you have when you sign up in Canadian online casinos, here’s a comprehensive categorization of the broad variety of payment methods available plus the corresponding requirements that come with each.

Online Casino Banking Regulations in Canada

The banking regulations that both members and operators have to adhere to in Canada include:

  • Your account details and banking information has to be a match.
  • Players must undergo identity verification procedures for their withdrawals to be approved.
  • Players aren’t allowed to use payment methods that aren’t registered under their legal credentials.
  • To bide by international anti-money laundering guidelines.

Available Banking Options for Canadian Online Casinos

Are you ready to sign up for an account with one of the online casinos in Canada? Before you start gaming you’ll have to make an initial deposit into your new account. Real money games will require you to transfer a given amount of money. How will you do it securely? Here are the various means of payment you can use for secure transactions in Canadian online gaming sites:

Credit Cards

Debit Cards

Debit cards are transactional cards linked to your bank account. They use the funds balance in your account when you make deposits. Deposits via debit cards are instant and there are no extra fees charged. For cashing out, the speeds will vary from one casino to another. Below is a list of the best debit cards commonly used in Canadian online casinos;

  • MasterCard
  • VISA Debit
  • VISA Electron
  • Maestro
  • Debit Cards

    Credit Cards

    Unlike in debit cards, credit cards are not directly linked to your account. They are offered by various banks and monetary service providers. Basically, credit cards are a loan facility. Money that is transferred from a credit card is lent from your provider. The funds normally incur interest fees if not paid back by the concurred time. Even though transfers are instant, numerous Canadian online casinos some little fee for using them, and this varies from one provider to another. Popular credit cards include:

  • Maestro
  • MasterCard
  • Discover
  • American Express
  • VISA
  • Prepaid Cards

    Prepaid Cards

    A prepaid card operates like a debit card. The only difference is that rather than cashing out from an account or loan service provider, a prepaid card must be topped up with money before you can use. This makes it easier to regulate and keep up to date with expenditure. Some cards are physical while others are virtual which implies you have the numbers needed to enter to ‘pay by card’, though no physical card needs to be used. Transfers via prepaid cards are instant. Even though fees vary differ by provider, they can be applied to transactions or top-ups either as a flat fee or percentage. Canadian online casinos will however not charge you to make a deposit via a prepaid card including:

  • EntroPay
  • PaysafeCard
  • Instant Payment Services

    Instant payment services

    Instant payment services operate as a safety barrier between the casino and bank. You simply sign up for an account with a given instant payment service then enter the details of your account, and log in to make payments. And as usual, transactions are instant. Though majority of the services are free to use, some apply a small fee. Online casinos in Canada won't charge you for using the following instant payment services:

  • Click2Pay
  • ClickandBuy
  • iDebit (previously called Instadebit)
  • E-Wallets

    E-Wallets

    Services offered by E-wallets are a combination of both instant payment services and prepaid elements. At times after providing your account details then you use your E-wallet sign in to pay, the provider will debit your account and pay for you. Others will expect you to transfer money to the E-wallet before you can use it for making payments (just like a virtual prepaid card). Most of them come with their security policies as well as dispute resolution services. Though fees vary transfers are normally instant. Online casinos hardly charge gamers for making payments E-wallets. The top picks include:

  • EcoPayz
  • Skrill
  • WebMoney
  • Neteller
  • PayPal
  • Direct Bank Transfers

    Direct Bank Transfers

    Bank transfers entail utilizing direct banking services to directly move money from the bank to your online casino account. No intermediaries involved. And since it’s a direct transfer it's usually free. Varieties of direct bank transfer are:

  • Bank Wire Transfer
  • Instant Bank Transfer
  • Cheque (e-checks)
  • While nearly all deposits are instant, withdrawal times for all the payment methods will take roughly 2 to 10 days.

    Additional Alternatives

    e) Additional Alternatives

    In addition to the traditional methods, there are numerous other options that are on the rise and gamers have turned to them. These are pay by phone bill and the use of virtual currency like Bitcoin. These are payment methods that are not only secure but also highly efficient.

    How to Deposit and Withdraw from an Online Casino

    Making a Deposit

    1. Find an online casino of your choice.

    2. Sign up for an account.

    3. Go to the cashier section on your account and select “Deposit”

    4. From the available means of payment, choose the one you prefer.

    5. Follow with instructions such as logging in with your payment account details

    6. Have another look at your transaction and verify your deposit.

    Check your online casino account to confirm the cash is there and start gaming. All deposits in Canadian online casinos are typically accepted instantly.

    Making a Withdrawal

    The moment you’re ready to cash out your winnings, all you’ll have to do is:

    1. Sign in to your account.

    2. Verify that you have adequate funds to initiate a withdrawal.

    3. Head to the cashier section in your account and select “Withdraw.”

    4. Pick the withdrawal means you’d like to use and verify the transaction.

    5. Click ‘Submit’ and the transaction will be processed

    Remember, the transaction speed will depend on the payment merchant that you decide to use.

    Pending Withdrawals

    Pending withdrawal also referred to as reverse withdrawal is the period you have to reverse a cashout or withdrawal request. Between clicking the ‘withdraw’ button and the actual withdrawal processing, there’ll be a space of time where you can cancel the withdrawal and get back your money. Online casinos have varying times for the reverse (pending) period. Normally pending times range from 24 to 48 hours.

    How to Gamble Responsibly

    If you decide to play online for real money there are certain guidelines that can give you a safer gaming experience and lessen the financial risks of poor gambling habits:

    1. Play for fun. Never take gaming as a source of income.

    2. Make wagers with the amount of cash that you can afford to lose. Don’t use the money you need for your basic requirements for gambling.

    3. Set deposit limits and make sure you don’t deposit more than the limit you’ve set.

    4. Never run after losses. In case you lose cash, never wager higher stakes in an attempt to recover your losses.

    5. Never bet when tired or upset.

    6. Ensure you balance your gaming with other different forms of entertainment.

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    Frequently Asked Questions

    Some of the most common questions about payment options in Canada are such as:

    The majority online casinos in Canada don’t charge for making deposits. However, e-wallets may charge for deposits drawn from your bank account to the e-wallet before you deposit.

    For funding majority of e-wallets accept MasterCard, Visa, and regional debit cards.

    Yes, thanks to 128-bit SSL encryption, it’s completely secure to connect your bank cards to your online gaming account

    Most E-wallets will send withdrawals to a bank account or debit card.

    Yes, most online casinos charge a small portion of the amount you’re withdrawing.