Banking Options at Canadian Online Casinos

How Do I Deposit Funds at a Canadian Online Casino Site?

To make an online casino deposit at a Canadian casino, follow these simple steps:

1. Use the BestOnlineCasinos site to survey the best online casinos in Canada
2. Read reviews, compare welcome bonuses, and click through to a site you like
3. Sign up by entering your personal information
4. Select your preferred payment method and key in the deposit amount – be sure to opt-in for the welcome bonus if you want to claim it
5. Wait for verification procedures to be complete, authorizing the transaction when prompted
6. Place your first wager

How Do I Withdraw Funds at a Canadian Online Casino Site?

Withdrawing from an online casino couldn’t be easier. Here’s how it goes:

1. Having satisfied all the terms and conditions, head to the site’s cashier page
2. Hit the withdrawal button to make a request 
3. Select the payment method with which you’d like to make the withdrawal
4. Enter the amount you’d like to withdraw, before hitting confirm
5. Wait for clearing at both ends – depending on your selected banking method, this can take seconds or up to six working days
6. Once everything’s been processed, your money will appear in the designated account for you to enjoy

Canadian Casino Banking Methods

There is now a wide list of online casino deposit options. Whether you’re looking for the option that can offer the quickest deposits and the fastest bets, lightning-fast withdrawal processing times, or the best security, you’ll find there’s plenty of choice out there. Here are some of the most popular categories of online casino payment options – within these categories, there are further options that we’ll break down individually. 

Instant Banking

Through your debit card, credit card, Interac Transfer, or a checking account, punters can place bets directly from their bank account. These options always have high limits on deposits and withdrawals, but rank among the slowest in terms of withdrawal speeds – players can expect to receive their winnings between 2-6 working days. This is because there are extensive checks at the banking end which can slow the transaction down. On the plus side, deposits are made instantly. These methods are accepted at all Canadian online casinos.

E-Wallets

E-Wallets act as intermediaries between casinos and banks, which reduces processing times on withdrawals. At top fast payout casinos, players could receive their e-wallet withdrawals almost instantly, though it can sometimes take up to two working days. Punters are drawn to the ease of e-wallets, and they don’t require any bank information at the point of transaction as players authorize their requests through just a username and password. E-Wallets are now widely accepted at online casinos, but it should be noted that Canadian operators don’t accept PayPal. Players may also incur small fees when using some e-wallet services at casino sites.

Prepaid Cards

Prepaid cards contain a monetary value stored on the card itself. Funds are topped up by the user from a linked bank account, but prepaid cards are independent of banking institutions. There are high limits on deposits and withdrawals with prepaid cards, and there’s no need to exchange bank information with your casino when you make a transaction. This means payments are quick and less susceptible to hacks or online fraud.

Cryptocurrencies

Cryptocurrencies are now beginning to appear as an online casino banking option, with players attracted to high limits and fast payouts. However, we strongly advise anyone interested in using cryptocurrencies to conduct their own research beforehand. Cryptocurrencies are a deregulated currency, and trading with them is considered less economically secure than trading in material currencies. 

Canadian Casino Payment Methods

Here are some individual casino payment methods that fall under the umbrella of the options listed above.

Interac

Interac Transfer allows casino players to make deposits in a similar way as they would with a debit card. What you gain in accessibility here, you lose in speed, with withdrawals landing in your account within six working days. Users will also be charged a small fee on transactions with this option.

iDebit

iDebit payments function in a similar way to e-wallets, allowing for quick deposits and even faster payouts. While it’s free to set up an iDebit account, users will incur a small fee of $1.50 on all transactions.  

eCheck

If you’ve verified a checking account with your casino site, you can make deposits with eChecks – an electronic equivalent to physical checks that requires the same banking information to make payments. eChecks are a useful casino deposit option, but can’t facilitate withdrawals.

InstaDebit

InstaDebit is another third party intermediary between casino and bank, eradicating the need to input bank information when making a deposit, and allowing for fast payouts. InstaDebit itself won’t charge fees on transactions, but some online casinos might.

EcoPayz

Another e-wallet option, EcoPayz places an emphasis on responsible banking, providing users with regular summaries of their transaction history to help keep track of funds. There are no fees with this option, and users can enjoy fast payout times.

WebMoney

WebMoney is an e-wallet service founded in Russia in 1998 with excellent security infrastructure and lots of authentication processes. Users should note that WebMoney charges a fee of 0.8% on all transactions up to $50.

AstroPay Card

AstroPay card is a prepaid card option that allows users to make transactions without revealing any banking information. Users can download an AstroPay card directly onto their phone, selecting their currency and preferred payment method as they set up their account. 

Flexepin

Flexepin is a cash top-up voucher that operates like a prepaid card, but uploads funds to other existing e-wallet or prepaid card accounts. Flexepin vouchers can be bought with cash in retail outlets, using a unique 16-digit code to top-up funds in the designated account.

Bitcoin

Bitcoin is a cryptocurrency that is beginning to carve a space for itself on the payment menus of more and more Canadian casino sites. All transactions are immediate, but there are some associated risks to trading with Bitcoin – and cryptocurrencies in general – so make sure you’ve read up on these before you utilize this option.

Visa and Mastercard

With all this noise of new banking technologies, it can be easy to forget the humble Visa and Mastercard options. These two stalwarts of online transactions have been available at online casinos ever since their inception, and you’ll find that all Canadian sites will accept them.

Fast Payout Casinos

Online casinos that can offer a range of payment methods are usually able to facilitate fast payouts to their customers. Newer banking technologies such as e-wallets, prepaid cards and cryptocurrencies aren’t dependent on arduous processing times at either end of the transaction, meaning that players can get their hands on their winnings within moments. In the best instances, players will receive their funds instantaneously, but some fast withdrawals may still take up to 24 hours to register in a player’s designated bank account.

KYC Verification Process

One potential hiccup between you and a fast withdrawal is the ‘know your customer’ or KYC check. This is a mandatory process for all licensed casinos that helps protect online players from hacks or fraudulent attempts. In order to be sure that a transaction request is legitimate, online casinos will initiate a verification process that allows the user to prove that they are who they say they are – usually by uploading a form of formal ID or a proof of address. KYC protocols take place on every casino transaction, but if your account hasn’t been verified yet, these checks can take a bit of time. Once you’ve verified your identity, the process is automated and completed within moments.

Ready to Make Your First Deposit?

If we’ve answered all your questions on the best online casino payment methods, then have a flick through our recommended casino sites, click through to one that offers your banking option, and make your first deposit.