Banking Options

Among the most important features for online gamblers is the ease and security with which they can deposit and withdraw money. The banking options offered, in fact are one of the key draws of any online casino, and should be closely examined before committing to a site.

Basically, when it comes to payment methods, you can deposit or withdraw money to and from a casino either by using a credit card, pre-paid card, bank wire or other internet banking method, which will be discussed below. One great way for Canadian players in particular to bank is with Instadebit, an e-wallet designed specifically for Canadian use.

You’ll also need to make sure the casino accepts Canadian dollars, and check out their speed for processing transactions.

Depositing at a Casino

Keep in mind, most of the casinos we recommend support most, if not all, of the below methods, but the best is probably Royal Vegas, which is far better in regards to the speed in which you can deposit and withdraw your winnings.

Some people may have reservations about depositing their hard-earned cash at an online casino. Luckily for you, we have vetted a multitude of sites for Canadian customers and made sure that they are 100% safe, genuine, and above board. Using our website to select an online casino to play at is your safest option, but if you want to check out some sites of your own, just look for operators that have been accredited by international gambling authorities.

When depositing at an online casino, you will usually have a number of different payment methods available to choose from. This means you can select the one which best suits your needs. The main payment methods you’ll find at Canada’s best online casinos include credit card, debit card, PayPal, and more recently, cryptocurrencies like bitcoin.

When you first join an online casino, make sure that you check to see if there are any deposit match bonuses for new customers. In our list of online casinos, nearly all of them offer this kind of promotion. Jackpot City, for instance, offers a match bonus up to $1600 over the first few deposits. Leo Vegas offers a $1000 match bonus along with 222 free spins. Be careful to read the terms and conditions before depositing your funds, and make sure you follow the correct procedure required to activate the bonuses.

Credit Card

One of the most popular ways to bank online is with a credit card. All you need to do when using a credit card is enter your card information and your funds will be credited. The casino will ask for for standard payment information (card number, address, etc.), and once you’ve provided this, a secure payment will be transferred, similar to any other online purchase.

Among the best options you can find:

VisaVISA:
VISA is a fine option because it allows players to make deposits and withdrawals without any treble, most of the online casinos in Canada accept Visa and even offer special bonuses of using visa. for more info visit Visa Casinos page.

MastercardMastercard:
Mastercard is also fine for deposits, but does not allow Canadian players to make withdrawals from the casinos.

Not only is using a credit card one of the quickest ways of depositing funds at an online casino, it is also one of the safest payment methods out there. Opting for credit card payments over debit cards also means that you are able to deposit more funds than you have in your bank account if you wish to do so. But it is a wise idea not to go overboard with this as your spending may spiral out of control. Setting yourself a weekly spending limit is a good way to keep a firm handle on your investment.

Credit cards offer more security than debit cards. The Financial Consumer Agency of Canada sees that consumers who choose to opt for credit cards are protected. For instance, in the unlikely event of an online casino going bankrupt and losing your funds, you can get your money back. For people who want to deposit larger amounts of money in their online casino accounts, using a credit card is wiser than opting for a debit card, which doesn’t have these same levels of security. One final advantage of using a credit card is the fact that some credit card companies will give their customers benefits such as loyalty points and air miles for using their cards.

A slight disadvantage to opting for credit card has to do with payment withdrawals, as withdrawing winnings may take slightly longer. In some cases, you may be waiting for up to five days to receive your winnings.

For those without credit cards, you will find numerous of other banking options that are also easy to use.

E-Wallet

E-wallets allow you to deposit and withdraw money to and from a casino without providing the casino with your credit card or bank info. You can get money into an e-wallet using a standard credit card, bank account, or transfer from other parties. Once funded, the e-wallet can be directly linked to compatible casinos for easy payments. Some customers feel more secure with trusted e-wallets because they keep credit card numbers and bank account information private from the casino.

Popular E-Wallets include:

PaypalPayPal – This e-wallet is best for players who need flexibility for use with non-casino purchases. See our page about PayPal casinos for more.

InstadebitInstadebit – Instadebit is designed specifically for banking between Canadian players and casinos, making it a seamless and secure online casino banking option. See our page about Instadebit casinos for more.

Others of note: Click2Pay, ECO, ClickAndBuy.

It’s also a wise idea to keep an eye on cryptocurrencies like bitcoin. The e-currency has been on the rise in recent years and more sites are beginning to accept it as a form of payment. Some sites have even gone as far as operating solely with cryptocurrencies. This is because they can be used from anywhere in the world, and players don’t need to think about fluctuating exchange rates if they are playing in a different country. the payments are also swift, safe, and secure. Bitcoin is becoming such a major player in online industries, that some developers are now making games that can only be played with the e-currency. It is definitely a situation that is worth monitoring in the coming months and years. If projections are to be believed, cryptocurrencies could one day be the only method of paying for things online.

Instant Banking

This method allows you to link your bank account directly to a casino. You’ll need to provide basic information like your bank account number and/or cheque numbers to proceed. So long as you bank with a trusted casino, instant banking is a safe, secure way to transfer funds. However, while this method is usually available for both deposits and withdrawals (making it a solid choice), wait times can take a little longer than e-wallets.

Some users prefer not to deal with credit card companies, and choose to deposit funds with instant banking instead. This also offers players who don’t have a bank account a way of getting money into their online casino accounts. Instant banking enterprises are often large financial companies that can transfer funds from one place to another. This means that players can simply take their cash to one of these companies and have them transfer it to the online casino. This is not a simple method of topping up your casino account, but it is a safe and secure way of doing it without having a bank account or credit card.

Players can bank instantly using:

useMyFundsUseMyFunds

E-check

eCheck

 

Bank Wire

Wire transfers are accepted at many casinos. While bank wires require a little more leg work on the part of the player, they also require players to share minimal account information. To process a bank wire, contact your bank and let them know you wish to transfer money from your account directly to the casino (details are generally found on its banking page). If unclear, or you need a more thorough walk-through, we suggest you contact the casino’s support.

Pre-Paid Cards

If you don’t have a bank account or credit card, you can use what are called pre-paid cards or sometimes MoneyPaks. These act just like a credit card, but can be purchased at stores with cash. You select this payment method in the casino cashier and enter the card number and pin given to you at checkout when you purchased the card. One of the most common pre-paid cards is uKash. Other popular examples include Visa Vanilla and Entropay.

Where To Get a Pre-Paid Card: These cards can be bought anywhere. You will find them in gas stations, chain stores like Metro, Walmart, Loblaws, Target, Sobeys and also local grocery stores. They are a quick and easy way to get your money online.

Withdrawing Your Winnings From a Casino

Getting money offline should be a painless process, although withdrawal times and steps may differ depending on your method and casino.

Most casinos prefer to return your money in the same manner you delivered it. Casinos will hold onto your credit card, e-wallet or other info you provided, and if you choose, it can return your money via the same method.

How Long Does It Take To Withdraw Money: Regardless of your method, most casinos have a standard 24-hour waiting time during which it will process your withdrawal. After that, wait times can range from a instant to a day or two, or to a week or more. Consult our casino reviews or your casino’s banking page to find out more about it’s waiting and processing times.

Wagering Requirements: If you accepted a Welcome Bonus when you signed up, you should check the terms and conditions for the wagering requirements to withdraw that bonus. Casinos require players to gamble through such bonuses a certain number of times before withdrawing — for instance, if you get a $100 with a x15 wagering requirement, you must gamble $1,500 before withdrawing your bonus. You can consult our casino reviews or the terms and conditions of the casino.

Flushing Bonuses: If you manage to gamble through the wagering requirements and wind up with a profit, often times casinos will only offer a limited window in which to either withdraw the bonus winnings or transfer them into your standard gambling account. If players do not claim these winnings or credits before that window closes, the casino will “flush” the bonus.

Documents and Why They Are Needed: Security isn’t just a point of concern for you, the player, but also the casino. In order to verify that withdrawals go to the person operating the account, some casinos require some documentation from the player before releasing payments. For instance, at All Slots, some players are asked to show a copy of a government-issued identity card (driver’s license or passport) and a copy of a recent utility bill.

FAQ

How do I know which payment methods a site accepts?

All online casinos have a list of their accepted payment methods. This can normally be found at the bottom of the online casino’s landing page, and will also become apparent when you have signed up and are ready to deposit. Nowadays, most sites will accept a number of different methods, including credit and debit card payments and PayPal. PayPal will not work in some countries, however, so you need to check their list of approved countries if you are having problems depositing funds in this way.

How do I withdraw winnings?

Withdrawing winnings is simple. You just click the cash out option on the site. Normally, you will have to wait up to five working days for the funds to show up in your bank account. You may find that winnings that have come from a bonus may not be withdrawable: In these circumstances you need to check the terms and conditions of site you are playing at to see if there are any playthrough requirements.

What happens with winnings earned from free spins?

Winnings from free spins are often subject to wagering requirements. This means that you need to gamble the winnings a certain number of times before you can claim them. Free spins offers usually have to be wagered at least twenty times. In these circumstances, it is a wise idea to select auto-play until the requirements have been met. Statistically, if you have won a decent sum during free spins, when going through the wagering requirements you should hit some wins and still end up in profit.

Can I reverse or cancel my withdrawal?

This depends on the site that you are playing at, but some will let you cancel your withdrawal and return your winnings to your online casino account. Paddy Power, for instance, allows players to cancel their withdrawal up to 11.30pm on the day of their withdrawal request.

How long does it take for a withdrawal to appear in my bank account?

Withdrawals can take up to five working days, but are normally completed within three to five days. However, some payment methods will allow you to receive your winnings even sooner. Cryptocurrency payments, for instance, are known to be quite fast. There are now a number of online casinos that operate solely in bitcoin because of advantages like this.

What do I do if my withdrawal doesn’t enter my bank account after five days?

If you have waited for five days and you still haven’t received your winnings, you need to contact the customer support team of the online casino you’ve been playing at. Most sites now have an instant chat feature so that you can talk to a customer service representative and immediately find out what has happened. Don’t worry, there will always be a record of your past transactions, and you will not lose your winnings.

What is the fastest method of depositing funds in my online casino account?

Credit, debit, PayPal, and bitcoin payment methods are all extremely fast ways of getting money into your online casino account. With each of these methods, the money will go in almost instantly. Bank transfers will take much longer, and could it could even require a few days for them to clear and for the money to show in your account.

What is the best method of paying for international customers?

Some sites require their users to credit their accounts with bank cards from the same country as the site. This can be an issue for international users, but in recent years PayPal has been the best way for these people to play. PayPal has an approved list of countries that it allows to process gambling payments, however. So before using that method you may need to check. Recently, cryptocurrencies like bitcoin have emerged as a solid way for overseas players to credit their accounts. Bitcoin can be used from anywhere in the world, and when playing at bitcoin-only online casinos it negates the need to figure out the differences between the exchange rates of two countries.

How can I be sure that my personal details are safe?

Every site that we recommend to our Canadian readers has passed all the security requirements that online casinos must meet. To be sure that a site is safe, check that they have been accredited by international gambling authorities.

Is it wise to join more than one online casino site?

Joining a number of sites can be beneficial, as it allows you to make the most of as many different offers as possible. Use our list of sites to be sure that they are safe, and try to vary passwords between them to minimise any security risk. It’s a good idea to keep a list of your passwords in a safe place if you decide to join multiple online casinos.

Conclusion

Knowing what banking options you’d like to use, and which casinos accept them is a big step in determining which online casino is right for you. We recommend selecting a banking option that will prove easiest for you in transferring funds, but also provide a secure, safe way to move your money around.

There are now so many ways to top up funds at an online casino that there is bound to be an ideal method to suit your needs, whoever you are. For those that still may be unsure about depositing money at a site, choosing one of the online casinos on our list is probably the wisest option.

It is also worth looking into newer ways of paying, such as bitcoin. The cryptocurrency has risen dramatically over the past few years, and is certainly making a name for itself. Some experts think that one day currencies like this could become the sole way of paying for things on the internet. If that does come to fruition, those who start using the currency now will certainly be ahead of the game. There are also more games to try out with the e-currency, since developers have begun to make bitcoin-specific titles.

Online casinos are certainly leading the way when it comes to varied payment options.