Based on our in-house testing data at CasinoBonusCA, our experts have devised an updated guide on online casino payment methods and financial transactions. Secure online casino gaming requires safe payment methods. Let’s compare the pros and cons of debit cards, e-wallets and cryptocurrencies, along with their fees, and restrictions.
Here’s a short rundown of our guide on Canadian online casino payment methods:
We provide average values for payment method limits in online casinos, as obtained from our testing process:
Casino payment Method
Min deposit
Max Deposit
Min Withdrawal
Max Withdrawal
Casino payout time
Pros
Cons
Expert Verdict
Visa
$1
$10,000
$1
$10,000
1-5 business days
Widely accepted, easy to use, secure, 4-hour withdrawals with Visa Direct
Long withdrawal timeframe otherwise
Recommended for large payouts
MasterCard
$1
$10,000
$1
$10,000
1-5 business days
Widely accepted, secure
Slow withdrawal processing
Recommended for large deposits
Bank Transfer
$20
No limit
N/A
No limit
2-7 days
Accepted by licensed casinos, large/no cashout limits
Slow withdrawals
Recommended for high-rollers
Instadebit
$1
$3,000
$1
$5,000
1 day
Secure, high limits
Slower processing time
Recommended for low deposits
Interac
$1
$9,000
$1
$5,000
1-2 days
Fast, secure, Canadian-specific
No withdrawals at some casinos
Recommended for low deposits
Interac e-Transfer
$1/$5
N/A
$5
$10,000
1-2 days
Fast withdrawal processing, easy-to-use
Restritive ithdrawal limits
Recommended for convenience
iDebit
$1/$5
$1,000
N/A
$1,000
1-3 days
Efficient direct debiting system, popular with Canadians
Slow/No withdrawals at some casinos
Recommended for anonymous banking
Flexepin
$20
$500
N/A
N/A
N/A
Anonymous, prepaid card deposit, cash-secure
No withdrawals
Recommended for cash to online casino deposits
Neosurf
$20
$3,000
$20
$9,999
1 business day
Fast withdrawal e-wallet, secure
Lower deposit limits
Recommended for most transactions
Jeton
$20
$3,000
$20
$3,000
1 business day
Fast, secure, Canadian-specific
Lower withdrawal limits
Recommended for most transactions
eCheck
$20
$5,000
N/A
N/A
N/A
Secure, user-friendly
No withdrawals
Recommended for deposits
ecoPayz
$20
$250
N/A
N/A
N/A
Secure, no need for credit card
Low limits, no withdrawals
Not recommended for high-rollers
Paysafecard
$20
$10,000
$20
$10,000
Instant to 24 hours
Fast, secure, high limits
Some fees may apply
Recommended for most transactions
MuchBetter
$20
$1,000
N/A
N/A
N/A
Secure e-wallet
No withdrawals, low limits
Recommended for privacy-focused users
Skrill
$20
$10,000
$20
$10,000
Instant to 24 hours
Fast, secure, high limits
Low cashout limits at some casinos
Not recommended for bonuses
Crypto
$20
$10,000
$20
$10,000
Instant
Blockchain-secure, no limit-payments with some coins
Volatile cryptocurrencies
Recommended for privacy-focused users
Casino Payment Alternatives: Expert Analysis
Canadian casinos put a wide range of payment methods at their customers’ disposal. You can see the available options by checking the deposit/withdrawal section or by reading the terms and conditions. Here are all the methods you may encounter while playing online:
Debit/credit cards
Most networks allow debit/credit cards, the most convenient alternative. They are simple to use and rapidly deposit dollars into your gambling account. Unfortunately, card details can be stolen or hacked, making them less secure. How do they differ? Gamblers can only spend their debit card balance. Credit cards use bank-loaned funds that must be repaid.
E-wallets
An e-wallet is a digital service that facilitates online transactions. It works as an intermediary between your bank account and a merchant (online casino). So, in this case, funds have to be deposited prior to making any transactions by linking a bank account to the digital wallet.
Over the years, this method has become more and more popular amongst virtual punters and is now offered by a wide range of gambling platforms. It is very safe and convenient, as you don’t have to provide any bank details when depositing funds.
Pros include a high level of security, despite some online casinos set strict deposit limitations for high-rollers.
Pre-paid cards
A pre-paid card is very similar to a gift card. Its working mechanism is very straightforward. This type of card can be purchased from various retail outlets, and it is pre-loaded with a certain amount of cash. It is used the same way as a credit card, as it contains a pin or a serial number. Once you make a transaction, the payment is automatically deducted from the balance. When the entire balance is consumed, the card can be reloaded with cash through several convenience stores or other partners with physical locations.
Pre-paid cards are good for people who want to strictly control their bankroll. Some might want to get a pre-paid card specially designated for online gambling so that they don’t spend more than they have initially planned. We can even say that it is an alternative to setting online deposit limits.
If you want to control your casino spendings, pre-paid cards are great. However, you won’t be able to cashout using the same method.
Bank transfer
Most people consider bank transfers to be an old-fashioned payment method. But it is actually an extremely safe way to transfer funds from one entity to another. This process implies relocating a certain amount from a player’s bank account to the casino’s bank account.
The transfer is directly processed by the bank and can be initiated through a phone call or simply by accessing the ‘home banking’ feature. This payment method is very convenient for those who are not that familiar with technology. Moreover, online casinos commonly use it to grant winnings to players when they don’t dispose of any other withdrawal alternatives.
Mobile payment
Funding your gambling account cannot get any easier when it comes to mobile payment. This method implies entering your phone number on the casino’s website at the ‘deposit’ stage. After that, you may receive a text message to confirm the payment (Boku casinos). Depending on the service provider and your chosen subscription type, the charge will be deducted from your mobile credit or added to your monthly phone bill.
Instant banking
It is a quick and secure way of processing payments on the internet, based on online banking. This method allows players to connect their bank details to a gambling platform through an intermediary party. It is very popular among Canadian casinos and can potentially become more common than debit cards or e-wallets.
Cryptocurrency
Since the first cryptocurrency launch, many others have been created, and they started to be used as a transactional means by more and more entities, including online casinos. It is essentially a digital asset that works as a medium of exchange, wherein coin ownership records are stored in a computerized database. Although it is not very common, its popularity is rising fast, and more people are now investing in cryptocurrencies.
If a website allows cryptocurrency deposits, it doesn’t necessarily mean that withdrawals can be requested via the same method.
Players who opt for depositing with a credit card tend to overspend. Thus, we recommend choosing another alternative.
Payment Method Alternatives by Type
Payment type
Payment method alternatives
Debit/credit cards
Visa, Mastercard, Maestro, Discover, American Express
Payment Restrictions and Fees You Should Know About
Every payment method comes with certain restrictions. Whether we are talking about minimum deposit amounts or maximum cash out limits, every alternative should be considered before proceeding with any type of transaction. To make a general idea about those restrictions, we have created a list with the most encountered deposit and withdrawal limits:
Sometimes casinos may also deduct certain fees from transactions. These can apply to deposits, withdrawals or even both. Usually, there is a general fee that applies to all payment methods. However, there might be times when these taxes are different. For example, Boku casinos might deduct 2 CAD for every withdrawal and 15% for every mobile deposit.
A lot of platforms have no restrictions related to the number of transactions that can be requested in a day.
Player reminder
The casino is not responsible for fees deducted by the payment provider. Therefore, the terms and conditions will only mention processing fees applied by the website. All Boku casinos have a daily deposit limit of 30 CAD when you pay by mobile.
How to Choose the Best Online Casino Payment Method for You
Players who dispose of multiple alternatives might have a hard time deciding how they want to deposit. If you are wondering which are the best payment methods, we are here to help! We will give you some tips on how we rate these methods so that you can draw your own conclusions and make up your mind faster. Here’s what you should look out for:
Deposit limitations (minimum and maximum amounts) – if you consider yourself a Highroller, you must pay attention to maximum deposit limits.
Withdrawal restrictions – it might be best to choose an option that is also available for withdrawal so that you won’t have to enter multiple account details.
Bonus availability – if you want to redeem an offer, make sure that it is compatible with the method that you have in mind.
Processing time – think about how much you are willing to wait for a withdrawal to reach your account.
Fees: Apart from the processing time, you should also consider the fact that some platforms may have an additional ‘pending period,’ which can add up to 24 hours to your withdrawal request.
How to Claim Casino Bonuses with Different Payment Methods
Due to the different rules and conditions of bonuses, they might not be eligible to claim with the same payment methods. These payment limitations could entail that you can only claim offers with specific payment methods, which will be mentioned in their terms and conditions.
Usually, there is at least one alternative from each payment type. Still, in some cases, bonuses may be tailored to a particular category, such as cryptocurrency. If you encounter such exclusive promotions, you will also notice that they come with extra special features.
Click on the ‘Details’ button next to the offer and look at the ‘Valid only for payments’ section to see all the methods you can use to claim that bonus.
Final Thoughts
Now that you have all the information you need, it’s time to analyze it and draw some conclusions. Take your time to recap every section and get ready to compare multiple casinos and promotions. And don’t forget to take into consideration all the characteristics that we specified when choosing a deposit and withdrawal alternative. After processing our tips and recommendations, you can surely decide what the best payment methods for you are!
