Canadian payment methods: Everything a player must know
In order to use the services of an online casino, you must first credit your account with real funds. Of course, at some point, you will also need to cash out your winnings. Therefore, we will present you all the payment methods available on Canadian gambling sites and give you valuable advice on how to handle online transactions.
Our guide will cover these aspects:
The banking section
One of the most important sections of an iGaming platform is the one where you deposit funds and request withdrawals. This can usually be found at the top of the page after you log in. Sometimes, it can also be accessed from the ‘Account’ section or by clicking on your username. One thing is certain, there will always be a visible ‘Deposit’, ‘Cashier’ or ‘Bank’ button on the main page. So, don’t worry about not finding it!
Most of the times, the ‘Deposit’ and ‘Withdrawal’ sections are combined into one and will open in the same tab. From our experience, the list of deposit methods is usually longer than the withdrawal one. This is due to certain restrictions imposed by the payment processors. However, we can ensure you that you will find an option that you dispose of.
How secure are the transactions?
Online casinos usually process payments through third-party organizations. However, your payment history and personal information will not be shared with external sources. The websites use the latest SSL technology to ensure data encryption and the security of transactions. SSL is an abbreviation for Secure Sockets Layer and represents a technology meant to keep a safe internet connection and safeguard sensitive data shared by two systems. This prevents fraudulent activities such as reading or modifying the transferred information and stealing financial details.
Tips: If you see only one or two payment methods in the banking section, this might indicate a ‘rogue’ casino. Most licensed casinos dispose of multiple alternatives.
How to credit your account?
Depositing funds on any gambling site is a straightforward process. First, you need to create an account and log into it. Then, you can follow these steps:
- Look for the ‘Deposit’ or ‘Cashier’ section;
- Select one of the available methods;
- Enter the amount you want to deposit;
- Enter a bonus code (optional – if you want to claim a bonus);
- Complete your account details (this step differs according to the method you choose);
- Click the ‘Deposit’ button.
Depending on your chosen payment option, the procedure should take somewhere between 2 and 10 minutes. After completion, the funds will be automatically added to your account. However, in some cases, the casino may take a few minutes or hours to process them after receiving confirmation from the third-party institution.
How to cash out?
In terms of cashing out funds, the steps are pretty similar to the deposit ones. These are the only differences:
- Go to the ‘Withdrawal’ or ‘Cash out’ area;
- Select one of the available methods;
- Enter the amount you want to withdraw;
- Complete your account details (if you choose to withdraw with the same method you have deposited, the details might already be saved, and you can skip this step);
- Click on ‘Withdraw.’
After completing this process, the platform will need to approve your request within a timeframe, which is usually specified in their terms and conditions. Once the processing period is over, you can expect to receive the funds into your personal account over a few days. The exact period of time in which this happens depends on the payment provider.
Remember that sometimes the withdrawal will be automatically processed back to the same method used to deposit, and you won’t have to complete the financial details again. If that is not possible, the casino will let you know, and you will have to choose another method.
Be aware: Withdrawals are very rarely processed instantly. The most common processing period is between 24 and 72 hours.
Deposit and withdrawal alternatives
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||Visa, Mastercard, Maestro, Discover, American Express|
|E-wallets||InstaDebit, MuchBetter, ecoPayz, Jeton, Skrill, Neteller, Trustly, Giropay, MiFinity|
|Pre-paid cards||Flexepin, AstroPay, Neosurf, Paysafecard, EcoVoucher|
|Mobile payment||Pay by phone, Boku, Siru, Payforit|
|Instant banking||Citadel, Interac, Interac e-Transfer, eCheck, iDebit, InPay, PremierPay, Euteller, Sofort|
|Cryptocurrency||Bitcoin, Litecoin, Ripple, Dogecoin, Ethereum, Neo Coin, Cardano|
- Debit/credit cards
Perhaps one of the most common and convenient options, debit/credit cards are accepted by most platforms. They are easy to use, and once the transaction is completed, funds reach your gambling account instantly. However, some might argue that they are not the safest, as the card details can easily be stolen or hacked.
But what’s the difference between these two? You might ask. When using a debit card, users can only spend money that they actually have on the account. On the other hand, credit cards dispose of funds that are borrowed from a bank and have to be paid back by the account holder.
PRO: widely accepted, easy to use
CON: safety issues
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.
PRO: very safe
CON: deposit limitations
- 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.
PRO: controls spendings
CON: not available for withdrawal
- 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.
PRO: no need to enter any banking details
CON: can take longer to be processed
- 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.
PRO: very fast and convenient
CON: not many websites offer it
- 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.
PRO: wide availability
CON: long processing times
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.
PRO: exclusive promotions
CON: not widely accepted
Tips: If a website allows cryptocurrency deposits, it doesn’t necessarily mean that withdrawals can be requested via the same method.
Recommendation: Players who opt for depositing with a credit card tend to overspend. Thus, we recommend choosing another alternative.
Payment restrictions and fees
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:
|Payment method||Min deposit||Max deposit||Min withdrawal||Max withdrawal|
|Debit/credit cards||15-20 CAD||4,000 CAD – no limit||10 CAD||4,000 CAD – no limit|
|E-wallets||15-30 CAD||6,000 CAD – no limit||30 CAD||6,000 CAD – no limit|
|Pre-paid cards||15 CAD||1,000-6,000 CAD|
|Bank transfer||30 CAD||4,000 CAD – no limit||30-50 CAD||6,000 CAD – no limit|
|Instant banking||15 CAD||5,000 CAD – no limit||30 CAD||4,000 CAD – no limit|
|Cryptocurrency||0,003 (BTC), 0,1 (ETH), 0,1 (LTC)||No limit||0,004 (BTC), 0,2 (ETH), 0,7 (LTC)||No limit|
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.
Tips: A lot of platforms have no restrictions related to the number of transactions that can be requested in a day.
- 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 payment method
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.
Recommendation: 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.
Claiming a bonus with different payment methods
When it comes to bonuses, we must mention that they come with different rules and conditions. Apart from wagering requirements and availability periods, promotions might also have payment limitations. But what does this mean? Well, it means that sometimes, 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.
Recommendation: 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.
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!