Casino Banking & Payment Methods
Making deposits and withdrawals at your favorite Canadian online casinos has never been easier. Today’s iGaming operators offer a wide variety of banking methods which make the entire process as seamless and as pain-free as possible. Here we look at some of the most common options and explain the differences between them.
Visa: Just as you use your credit and debit cards to make purchases in stores or online, you can also use them to deposit money at an online casino. Visa cards are one of the easiest ways to fund your gaming account, and, considering that most shoppers have at least one inside their wallet, it’s not hard to see why this method has become the most popular.
MasterCard: Customers also have the option of using their MasterCard, but usually are not allowed to receive their withdrawals back through the card, as is possible with Visa.
Debit cards: Don’t have a credit card? No problem. Canadian casino sites also accept debit cards, such as Visa, Solo and Delta.
To make your deposit using a card, you’ll need to provide your personal information along with your credit/debit card details, just like you would to make any other purchase online. Some casinos store this information for you, so that you won’t have to go through the hassle of re-inputting it when making future deposits.
E-wallets are a great option for online gamblers and are widely accepted by casino sites. E-wallets allow you to store multiple credit cards and several bank account numbers, safely and securely, all in one convenient location. Your wallet serves as a middleman between you and the casino, adding an extra layer of security by not exposing your banking details to online operators.
Seamless transfers: Using e-wallets, players can seamlessly move money around from one casino to the next instantly, unlike other methods which can take multiple days. Users will also face lower fees when transferring money back and forth from their bank accounts or credit cards.
PayPal: While you’ve probably heard of PayPal, which is probably the most popular e-wallet on the globe, there are plenty of others available. Skrill and Moneybookers are very popular options, and specifically cater to online gamblers.
Instadebit: Instadebit is one of most recommended e-wallets for Canadian online gamblers, as it has been developed specifically to work with the country’s banks and online gambling sites. Instadebit is partnered with nearly every online Canadian gaming operator and boasts a streamlined process for funding gaming accounts. The depositing process is so seamless that players are not even required to have an Instadebit account while completing the transaction. When making a deposit at Lucky247, for example, players can register their Instadebit account while making their deposit, all in the same step.
There are plenty of other e-wallet solutions besides the ones mentioned above, including the following:
Prepaid cards are a great option for players who prefer not to use credit cards or bank accounts to make deposits. These cards can be purchased from a variety of retailers, like Walmart and Target, and can be funded in-store. Simply take your prepaid card to the register, tell the cashier how much you would like to deposit onto it, and walk away with what is, in effect, a debit card which you can use to make purchases online.
Paysafecard: Paysafecard is one of the more popular options when it comes to prepaid cards, and can be purchased in locations throughout Canada. Find the nearest Paysafecard location on the company website, load your card at the cashier and you’ll receive a special PIN. Once you have your PIN, login to your online casino account, choose the Paysafecard option and simply enter your PIN. The whole process lets you bypass the use of bank accounts and credit cards, giving you yet another great option for funding your account.
If your financial institution gives you the ability to bank online, you’ll have even more funding options available to you. With instant banking, a link is established between the gaming site and your bank account, allowing you to make your casino deposit. There are a few different ways this method is employed:
iDebit: This service allows customers to connect to their bank account directly from an iGaming site. Just click the iDebit option and either login or choose to continue as a guest. You’ll then select your bank from a drop-down list and input your login credentials. Next, enter your desired deposit amount and click approve, and your transaction will be completed in real time.
eCheck: eChecks make use of your bank’s online bill pay function to send a merchant your deposit in the same way that you would send a check to any other business. Once you’ve initiated your transfer, the money will be available in your iGaming account instantly. Keep in mind, though, that funds take anywhere from 2 to 5 days to clear, just as they would with a regular check.
Pros and cons: Some Canadian online gaming sites, like Betway, allow you to make your casino deposit with a bank wire transfer. This option is appealing if you don’t trust other methods, or don’t want to provide your info to third-party processing companies. Bank wires are also a good option for players who want to transfer a very large amount of money. The downside is that these transactions take more time than other options and can come with heavy fees attached.
Online casino deposit limits
Each online casino has a different policy in terms of the amount they’ll accept as a minimum deposit and what they’ll take as a maximum. Your casino deposit limits are heavily influenced by which deposit method you choose to use. More specific information can be found in the cashier section of each individual site.
Withdrawing from an online casino
Withdrawing your hard-earned winnings is one of the best parts of the online gambling experience! If you signed up for a reputable online casino, like one of our trusted partners, you should have no problem making your cash-out quickly and securely, and with minimum fees.
Most casinos prefer to process withdrawals using the same method that was used to originally deposit the money. That means that if a player deposits $500 using Visa, wins an extra $500 and tries to cash out the entire $1000, the first $500 will go back to the Visa card, while the extra $500 can be withdrawn using any other method of player’s choosing. At Spin Palace, for example, players can make withdrawals using the following methods:
- Credit and debit cards
- iDebit, eCheck
While all of our recommended iGaming operators give out hefty bonuses for first time depositors, it’s important to note that they come with a few strings attached. Usually when you receive a bonus, you’ll need to wager the total bonus amount by a certain multiple before it is completely unlocked into your account.
For example: You receive a $500 bonus that comes with a 20X play-through requirement. That means you’ll need to wager $10,000 at the tables before you’ll be able to cash out that money.
Always be sure to check the terms and conditions of any casino bonuses before you play so that there are no nasty surprises!
So which is the Fastest Payout Method? If you try to find this information on the casino’s website, you’d better take the results with a nice pinch of salt: everything is “instant” or “within a day”. In reality, every payment method takes a different length of time, and it varies from casino to casino.
One thing to remember is that, regardless of the method you choose, the casino has an internal “processing time”, usually between 24-48 hours, which cannot be avoided. The following withdrawal times are after this processing is completed. In addition, when you make your first withdrawal, don’t be surprised if you are asked for documents in order to verify your identity and place of residence. Casinos require this info to protect both the customer and themselves, in the event that someone tries to make a fraudulent deposit or withdrawal. If you don’t have those documents ready – that will also count as processing time.
E-wallets like Skrill, Neteller, and Paypal offer the quickest cash out time of all. Once the casino processes your request, the money should be with you in a few hours, and no more than day. It’s practically instant, in theory! Wire transfers are not the quickest, taking between 3-7 working days to reach your account. Debit, credit and prepaid cards can all take up to 5 days to reach your account.
Options for all: Canada’s online casinos offer a huge array of deposit and withdrawal options that should fit any player’s preferred banking method. Those with credit cards can easily load their accounts with their Visa or MasterCard, and usually receive their withdrawals the same way. Patrons who would rather use their bank account can use instant banking or fund using a variety of e-wallets. Lastly, those who don’t have either a bank account or credit card can always use one of the prepaid methods, like paysafecard, to add money to their iGaming account and get started playing!