One of the most crucial factors that players consider in joining an online casino is how simple it is to transfer funds in and out. We’ve picked our top options for Canadian players to transfer cash quickly.
In Canada, the most popular online casinos use the following six primary payment options: credit cards, e-wallets, bank transfers, pre-paid cards, mobile payments, and instant banking.
How long does it take to deposit and withdraw from online casino sites?
The time it takes to fund your account and withdraw varies from casino to casino, as well as the payment method. Thus, it is essential to look at the casino’s terms and conditions before you choose a payment method.
The processing times for every payment method you choose also vary widely. The processing speed is usually between one and five business days for credit cards. For e-wallets, processing time can range from a few minutes to a couple of hours.
Bank wire transfers take the longest, which could be up to three business days or even more, depending on your financial institution. Some casinos also have a minimum withdrawal amount that may vary from a few dollars to several hundred dollars.
Payment Options Available
Credit Cards – Credit cards are one of the most popular methods for Canadians to deposit and withdraw from online casinos. Visa, Mastercard, and American Express all fall under this category. On the other hand, more popular credit cards like Visa and Mastercard may reject transactions with very high amounts.
E-Wallets – E-wallets are online wallets that enable you to add money to your casino account without sharing your bank account information with the casino. Some of the most commonly used in online casinos are the following:
- Neteller
- EcoPayz
- Paypal
- Skrill
- SticPay
- Webmoney
- MuchBetter
Pre-Paid Cards – Prepaid cards function like credit cards in that they enable you to add money into your account without sharing bank information. These are offered by the same brands as e-wallets, except for Paypal, which only issues its brand of pre-paid cards. Some examples of pre-paid cards that Canadian players can use are:
- Paysafecards
- Vanilla Prepaid
- Flexepin
- Revolut
- AstroPay
- NeoSurf
Bankwire Transfers – When transferring money to your casino account with a bank wire, you will need your player name and that of the casino you are depositing funds into. Wire transfers take between three and seven business days for processing, so we recommend using this method if you want to play quickly.
Mobile Payment – Mobile payments are becoming more prevalent for Canadian players looking to deposit and withdraw. Among the methods available, Google Pay, Boku, and Zimpler are the most commonly used.
Cryptocurrencies – Cryptocurrencies are an increasingly popular method among online casino players. It has minimal fees, is instantaneous, anonymous, and secure.
On the other hand, cryptocurrency’s inherent volatility may worry users who find it problematic to convert CAD to crypto and then back again to play at a casino since the process appears to be highly hazardous. By the time you convert back into fiat currency, how much you have gained/lost in conversion rates might be an utter catastrophe – so better choose other options.
Instant Banking – Instant banking is a relatively new method to deposit and withdraw money from an online casino, quickly becoming popular among Canadian players. Instant banking works similarly to e-wallets in that you need to set up an account first before depositing funds.
The best instant banking options include Citadel, iDebit, and Instadebit.
Alternative Payment Methods
Interac Online/Interac e-Transfers – Interac is short for the Interac Corporation, which has developed e-Transfer services for banks to use. These are available through participating financial institutions like RBC and BMO.
>> YOU MAY ALSO LIKE : Reasons for Canada’s Online Casino Boom <<
Security Concepts to Remember
Before proceeding with your transactions, ensure that the online casino is safe and protected.
Most casinos require confirmation at the time of your initial withdrawal. You won’t withdraw your winnings if you don’t verify your personal information correctly.
Also, payments are rarely authorized straight away (even after verification on your second withdrawal request), with most casinos keeping funds in a pending withdrawal queue for some time.
It implies that if your chosen withdrawal method has a processing time, you must also add on the casino’s unique “pending” withdrawal period to get the total duration it takes for you to receive your funds.
Wrap Up
As you can see, there are many different deposit methods available for players to use at online casinos.
While some methods are the most popular among Canadian players, others will provide a more convenient experience in certain situations.
If you want to play with your winnings in a short duration, instant banking or cryptocurrency might be the best option for you.
For players who want to use more traditional methods, bank wire transfers and e-wallets are popular options. However, keep in mind that e-wallet deposits can take some time, so you should choose your casino wisely when depositing.
Be sure to research the best options for you before choosing a casino. It is also wise to check if they have any current promotional offers.