When looking for the right casino, it’s crucial to consider the payment selection. You want to sign up with an operator that processes payments fast and guarantees the safety of your information. In this article, we take a closer look at popular deposit and withdrawal options among Canadian gamblers that meet these standards.
Top Banking Options in Canada
Casino fans have been gravitating towards some methods more than others, and for good reason. Below, we reveal the payment preferences of Canadian players and why they are so widely used.
E-wallets
Digital wallets have a large customer base due to their ease of use, speed, and flexibility. That is why the fastest withdrawal online casino brands support payments from different e-wallets like Skrill, Neteller, MuchBetter, MiFinity, and Jeton. By integrating these, the operators provide customers with near-instant access to their winnings.
In addition to the benefits mentioned, e-wallet providers use encryption, OTPs, and two-factor authentications to protect your personal and financial details. They can also be protected with a password, while your card number is tokenized, so casinos only have limited access to your information.
However, in the past, some gamblers abused bonuses by opening multiple e-wallet accounts and claiming promotions more than once. Consequently, in the mid-2010s, many operators stopped awarding bonuses to players who made deposits via certain e-wallets. Unfortunately, this practice persists, making it hard to find e-wallet-friendly bonuses.
Credit/Debit Cards
For decades, bank cards like Visa and Mastercard remained among the most popular choices among Canadians, including gamblers. Interestingly, Canada is one of the rare countries that has more credit than debit cards. The Oberlo research results suggest that it may have the highest credit card penetration in the world.
The reason they are so widely used is that players are already familiar with them. Also, they feel safer knowing their card is directly connected to the bank. Bank cards are not as fast as digital wallets, but players should expect their winnings in 1- 5 business days. However, note that some casinos only accept Visa and Mastercard for deposits. Finally, it’s important to note that some banks may have restrictions in place for casino-related transactions.
Bank Transfers
Bank transfer is another traditional payment method common with casino sites. All the transfers will go through the domestic clearing house so that neither party is damaged. Additionally, they often require several layers of authentication, protecting you against cybercrime. In contrast to cards, a bank transfer is usually available only for withdrawal. But keep in mind that it may take seven days for the winnings to reach your bank account.
Cryptocurrencies
When it comes to crypto adoption, Canada was one of the top 20 countries in 2023. In other words, tech-savvy casino fans love brands that support this transfer method and offshore sites are aware of this payment preference. That’s why a lot of operators that accept Canadian players also allow them to gamble with their cryptos. Here are the benefits of using virtual coins like Bitcoin, Ethereum, Litecoin, and Tether:
- You can enjoy enhanced privacy, as you don’t have to share as much personal or payment information. Moreover, some gambling platforms allow you to sign up using only your email.
- Payments are faster because the decentralized nature of crypto means intermediaries are not needed to process transactions. Deposits are instant, and withdrawals tend to be completed within minutes, depending on the blockchain.
- Crypto transaction fees are often much lower compared to fiat fees. The majority of casinos that accept crypto only need you to cover minimal network fees.
Before selecting it as their preferred payment choice, players need to remember that cryptos are very volatile. Also, it’s almost impossible to recover money if you lose it because there is no central authority.
Prepaid Cards
Whereas fewer people have been using prepaid cards at POS over the past six years, the number of those making online payments, including gambling-related transactions, is almost the same. AstroPay, Flexepin, and Paysafecard casinos are quite popular among local gamblers because they offer a safe and anonymous way to deposit money into their gambling accounts.
Prepaid cards can be reloadable and disposable. The former can be loaded with more money whenever. On the contrary, disposable cards act as a one-time payment solution that you discard when there are no more funds. However, the thing to know about prepaid cards is that you cannot use them to withdraw, but they have lower deposit limits.
Interac: Top Payment Method in Canadian Online Casinos:
Interact interbank network is the most widely used payment gateway among local casino fans. Interac is a Canadian-based payment service provider that features Interac debit card, e-Transfer, and Interac Direct. The last one enables you to make transfers from your savings, checking, or line of credit account through the KONEK digital payment platform. The Interac debit card has had the most success, with 6.6B worth of transactions in 2023.
So, it gives you flexibility to make payments the way you want while staying safe. Debit cards, for example, use EMV technology and follow a Zero-Liability Policy that protects you against fraud. E-Transfer utilizes authentication and transaction encryption, proprietary risk management, and financial institution authentication. Interac. Lastly, direct is based on tokenization, which replaces card details with random numbers.
Deposit Limits with Interac in Online Casinos
Deposit limits are determined by your financial institution. Many banks, including CIBC and Vancity, don’t impose a minimum deposit. Others, like Royal Bank, have a very low limit, in this case $0.01. Meanwhile, you can transfer up to $2,000-$3,000, depending on the chosen bank or credit union. However, remember that a casino may have payment limits that almost certainly don’t correspond to those of your bank.
Payouts via Interac
Interac is a convenient way to withdraw your money, too, and here’s how it’s done:
- Go to the cashier section on your online casino account.
- Pick Interac as your payout method.
- Enter the amount of money you wish to withdraw.
- Make sure it aligns with the casino’s minimum withdrawal requirements and that you have enough funds in your balance that aren’t subject to rollover terms.
- Then, you need to select your bank account and confirm the transfer.
- Once the casino approves your payout request, the money should be available within a few minutes.
Interac Commission and Fees
Only business account holders with Interac will incur fees, not consumers. However, your bank or credit union may charge a fee for using the Interac payment service. Therefore, you should reach out to them for more details.
Interac Processing Time
Once you send money from Interac, it should hit your account instantly. In some cases, it may show in your balance only after 30 minutes, depending on the chosen bank or credit union. When it comes to withdrawals, you will have your winnings within 72 hours at most. The faster your financial institution and casino handle payout requests, the sooner you will have your money.
Comparing Payment Methods: Costs and Fees
The table below shows different types of fees that apply to popular payment methods:
Payment method | Fees |
E-wallets | Deposit and withdrawal fees, account levels fees, currency conversion fees, etc. |
Credit cards | Transaction fees, an annual fee, cash advance charges, over-limit fees, etc. |
Debit cards | ATM transaction fee, insufficient funds charge, overdraft fees, etc. |
Bank transfer | Outgoing and incoming domestic wire transfer fees |
Cryptocurrency | Blockchain network fee, additional exchange fees, etc. |
Prepaid cards | Activation fee, monthly fee, transaction fees, cash reload fee, etc. |
Interac | Payment fees are charged by a bank or credit union, not Interac directly |
Casinos with Diverse Payment Options
Below are some of the best gambling platforms with a good selection of payment methods.
Wonaco
Wonaco accepts Interac, Mastercard, bank transfer, Neosurf, Paysafecard, Skrill, Neteller, Cash2Code, Jeton, MiFinity, Bitcoin crypto, Dogecoin, and Litecoin. With Interac, you can play games for as little as $10, while other methods require a $20+ deposit. The maximum deposit with Interac is $3000. The payouts start at $10 as well, have no fees, and the limit is $3000
7Bit
7Bit is a great casino that offers immediate deposits for all methods and instant crypto withdrawals. It is also widely accessible due to low minimum deposits for cryptos, such as DOGE (1DOG), Tether (5 USDT), Ripple (0,001 XRP), BCH (0,001 BCH), and LITE (0,1 LTC). What’s more, if you use Interac the minimum deposit will be 1 CAD, which is significantly lower compared to other fiat methods. In addition to virtual currencies, it supports credit and debit cards, online banking, and digital wallets.
Stay Casino
Stay Casino processes all payments instantly and doesn’t charge any additional fees. You can make transactions as low as $20 or as high as $4,000 for almost all methods. The operator supports Interac, Visa, Mastercard, Maestro, Flexepin prepaid cash vouchers, Apple Pay, MuchBetter, AstroPay, Neosurf, Neteller, Skrill, and crypto payments.
Tips for Players on Choosing the Right Payment Method
To make an informed payment decision, you need to consider the security protections of a payment method, speed, and potential fees. You should also ensure your device is compatible with the payment provider. For example, you must have an Android version 6+ to download the Google Pay app. Also, take a look at the transfer limits and choose those that suit your budget and playing style.