Casino Payment Methods in Canada

When it comes to online casinos in Canada, there is a variety of payment options to choose from. As we already mentioned above, players can use cards, digital wallets, and other ways to get their money in and out of the casinos.

The regulatory landscape in Canada is quite complicated with regard to online casinos and gambling in general. This is because, on the national level, gambling is illegal. It can, however, be allowed by individual provinces, which have the final say in whether or not individuals can access online casinos and, by extension, which payment methods they can use to deposit and withdraw real money from the platforms.

Thankfully, that doesn’t impact any of the legal casino banking methods available at Canadian casinos, and most provinces have laws that are similar enough to keep the casino withdrawal and deposit processes smooth and easy. Here are some things you can expect when using online payment methods at Canadian casinos:

• Most sites will require you to go through casino account verification, so keep your ID at the ready!
• In most cases, your deposits will get to your casino account instantly, but withdrawals often take anywhere from 24 hours to as long as many as five business days.
• Keep the minimum deposit requirement in mind. On average, it comes out to about 10 CAD. There is also a minimum withdrawal limit, which is also 10 CAD on average. However, each limit is dependent on the payment method you choose to go with, so you should always double-check these figures with the casino site you’re using.

All in all, the decision about which payment method you’re going to use ultimately depends on their availability on your platform of choice, as well as whichever one you feel most comfortable using. Keep reading for a detailed breakdown of the most popular payment methods at Canadian casinos.

Seeing as gambling in Canada is restricted to people over the age of 18, most online casino players in this country already have access to a credit or debit card. This means that for many, these cards are going to be the most convenient and easiest way to go about depositing and withdrawing money.
Using a credit or debit card for online gambling also ensures quick deposits and withdrawals. In most cases, your withdrawal will get to your bank account in about 24 hours. Online casino deposits will go through instantly, as is the case with most e-gaming platforms in Canada.

Throughout the 2010s, e-wallets have drastically increased in popularity, both in Canada and around the world. The most popular e-wallet right now is PayPal. Once upon a time, it held a strong grip on the e-wallet market as one of the only reliable platforms of its kind on the Internet. Nowadays, however, plenty of competitors are giving PayPal a run for its money. They include platforms like Skrill, Neteller, and ecoPayz.

While still accepted at many online gambling sites, PayPal is definitely not the preferred e-wallet for most casino operators in Canada and abroad. This is because of its tight money laundering regulations, which can significantly delay transactions, impacting deposit and withdrawal waiting times.

Skrill and Neteller, on the other hand, are widely accepted by most casinos. This is not to say that their security protocols are weaker and not up-to-date. They simply don’t have as many additional rules and regulations as PayPal. If you want a hassle-free, simple way to manage your casino winnings and deposits, consider Skrill to be your best bet.

Often overlooked by many online casino players, the good old regular wire transfer is also a possibility for transferring your cash in and out of casinos. Some online casinos allow players to make use of instant bank transfers to quickly distribute their funds, but that is not the case for most platforms. A regular bank wire transfer takes anywhere between 3-7 business days to complete, making it one of the slowest payment options.

One edge the wire transfer has over its counterparts is security. It takes days to properly verify and book a transaction this way because it is verified by the banks at multiple levels, making it a good option for players who are worried about their credit cards or e-wallet passwords getting into the wrong hands.

Popular amongst users who travel abroad and don’t want to open up a whole new bank account just for a couple of months, prepaid cards come in many shapes or forms. It can be a plastic Visa or MasterCard, topped up with cash at various physical locations or through a secure online portal. They are not connected to any of your personal details, such as phone number, email account, or ID number, and as such, they make for a great casino deposit option for players wishing to keep their e-gaming activity private.

Prepaid cards can also be digital, usually issued as 16-digit PIN codes online or in the form of a voucher (if bought at a physical store). The most popular digital prepaid card by far is the PaySafeCard, created by PaySafe, which is also the owner of Skrill and Neteller. Keep in mind that while you can easily deposit funds to your casino account via prepaid cards, most online casinos won’t allow you to withdraw money this way.

If you want to opt for total transaction anonymity, then cryptocurrencies will be your favourite payment method. The blockchain-based funds can be transferred between two wallets with unique addresses assigned to them (a long combination of letters and digits). Unfortunately, seeing as the crypto sphere is heavily under-regulated, it leaves a lot of room for fraud, meaning that you should always be diligent about depositing your funds to casinos that offer cryptocurrency deposits and withdrawals. If you’re in doubt with regard to the legitimacy of an e-gaming platform, it is always a good idea to check one of our comprehensive casino reviews. At Betsquare, we cover most online casinos in Canada and abroad.

Another thing to keep in mind when using cryptocurrencies is that making a mistake when typing in your wallet address (or the casino’s address, in the case of deposits) will result in your money being lost forever. There is no way to reverse a blockchain transaction, so if you’re anxious about making a mistake, you might want to reconsider your choice of payment method. Finally, it is up to the casinos to decide which cryptocurrencies they will accept, so if you want to use the same crypto wallet for multiple platforms, you might want to stick to a popular, well-established currency, such as Bitcoin or Ethereum.