Online Casino Payment Methods
Before you join a new casino, one of the most deciding factors are the available payment methods. Quick and secure transactions are considered a standard in modern gambling, so most brands also aim to offer as many casino payment methods as possible to players. Credit & debit cards, wallets, prepaid cards and cryptocurrencies are easy to be found in online Canadian casinos, but how can you tell which one is best for you?
At Casinorider.ca, we list the most legit and safe casino payment methods that have been used and tested by us and millions of players. We evaluate if deposits and withdrawals are fast, secure and easy. Moreover, we check bonus eligibility, mobile banking and every other factor that can make you choose the right banking option for you.
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INSTANTBest casino payment methods – What to Look Out For
The idea behind every online casino payment method is to get your money onto and off the site, so you might ask yourself: how different can these methods be?
It's true that there are differences between these various types of payment methods – see below for more – but when making a choice there are certain things that every player needs to evaluate. Things like...
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Online Casino Deposits... And Withdrawals?
You can come across an online casino payment method that will allow online casino deposits but is not available to also make withdrawals. This can cause complications, as certain online casinos require withdrawals to be made by the same method you used to deposit.
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Withdrawal Speed
Depending on the payment method, the time it takes for your withdrawn money to be available to you can vary widely. Obviously certain methods – like receiving your winnings by check, for example – will take a lot longer, but it's not always clear why one method may last longer than another.
Visit a site's withdrawal page to see how long each method will take to pay out. Use that information to make a decision about which online casino payment method will work best for you.
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Deposit Speed
Most casino payment methods offer instant online casino deposits, but again it's worth checking before you select a method of payment so you can be sure your funds will be ready and available when you need them to be.
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Payment Fees
We would not expect any modern online casino payment method to apply a fee for making an online casino deposit, but you may find that certain options may result in small charges being applied when withdrawing funds
You should also be aware of any possible conversion fees or additional charges you may incur when depositing in C$ if your gameplay is not also in C$. One other thing to watch out for is that some digital wallets may have additional charges, either as a regular monthly fee or as a fee for inactivity. Likewise, some card payment methods may carry charges or membership fees.
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Limits
Make sure your chosen banking option caters to your needs in terms of the limits it sets for your deposits. If your maximum deposit limit is too low, it's likely you will be unable to deposit enough to play the type of games you want, and will soon lose interest.
On the other hand, if maintaining control over your deposits is something you've struggled with in the past, you may want a lower maximum deposit limit, or even the facility to lower it further as you desire.
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Security
As with any online transaction, the security of your personal data is something to be taken seriously. Certain safe casino payment methods allow for a greater degree of anonymity, or at least protect your personal information by keeping that data separate from what is needed to make a deposit. Passwords, SSL protocols and two factor authentication are some of the measures to keep your funds safe.
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Bonus eligibility
Some casinos exclude wallets such as Skrill and Neteller from bonuses due to a history of bonus abuse. If you want to use them, it's better to check terms and conditions, so you will not be disqualified from any promotions.
Different Types of Online Casino Payment Methods
Online casino customers these days have a number of different payment method types available. Unsure as to which will be best suited to your individual needs? Let's investigate what these differences mean for Canadian casino players.
Credit and debit cards
Credit and debit cards are one of the world's most popular forms of payment method, and their near-universal acceptance makes them a convenient way to pay for many users. Global brands such as Amex, Visa and Mastercard are accepted at sites across the world, although users should be aware that Mastercard is rarely available for withdrawals. As many sites default to paying winnings to the same method used to deposit, this may be a good reason to reconsider using Mastercard for deposits.
- Backed by huge financial institutions
- Multiple security tools
- Wide availability
- Betting activity is tracked
- Withdrawals can be slow
Digital Wallets
Digital wallets, or eWallets, are an online casino payment method that should appeal to people who may have concerns over privacy and security. A digital wallet, like Skrill, Zimpler, or Neteller can be funded by online bank transfers, credit cards or many other methods, but the point is that once it is funded those links are completely hidden. However, it is wise to check if you will be eligible for casino bonuses if you use a wallet, since it could be restricted. Other popular wallets among gamblers are paysafecard, ecoPayz and Paypal.
As a result, when sharing your digital wallet information with a casino or online store, they will not be able to learn anything at all about your personal banking or credit card information. Wallets can also be an effective gambling payment method as most will allow you to withdraw to them as well as using them to deposit. Once funds are in your digital wallet, you can easily transfer them to your bank account.
- Gambling activity is anonymous
- Quick withdrawals
- Excellent mobile apps
- Might be ineligible for bonuses
- Fees on payments
Interac
Canadians are certainly familiar with Interac as it is the most popular banking option for shopping in physical or online stores. As it connects the financial services of the largest Canadian banks, it is also very popular among bettors. Ease of use, secure payments and wide availability have made it a top choice. You can also use Interac at more than 450,000 physical locations and 59,000 ATMs.
- Available in most Canadian casinos
- Low fees compared to credit cards
- Backed by the largest banks in Canada
- Gambling activity is connected to your bank account and tracked
- Does not work with cryptocurrencies
Direct Banking
A traditional online casino payment method, which used to be no.1, still has loyal players that appreciate its high level of security. Aside from the classic bank transfer, Canadians have the option of iDebit and Instadebit, which take direct banking to another level with many features like mobile payments, extra safety tools and convenience.
- High deposit & withdrawal limits
- Low fees
- Qualifies for all bonuses
- Withdrawals can take up to 7 working days
- Betting payments are visible to authorities
Cryptocurrencies
One of the latest trends in online gaming is Crypto payments. Thanks to their high anonymity level, cryptocurrencies are ideal if you want to bet under the radar, and they also have instant deposits & withdrawals and high limits. The only downside is that they are not available in many casinos yet, but this is slowly changing. Online gamblers love Bitcoin, Tether, Ethereum and Cardano.
- High level of anonymity
- Instant deposits & withdrawals
- No fees charged
- Available in a limited number of casinos
- Extreme volatility
Mobile Banking
The chances are that you love betting on your smartphone like the rest of us do. Consequently, it is imperative that you can deposit and withdraw money with just a few taps. Our mobile Canadian Casinos have either iOS/Android apps or an optimised version for smartphones, with exclusive perks such as bonuses or games. Additionally, casino payment methods are integrated into the mobile versions of the casinos, so you can make or request a payment instantly.
Moreover, they also have dedicated apps that allow you to control your account on the go and perform several actions like money transfers, balance checks, and contact customer support.
Safe casino payment methods for new players
When you register for a new casino, safety is of utmost importance until you test it for a while. Sure, you can rely on our trusted new online casino reviews, but it's always better to have some hands-on experience. Therefore, we would recommend to go for a traditional banking option like a credit card, Interac or wallet (for the latter check if you qualify for a bonus).
They have been used and tested by millions of players and are backed by large financial institutions. Since you might be unsure if the new casino you found is 100% legit, it is better to go for a tried and true payment method.
How to choose the right online casino payment method
The answer to that question lies in what you value more when depositing and withdrawing from a casino. If you value reputation, security and bonus eligibility, then credit/debit cards and Interac are the logical choice. But if your deciding factors are anonymity and quick withdrawals, wallets and cryptocurrencies are unbeatable.
Now that you have made up your mind about the best casino payment methods, you can jump onto one of our recommended casinos. Follow our tips and strategies, and you will likely find out why they have been working for so many players.
Casino Payment Methods FAQ
Casinos in Canada offer many banking options for players. Visa and Mastercard debit/credit cards, Skrill, Neteller and paysafecard wallets, Interac and cryptocurrencies are some of your options.
For credit/debit cards and Interac, the time is usually 1-3 working days. Bank transfers usually take 3-7 days, while wallets and cryptocurrencies have instant cashouts. However, you have to consider that casino processing can also take 24-48 hours.
Some casinos restrict wallets like Skrill and Neteller from bonuses, since they have been used extensively by fraudsters in the past. Nevertheless, that is not a universal rule and you can check the terms and conditions of the casino you choose to see any exclusions.
Every online casino payment method we list has been tested by us and millions of players. Credit/debit cards and Interac are backed by large financial institutions, while wallets and cryptocurrencies have several security tools to keep your funds safe.
Yes, there are minimum and maximum payment limits, which vary according to the casino and the payment method. We recommend checking the Cashier and the T&C's, where you will see all payment limits.
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