Here at NoDeposit365.ca, we have compiled a guide on available casino payment methods in Canada based on questions and missing data surrounding the topic. 

Are you a Canadian player who wants to know how to make a deposit and take out your winnings? The article will help you learn the ropes to a quick payment process, and choose the ideal payment solution for you. 

Table Of Contents

The Importance of Secure Payment Methods

There is nothing like ease of mind, speed, security, and convenience when making a financial transaction.For secure online gaming to take place, it needs to walk hand in hand with safe payment methods. 

Let’s take a look at the different casino payment methods and how they compare, especially when it comes to security:

Casino Payment Method

Casino Withdrawal Time

Advantages

VISA

1-5 business days

Generally accepted on a wide scale, user-friendly, safe, 4-hour withdrawals with Visa Direct

MasterCard

1-5 business days

Safe and widely accepted

Bank Transfer

2-7 days

Available at all online casinos, large/no cashout limits

Instadebit

1 day

High Limits, Safe transactions

Interac

1-2 days

Fast, safe and Canadian-centric

Interac e-Transfer

1-2 days

Quick withdrawal processing/ user-friendly

iDebit

1-3 days

Efficient direct debit system, trendy with Canadians

Flexepin

N/A

Cash-secure, prepaid card deposit, anonymous transactions

Neosurf

1 business days

Quick withdrawal, e-wallet,safe

Jeton

1 business day

Fast, secure, Canadian-centric

eCheck

N/A

Safe, easy-to-use

ecoPayz

N/A

Safe and no need for a credit card

Paysafecard

Instant up to 24 hours

Quick, secure, high limits

MuchBetter

N/A

Safe e-wallet

Skrill

Instant up to 24 hours

Quick, safe, high limits

Crypto

Instant

Secured by Blockchain, payments have no limit.

Canadian casinos present a variety of payment methods to their customers’ needs.

There’s a plethora of payment options available, which can be classified into five main banking types:

  • Credit/Debit Cards
  • E-Wallets
  • Bank Transfers
  • Pre-Paid Cards
  • Cryptocurrencies

We’ll go over each of these in more detail here below:

Credit and Debit Cards

This is by far the most widely-used and popular payment method online. When it comes to bank transactions using VISA, MasterCard, or American Express, it works the same as when purchasing goods from an online store or retailer. 

When you make a payment and take out your winnings, you need the card number, the expiry date and the visual code. Then there are also additional security systems such as ‘Verified by VISA’ or ‘MasterCard SecureCode’ that ascertain encryption for their users.

The Pros to Credit and Debit Cards:

  • Fast processing times
  • Available at all online casinos in Canada
  • User-friendly
  • Deposits and withdrawals are both available

The Cons:

  • A couple of casinos do not allow withdrawals with MasterCard
  • You will not be anonymous with the Bank
Expert Tip Expert Tip

Players who make deposits with credit cards can fall into the nasty habit of overspending. Thus, we recommend you choose another alternative form of payment.

E-Wallets

This is the main alternative to the credit or debit card. It’s is also fast, secure and payments can be made with just a few clicks. 

Payment options include ecoPayz, Skrill and Neteller. You can store your payment data in a highly secure and safe virtual wallet. There is even the possibility of making instant deposits and withdrawals without providing your bank card number or having to run through the data to make sure it is correct.

The Pros to e-wallets are:

  • Deposits and Withdrawals are made anonymously
  • Both deposits and withdrawals are possible
  • Most online casinos in Canada accept them
  • Instant processing times

The Cons are:

  • You need a personal account
  • Some e-wallets are not eligible for promo offers and bonuses.

Prepaid Cards

Prepaid cards are for people who are solely looking for anonymous bank transactions. Using a prepaid card will also permit you have a budget, and more control over your bankroll.

Paysafecard, Vanilla and prepaid Visa and MasterCards are all examples of different prepaid cards and can be acquired from retail outlets with an amount of real credit attached to them. Prices range from $10 to $250. 

Prepaid cards are given together with a 16- digit PIN, which is distinctive with each card. You can use it to establish your online deposit.

Since there is no direct contact with your bank account and the no personal information is required, your casino banking remains completely anonymous with a prepaid card. 

However, it is for the same reason that you cannot withdraw your winnings with this card, simply because the casino cannot verify your identity.

The Pros to Prepaid cards are:

  • It’s completely anonymous
  • It’s great for controlling your bankroll

The Cons to Prepaid cards are:

  • It’s not available for withdrawals and bonuses.

Bank Transfers

This is not a popular payment method as it is slow and requires a sort code and an account number. Processing times can take long, especially when withdrawing funds. 

Most players tend to leave this option as a last resort if no other payment options are available.

Here are the advantages:

  • Available at all online canadian casinos
  • Ability to make withdrawals and deposits
  • Transactions take place in familiar personal banking space
  • Reliable and safe payment method

Here are the cons:

  • Long-drawn processing times
  • Having to enterbank details
  • No anonymity with your bank

Cryptocurrencies

Customer who seek total anonymity can use a decentralized currency and use Bitcoin or other cryptocurrencies to top their player balance.

The upside to using a decentralised currency is that there are no transaction fees attached to it. It is also super fast with payments regarded as truly instant with no intermediaries.

A large number of online Canadian casinos are using this unconventional currency. Some operators have even gone as far as creating Bitcoin online casino platforms which are fully adjusted to accepting this form of currency.

Here are the advantages of using crypto payments:

  • Complete anonymity
  • Instant transactions
  • No transaction fees
  • Perfectly suited to withdrawals

Here are the cons:

  • Very few casinos opt for this payment method

 

Expert Tip Expert Tip

Hi There! Please keep in mind that even if an online casino site allows cryptocurrency deposits, it does not necessarily mean that withdrawals can be be made in the same way.

 

Factors to Consider: Restrictions and Fees

Every payment method comes with minimum deposit amounts and maximum cash out caps. Therefore, before carrying out any transaction at all, it is best to have a general idea about all the restrictions involved. 

Some casinos may also deduct fees from transactions depending on the deposits and withdrawals made. There is usually a general fee which applies to every payment method. However, taxes vary from casino to casino.

There are also platforms that have no restrictions when it comes to the number of transactions being made in a day.

Some operators might impose restrictions on deposit methods for bonuses. This is usually down to the casino’s obligations to regulators in the country. They need to verify the identity of the players before letting them withdraw any funds.

There are also bonus abusers to consider. Many of these tend to use e-wallets as they think they can easily collect bonuses using this payment method. Also certain payment methods have quite high fees, making it unbeneficial for the casino.

Skrill, Neteller and Paysafecard are casino payment methods that are usually restricted. Read our article on How to Evaluate Casinos to learn more about how to assess the deposit and withdrawal terms accepted.

Choose the Best Online Casino Payment Method for You

If you are thinking which best payment method to use when making a deposit, there are some suggestions you can follow that can help you make up your mind quicker.

Here is what to look out for:

Deposit restrictions (minimum and maximum amounts)

If you’re into playing high stakes, you need to watch out for maximum deposit limits

Withdrawal limitations

Make sure you select an option that is available for withdrawal in order not to enter multiple account details.

Check the bonus on offer

If you want to make use of a particular bonus, check first  that it is compatible with the payment method in mind.

Processing time

How long are you willing to wait for withdrawal funds to reach your account?

Fees

Some platforms may have additional fees and not just that, additional time, which can add up to 24 hours to a withdrawal request.

Suggestions to Avoid issues When Making Deposits or Withdrawals

Play at Verified Casinos Only

Casinos with established casino licenses such as the Kahnawake Gaming Commission, the UKGC or the Malta Gaming Authority will be tightly supervised by their regulators. 

If you want your winnings to be paid out on time and in a reasonable manner, make sure that the casino you sign up which bears a license from the above-mentioned regulators. 

Expert Tip Expert Tip

Make sure you have access to a great customer support team in case anything goes wrong. Read our article on Features of Good Customer Care at a No deposit Casino to learn about what constitutes amazing customer support.

 

Make sure you Finish the Verification Process

Online Casinos in Canada are obliged by law to verify that withdrawals and payouts are made to the registered customer.

 If you have not finished all the steps necessary to complete the casino’s verification process, withdrawal processing times may take even longer than stipulated.

Be Cautious With Your Password

Be creative with your password. Some casinos may even notify you on the level of strength of the security of your password.

Create a password using both upper and lower-case characters, numbers and special characters. Never use your date of birth!

Make Sure Your PC is Secure

Protect your safety by making sure your PC or laptop is equipped with a good anti-virus. Also clean it and format it when necessary.

Avoid Public Wi-Fi

Do not connect to an online gambling platform from a public Wi-Fi. You will put your privacy and security at risk. Your data may be stolen and used for sinister purposes. 

Key Takeways

  • Ease of mind, speed, security, and convenience are essential when making a financial transaction.
  • Check which payment method is allowed at the casino you register with and not only that. 
  • You need to find the ideal payment method for you whether it is Credit/Debit Cards, E-wallets, Bank Transfers, Prepaid Cards, or Cryptocurrency.
  • Each payment method has its sets of advantages and disadvantages.
  • Every payment method comes with minimum deposit amounts and maximum cash out caps.
  • Some operators might impose restrictions on deposit methods for bonuses.
  • When choosing the best online casino payment method for you, you need to look at deposit restrictions, withdrawal limitations, the bonus on offer, processing time, and fees.
  • In order to avoid any incoveniences in relation to withdrawals and deposits make sure you: play at licensed casinos only, finish the verification process, be cautious with your password, make sure your PC is safe, and avoid public Wi-Fi.

Conclusion

Now you are well-equipped to start comparing casinos and their promotions, taking into consideration the payment methods accompanying them. Look into each bonus terms and conditions and the deposit and withdrawal method available accompanying each of these.

After going through all these tips and recommendations in this article, you can decide on the ideal payment for you.

Charles Ingel - Senior Content Writer

Charles Ingel is our resident casino and bonus review expert. He makes sure that every bonus on our site is active and tests for fairness. Charles sees to it that we have the best no deposit promos of any online bonus site.

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