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What is an Online Payment Method?
Those signing up with an online casino will have to select one or a number of payment methods in order to both deposit and withdraw funds. Different casinos will offer a variety of payment methods in order to meet the needs of players, with the most popular options in Canada today being credit cards, e-wallets such as PayPal and bank transfers. The best online payment methods are the ones which process transactions as quickly as possible, without risking the security of personal information and bank details. Meanwhile, the leading payment methods should also be convenient, allowing players to deposit and withdraw funds using a range of devices within just a matter of minutes.
How to Choose the Best Online Casino Payment Method for You
Before making deposits and withdrawals online, players must first select the online casino payment method that is best for them. This process requires players to take into account which method is the most secure, with many options coming with a series of safety features, including encryption technology and verification. Meanwhile, e-wallets have become increasingly popular due to the fact that players are not required to share their bank details with their preferred online casino, adding yet another layer of security in the process.
Meanwhile, it is also important to choose an online payment method to delivers fast transactions on casino sites, with bank cards and e-wallets regularly ensuring for instant deposits and speedy withdrawals, making them appealing to most players. As well as this, and with almost all online casinos today offering some form of welcome bonus in a bid to attract new players, it is important that customers take into account which form of payment will help them qualify for such an offer. Those depositing cash for the first time using an e-wallet or other methods are sometimes ineligible for a potential bonus as a result.
Some online casino payment methods also require a verification process to be completed before they can be used, sometimes taking a number of days. As a result, those looking to play their favorite casino games instantly may have to look elsewhere. All of the casinos mentioned on our site offer a range of payment methods, so be sure to think carefully when choosing your preferred option, which also includes the fees and limits in which accompany them. There is nothing worse than being charged to either deposit or withdraw cash online.
Most Popular Payment Methods in Canada
There are now a large number of online casinos catering for players in Canada, however players must ensure that international sites deliver options that are recognized worldwide. When it comes to the most popular payment methods available to players in Canada, the following certainly stand out from the crowd.
PayPal- As the best-known e-wallet platform in the world, it comes as little surprise that an increasing number of players are using PayPal in order to fund their casino accounts. PayPal is both easy to use and secure, with the majority of casino sites now offering this form of payment. The convenience of PayPal also adds to their popularity, with bank details never been sent to casinos, no matter whether transfers are made on desktop or mobile.
Instadebit – Instadebit is a bank-based payment method available to players based in Canda, with users being able to sign up free of charge. Players can transfer money from their bank account to their casino instantly using Instadebit, offering one of the safest options too. However, there are some fees involved with using Instadebit, which will come as a disappointment to some. Players will be charged $2 each time they transfer funds from an Istadebit account to a bank account.
Visa – Visa debit cards are accessible through a large number of banks in Canada, with this option being both quick and secure when it comes to both international and online payments. Whether it via the National Bank of Canada or Royal Bank of Canada, the use of Visa debit cards online has long been one of the most popular forms of depositing and withdrawing with online casinos, with players being able to save their details, allowing for rapid payments to be made.
Types of Deposit Method for Canadian Online Casinos
While the number of payment methods will differ from casino to casino, online players can generally take advantage of the services and features of the following:
MasterCard is widely accepted on online casino sites today, having long been one of the most popular payment methods for customers on a range of platforms. Transactions made using MasterCard are quick and secure, while players can save their card details with their casino, making depositing and withdrawing hugely convenient. MasterCard has now been around for over 50 years, with both credit and debit cards being offered by the American financial services organization.
Having been founded in 1998, PayPal is now the largest e-wallet platform in the world, used by millions of online casino players in order to transfer cash. PayPal was bought by eBay in 2002, which only helped them to grow as a company. Transactions made using PayPal are hugely convenient, while they are often processed instantly. Users are able to link their bank details to their account, without sending any information to their casino, ensuring for safety at all times.
Neteller is an e-money transfer service available to players in Canada, with the company being owned by Paysafe Group, who also own Skrill. Transactions made using Neteller are safe, with just an email address being required in order to register an account. Over 22 different currencies, including Canadian dollars, are supported at Neteller, with the organization that was founded back in 1999 being recognized as one of the leading platforms in their field.
Founded in 2001, Skrill is regulated by the Financial Conduct Authority, while they also offer payments in a range of currencies, including Canadian dollars. Skrill is undoubtedly one of the most secure electronic payment services available to casino players today, with their eCommerce Payment Gateway having been designed specifically with the online gambling industry in mind.
Despite not being the fastest method of baking online, bank wire, or bank transfers as they are also commonly known, is still an option worth considering for online casino players. Users can make transfers using a local bank or specialist cash office, however a significant amount of payments are likely to come with a fee, due to them being made offline effectively. Deposits and withdrawals made using bank transfer are likely to take longer than the majority of other payment methods available with online casinos.
Dating back to the 1950’s, Visa was the first form of electronic financial payment, with this system still being used by many today. All online casinos now accept this form of payment on their websites, meaning that payments are unlikely to ever be declined. Deposits made using Visa cards are instant, while withdrawals generally take between 2-5 days to process, meaning that there are no frustrating waits involved. Encryption technology is used in order to keep payments safe at all times too, adding to their appeal.
The number of online casinos offering American Express is increasing all of the time, with the credit card provider having an excellent reputation within the industry. Having been founded in 1850, Amex is widely regarded as one of the best methods of payments online today, with users having to enter their 3-digit pin with each transaction made, adding an important layer of security as a result. American Express is also a good option for high rollers, with this method of payment coming with high limits.
Bitcoin hit the mainstream back in 2011, acting as the first decentralized currency in the world, with transactions being controlled through its peer-to-peer system. Bitcoin is now a payment method offered by a number of online casinos, offering players an alternative to the more traditional forms of depositing cash.
E-wallet Ecopayz offers many of the typical services and features offered by some of their competitor platforms, with casino players also being able to deposit and withdraw funds using a prepaid debit card, known as an ecoCard. Ecopayz is available in almost 50 different currencies, including Canadian Dollars, while customer support is also available in 7 different languages.
Canadian debit card provider Interac has also become very popular for online casino players, offering quick and secure deposits, while they also offer a range of other e-transfer functions. A number of security measures are also in place in order to ensure that payments are processed safely, with Interac having gained an excellent reputation since they were founded back in 1984.
Typical Transaction Times
Due to the number of different payment methods that are available to online casino players today, there is also a distinct difference between the times in which it takes to complete both deposits and withdrawals. The majority of payment methods will allow for instant deposits, with only bank transfers being the major exception to this rule. Meanwhile, withdrawals through online casino sites can take anything between 24 hours to 12 working days on the whole, with bank wires also coming with the longest transaction times.
KYC Request Before Withdrawals – What to Know and When to Verify Your Account
Those who sign up with an online casino are generally doing so in order to have fun and win money. So, for those lucky enough to win on their favorite casino games, withdrawing funds is a great feeling. However, in order to prevent any security issues, online casinos must follow KYC procedures, helping to ensure that any money being transferred to player bank accounts is received by them and no one else. Casinos therefore normally request a proof of identity before any withdrawals can be made, whether it be a passport or drivers license. Players are able to take a photograph or screenshot of their document, before passing it on to the relevant area. Once documents have been received and verified, players will be free to withdraw their winnings.
Online Casino Payment Methods FAQ
In this section, our experts have answered some of the most commonly asked questions surrounding online casino payment methods.
Q: What are the safest payment methods for online casinos?
A: All of the payment methods discussed on this page are safe, with each coming with their own set of security measures, helping to guard against fraud.
Q: How long does it take for my money to arrive?
A: Deposits made on online casino sites are generally instant, while withdrawals can take anything up to around 12 business days to process.
Q: Can I use different payment methods to deposit in one account?
A: Yes! Players will generally be able to add a number of payment methods to their account, before selecting their preferred choice at different times.
Q: I can’t withdraw my money to my desired method. Why?
A: Certain payment methods will only be available to those looking to deposit funds, rather than make withdrawals. So, be sure to look into this before making any decision.
Q: What is a closed loop withdrawal?
A: A closed loop withdrawal basically means that players will have to use the same method of payment when it comes to both depositing and withdrawing money, a policy in which certain online casinos have adopted.
Q: What is important when selecting a payment method?
A: The best payment methods are secure, fast and convenient, making it as easy as possible for players to carry out the transactions in which they wish to.
Q: Which are the fastest payment methods?
A: E-wallets including PayPal and Neteller, along with credit and debit cards, normally provide the fastest method of transferring money with online casinos.
Q: Do I need to pay a fee to do an online deposit?
A: The majority of payment methods will allow players to deposit money for free.