The Most Popular Payment Methods in Modern Online Casinos
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Thanks to a steady rise in the number of Canadian online casino players, gaming platforms are constantly introducing new and even more convenient ways for gamblers to deposit and withdraw funds. In fact, it’s not only the game selection that can make or break a casino but also the payment methods available. The days of waiting at the ATM, making a bank wire, eCheck transfer or using any other traditional payments are long gone thanks to modern mobile device technology. With this in mind, let’s take a look at each popular payment method to move funds in and out of your casino account.
Credit Cards
When it comes to payment methods offering sheer convenience, credit cards are a hard act to beat. They are simple to use, and deposits are instant, allowing players to begin gambling at once. Also, the number of reliable online gambling sites that accept credit cards is enormous. Whether you’re a fan of Visa, Mastercard, American Express or Discover cards, input the card number on the banking page of any Canadian-facing casino and claim the welcome or deposit bonus.
Even if your deposit funds are for immediate use, withdrawals with the same card might require five business days to clear. One thing you should be wary of is that many credit card transactions carry fees. It’s possible the casino will charge you 1 – 3% for online deposits. This could be in addition to any fee the card provider might ask for. Also, although a credit card might be accepted for deposits, check if credit card withdrawals are allowed.
Skrill
Skrill is an e-wallet for online payments and is good for deposits and withdrawals from top Canadian online casinos. Similarly to Pay by Phone Bill, it acts like a secure payment intermediary for the casino and your preferred payment method, be it credit or debit cards or bank account. Once you’ve linked these to the new Skrill account, enter the banking section of the Canadian online casino, fund your account, and start to play.
Be aware that while deposits are instant, withdrawals require patience. There’s a waiting period of around 2 – 24 hours to allow requests to be processed, followed by up to a 5 business day wait for the funds to hit your bank. Skrill may be convenient, but it’s certainly not cheap. Individual withdrawals, irrespective of how big or small, carry a fixed CAD$5.50 fee. Worse, Skrill doesn’t support the Canadian dollar, meaning an added fee for currency conversion to USD. Also, be aware that there are online casinos that exclude Skrill payments from their welcome bonus promotions.
eCheck
An eCheck is similar to old-fashioned paper checks. On lots of Canadian casino sites, you’ll notice this option referred to by a number of different names, including ETF, ACH Payments, ACH Transfers, and Direct Debits. For example, you’ll find eCheck listed on LeafletCasino as a reliable casino payment method. To make use of it, you’ll need a checking account with your bank. Due to the transactions being solely between the player and the casino’s bank and executed using the most up-to-date encoding technology, eCheck online casinos are incredibly safe and secure.
Unfortunately, eCheck platforms are slow. There’s a 24 – 48 hrs verification process, with a further 3 – 6 business days to wait for funds to finally be transferred. Another disadvantage of eCheck casinos is that they often require a sizable chunk of personal information.
Interac e-transfer
Unlike eCheck, for many Canadian players, Interac is a favourite go-to option for funding online gambling accounts. Though technically an e-wallet, Interac behaves like a debit card in that players from Canada can only transfer the available funds in their bank to a casino account. The platform is exclusively open to Canadian citizens who have a Canadian bank account. Honestly, it’s fast, effortless, and safe. Deposits are done in seconds, with withdrawals taking less than 24 hours. Even better, there are minimal fees, with free deposits. Still, some online casinos might demand a flat fee of CAD$1 for every withdrawal.
As for safety and security, Interac functions with over 250 banks and credit unions throughout Canada. The company’s confidence in its security measures is so strong that they offer a “zero-liability” policy whereby Inerac will reimburse money lost to fraud.
Neteller
The UK global payment company Paysafe Group owns both Neteller and Skrill. Neteller is one of the world’s most popular e-wallets, but it’s off-limits for Canadian online casino gamblers. Because countless Canadian players gamble at offshore casinos, and these can’t be regulated in Canada, this means the Neteller can’t be used for unregulated transactions. Players can use Neteller for online purchases in Canada and for managing finances, but they can’t fund casino accounts with it. This is unfortunate as there exist many reasons why Neteller would be a perfect choice for all Canuck casino players.
To start with, it’s virtually anonymous, as information about the actual casino used doesn’t appear on gamblers’ banking statements. Also, zero confidential banking details are shared with the casino. Furthermore, the payment platform uses 128-bit encryption to ensure transactions are hidden from third parties. We suggest you try either Pay by Phone payments or eChecks for equally secure transactions.
Paysafecard
All Canadian players are able to utilise the prepaid online payment platform Paysafecard. In fact, one of its best features means that no banking details or Visa and MasterCard information are required to create an account. The card itself has a couple of variations. First, there’s the “Paysafecard” which is a 16-digit code PIN number that can be used for online purchases. Next, there’s “My Paysafecard” which acts as an online account that you can add PINs to. In order to make a payment online, simply enter the username and the password. Having additional PINs gives you the opportunity to make larger payments straight to your online account.
Keep in mind that, unlike a few other banking options like Pay by Phone, Paysafecard carries a number of fees and spending limits. First off, there’s a maintenance fee of CAD$2.50 per month. Furthermore, Paysafecard has purchase and currency conversion fees. As for limits, the maximum single transaction amount is CAD$400. Also, you keep a maximum of CAD$3,500 in a single account.
Pay by Phone Bill
Better known as companies like Payforit and Boku, as the name suggests, Pay by Phone casino websites allows online casino players in Canada to fund their accounts directly using their monthly mobile phone bill. If you’re on a Pay-As-You-Go mobile plan playing at casinos that accept pay by phone bill for online gambling casino payments, the funds are withdrawn instantly. Regular mobile users will see the deposit charge against the monthly phone bill. In either case, make sure you have enough funds in your bank account to cover casino spending.
The whole process is quick and easy, with the deposit carried out via pay by mobile or SMS. Simply state the sum you wish to deposit, enter your phone number, and you’re good to go. As you can’t add money to a phone bill using mobile devices, you can’t use this method to cash out from Pay by Phone casinos.
Conclusion
Before jumping on the first payment option you come across, we suggest you do some research. Though many of these present themselves with promises of making the whole online casino deposit and withdrawal process faster and more easy-going, some are better suited to you than others. Much will depend on playing style, individual circumstances, and budgetary concerns, as well as the casino games you most enjoy. For instance, some might find eCheck or Pay by Phone Bill easier than more current solutions like eWallets. Nevertheless, be aware of deposit and withdrawal limits, the inclusion of extra fees, the level of security, and transaction speed.
All Canadian online casinos make it painless for new players to sign up and deposit funds into their accounts. However, don’t assume all payment options allow you to claim the casino’s bonuses. Once the time arrives to choose a payment method, it’s better to hedge your bets and go for a casino with as many banking options as possible.
