Guide to Online Casino Payment Methods

Managing your online casino account has never been easier. In fact, when it comes to casino payment methods there are dozens of options. Most Canadian online casinos support a decent selection of bank cards and transfers, e-wallets, and even cryptocurrencies. Not to mention, you can also opt for prepaid cards or smartphone deposits. Moreover, deposits are usually instant and withdrawals take just a few minutes. 

So whatever method it is you prefer, certainly there is a platform or two that can cater to you. However, with so much choice out there it can be difficult to decide which one is right for you. To make deciding easier, read our full guide on casino payment methods to learn more about all your options. In addition, we’ll walk you through the selection process for your individual case.

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Online Payment Methods – Then and Now

The first online casinos were launched in the late 90s. Back then, the internet was a much simpler place. So naturally, paying online was also very different than what it’s like today. Initially, there was a very limited number of options available. As a matter of fact, most real money casinos in Canada only supported transactions via credit or debit cards and bank transfers. 

But throughout the 2000s, as the internet became more widespread and technology advanced, digital banking really took off. Of course, the payment methods that everybody already used went online. Moreover, a number of new options designed specifically for the digital market were also launched. By the time the first mobile casinos appeared in the mid-2000s, it paved the way for payment service providers to create more mobile-friendly options. Not only did the established providers enter the mobile market but some brand new start-ups joined as well. 

Generally, most casinos and payment systems now support a fairly large range of traditional currencies. Hence, Canadian players need not worry as the Canadian dollar is widely accepted. In addition to fiat currency, most casinos now accept a variety of cryptocurrencies, too. Although the likes of Bitcoin may not have been very popular over a decade ago, they’re now a common option. What makes cryptocurrencies special is that they’re not tied to a central system, such as a government or financial regulator. So they’re basically an off-the-grid type of currency, though they’re completely legal.

Casino Pyament Method Guide

Available Payment Methods in Canada

Fortunately, Canadian online casinos accept a broad range of payment methods. Most offer at least a few and many platforms let you choose from dozens of options. Not to mention, occasionally you can enjoy extra casino bonuses just for using certain methods. Some of the most commonly available payment methods in Canada include:

  • Credit/debit cards. With credit cards, you can borrow money from your bank and pay it back later (usually with some interest). On the flip side, if you use a debit card you can only pay with what’s already in your account.
  • E-wallets. Virtual wallets are very convenient as they let you store funds, as well as use them for payments. In addition, e-wallets also protect your data from third parties completely.
  • Bank transfers. This option involves direct transfers from your bank account to your casino account. They’re very secure, though they can take longer than payments made with other methods.
  • Cryptocurrencies. Entirely digital currencies give users more privacy when making payments online. You can both deposit and withdraw via this method.
  • Phone deposits. This is a convenient way for mobile users to safely add money to their casino accounts. However, you cannot withdraw with this option.
  • Prepaid cards. You can purchase a prepaid card for a set amount of money which you can then deposit into your casino account. This is a very safe option but it only works for deposits.

Depending on what method you choose, the minimum and maximum limits for both deposits and withdrawals can differ. Some payment methods, such as bank transfers, can have much higher limits than others. Prepaid cards, for instance, usually have relatively low upper limits. So if you’re anticipating big transactions, double-check with your casino to make sure the limits are suitable for you.

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Popular Credit/Debit Cards

Credit and debit cards can be used at just about every online casino in Canada. For instance, options such as transactions via Visa and Mastercard are available at almost all sites. American Express is also accepted at quite a few casinos. Hence if this is your payment method of choice, you can easily find a platform that caters to your preference.

However, if you decide to use a credit card it’s a good idea to be more cautious when spending. Because the odds are always against you, there’s never a guarantee you’ll win. Therefore you should only borrow money that you know you can comfortably afford to lose.

E-Wallets

E-wallets are some of the most popular payment methods that people use at online casinos. They let you deposit money instantly and make withdrawals faster than most other types of payment methods. PayPal is one of the most popular e-wallets, while other widely used ones include Neteller, Skrill, and EcoPayz. E-wallets are essentially digital wallets that let you store money, as well as make payments to others. Of course, you can receive payments, too.

What’s worth pointing out is that some online casinos don’t let you claim welcome bonuses if you’re using certain e-wallets to make your first deposit. Generally, it’s Neteller and Skrill deposits that don’t qualify for welcome offers. So before signing up for an online casino, check the terms and conditions of its welcome bonus first. If e-wallet deposits don’t qualify, you might want to consider signing up to another casino that lets you claim the welcome bonus.

Online Casino Payment Options

Online Bank Transfers

Some players prefer to use online bank transfers because they’re seen as more reliable than other types of payment methods. The only drawback here is that they can be very slow. Usually, deposits are almost always instant but if you use a bank transfer you could have to wait a working day. Sometimes it may be even longer than a day before your money reaches your casino account. Likewise, withdrawals aren’t the fastest either. However, if the speed of transfers doesn’t bother you then this is a fine option.

Offline Payment Methods

Although you’ll be gaming at an online casino, you can handle your banking completely offline. For example, a popular offline payment method that many Canadians use is eCheck. You simply have to visit your bank and ask to have an eCheck sent to your online casino account. They’ll ask you to provide the correct details and they then prepare the eCheck and send it off.

Another option is Western Union, which involves you visiting a branch and meeting with an agent to set up the deposit. You’ll need the casino’s details so Western Union knows where to send the money to. Additionally, you’ll also need to keep hold of the tracking number provided by Western Union. This way the casino can confirm the payment is indeed yours. Alternatively, you can deposit via a bank wire transfer. This is an easy way of transferring funds, as you only need your bank account number and a sort code.

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Cryptocurrencies

Cryptocurrencies are entirely digital currencies that use cryptography for security. There are many different cryptocurrencies in use today and the biggest one is Bitcoin. It was the very first one to launch in 2009, hence its popularity. Many people prefer cryptocurrencies to traditional payment options because they offer an extra level of anonymity. Even though cryptocurrencies can be highly volatile, they’re still safe to use. This is thanks to the blockchain technology that gives transactions extra protection.

An increasing number of online casinos accept Bitcoin alongside other standard payment methods. A few other cryptocurrencies such as Ethereum and Litecoin are also widely available options nowadays. Moreover, there are even some online casinos that only accept cryptocurrencies. At these sites, you’ll find many more cryptocurrencies as they specifically aim to cater to cryptocurrency users.

Mobile Payment Methods

A growing number of mobile casino sites and casino apps allow you to make deposits into your account using your smartphone. Some of the payment method options that involve mobile deposits include Buko and Payforit. The way these work is straightforward: the money you deposit into your casino account is either deducted from your balance or added to your next phone bill. Deposits are confirmed through your phone by text or an automated phone call.

There’s also Zimpler, which is another popular option for mobile gamblers. For this, you enter how much you’d like to deposit and your phone number. The money’s taken from your Zimpler account or a credit/debit card – you get to choose which one. You’ll receive a one-time, four-digit deposit code that you’ll have to enter at the casino to confirm the deposit. Once confirmed, the money will be added to your account.

Depositing through your phone is a quick and easy way of topping up your casino account while you’re on the go. What’s also an advantage is that mobile payment methods use extra security protocols. For example, texts and one-off codes are utilized to make sure everything’s above board.

Casino Payment Methods in Canada

How to Choose a Payment Method

The typical Canadian online casino lets you choose from quite a few different payment methods. Of course, if you’re thinking of signing up to a casino it’s best if you can manage your funds with what you already use. However, if that’s not the case you can consider using a method they support. Alternatively, it’s worth exploring other platforms that can cater to your needs.

Either way, you should use a payment method that you trust and that you know is reliable. If you’re thinking of using one you haven’t before, make sure it’s a safe and secure option. In addition, consider the possible extra charges for using that system and the usual processing times. Read some reviews about it online and check out the official site. Only use something if you feel confident it’s not going to cause problems later on.

Conclusion

Gambling for real money online is very easy in Canada thanks to the large variety of available payment methods. Naturally, each kind has its pros and cons. But now that you know all about your options you can make an informed choice. Many of the world’s most trusted and popular payment options are supported at Canadian online casinos. So whether it’s bank cards, e-wallets, or even cryptocurrencies that you prefer – there’s certainly a casino for you out there. 

But choosing the right gaming site is just as important as picking a safe and convenient payment method. So if you’re on the market for a new casino as well, check out our casino reviews. We’ve taken the time to research what payment options are available at the platforms we review so you can find the right match quicker.

FAQ

Visa, e-wallets, cryptocurrencies, and bank transfers are among the most commonly available options. Head to a casino’s banking section to see what methods they support.

Generally, no. However, occasionally there may be an extra fee when you use a particular payment method or your withdrawals are of a particular size.

Yes, processing times depend on the casino and the payment method you’re using. For instance, depositing with an e-wallet is instant in most casinos and bank transfers can take days.

For the quickest withdrawals, use a payment method such as an e-wallet or a cryptocurrency. But also try to pick a casino with short processing times in general.

Prepaid cards are arguably the safest in that they grant complete anonymity. However, bank transfers and cryptocurrencies are just as secure.

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