In this guide, you will learn all about which payment methods you can use for deposits and withdrawals when online gambling in Canada.
Trying to decide what the best online casino payment method is for Canadians?
This guide will help you navigate the payment methods available at online casinos in Canada. Most importantly, it will help you decide which option is best for you.
One of the most important things to consider when choosing an online casino is the payment options it offers.
Each online casino provides different deposit and withdrawal methods. Different payment methods will have different withdrawal times, fees, and security. Be sure to choose an online casino that offers a payment method that works best for you.
We’ll discuss all of these important components below. Let’s take a look.
Visa is one of the most widely accepted credit cards in Canada. This isn’t surprising, given that Visa dates back to 1958.
Visa is also one of the most common payment methods available at online casinos. Almost all Canadian online casinos accept Visa as both a deposit and withdrawal method.
Using your Visa to make a deposit at an online casino is simple. Just enter your card information and choose the amount you would like to deposit. The payment will be processed and you will see the amount on your Visa statement.
As a Canadian, you can also withdraw funds from your online casino account using your Visa. Withdrawals will show up as a credit on your credit card.
Mastercard is another popular payment method at Canadian online casinos. Mastercard is simple to use and widely accepted.
To make a payment or withdrawal using your Mastercard, just enter your credit card information and choose the amount of money you would like to transfer. You will see the debit or credit on your Mastercard statement.
Interac E-Transfers and Interac Online are common payment methods at many online casinos. Money can be deposited or withdrawn using Interac. However, it is more commonly used for deposits.
When you use Interac E-Transfer or Interac Online, you are transferring money directly from your personal bank account to your online casino account.
Interac works like a bridge between your bank account and the online casino. With the help of this bridge, funds can be transferred quickly and effortlessly.
INSTADEBIT is also a great payment option for Canadians.
It works by creating a link between an online casino and your bank account. This allows for safe and easy payments.
Unlike e-wallets, you cannot transfer money into an INSTADEBIT account from your personal bank account. Rather, INSTADEBIT acts like an online cheque, helping you move money from your bank account to the casino site.
When it comes to withdrawing money from an online casino, funds are deposited into your INSTADEBIT account. This process takes anywhere from 3 to 5 business days. You can do two things with your money once it’s in your INSTADEBIT account:
iDebit is an incredibly simple way to make payments online straight from your bank account. Much like a debit machine, iDebit moves money from your bank account to your online casino account in a few simple steps.
Here’s how it works:
With iDebit, no personal information needs to be shared with the online casino. This provides an added layer of security by keeping sensitive information safe.
If you use iDebit to withdraw funds from an online casino, the money will go to your iDebit account. When moving money from your iDebit account back to your personal bank account, you can expect it to take 5 business days or less.
Similar to Interac Online, Trustly is a banking portal that bridges your bank account and online casino account. It can be used for both depositing and withdrawing money at an online casino.
To use Trustly, no cards, apps or registration are required. If you choose to use Trustly for deposits, simply follow these three steps:
When you use Trustly to withdraw money, the funds are not held in a Trustly account. Trustly is a payment provider, not a funds account. Therefore, money withdrawn using Trustly is moved directly into your bank account. This process can take up to 2 business days.
Skrill is an e-wallet service that was started in 2001.
Want to make a deposit to your online casino account using Skrill? First, you’ll need to load your Skrill account with funds. Once your Skrill e-wallet has a balance, this money can be used to make payments to your online casino account.
You can also withdraw money from an online casino using Skrill. Withdrawals will be deposited directly into your Skrill account. From there, you can use the funds to make other payments online or transfer the money back to your personal bank account.
The Skrill App can be downloaded on:
PayPal is a digital wallet. It allows you to move money without sharing your financial information with online casinos.
To use PayPal, all you have to do is create an account and add a payment method. PayPal will safely store your card and account numbers.
When using PayPal to withdraw money, funds will be deposited back into your PayPal account. You can then withdraw your money back into your personal account or onto a card.
Many Canadians choose to use EcoPayz on online casinos. This payment method is attractive because it offers instant deposits and withdrawals. As well, transferring money to and from EcoPayz online casinos is free of charge.
To use EcoPayz, you’ll first need to create and fund an EcoPayz account. Canadians can fund their EcoPayz accounts using various payment methods.
Once you have money in your EcoPayz account, it can be transferred into your online casino account. To deposit money into an online casino account just select EcoPayz as your payment method and follow the login prompts.
When you’re ready to cash out, you can also withdraw money back into your EcoPayz account. The money in your EcoPayz account can be used for other online payments or transferred back into your bank account.
Neteller is a digital wallet that allows you to deposit and withdraw money from your online casino account. Like PayPal, you don’t have to share your financial information with online casinos when using Neteller.
To use Neteller, first create an account and deposit money. Once your account is funded, you can deposit this money into your online casino account.
Withdrawals from online casinos to Neteller are also fast and convenient. To cash out, just select Neteller as your withdraw method. The funds will be put into your Neteller account almost instantly. From there, you can transfer your money back into your bank account or use it for other online purchases where Neteller is accepted.
MuchBetter is another popular e-wallet.
Like EcoPayz and Neteller, to use MuchBetter you must first make an account and fund it. There are various ways Canadians can fund their MuchBetter accounts. This includes using cryptocurrency, Interac E-Transfer, Interac Online, and more.
Once your MuchBetter account has money in it, you can use it to make deposits to your online casino account. On the casino’s deposit page, simply choose MuchBetter as your payment method.
You can also withdraw money from your online casino account back into your MuchBetter account. Once the withdrawal is reviewed and verified, you’ll see your funds instantly in your MuchBetter account.
Paysafecard is a type of prepaid card that allows you to make payments online. Paysafecard is extremely safe for Canadians, as it requires no personal or financial information.
You can purchase a Paysafecard (in the form of a PIN) at various in-person retailers. PINs can be purchased in predetermined denominations ($10, $30, $50, $100, $150 or $250).
Once you have a PIN, you can make a purchase using this PIN directly. Or you can add it to a My Paysafecard account. Money in your My Paysafecard account can also be used to make payments. To make a deposit to an online casino, just use your My Paysafecard account login details.
You can also withdraw winnings to your My Paysafecard account. To do this, choose Paysafecard as your withdrawal method. Then, enter the email that is linked to your Paysafecard account.
An eCheck is also known as an electronic cheque. You may also see an eCheck referred to as an EFT or Electronic Funds Transfer. eChecks can be used for both depositing and withdrawing money from online casinos.
To deposit or withdraw money using an eCheck, simply select eCheck as your payment method. You’ll then be required to provide some personal and financial information (e.g. first and last name, bank account number, last four digits of your SIN, etc.).
Unfortunately, eChecks have a much lengthier processing time than other online casino payment methods. In total, verification and processing can take 6 to 8 business days.
A wire transfer allows Canadians to transfer money quickly via electronic banking.
Wire transfers, unlike Interac E-Transfers, do not require a third-party payment service. With wire transfers, money is moved directly from your bank account to your online casino account.
Before you can deposit or withdraw money using this method, you must provide your personal and banking information to an online casino. This makes wire transfers less secure than other discreet payment methods like Paysafecard.
Looking for the fastest payout possible?
There are three payment methods to consider when looking for a quick payout. These include:
e-Wallets - 1 to 2 days
Banking Portals - 1 to 2 days
No Fee Online Casino Payment Methods
The following payment methods do not charge fees for depositing or withdrawing money from an online casino:
Any of these options are great for Canadian gamblers.
While these are the cheapest payment options, wire transfers charge the highest fees for deposits and withdrawals.
Most Secure Payment Methods
The most secure payment methods are those that don’t require you to provide any sensitive information. For Canadians, the most secure online casino payment methods include:
E-wallets - 1 to 2 days
Banking portals - 1 to 2 days
Always ensure the payment method you’ve chosen uses SSL encryption. This will guarantee that your financial and personal information is protected.
Deciding which payment method to use is part of the sign-up process for online casinos in Canada and betting sites that are available in the country.
Usually, you will need to add a payment method before being able to play, unless you are using a no deposit offer to get up and running on your chosen site.
The payment method you choose will likely have an impact on how long it takes for a withdrawal to be made, so it is worth thinking carefully about this decision.
It should only take a few minutes to complete the process of signing up for an account:
In some cases, it will be necessary to verify the account. This is usually done through email, with players only having to click a link sent in a message to get started with the account.
Thomas is responsible for all content on BettingGuide Canada. With his extensive knowledge of the gambling industry and college degree in law, he knows what you should look out for when choosing the best casino or sportsbook.