Over the years, gambling has seemingly taken centre stage in Canada, with lots of betting/casino companies getting into the market every day. With the high demand for gambling services in the state, this is highly anticipated. It is perhaps no surprise to see that the industry has grown to become a multimillion-dollar industry in the last decade. At Toronto online casino, we specialise in reviewing different casinos distinct to different countries.
In this article, we will look in-depth into the best five payment methods used in Canadian online casinos.
Best Five Payment Methods in Canada
In this section, we will take a close look at the best five payment methods in Canada while looking at their unique pros and cons.
The table below represents the best five options that are popular among casino platforms in Canada.
This is easily the most common deposit means you will find among the best online casino platforms out there. Virtually everyone owns a bank account, and it is highly unlikely that they don’t have a card linked to it.
The swift availability of these cards among users also makes the option the most harnessed by users on the best online casino platforms. For the most part, these cards are widely used for deposits. The major card options widely available are Visa, Mastercard and Maestro.
- The cards often open you up to enjoying specific promotions like no deposit bonus, especially when using it as a deposit option;
- The cards are safe and highly secure;
- The cards are hardly unavailable at most online slots or casino platforms out there;
- The cards often have a high purchasing power;
- There are almost no charges for using bank cards for real money deposits on casino or eSports betting platforms.
- Specific cards like Mastercard are restricted from being operational in Canada.
E-wallets have increasingly become popular among Canadians, especially over the past five years, as at the time of writing.
The availability of E-wallet options has so far revolutionised the ease of doing online transactions.
The main idea of this option is to give users a means to create a virtual wallet that can store funds and can be used for online transactions. Some of the most popular E-wallets out there are EcoPayz, PayPal, Neteller, Skrill and Trustly.
- E-wallets have a very fast processing time when used for making payments on dollar deposit casinos;
- E-wallets use a special security method called SSL encryption to ensure the transactions made are secure;
- This option helps you organise your online transactions in a detailed format;
- With E-wallets, you are charged little to no fees when used for processing payments at bookies out there;
- A wide range of online casino platforms supports this deposit option.
- Some E-wallets options like Skrill and Neteller are not functional in Canada;
- The maximum withdrawal limit for E-wallets is usually low;
- The Depositing with E-Wallets could make you miss out on specific promotions like no deposit bonus.
As mentioned earlier, it is a commonplace that virtually everyone owns a bank account. This explains why bank transfers remain the most popular method after the card option.
With this option, all that is required is to pay from your bank account into your casino account. The good thing about this payment method is the fact that it can be used for both deposits and withdrawals.
- This route stands out as the most secure among the options offered by the best online casino platforms;
- This option is highly convenient for processing large payouts;
- Bank transfers are widely supported by virtually all casino platforms in Canada;
- Bank transfers often come with a high transaction limit among most casino platforms in Canada;
- The payment method is relatively easy to use;
- The payment method makes you eligible to enjoy specific bonuses like no deposit bonus.
- Payments, especially payouts done with this method, could sometimes take days to be processed;
- Bank transfers usually impose transaction fees that can be rather inconvenient.
As the world tilts towards adopting more digitally accepted means of processing transactions, cryptocurrency has gained prominence.
Cryptocurrency offers users a means of practising decentralised banking, giving users some form of control than other traditional banking methods. This explains why a lot of people today are on board with the idea.
Given such wide acceptance that’s enjoyed by cryptocurrency, it only makes sense that the best payout casino platforms in Canada would include this option in their deposit options.
Today, there are hundreds of different cryptocurrencies available. However, a few cryptocurrencies like Bitcoin, Ethereum and USDT are the most popular crypto options widely available on casino platforms in Canada.
At Top Canadian Casinos, you can find a detailed list and review of the best casinos that provide crypto payment options, as you can see in the image below:
- This payment method allows you the privilege of protecting your privacy;
- The payment method is highly secure as it employs reliable encryption solutions;
- Payments done with cryptocurrencies are super fast and can be processed almost instantaneously;
- Cryptocurrency allows you to perform bulk transactions without nursing fear of exceeding any set limit;
- There are almost no fees charged on crypto transactions regardless of the bulk.
- This option is not available at most online casinos in the Geo;
- Among the few online casinos in the Geo that offer this as a means of deposit, the options are often limited;
- For most casinos, deposits via cryptocurrency make you ineligible to enjoy specific promo offers like free spins.
This payment method doesn’t hold much difference from the credit/debit card options. The major difference here is the fact that Prepaid Cards, as the name implies, are funded prior with exact amounts sufficient for deposit.
There are three main Prepaid Cards options – disposable cards, readable cards and virtual cards. The ease with which these cards can be acquired and funded has made it a top favourite among mobile slots or casino lovers. It is only a no-brainer that most casino platforms in the Geo now widely make this payment option available.
- The cards are easy to create and use;
- Unlike credit/debit cards, prepaid cards do not require you to have a bank account to own one;
- This payment option gives you more control of your funds;
- The payment method is highly secure and also allows you the privilege to protect your identity.
- There are only a few Prepaid cards that are allowed to be operational in Canada;
- Some Prepaid cards make you ineligible to enjoy specific casino bonus offers after using them to make payments.
Steps to Follow to Withdraw from Your Bet Account
Having discussed the payment methods in full detail, follow the steps below to withdraw from your account:
- Navigate to the official website or mobile app of the casino;
- Login to your bet account or create one if you are not registered;
- Navigate to the payment portal of the website;
- Select your preferred withdrawal method from the list of options offered at the casino;
- Enter the amount you intend to withdraw and make sure it is sufficient with what’s left of your balance;
- Click on the withdraw tab after entering the required details to process the transaction.
The processing time for the withdrawal varies from one method to another.
For most online real money casinos out there, there is a caveat that you are expected to stick to one withdrawal method that you started off using. Trying to opt for a different payment method after using a specific one could prove difficult.
Most importantly, It is very key to note that not all payment methods have the same laws guiding their use in a country. This explains why certain payment methods tend to be unavailable in Canada while others are allowed. Hence, it is important to check the payment method you intend to use and note the terms attached to using them in order to make sure they have nothing in common with not any illegal or fraudulent services.
Factors to Consider Before Choosing your Preferred Payment Method at an Online Casino
The decision revolving around choosing your preferred payment method is one that should be subject to some thinking before taking that leap. Below are some of the factors to consider before making a choice on which payment method to explore.
This is one factor that could increase or decrease the appeal of a payment method. The faster a payment method, the more likely you are to enjoy a transaction that’s free of hassles.
From experience, payment methods like E-wallets, Cryptocurrency and Cards tend to be faster. Transactions, especially deposits with these methods, can be processed in minutes. However, on the flip side, bank transfers could take as long as 1-3 business days.
For most payment methods discussed so far at real money casinos, there are unique fees charged on the transactions. These fees tend to vary from one payment method to another. To get a clearer look at the unique fees charged on each payment method, navigate to the payments section of the FAQ page of the casino website.
Conditions of Use
Some of the payment methods available have specific conditions attached to their use. One such condition could be the eligibility for promotions like free slot games.
For example, at most online casino platforms in Canada, payments via cards allow users to enjoy specific promotions. On the flip side, payments via cryptocurrency could make you ineligible to enjoy certain promotional offers.
It is advisable to look at the FAQ page of the site to be informed of the different conditions attached to using each payment method on the site. This will guide your decision.
This is not a one-size-fits-of payment method offered at the best payout on online casino platforms. Hence, your decision on choosing a payment method based on this factor could vary, depending on your betting habit.
Some payment methods allow much higher transaction limits than others. If you consider yourself a high-roller, these are payment methods you should explore.
Generally, it is common knowledge that cryptocurrency and bank transfers tend to have the highest transaction limit at most online casinos in Canada. You can get more exclusive details about the transaction limits specific to each payment method on a website by checking the FAQ page.
This is one factor that is largely underrated when the issue of selecting a payment method is being talked about. Before deciding on your preferred payment method at a casino, it is important to confirm the reliability of that payment method. Payment methods that tend to be often unresponsive without notice should be avoided.
The security methods deployed by each payment method vary. There is no telling the most secure payment method as preference determines how you view it. For one, you could consider payment methods like cryptocurrency or E-wallets to be more secure because they help protect your privacy. However, some users may consider bank transfers the most secure since they have been reliable for a long while.