Casino Depositing Methods
How easy it is to transfer funds in and out of a casino is one of the most important considerations and our recommended casinos all offer a variety of ways for you to deposit and withdraw your money.
Generally speaking Canadian online casinos offer six main banking methods – Credit Card, E-Wallets, Bank Transfer, Pre-Paid Cards, Mobile Payments and Instant Banking with a number of choices offered for each method.
How long does it take to deposit and Withdraw?
The time it takes to fund your account and withdraw varies from casino to casino and also depends on the payment type.
Generally speaking, look at the following table for processing times.
|Banking Type||Banking Method||Time to Deposit||Time to Withdraw||Requires 3rd Party Account||Fees||Reviewed Casinos|
|Instant Banking||iDebit||Instant||Instant||Yes||$2 Fee to move funds from bank to iDebit account||48|
|Instant Banking||eCheck||Instant||Up to 7 Days||No||None||4|
|Instant Banking||Citadel||Instant||Up to 3 Working Days||Yes||$1.50 per transaction||3|
|E-Wallet||InstaDebit||Instant||Up to 10 Days||Yes||$1.95 when depositing / $2 from instadebit to your bank||50|
|E-Wallet||EcoPayz||Up to 1 business day||Instant||Yes||1.69%-2.9% to deposit into EcoPayz account||78|
|E-Wallet||MuchBetter||Depends on funding method||Depends on funding method||Yes||Depends on funding method||67|
|E-Wallet||WebMoney||Instant||Instant||Yes||0.8% per transaction||10|
|E-Wallet||Jeton||Instant||Depends on funding method||Yes||Depends on funding method||29|
|Prepaid Cards||AstroPay Card||Instant||N/A||No||None||50|
|Credit Cards||Visa Credit||Instant||Up to 3 days||No||None||67|
|Credit Cards||MasterCard Credit||Instant||Up to 3 days||No||None||67|
View more information about the different banking options for Canadian players below:
This is due to banks cracking down on online gambling related transactions which you can read further about here.
While it’s possible they will work with some casinos, these days you are much better off using alternative payment methods below.
E-wallets act as a gateway between your bank account and merchant (online casino), allowing you to add money to your casino account without providing your bank account details to the casino site.
E-wallet options include:
- Neteller – No longer works for Canadians. Why?
- Skrill – No longer works for Canadians. Why?
- PayPal – Does not work for Canadians. Why?
Pre-paid cards are a great banking method for people who don’t have a credit card or e-wallet or who want to strictly control their bankroll. They can be purchased from retail outlets in various denominations with a pin or serial number which you enter on the banking module after choosing your pre-paid card type.
Popular pre-paid cards include:
- entropay – No longer providing services as of 1 July 2019
- Vanilla Prepaid
Bank Wire Transfer
An old-fashioned route but still a good one for people who have good, quick communication with their banks. Players can contact their bank with the casino’s bank wire details (casinos provide this on their banking section) and arrange a wire transfer. Using wire transfer you’re also not giving any of your banking details to the casino should this be important to you.
If you’d like to see which Canadian banks allow for transactions to casinos directly, visit this page here.
Fast becoming more popular as mobile purchasing has become more prevalent, some online casinos allow you to fund your account through various mobile payment operators.
For example, Boku allows you to pay through carrier billing and is widely supported in Canada by Bell Canada and TELUS Mobility.
The anonymous nature of cryptocurrency makes it an appealing option because it provides a very secure and fast transaction process for playing at an online casino. However, it’s biggest downfall though is that it’s not widely accepted yet and it can seem quite complicated to new users on how to convert CAD to cryptocurrency in the first place.
The volatility of cryptocurrency itself can also be a concern for users that the process for converting CAD to crypto to play at a casino and then convert it back to CAD, seems like an awfully risky approach. By the time you withdraw back into fiat currency, how much have you gained/lost in conversion rates can be an absolute nightmare. For this reason, we don’t recommend using cryptocurrency for inexperienced users, however, it’s probably a great option if you already have crypto stored or if you’re a resident from the US where the laws are quite ambiguous. However for Canadians, since it’s legal to play at online casinos, there’s plenty of better options to process payments.
Cryptocurrency casino options include:
Instant Banking – the Best Option!
Instant banking methods allow you to connect your bank details to the online casino site through an intermediary party offering a very seamless and fast way to transfer funds.
In the banking or payments section, you will need to enter your banking or cheque numbers, choose the amount you want to deposit and then press submit. Shortly afterwards the funds will be on your casino account.
Instant banking options include:
2 Important Concepts You Need To Know!
1) Verification: All of our recommended sites being regulated by serious e-gaming regulatory authorities require player verification (identity, residence) also known as KYC (know your customer).
Verification is normally required at the time of making your first withdrawal. Without successfully verifying your personal details you won’t be able to withdraw your winnings
2) Pending Withdrawals: Payments are very rarely processed immediately (even after verification on your 2nd withdrawal request) with most casinos keeping payments in a pending withdrawal period for a period of time.
This means that whatever the processing time of your chosen withdrawal method you also need to add on that casino’s specific ‘pending’ withdrawal time, to get the total time from requesting a withdrawal to the funds getting back to you.
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