Online casinos have taken fun to a whole new level by allowing players to enjoy a multitude of games, more conveniently than ever before. Players are presented with a wide range of variants, that even an average player will never struggle to get a game that suits his/her bankroll and personal preferences.
If you’re an avid gambler making the transition from land-based casino to online casino, then finding the best banking options to load your bankroll and cash out winnings is worth your consideration.
Being able to transfer your funds safely, securely, efficiently, and without much hassle is extremely important for a peace of mind. But with a sheer number of options available for Canadian players, things can be a little confusing and overwhelming especially for new players. To help you out, let’s discuss in detail the different types of banking options available to you, as well as the benefits of picking one over the other.
While almost every type of betting and money gaming activities have been legalized on the Canadian territory, online gambling is a bit tricky simply because the casino companies are not granted with license by the country’s Government.
Nevertheless, the Government gave every province the permission to make decisions regarding the legalization, monitoring, controlling, and regulation of the specific type of gambling activities within their borders. Well, most of the provinces approved a lot of betting outlets and nowadays some of the provinces even operate their own web-based casinos, allowing Canadian players to gamble over the internet.
So, it’s perfectly legal to play at a web-based casino as long as it is licensed by a regulatory body entitled to issue licenses and control online casinos in Canada, such as Kahnawake Gaming Commission, Malta Gaming Authority, Directorate of Offshore Gaming, and Curaçao Internet Gaming Association.
The complex part is when it comes to companies, which are based and operated outside Canada but still allow Canadians to play on their sites. Under Canadian law, this may appear illegal but if the online casino is licensed in its jurisdictions, then definitely it’s legal as currently there are no laws preventing players from wagering at such sites.
Electronic wallets or e-Wallets are one of the quickest and cheapest banking methods, which simply act as gateways between web-based casinos and the bank. It allows you to easily and safely add money to your casino account, and cash out winnings without the need to provide bank details or credit card information to an online casino. And with most e-Wallets, you’ll only be required to pay transaction fees generally when withdrawing funds from the e-Wallet to your local bank account. All that’s needed to enjoy these services is just to link the e-wallet to a casino.
The most popular and secure electronic wallets include:
Instadebit is highly secure and its, without a doubt, the most preferred e-Wallet option
in Canadian casinos. It’s because there are no additional fees charged for depositing and withdrawing money. You’re required to set up an Instadebit account and link it to your bank details. Just for your peace of mind, the service is protected using a powerful SSL encryption technology that protects you from third parties.
Among the trusted e-wallets for depositing and withdrawing at online casinos in Canada is PayPal. This payment service has managed to maintain a huge client base from all over the world for a lot of years, because it processes payments safely and securely. And to receive or send payments, you only need an email address.
Founded in 1999, EcoPayz provides one of the fastest and relatively easy options to fund web casinos and withdraw funds directly to the prepaid debit card (ecoCard). It offers a high level of security; however, the service comes at a fee that’s almost similar to that of the credit cards. To fund your EcoPayz account, you can use a chain of Canadian banks affiliated to Ecopayz, or simple your credit or debit card.
For over a decade and a half, Skill has been providing customers with a quick, convenient, and secure way to transfer money online, especially in Canadian casinos. Players can use Skrill to deposit and withdraw winnings with only their email address. You can fund your Skrill account using the credit & debit cards or electronic and bank transfers.
Neteller was founded in 1999, and it has established itself as one of the highly secure services allowing gamblers to quickly make deposits and withdrawals from online casino accounts. The account can easily be funded using your bank accounts, credit & debit cards, or wire transfer.
ClickandBuy is another great e-Wallet that is ideal to process secure and quick transactions to and from an online casino account. When transferring funds, you’ll only need to provide your password and username, and then follow the easy instructions displayed on the screen. This banking method is backed by cutting-edge security to protect your account details, as well as funds.
If you don’t have a credit card or simply don’t want to use it to make online transactions, then prepaid cards are certainly great banking options for you. They work just like the credit or debit card. The advantage of using these cards is you don’t need to provide online casinos with your financial and personal information. Also, you can’t spend more than what’s loaded in the card, thus giving control on your bankroll.
You can buy prepaid cards in specified denominations from various retail outlets, such as supermarkets, petrol & gas stations, and local convenience stores. These cards are usually pre-loaded with funds, corresponding to their purchase price. To transfer funds to your gambling account, you’ll need to enter the serial number and the PIN that comes with the prepaid card.
Well, the pre-paid cards that are accepted by most Canadian casinos include:
Paysafe Card has been used for over 15 years, and has become one of Canadian’s leading pre-paid cards used by players to load funds to their online casino accounts. It’s purchased
in denominations of $10, $25, $50, $75, and $100 using physical money.
Unlike the Paysafecard prepaid card, EntroPay Virtual VISA cannot be purchased at chain stores. You’ll need to open an account online and provide your credit or debit card in order to be issued with a unique prepaid Virtual Visa card, which you can safely use to deposit funds to an online casino. Put simply, the prepaid EntroPay Virtual Visa card works just like a visa debit card.
Bank wire is one of the oldest and popular methods used to deposit and withdraw winnings from virtually every online casino in Canada. While you’re not required to set up extra user accounts to cash out your winnings, you must be prepared for a little more leg on your side. But regardless of that, this option is great especially if you want to withdraw or deposit a large sum of money.
It is safe as you provide minimal information when transferring funds to and from a web-based account. And besides, the bank usually takes the security of their customers’ funds very seriously, so you’ve got nothing to worry. However, be prepared to pay additional transaction fees and wait for about 2-5 business days before your funds are processed.
Please note that, it’s best to contact your bank first in order to get more information before you consider a casino bank wire transfer.
Instant bank transfer
Instant bank transfer method is somewhat more direct than the bank wire. Before you can make withdrawals or deposits, you’re required to link your bank account directly to an online casino account. Also, the processing of payments usually takes longer than when using e-Wallets.
If you prefer this payment method, then make sure the casino you’re playing at is fully licensed and utilizes 128-bit SSL encryption system.
The most widely used instant bank transfer method is eCheck:
eCheck is a reliable digital banking method, which allows for easy money transfer from your Canadian bank account directly to online casinos, and vice versa. All your personal details and transactions with merchants and online casinos are securely protected using the latest encryption technology, meaning they will never be accessed by any third party. And since payments go directly from an online casino to your bank account, it’s more secure than using credit cards.
The fact that Visa cards are internationally accepted makes them a great option for players to deposit, as well as withdraw winnings from web casinos. You’ll only send your credit card information just once. The information often required usually include your card number, the expiry date of the card, name of the cardholder, address, and the CCV number.
Visa and MasterCard are the most popular brands. While both are equally accepted at most casinos, Visa is by far an excellent choice because it allows players to make deposits and withdrawals. In fact, some casinos offer bonuses to players that use it.
You can load funds to web casinos using a MasterCard visa, but you can’t cash out your winnings using the card.
Withdrawing your winning is a really straightforward process. The procedure, however, will depend on the method you’re using and the casino you’re playing at. If, for instance, you loaded your casino account using a credit card, it’s easy and fast to withdraw winnings to the same card because the casino already stored the details of the card. Just locate the casino’s banking page and hit “withdrawal”. Enter the amount you need to withdraw, select the visa card option, and then confirm the transaction.
For those that deposit funds using prepaid cards, such as Paysafecard and EntroPay, they will have to look for some other withdrawal alternative as prepaid cards do not support cash withdrawals. In such as case, you’ll need to click on the Bank button in the casino lobby, and then hit the withdrawal option to see the available methods. Select your preferred withdrawal method to cash out your winnings.
The instructions often displayed on the screen should make the withdrawal process a lot easier.
The amount of time a withdrawal request takes to be processed basically depends on the banking method a player chooses. But generally, it can take anywhere from a few hours up to 3 working days. For direct bank transfers, it can take 5-10 working days.
To ensure the winnings are cashed out by the account owner and transferred to the right bank account, some casinos may ask you to provide some personal information for verification purposes. Well, the most common details include your identification document, passport, or driver’s license. It’s important, however, that you go through the terms and conditions published on the casino’s page to get an idea of what documents to provide.
Reputable online casinos use highly secured banking methods, which utilize the strongest and latest 128-bit Secure Socket Layer (SSL) encryption. Banking systems backed by such a robust security technology will always keep your financial and personal details safe at casinos. Also, keep in mind that casinos will never share your details with any third parties.
However, if you’re using a shared computer or mobile device to log in to your casino account, it’s advisable not to save the login details.
It’s very simple! Just locate the banking page, click on the bank button in the casino lobby and you’ll see the deposit and withdrawal options. Now click on withdrawal, and a drop-down menu with all the payment methods offered will appear.
The quickest way to fund your casino account is to use the Visa or e-Wallets, such as Skrill, Neteller, Instadebit, ecoPayz, PayPal, etc.
You’ll need to be cautious when entering the withdrawal detail. Wrong details, such as user ID, password, card number, or internet banking account details will result in pending of your withdrawal.
Generally, most online casinos usually offer a wide range of deposit options, but fewer withdrawal methods. So before you sign up at web casino, you’ve got to ensure that what the casino offers is actually among the list of your most preferred banking methods. Also, keep in mind casinos may have different withdrawal procedures, so it’s best to check the terms and conditions in order to know their requirements.