Online Casino Deposit Methods That Are Available For Canadians
Start your casino journey with the top online casino deposit methods available in Canada. Since the British Colombia Lottery Corporation launched the first legal Canadian online casino in 2004, there has been an ever-increasing need for payment methods. Only a handful of Canadian banks allow online gambling transactions. So financial payment services like credit cards, e-wallets and prepaid cards have been pivotal in facilitating the gambling escapades of players in the region.
To play for real, you need a trustworthy deposit method to swiftly and securely deposit funds and at low transaction costs. CasinoList.com has got you covered with the best services, and we will take you through each one of them. Find out the top payment methods, how they work and the best casinos that offer them. Some will allow you to perform both deposits and withdrawals, so you have a two-way solution for when you begin raking in those wins.
Your Guide To Convenient Payment Methods In Canada
The online casino offers several deposit methods for players, but how do you know which one to opt for? No need to rack your brain about it, CasinoList.com is here to help you with that. Inadequate payment solutions are a clear sign of a poor casino site.
The best deposit methods, on the other hand, will feature increased security, integrated mobile payment methods, customer support, and a super-fast registration process. Our payment methods are top-notch, so you can rest assured that our recommended solutions will provide all these and more.
Security and Reliability of Online Casino Payment Methods
Online gambling has long been subject to instances of cyber attacks, hacking and phishing. Such situations are unfavourable to players since they could lose their hard-earned money. Nowadays, every player wants to ensure that their funds will be safe and secure when depositing money into the casino. That is why the best online casinos put safety and security at the top of their to-do list.
These sites will only employ banking options that have a proven track record of security and reliability. For starters, there should be protection against malware, applied data encryption standards 128-bit and 256-bit SSL encryption protocol, and so on. Services with bank-level protection are all the better.
Many of these providers act as intermediaries, and there is no direct connection between your bank account and the casino account. This way, not even the casino has access to your banking details.
Convenience and Accessibility of Casino Deposit and Withdrawal Methods
Players in Canada require deposit methods that are suitable for the region. A large number of online casinos for Canadians are offshore sites with an international presence. These sites feature payment options that cater to several countries, as well as others that are country-specific.
It goes without saying that Canadian casino sites should feature deposit methods that are convenient and accessible to the locals.
KYC Proceedings at Online Casinos
KYC is short for “Know Your Customer” and is a standard procedure at Canadian online casinos. Basically, when you join a gambling site, you enter your name, age, address, and similar data. However, casinos won’t just take your word for it. Instead, they have to verify the veracity of the information.
To confirm your identity, the casino may ask you to present a copy of your:
- International passport
- Driver’s license
- National ID Card
Whereas to verify your address, you can forward either of the following:
- Utility Bill
- Bank statement
Sometimes the verification process takes place even before you make your first deposit. Other times, the casino may postpone it until your request a withdrawal.
The purpose of the KYC procedure is to:
- Find out if you are who you say you are
- Check if you’re of legal gambling age (18 in Alberta, Manitoba and Quebec, and 19 everywhere else)
- Minimize the occurrence of dual accounts
- Curb instances of bonus abuse (claiming a bonus multiple times)
- Identify players with a gambling addiction
It may seem like a long and complicated process, but the best casinos ensure to make it as speedy as possible.
Measures To Combat Money Laundering
Just as genuine players desire a fun gaming experience at the online casino, there are also unscrupulous ones who aim to use the virtual sphere to launder illegally-earned money. Due to the increased popularity of online gambling, so much cash goes in and out of the online casino. These individuals deposit illicit money online at the casino and then withdraw it as “clean” money.
Since many online casino transactions are cross-border transfers, there are often legislative and jurisdictional gaps that enable these fraudsters to slip away after committing the act. Luckily, the Canadian gambling sector has implemented several money laundering directives established by FINTRAC to check these practices.
The directives include:
- Reporting large money transfer deposits
- Reporting casino disbursements of $10,000 or more
- Implementing KYC rules
- Audits & training of casino employees to detect money laundering behaviour
Popular Payment Methods For Deposits and Withdrawals in Canada
There are several methods available for Canadian players who wish to play real money online casino games. The popular choices range from card payments to e-wallets, direct bank transfers, prepaid cards and more. Whenever you want to make a deposit or cash out your funds at the online casino, these are the service providers you can count on:
- Vanilla Prepaid
- Web Money
These have long been largely popular for various forms of online banking, including online shopping and subscriptions. Almost every adult with an active bank account possesses a credit or debit card or both. So it’s logical that they have become widespread for online casino transactions as well.
Below are the providers typical at the casino:
- Visa – The visa card option usually has no transaction fees, and transfers are instant at Visa casinos. Visa Electron, however, is not available in Canada.
- Mastercard – Similar to Visa, it is one of the most popular payment options for small and medium casino deposits. It enables you to deposit funds from your bank account to the Mastercard casino without exposing your banking details.
- American Express (Amex) – Largely used in the US, this service, unlike Visa and Mastercard, requires you to create a third party account. It is very safe and secure and makes it easy to deposit and withdraw funds from the casino. However, Amex is currently not available for Canada players.
Popular E-wallet Payments
There are several e-wallet solutions available for players at the casino. Specific electronic wallets like Skrill were designed to facilitate online gambling payments. The Skrill casino payment service left the Canadian gambling market a while back in 2014, but we’re hoping it’ll make a comeback in the future. For now, players can make use of the following:
- Ecopayz – With an ecoAccount, you can send, spend and receive money across the globe. You also get to manage all your transactions in one place when playing at Ecopayz casinos.
- PayPal – This is an extremely popular payment method for online transactions, although it is currently not available for players in Canada. PayPal casino deposits are quick and easy, and so are withdrawals. All you have to is create a PayPal account and link it to your bank card.
- Advcash – This is a free electronic payment system that allows players to fund their casino account. Advanced Cash supports various currencies, including cryptos and offers multi-level protection of the wallet. It rivals international transfer services like Western Union and Moneygram.
- Web Money – Run by WM Transfer Ltd, this secure online payment method allows you to deposit and withdraw funds. It requires account registration.
- Instadebit – You can deposit and withdraw at Instadebit casinos with this method. It is specific to Canada and is available to residents with a bank account within the territory.
Cryptocurrency Payment Options
Unlike your traditional banking methods, Cryptocurrencies are a decentralized payment system. They are designed to make transactions easier, quicker and anonymous, both on the local and international front. One of the areas where they have proven very useful is the online gambling sector, and these are the major cryptocurrencies available on the casino:
- Bitcoin (BTC) – As the original cryptocurrency, it is the most widespread on the online casino, and several Bitcoin casinos are available in Canada. Bitcoin payments are based on blockchain technology, which allows for fast and secure transactions. Plus, players can remain anonymous, so you don’t have to worry about hurting your credit score.
- Ethereum (ETH) – This digital token comes in right after Bitcoin as the second strongest crypto. A few sites in Canada also offer this method. However, Ethereum casinos will often also have Bitcoin or other fiat payment solutions to supplement.
- Ripple (XRP) – This digital coin is not based on the blockchain and has specific characteristics similar to fiat money. However, it is also super fast and secure. XRP has various applications in online banking, but at the moment, it is not available at many Canadian casinos. It’s currently gaining acceptance in the online gambling scene, and it could become available in the not so distant future.
Casino players can load their casino account with prepaid cards. These methods can only handle small amounts and are perfect for making that first deposit. You don’t need a debit card, credit card or e-wallet. You simply purchase the prepaid card from a retail outlet and carry out payments using the pin or serial number that it bears.
Standard prepaid options are:
- Paysafecard – Paysafecard casinos are widely available across Europe and Canada, you can purchase the prepaid voucher for as low as C$10 up to C$200. The card can be topped up for as long as it remains valid.
- Vanilla Prepaid – This is a prepaid debit card that you can acquire from either Mastercard or Visa. Unlike the standard bank cards by these providers, Vanilla Prepaid does not connect directly to your bank account, so you can only use the amount you have loaded on the card. Depending on who you purchase from, these vouchers can be worth anywhere from C$25 to C$500.
- Neosurf – It is available in more than 30 countries including, the UK, Australia and Canada. Neosurf deposits are swift and extremely secure thanks to the high-level user protection protocols the company employs. You can buy a voucher for between C$10 and C$100.
- Ukash – Ukash allows users to purchase a secure code to be used for online banking payments of equivalent value. It provides freedom from credit cards and bank accounts.
Pay by Phone Billing
Mobile casinos have sprung up in recent years, and since almost 90% of Canadians have their mobile phones handy, mobile payments have become the go-to for casino deposits. When you deposit this way, your mobile network provider will add the amount to your monthly bill or deduct it from your “Pay As You Go” balance, depending on the mobile plan you use.
- Boku – Players don’t have to share any bank or credit card details with the Boku casino. You simply use your smartphone to make deposits, and the amount is added to your phone bill. Dozens of carriers support Boku, including Bell Canada and TELUS Mobility.
- Payforit – This phone billing method started in the UK with EE, O2, Three and Vodafone as the main mobile operators. It is slowly but steadily gaining ground at online casinos in Canada, although the deposit amount is limited.
- Zimpler – This is currently only available in Finland and Sweden and has acquired a massive user base in both countries. At Zimpler casinos, you to manage your card, bank and phone payments all in one place, and transactions are confirmed through a secure code sent to your phone. Considering its effectiveness, it is very likely that it will enter the Canadian gambling market soon.
Verified Bank Wire Transfer
With so many modern casino banking methods available in 2020, older bank transfers have become something of a last resort. This is due to the lengthy procedures for these transactions.
To carry out a bank transfer:
- Select the option under the “Deposit” tab in the “Cashier” section.
- You may be redirected to the website of your service provider. There, you’ll have to enter your account number, sort code and other banking details requested.
- You’ll receive a security code or a special password to confirm the transaction. Retrieve the code and enter it in the required field.
- Finally, you have to wait to be credited. This could take several days to clear.
The last step is very inconvenient. However, this method still remains one of the most secure payment solutions at the casino. Direct banking casinos also support larger transactions.
Instant Bank Transfers
You can think of this as the enhanced version of traditional bank transfers. The major difference is that this kind is relatively faster. You simply link your bank details to the online casino site through a third-party intermediary. The transfers are speedy and, at the same time, you get to safeguard your banking information.
- iDebit – This service is specific to Canada and supports instant deposits and withdrawals. You’ll need to create an iDebit account. The registration process is easy, and the fees are minimal. For security, iDebit uses 128-bit encryption technology and Verisign Secure Socket Layer (SSL), so all transactions are adequately protected.
- Interac – Another Canadian-based service, Interac guarantees secure e-transfers from your bank account to the casino. It is famous for online purchasing of goods and services. It is also prominent in the iGaming industry, so players will have no problem finding an Interac casino. Not to mention, it is one of the fastest methods for processing withdrawals.
- eCheck – This is basically an electronic version of the paper check. It uses the ACH (Automated Clearing House) to transfer funds. This allows very low transaction fees and high-level security, although the processing time may take up to 3 working days.
Alternative Deposit Methods
When playing at the best online casino sites in Canada, it is highly unlikely that you be constrained for payment methods. Apart from those listed above, there are several alternative casino payment options for the avid bettor, including:
- Google Pay – The majority of Android users are already familiar with this form of online banking. At the casino, using Google Pay works just like any other transaction. You link your Google Pay account to your bank card and carry out deposits and withdrawals seamlessly.
- Apple Pay – This is the equivalent of Google Pay for iOS users. It facilitates online purchases of any kind through your apple device. Casino deposits are instant, and the Apple TouchCode provides increased security.
- Revolut – The fact that you don’t incur any charges with this method makes it very convenient for casino gaming. Recently, operators in Canada are adopting Revolut as a payment solution for deposits. Players can join offshore sites without worrying about currency exchange rates.
- Klarna – One of the newer banking solutions on the block, this Fintech start-up company, is a virtual bank that operates within the EU. Klarna is a rather unconventional system as it allows three deposit formats – “pay now,” “pay later,” or “slice it.” It is not widespread yet, but it is slowly gaining acceptance at Canadian online casinos.
Fast Withdrawal Options For Players in Canada
Payouts at the online casino have been a topic of discussion for the longest, due to the slow withdrawal processing times. That is why the top withdrawal methods leverage speedy payouts.
It is protocol for most licensed casinos to request additional documents to verify players’ identity. This inevitably takes longer than instant deposits. However, rather than having to wait 3 – 5 working days, you can expect to get your funds within 24 hours, give or take. Make sure you find out all the essential points concerning withdrawals in the payout section of the casino or through customer support.
Online Casinos Accepting Minimum Deposits
Not everyone has got the bankroll for high rolling at the casino. Fortunately, you can find numerous low deposit casinos that accept transfers of C$10 or even C$5. Pay attention to the payment method you choose because aside from the casino site, the payment service provider also has to support such low amounts.
If you’re looking to claim a welcome bonus, note that there is a minimum deposit required as well. Many online casinos will set the amount at C$10 or C$15 to accommodate low rollers, so you should be able to grab a good offer when staking lower bets.
The casino deposits bonuses as soon as they are activated. You get a bankroll boost to play more of your favourite games including online slots, table games, progressive jackpots, video poker, scratch card and live dealer options.
Tips For Making Online Casino Deposits
Where you gamble is the most important factor. Licensed casinos are obligated to guarantee the safety of players’ data and funds, and we can vouch that our recommended sites at CasinoList.com are trustworthy and reliable in this aspect. However, as players, you need to do your part by:
- Making sure you are connected to a safe, private network when gambling.
- Cross-checking that you entered your details correctly
- Gambling responsibly and only depositing amounts you are willing to risk
- Checking that your ID is valid when requesting casino withdrawals
- Checking casino transfer limits as well as those of your payment provider
- Confirming the minimum deposit and the acceptable payment methods when you wish to claim a bonus
Payment options are essential in arriving at our CasinoList.com reviews. Banking methods at the casino should be versatile and abundant to cater to the majority of players. The top deposit methods we discussed in this guide are swift, so you can start playing within seconds of creating your online casino account.
They are also very secure, and several of them allow two-way transactions. This comes in handy as some casinos will require players to use the same deposit option for withdrawals, at least initially.
The worst casino experiences I’ve had as a player were due to poor and inadequate payment options. That’s why it is crucial to have trusted means of depositing and withdrawing funds at online gaming sites.
Luckily, with a range of credit and debit cards, e-wallets, prepaid cards, and direct bank transfer options to choose from, we players are spoilt for choice. Playing with a deposit method that guarantees security, flexibility, low commission fees, and high transaction speeds is a recipe for an excellent time at the casino.
Are e-wallets better than credit card casino payments?
Both methods are equally reliable, so it depends on your preference or which one is more accessible to you. However, it may be easier to manage your transactions with an e-wallet account.
Which online casino payment option has the highest deposit limit?
Bank transfers often have the largest limits, but they also have extended processing times.
What should I do if I’m having problems depositing funds?
You should contact customer support right away. Fortunately, Canada’s best casinos have a live chat service that is open 24/7, so a representative will be available to assist you at any time.
Do I have to set up an account with the payment provider?
Setting up an account helps you manage your transactions better, but instadebit, Paysafecard and Boku, for instance, do not require account registration.
Which deposit method is the fastest?
Gambling deposits are generally instant for both casino and sports bets. Most times, your account should be credited in a matter of seconds, with the exception of direct bank transfers.
Why does the casino require me to withdraw with the same method I deposited with?
Casinos do this to ensure that money laundering doesn’t take place on their site.
Can I deposit with Neteller when playing at live casinos?
Many live casinos are also Neteller casino sites, so this payment option is available for players to fund bets and withdraw winnings.
Can I claim a casino bonus with mobile payments?
If there are no restrictions on payment methods for bonuses at the casino, you should have no problem claiming a bonus offer with mobile phone billing deposits. However, be sure to check this in the terms and conditions, or with customer support.