Most often, users play in several online casinos, but for their own convenience, they prefer to link all their casino accounts to the same deposit method. In addition, they can expect that a casino that has provided a certain payment method for a deposit will offer the same method for withdrawing winnings from the account. And this is where difficulties arise: the base of payment methods for a deposit isn’t universal and can change from casino to casino.
And in addition, there is no guarantee that after depositing funds with a certain payment method, the players will be able to withdraw funds using the same payment method, because the online casino in which they play, for example, provides another payment option for Canadians for withdrawing funds. In order not to get confused in the intricacies of choosing a payment method in Canada, we suggest that you read this article and find out the list of top Canadian payment methods.
Requirements for payment methods
The loyalty of a gambler to an online casino depends not only on the speed of technical support response and not on the frequency of winnings. Loyalty is also affected by the quick deposit and withdrawal of funds. There are several requirements that must meet the expectations of users in order for them to show their well-deserved loyalty to the operator. So, the payment method should be free, easy to process and quickly processed when withdrawing funds. And in every online casino there should be a lot of payment methods to choose from. Let’s take a look at each of the options above.
“Free” means “no commission”
The leading position in terms of high commission is usually “occupied” by bank transfers. When using electronic wallets, the commission is less or there is none at all. True, some online casinos act in bad faith: the payment method for the deposit is free, but for the withdrawal of funds (even through the same payment method) you have to pay a commission.
When a user registers their debit or credit card for deposits and withdrawals, they are required to enter a long card number and confirm their action each time (for example, enter a personal one-time code). In the case of using an electronic wallet, it is not required to spend time on this from time to time. The same applies to payment methods for cryptocurrencies, only in this case it is not only fast, but also anonymous and better protected from hacker attacks.
Unlike deposits, which the gambler credits to their account instantly, the withdrawal of funds can worry the player. Most often, online casino users leave comments on review sites in the spirit of “it takes a very long time to withdraw winnings”, “I can’t withdraw my winning”, etc. So fast withdrawal of funds is not only a leader in the requirements of online casinos for gamblers, but also a competitive advantage of online casinos over other ones. Withdrawal of winnings is considered fast enough if it occurs within 24 hours, but it happens that it can take up to 5-6 days.
Large choice of payments
To the credit of the operator, it understands: the greater the choice of payment systems, the higher the likelihood that the gambler will use the services of this particular online casino. Therefore, a wide range of payment methods can be perceived as one of the requirements of the player.
Popular payment methods in Canada
With all the variety of payment systems, Canadians most often choose the following options:
- credit and debit cards (VISA, MasterCard, etc.)
- mobile payments (Apple Pay and others)
- instant banking (Interac, iDebit, etc.)
- e-wallets (InstaDebit, MuchBetter, WebMoney, EcoPayz, etc.)
- prepaid cards (PaySafeCard, Neosurf, AstroPay, etc.)
Payment gateways for online casinos are needed when operators want to combine payment methods from different payment providers in one online casino. Thanks to the convenient integration of payments through the payment gateway, the operator can provide the client with any payment options, from credit cards to electronic wallets.
Commissions, terms and limits of popular Canadian payments
The range of online gaming payments in Canada is constantly expanding: there are new options for instant banking, electronic wallets, and so on. Of course, the conditions of these payment methods in each online casino are different: for example, the limits for depositing and withdrawing funds may differ, as well as the size of the commission. Let’s talk in more detail about each of the points.
Online casinos in Canada do not have uniform conditions for payment methods. For example, there are many online casinos that do not charge commissions for withdrawing funds from a gambler’s gaming account, but there are also such operators that charge a commission. By the way, not every online casino provides information on the commission percentage, therefore, before depositing currency into your gaming account, it’s better to clarify the terms of deposits and withdrawals in the support service. In one online casino they are in solidarity: deposits can be made instantly and without commissions.
As for the timing of the withdrawal of funds, it depends on the type of payment method. Transfers to an electronic wallet usually occur within a day, a bank transfer can take 6 days, or even more, and credit and debit cards “cope” in 1-5 days.
Information on limits also requires regular clarification: each online casino has its own conditions and they can be changed at any time. Deposit limits can be as small (5-10 Canadian dollars) or more tangible (30 Canadian dollars).
Withdrawal limits also vary. The administration of an online casino usually does not warn about changes in the “Terms and Conditions” section with bright banners on the site, which will undoubtedly attract the attention of every gambler. Notifications about changes can come in a letter to the gambler’s e-mail address, but it’s up to luck: sometimes important messages from the operator are lost in the midst of advertising mailings. In order not to find yourself in a situation where a financial transaction doesn’t go according to plan, it is better to double-check the conditions of payment methods in a particular online casino in advance.
Restrictions on deposits and withdrawals are set, among other things, within the framework of the responsible gambling policy. It’s important for some players to control their expenses in the game, so they can independently make changes to the limit settings. If the player chooses to deposit less money, these settings are applied instantly. If a player wants to deposit more money, such a limit will take effect at least a day later, and a maximum of a week later.
Delays in deposits and withdrawals
Complaints about the slow withdrawal of funds in online casinos are probably the leading complaints from gamblers. Let’s clarify the most important reasons for delays in depositing an account or withdrawing winnings.
The majority of online casinos offer gamblers standard waiting times. It depends on the chosen payment method at Canadian online casinos (crypto wallets – instantly, electronic fiat wallets – a little slower, credit cards – even slower, bank transfers – a very long time). The waiting period is the amount of time your funds remain in your account before the online casino processes and approves your transaction. It happens that an online casino processes a transaction longer than stated, but in such cases, the support service will always tell the dissatisfied gambler the reason.
Another reason for a long deposit or withdrawal of funds is account verification. The player needs to provide proof that they are the owner of this account and have the right to deposit or withdraw funds. These measures are taken in order to protect the player and their money from fraud by hackers. Not every online casino payment method for Canadians requires verification, but if necessary, the gambler needs to provide identification, or confirm the payment via their smartphone or via e-mail.
Payment methods are becoming popular and recognizable among gamblers due to their reliability, convenience, speed and profitability. Each online casino chooses its offer list from payment methods, focusing on license requirements, as well as audience requests. The greater the choice of payment methods in a particular online casino, the more gamblers will want to use its services. The more gamblers use the services of an online casino, the higher its rating in the online gambling market. Everything is logical.
What payment methods are not suitable for high rollers?
For players who always make big bets, the online casino expresses its loyalty by offering a VIP program, namely: payment privileges (faster withdrawal of funds), exclusive promotional offers, etc. But the condition for such a loyalty program is consistently high rates. Conclusion: high rollers should avoid such payment methods that set a low maximum amount for depositing and withdrawing winnings.
Why shouldn’t the first deposit be minimal?
Gamblers who have just signed up at a new online casino are in no hurry to make big bets. They need to “probe” the casino and determine the gaming strategy. But here there is a chance to miss your profit. A newly registered gambler can make a minimum deposit (say, five Canadian dollars), but the welcome bonus that is available to every player after the first deposit may require a higher minimum deposit (say, ten dollars). In this case, it is necessary to check all the conditions, and only then make a deposit.
What is important when choosing a payment method?
It’s important to check if the online casino you have chosen offers the same payment method for depositing and withdrawing winnings. Because you can choose, without looking, a payment for a deposit, and then it turns out that this method for withdrawing funds is not available. It is also important to check what commission conditions a particular payment method offers.
Why might some payment methods be unavailable?
Each region, each territory has its own norms and rules for conducting money transactions. Therefore, the list of available payment methods that will be offered to a player after registering at the casino depends on the location of the player. Be careful when specifying your location.
Why may an online casino require identification data?
An operator with a Canadian license is required to comply with the regulations determined by the gambling regulatory commissions. Therefore, the player may be required to provide a form of identification, such as a driver’s license or passport.