A wide selection of different games and generous bonuses await you! But first, we wanted to write this comprehensive article for our readers on the specific topic of what kind of deposit options you have available as a player from the country of Canada. Every country is a little bit different when it comes to banking regulations and dealing with the outside world. So, to that effect, we will be giving some advice on different options, including the pros and cons of each, for players living in Canada.
- We will be looking at the pros and cons of various methods
- We will talk about currency conversion fees and how to avoid them
- We will also touch on the subject of online casinos and e-transfers
Our team attacks these important issues vigorously and seriously, taking every detail into consideration. We dig deeper, researching licenses, credentials, and security measures of the various options for online gambling in Canada. Our site is tailor-made for Canadians from top to bottom, and this page is no exception! If you’ve never heard of Vanilla Prepaid, for example, we will explain it to you, but in Canadian terms, relevant to you as a Canadian casino gamer.
In addition, we gather user feedback on these websites to see if any potential issues crop up, so we can warn you, the player, in such a case. User feedback is actually the most important factor for us because it is an unbiased look at the platform.
We are especially keen on researching the deposit processes for different casinos, whether by e-wallets such as Skrill, Vanilla Prepaid, Prepaid Visa, credit or debit cards, bank transfer, Pay by phone, Instadebit, iDebit, or any other popular methods. Here are the findings of our research in a nutshell:
- For the average user, e-wallets are going to be the best option for deposits
- Look for casinos that let you deposit and withdraw in CAD to avoid conversion fees
Credit & Debit Card
This is the “old faithful” method of depositing and withdrawing from an online casino. It has one major disadvantage right off the bat. In a world of often instant deposits and withdrawals, especially from online casinos, you will probably find yourself waiting if you use this method. Wait periods for debit and credit card transactions in online casinos are almost never less than 48 hours and can be up to 5 business days or more.
The one major advantage of using credit or debit cards is simplicity. You don’t have to shift money onto a card or into a newly created e-wallet account and worry about Of course, the downside to this is that it represents an elevated security risk because this is your primary means of dealing with the financial world that you are exposing. Keeping this in mind, here are some other things to remember about using debit and credit cards for online deposits.
- Between the two options, always choose credit cards over debit cards if possible, as the bank will likely side with you in a dispute.
- A good option is to only use your chequing account for online use and keep most of your money in your savings account.
- Keep in mind any minimum balance requirements you may have in effect on the account you are using.
- Some credit card operators consider a purchase at an online casino to be the same as a cash advance and charge a higher rate of interest accordingly.
E-Wallets Pros & Cons
E-transfers are one of the most popular deposit options in Canada, that’s no secret! The good news for people who prefer e-transfers is that more and more online casinos are including it as one of their deposit options these days. However, it’s important to keep in mind a few key points when using e-transfers. In some cases, online casinos and banks may give you a very bad conversion rate. Here are a few more points to remember when making e-transfers:
- Banks will charge you a fee for making e-transfers
- It’s hard to keep track of potential fees and exchange rates
- An e-transfer is linked to your personal bank info
Best Online Casinos that accept Interac e-Transfer:
Skrill is definitely among the top deposit options for Canadians. Skrill is the most established of the e-wallets, among the ones that are generally willing to work with online casinos. In general, we support the use of e-wallets for many reasons, but the top one is that with e-wallets, your personal banking data is kept safe and secure. Skrill combines the safety of an e-wallet with the convenience it has become known for across the world.
Also, when looking at deposit options, just like when you look at the casino sites, testimonials are what speak the most, more than any statistics or data we can throw at you. This is where Skrill really shines. They have a rock-solid reputation, not just in a few countries, but in every country where they have been operating. Here are just a few examples of what people have been saying they like the most about Skrill:
- You can get an account in the currency of your choice
- You can have multiple currencies in your account if you achieve VIP status
- Processing times and fees are minimal
- Customer service is top-notch
- There’s a great loyalty rewards program
Best Online Casinos that accept Skrill:
Vanilla Prepaid is quite different from regular cards or e-wallets. Their system works with cards that you buy in advance. These are one-use cards that are untraceable. They are the best option for people who are looking for a maximum level of anonymity with their online purchases. Of course, the disadvantage is that you have to get another brand new card every time your balance runs out. There are no refills or top-ups with Vanilla Prepaid.
To pay with Vanilla Prepaid cards, you first buy the card at a brick-and-mortar retail outlet. They sell you a card that can be used anywhere that a Visa or Mastercard debit card would be used at a point of sale, including just about anywhere online. Vanilla Prepaid works just fine with online casinos. Once again, this isn’t like Skrill or hybrid systems like InstaDebit. This is for people who prefer absolute anonymity, security, and discretion over convenience.
- Vanilla Prepaid may be a great option if you wish to be anonymous
- Vanilla Prepaid is the ultimate all-purpose gift card that is accepted almost everywhere
- Your bank balances and identity are 100% safe with this method
Best Online Casinos that accept Vanilla Prepaid:
ecoPayz is an exclusively Canadian option that acts as an e-wallet, but with a virtual card built in. It’s one of the deposit options that allow for additional security while trying to keep it simpler than traditional e-wallets. It’s actually a very interesting hybrid system that allows you to use a bank account or not. It gives you many different options for topping your account up or withdrawing funds, with the resulting varying levels of security?
- A single user can have up to 3 accounts that use up to 8 currencies
- No credit check or bank account is required
- They send you a physical card that even works at ATMs or points of sale
- The one drawback is that the online casino will consider it a debit card, with the resulting delays
Best Online Casinos that accept ecoPayz:
Deposit Options with PayByPhone
PayByPhone started as a parking app some years ago, and grew in popularity all over the world. The backbone of the system is now being used by some online casinos as another option. This is convenient for many Canadians who probably already have the app installed on their phones. The system has developed into something even more rock-solid than its original purpose. Many of us here use PayByPhone, and one of us has tried it out on an online casino successfully.
Instadebit employs an electronic wallet that allows funding an online casino account using a bank account. The sign-up process is free and takes a few minutes. You will be asked to provide personal and financial information to smoothen the verification process.
However, before using Instadebit, you have to fund it using your own bank account. Once in the Instadebit account, the money is now ready for any transactions to online casinos in Canada. Excitingly, you don’t need to type in any of your bank details. This guarantees the safety of your funds since the casino will not have any of your bank details.
In most casinos, using Instadebit as your deposit method involves no charges or fees. This might not be the case when withdrawing so be advised to check. The major advantage of using Instadebit is that you can use it instantly before registering for an account.
When depositing at the online casino, simply chose Instadebit as the payment option, and the registration process will initiate automatically. The process is instant. This deposit method supports several currencies, including the Canadian Dollar, US Dollar, British Pound, and Euro. This enables sending money to different countries all over the world.
Best Online Casinos that accept Instadebit:
This is another deposit option that requires no personal details. Transactions are comfortable to set up and are processed instantly. There are no additional fees when depositing via Paysafecard. With Paysafecard, you enjoy safe and secure deposits with complete anonymity.
It all begins with buying the card itself. Paysafecards can be purchased at different prices including 10, 50, 150, and 250C$. This gives customers the flexibility they need. They are available in most local retail stores. Any deposit via Paysafecard requires you to enter a 16-digit PIN that’s given when purchasing the card, as an additional layer of security that protects your money.
Depositing via Paysafecard has a lot of similarities with using credit or debit cards. To deposit, navigate to the online casino’s cashier section and select Paysafecard as the payment option. You’ll be directed to a page prompting you to put the card number.
Once you’ve put the card number, select the amount you wish to deposit into your online casino account and submit. The process will take a few seconds. Most importantly, make sure you don’t lose your card since, once lost there’s no way to recover the funds therein unless you locate the card again.
Best Online Casinos that accept Paysafecard:
This is a state-of-the-art way of transferring funds from your bank account to another. This payment option integrates with every bank account in Canada by default. This simply means there isn’t much to be done to start using Interac as a deposit method.
The most significant advantage of this deposit method is that there are no surprise bills at the end of the month. Additionally, the method is very fast since money is withdrawn instantly from the bank account. However, you will be required to pay a flat fee of C$1.80 for transactions above C$300.
Your money’s security is nothing to worry about since the company has put several security measures in place. Since Interac is integrated with every bank in Canada, each of the banks incorporates its security layer. It also uses SSL encryption technology to monitor communications that go through its servers and casino websites.
That way, any intruder is banished from accessing players’ financial details. Additionally, there is a team of professionals that observe and monitor players’ accounts and flag any suspicious activity. There is also active customer service that offers assistance in times of uncertainties.
Best Online Casinos that accept Interac:
iDebit is much like Instadebit, and most people confuse them with e-wallets, but they are not. This is because iDebit accounts are linked to your bank account, unlike e-wallets where the money is stored within the account. That way, you can make payments to any website or casino that accepts iDebit as a payment method.
iDebit is not so popular, but the few who have had experience using it say it’s a fantastic deposit method. Most Canadian players favor and trust it for ease of the transaction process and the precise account tracking that helps players manage their casino expenditures.
Payments made with debit are impossible to cancel. Therefore, you must cross-check every detail before submitting it. There are some fees put in place for every transaction made. The current flat rate is C$1.50 for all purchases but might change in the near future. When it comes to security, iDebit has put some measures to ensure safe and secure deposits.
Personal details are kept private, and all payments are made within your bank’s environment. This means that the bank authenticates every transaction, and therefore it’s only the account owner that can make a deposit or withdrawal.
Best Online Casinos that accept iDebit:
Bitcoins were introduced in 2011 and are kept in three major types of e-wallets; online wallets, hardware wallets, and software wallets. To deposit using bitcoin, go to the casino’s website where you want to make the deposit.
Click on my account and select deposit. Set your preferred amount and choose bitcoin as the mode of payment. Under typical situations, the process should take no more than a minute. In terms of security, a player plays an enormous role in keeping their bitcoin account safe. To do this, you need to play at a casino that is secure and trustworthy.
Best Online Casinos that accept Bitcoin:
Muchbetter is a UK-based company that offers services in every country. It is an e-wallet that allows you to send, receive, and move money in a fast, secure manner. Once you get an account, there are no maintenance fees. Additionally, all purchases made via Muchbetter have no commissions. Excitingly, you can ask for a Mastercard that proves useful when purchasing products or paying for services. All accounts are kept secure by a Touch ID, dynamic security codes, and dynamic pairing. The customer service is very active and works all round the clock to ensure that its users are satisfied.
Best Online Casinos that accept MuchBetter:
The above deposit methods have a proven history of security.
Some banks allow but others do not process transactions for gambling purposes.
You should be able to play within an hour or so.
Mostly, you have to navigate to the cashier section and click withdraw.
Some casinos offer bonuses while others don’t. Check out their respective websites.