Casino Online payment – The most important information

Casino dealer and two hands full of jetonsOne of the key considerations when opening an account with a Canadian online casino has to be the payment/banking/Cashier. The word payment is broad and encompasses various attributes such as payment methods, processing fees, and security. For example, you might have heard some players complaining about their credit card information being stolen or some other type of cyber fraud, which is pretty scary and may make you lose trust in online casino payments. In this article, we interrogate several aspects of online casino payments with the intent on enlightening you about the best casino payments methods, banking options with the fastest cashouts, and much more. Let’s slice and dice!

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Information about Credit Card Online Casino

Credit and debit cards are the most popular payments methods in use by many Canadian casinos. The most common cards are Visa, American Express, Diners Club, and MasterCard. Visa and MasterCard top the list and the benefit of these two banking methods is that they are accepted in most Canadian Credit Card Online Casino and they are also issued by most financial institutions.

Jackpot City accepts many Credit Cards

There’s a clear-cut difference between credit cards and debit cards. Debit cards are linked directly to your current account and any funds a player withdraws from the casino account is sent straight from your bank account. On the other hand, credit cards are a loan facility which the card issuer gives the recipient with a zero interest rate if repaid within the credit period agreed. Players should give preference to debit cards over credits since debit card payments are free from transaction processing fees.

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General information about VISA Online Casinos

Many online casinos name Visa among their preferred deposit and withdrawal options. It is from one of the financial services corporation in America and involves a number of credit, debt and gift cards used across the world. Founded in 1958 as Bank of America Card, this has grown to be accepted all over the world. It comes in different varieties including the gold, platinum, classic, electron, infinite and signature, and all of them could be used in making casino payments depending on the ones acceptable to the casinos.

Some of the benefits of making payments with the Visa Card include the fact that the payments are instant and it is a very convenient method. It is also secured with many features, and could be used for both deposits and withdrawals. Some VISA Online Casinos even offer cash backs on this.

Information about an Online Casino that accepts Mastercard

MasterCard users who want to fund a casino account are in luck, as they typically do not have to pay transaction fees to fund their accounts. With MasterCard being a commonly accepted form of payment, Casinos would put themselves at a huge disadvantage by charging fees for MasterCard transactions while others were allowing fee-free MasterCard funding.

It is, however, possible that there are fees for MasterCard transactions when players make a withdrawal from a casino where MasterCard withdrawals are an option. Not every Online Casino accepts MasterCard withdrawals to go with their deposits, meaning that those who want to have their casino winnings sent right back to their card should take a look at each site before making the decision to play there.

Also, it is possible that MasterCard deposits are subject to fees. These fees might not necessarily come from the Online Casino that accepts Mastercard itself, but rather from the financial institution with which one has a MasterCard. This happens in cases where the Casino payment is deemed a cash advance, and could see banks apply a fee of some sort where these types of deposits are made. Communicating with your financial institution ahead of time can help avoid these types of fees from coming as a surprise.

Information about highest paying Online Casinos

There is no doubt that money and time are precious. None of them should be wasted and players should keep this thought in their mind when they look for the highest paying Online Casinos for Canadian players. However, sometimes it can be cumbersome to obtain the necessary information. Take some of the newest Online Casinos for example. Yes, they state that it is the players responsibility to know the payout rates of each game, but they don`t communicate these information on their site, leaving the players in doubt. This problem occurs quite often and therefore the team of BestCanadaCasino.ca presents only high paying sites.

Banking at an Online Skrill Casino

E-wallets are another convenient payment method accepted by many Canadian online casinos. The most popular e-wallets are PayPal, Neteller, and Skrill. The good thing about e-wallets is that they provide players with a direct interface between their accounts and the casino. Most players registered at an Online Skrill Casino will also prefer to make payments using e-wallets because a majority of casinos have deposit bonuses for players who fund their accounts using these methods. Some of them are for free, but what´s the situation at Skrill? This table gives you a better impression of the costs.

Fees for Amount
Receiving money No fees
Charge per Bank Transfer 1,00%
Withdraw funds to bank accounts C$0.30
Charge per Credit Card 2,9% of the deposit amount
Inactivity fee C$3

Another advantage of using e-wallets is that most of them have mobile apps and you can monitor the deposits and withdrawals on the go. In addition, the deposit and withdrawal process is very straightforward and mostly free from fees. You can read online cashout-guides and learn how you can make fast withdrawals using any of the e-wallets.

There are many upcoming e-wallets in the markets, and it is highly recommended that you check their licensing information to make sure that are regulated before falling prey to their marketing gimmicks. An e-wallet company that is regulated will accord its users with excellent customer service. You’ll also find that all e-wallets require players to comply with their KYC standards and they also have deposit limits when you’re using them to credit your player’s account in a casino. The deposit limit restricts players as to the amount of money they can deposit to your account, and if you’re a high roller you may find this rule a bit restrictive.

Characteristics of Bitcoin Casino sites

Cryptocurrencies are digital currencies that were pioneered in 2009 and later accepted in online gambling in 2013. Back in 2009, Bitcoin was the only cryptocurrency but other virtual currencies like Ethereum, Dash, Litecoin, Monero, Ripple, and Bitcoin Cash have since joined the bandwagon. They are popular payment methods in the gambling scene because of their convenience, increased security features, and universal acceptance, just look at this image.

How to make a Bitcoin withdrawalA pure Bitcoin Casino site is also known to have provably fair games and they don’t require their members to provide them with personal information during registration as is common with Fiat-Currency based platforms. However, there arent as many Online Casino that accept cryptocurrencies compared to sites that accept Credit Cards, just take a look at the following table.

Online Casino Accepts these cryptocurrency deposits
Playamo Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, Litecoin
Bob Casino None
Betchan Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, Litecoin
Spin Casino No cryptocurrencies are accepted
Karamba Karama accepts no cryptocurrencies

This banking option is suited for players who like to maintain the highest level of anonymity or are paranoid about the security of conventional online payment methods like credit/debit cards. However, you need to have a wallet to store your coins if you intend to use cryptocurrencies for payments. The choice of the wallet should complement the coins you want to play. Players who wager average amounts can consider an online wallet but it is highly advisable for high rollers to have offline wallets for extra security.

The Cons of using cryptocurrencies for payments

The downside of cryptocurrencies is that they are volatile and their value keeps on fluctuating. While this is a double-edged sword, the detriment of it could affect you and wipe off your bankroll value. Another challenge about cryptocurrency payments is that they are irreversible hence if you send your money to the wrong address you can’t recall the coins back unless the recipient sends them back at his/her will. Implementing this banking method is still a challenge particularly for pure crypto-casinos because the lack of verification may create avenues for money laundering and underage players.

Things you need to know when you visit Ukash Online Casinos

Now, one of the most used voucher payment systems in the world is the Ukash. It is a United Kingdom native payment method which comes in the e-wallet form. Because of the numerous beneficial features attached to this method, many online merchants and casinos prefer it as one of their payment methods. The Ukash system is based on the prepaid payment method and served both deposit and withdrawal purposes, which can look like this:

How to make a Online Casino deposit with Ukash

The method is to buy money into the Ukash system and get a 19-digit code which serves as your access to the money in the system. With the code, you can now make purchases with the money stored online in your Ukash voucher. Casinos use it because it very popular and safe too. Some players will enjoy special bonuses when they play at Ukash Online Casinos and use the payment system.

Why eCheck Online Casinos are so popular

The meaning of the Echeck is the payment system that gives you the chance to use funds directly from any checking account. It comes good because of the fact that payments with it are instant. It is accepted by more than eCheck Online Casinos and many other online merchants. From your bank account in any of the banks that support the system, you can draw money with checks. Get to the cashier of the casino, choose the echeck option, and fill in the amount you wish to deposit into your casino account. After this, you will need to fill in your paper check details in a section and click enter for the money to go into your casino account from your checking bank account. This is one of the most convenient Casino payment methods, and it offers instant pay, though it is not for withdrawals.

Casinos Online with Paysafecard

Paysafecard is a card payment method from Austria. Since its establishment in 2000, it has grown to be one of the most popular internet merchant’s payment methods. Now, this e-commerce payment system involves a voucher system that eliminates the process of moving your money from a debit or credit card. What you do here is to use your physical cash to buy the voucher with the value of the money you bought it with.

With the voucher in form of a pin, you can now make deposits into your casino account. It is currently available in many countries of the word. This method could be used for withdrawals from the Online Casinos with Paysafecard too, but only a few casinos accept it for withdrawals. Payment with this is instant, but it is not so private because personal details are shared. If you stil have any questions, you can contact the customer service via:

The organization
Important Information
Company Name:
Paysafecard.com Schweiz GmbH
Address:
Business Village Luzern, Platz 6, 6039 Root D4, Switzerland
Commercial register nr.:
CHE-113.779.646
Commercial registry:
Canton of Lucerne
Email:
info@paysafecard.com

Pay by Phone Online Casino

One of the simplest and fastest ways to make casino deposits is through the Pay by Phone method. Here, you can get the money in from the balance on your prepaid mobile phone or you can take the money from your postpaid plan and it would be added to your bill. This system is mostly offered by the operators of the mobile network or phone. It could be activated through an SMS or by filling a simple form. The good thing with this payment method is that your anonymity is guaranteed. Your personal details are not shared, even though the number that paid in is recorded. Here, you don’t need to carry any cards around, or to struggle to remember any passwords. It is the simplest method to use and very popular among players and that in turn can explain the popularity of a Pay by Phone Online Casino.

Information about Online Casinos that take Instadebit

Instadebit is another popular banking method for online merchants like Casino websites, especially for those in Canada. There are three major reasons why players prefer it as a method for payments. It is very reliable, payments are processed instantly, and it is very easy to use and handle and also cheap, as the following table shows.

Action Fee
Making a payment to a merchant from bank account C$1,95
Making a payment using Instadebit Free of charge
Charge to withdraw funds from your balance account to your bank account C§2,00

It is an e-wallet system, so you simply need to link your bank account or credit card to it, and move some money into the card to be used for payments online. While this does not charge any fees for deposits from Canadian players, it may charge a small fee for withdrawals. The safety of payments made with this is assured. That is why many casinos adopt it and the reason for the positive reputation of the Instadebit Online Casinos.

Relevant aspects of a Paypal Casino

PayPal is one of the firms under eBay, and it is an e-commerce payment system. Established in the early 2000’s, it has been offering payment services to many internet merchants and vendors. With presence in 214 countries at the moment, it is one of the most popular and most used payment systems in online casinos. The account is opened with an email address, and with this, deposits and withdrawals could be achieved. But, unfortunately they might cost some money. Just take a look at the following table.

Action Fee
Sending money C$0.30
Receiving money C$0.30
Charge per Credit Card C$0.30
Charge per Bank transfer C$0.30
Charge per Prepaid card Not possible

When you click on PayPal at the casino cashier, you will be prompted to enter the desired amount, and directed to the PayPal website afterwards. There, you will confirm the amount with your password and the money will be deposited into the casino account. This could also be used for withdrawals in many Paypal Casinos, especially in those casinos that accept it for deposits. This payment method is completely free of charge and the deposits and withdrawals are instant.

Interac Online Casinos

Since its inception in 1984, Interac Corp has been a reliable and secure online payment method used by Canadians. With over 60,000 ATMs throughout Canada and presence in 450,000 merchant shops and online stores, Interac has found a place in Canadians choice of payment method options. Interac allows for payment of goods and services by providing a link to banks accounts. More background information gives the following table.

The organization
Important information
Company Name:
Interac Corp.
Year founded:
1984
Address:
Royal Bank Plaza, North Tower
200 Bay Street, Suite 2400
P.O. Box 45, Toronto, ON M5J 2J1
Telephone:
416-362-8550
1-855-789-2979
Email:
info@interac.ca

Though could be considered as a late entrant, its penetration in the online gambling realm is now felt and appreciated by players and casinos. Casinos and sportsbook are adding interac as a payment method to fill the gap of debit card services which has been void or insufficient considering some players don’t like to gamble with credit money. The adoption of this payment method is rising and some Interac Online Casinos are offering bonuses to players making deposits using Interac.

Interac has braced itself with adaptability in the online gambling market by offering players convenience in making deposits and withdrawals, guarantying safety, being transparent, and maintaining low transaction charges.

Unlike some credit card companies which are notoriously known for sharing customer information to third parties, security of data is one of the unique selling points of Interac. While trust and honesty isn’t a virtue among all online casinos, to avoid sending money to a wrong casino, check out a casino’s regulation and read its reviews. One such place to learn all that is from unbiased and independent sources like us.

Information about offline banking

In spite of the growing popularity of online payment methods, a bunch of players are still stuck in traditional offline banking and a majority of Canadian casinos have the necessary provisions to cater for these members. The most common offline banking methods include bank transfers, cheque, bank drafts, Western Union, and MoneyGram. In as much as this option may look backdated; an option such as bank transfer uses one of the most secure systems, the SWIFT.

The good thing about offline banking is that at least you can keep track of your casino spending. Unlike credit cards which give you room to spend money which you don’t have, offline banking methods keep you cautious of your expenditure. Another benefit is that with offline banking methods such as bank wire there are no deposit limits. Therefore, high rollers can opt for this method to avoid withdrawal restrictions that are common with most online payment methods.

The good and the bad of offline banking

Bank Transfer Image_2
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    Widely accepted

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    Some payments are free of charges

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    Often no deposit limits

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    Slow deposit & withdrawals

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    Relatively convenient method

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    Usage only during business hours

On the other hand, offline banking poses some risks if you miss some details about the casino. You should have all their information such as account number, code, and so on. It also takes time for the amount to reflect in your account, mostly 3 to 10 business days. The same applies to withdrawals. In addition, you’ll find the process quite tedious because you have to walk into a bank to fill in the details when making payments.

Costs & fees of a Bank transfer

Banking fees are a crucial consideration when settling for a casino payments method. You don’t want to lose money to the casino as you play games and at the same time incur losses when making transactions. You could as well win when but incurring transaction charges but you’ll still want to avoid transaction fees. While some payment methods are known to be free of charges, credit cards transactions attract mostly a 2% transaction charge across most Canadian online casinos.

Debit cards transactions do not attract processing fees and the good thing about them is that once money is withdrawn from the casino it will reflect directly to your current account. It is also available for use unlike with e-wallets which require another round of withdrawal from the e-wallet to your account.

E-wallets are known to be free from deposit costs and bookmakers rarely charge any transaction fees when processing withdrawals. Cryptocurrencies attract a small transaction processing fee which is charged by the miners who are responsible for clearing these transactions. When it comes to offline banking methods, the processing fees depend on the method used. With payment methods such as bank wire, the transaction charges are low, and fixed hence you’ll find that the fee is constant whether you are depositing 10 CAD or 50,000 CAD. MoneyGram and Western union charges depend on the amount of money you are sending.

The summary

There are many considerations when online casino payments is concerned and what works for one player might not work for another. However, what is important is that when selecting a banking option, a player ought to choose a payment method that will suit his/her personal needs such as anonymity and high level of security. You should also opt for licensed payment service providers since they guarantee the insurance of your funds.

Last but not least, you should also consider transaction costs and it is highly recommended that you opt for online payments with low transaction fees unless you’re paying for a premium service. After all, if you are risking your money playing casino games, you don’t want to lose more funds as transaction processing fee. If you want to know more about critical aspects, just take a look at https://www.bestcanadacasino.ca.

Caleb Crosby - Editor in Chief
There are many payment methods and here I`ve showed you the most important one`s.

Caleb Crosby, Editor-in-chief