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One of the tricky things when you play with real money, is that there is no single best banking method for everyone. Each payment method has its own unique quirks that can make it better in certain use cases over others. As such, it is important to consider your personal circumstances and preferences when choosing a payment processor for your online gambling transactions.
If you are still undecided, we've listed a few factors and guide questions you could keep in mind as you read through the casino payment options available in Canada further down in the guide:
Is the payment method available in Canada? Is it accepted by the online casino you plan to play at?
Is the casino payment method easy for you to access?
How fast do you need deposits to finish? How long are you willing to wait for withdrawals?
How much money do you plan to move per transaction?
Given the problems that players tend to have with traditional banking, Canadian gamblers have been turning to other sources to fulfill their gambling payments. One of the most popular of these options has been instant banking services. These are third-party payment processors like the following that secure and fast-track transactions between your bank and the casino. You’ll find this at:
One of the major benefits of using instant banking for gambling transactions is security. Having a middleman between your bank and the online casino allows your money to go through while protecting critical information.
On one side, your bank (which may automatically block gambling transactions) will only see that your transaction is going to the instant banking service, and on the other, the online casino won’t be able to see your personal banking details as the funds are coming from a third party.
As more and more of our daily payments and purchases happen over the internet, e-wallets have become some of the most convenient payment methods you can use in this new age. Canadian players have access to a decent number of e-wallets to choose from, which include:
Given that speed and convenience are their two main draws, the logic follows that e-wallets can be considered a bit too convenient for use as an online casino payment method. This is an especially pressing concern for players (or those that know players) with some difficulty controlling their spending habits.
A relatively unorthodox but still effective way to fund your online gambling sessions is by buying prepaid cards for casinos. Some of the prepaid options you can look for are:
Prepaid cards are quite useful in that they have their own built-in funding limits by default. This is, of course, due to the fact that you need to buy a prepaid card first before you can use the funds it contains. This makes prepaid cards a very good option for gamblers who want to rein in their spending and as you can imagine, the popularity of the likes of Neosurf in Canada, are on the rise.
And because you buy prepaid cards from either physical retailers or select online partners, your banking details are kept well away from the actual transaction with the online casino for much better security.
One of the other payment methods that has been rapidly gaining popularity in the online casino space over the last several years is cryptocurrency, which include examples like:
Now, cryptocurrency is a complex technology with a very complex subculture; hence it is practically impossible to explain how it works in this short snippet. If you want to learn more, we have a separate crypto casino guide with more details.
The long and short of it is that cryptocurrency is a digital currency that, because it has no authority backing it, has a volatility more similar to stocks rather than any actual currency.
Two of the major selling points for playing at a crypto casino, is its anonymity (ensuring almost absolute security) and general lack of regulation. Since cryptocurrencies are largely outside the grip of governments, players can make transactions through crypto with little to no worry of it being blocked.
For most players, using deceit and credit cards is the norm. After all, it is quite difficult to beat the sheer convenience of traditional banking cards, as every Canadian old enough to play will already have a bank account. They generally offer lighting-fast transaction times and in the case of credit cards, are often part of exclusive reward networks. The most popular options among players are:
However, one of the main concerns you have to deal with when using debit cards is the issue of transactions getting blocked by the banks themselves.
A notable example of this is TD Bank, which has been blocking all gambling-related transactions since they introduced new rules in 2013. Scotiabank blocks transactions to many online casinos, but makes exceptions for transactions made to a select few provincially-operated casinos like PlayOLG, PlayNow.com, and Espacejeux.
Again, personal preference is one of the keys to figuring out the best casino payment method for you. No matter what other guides might tell you, when you are looking for new casino sites, go for the option you are comfortable with.
Players who want fast and easy access to a fund source may find the convenience of e-wallets to be the most useful. Meanwhile, players who wants to have absolute security and anonymity in their transactions may want to look into cryptocurrency despite the various hoops that one has to go through to actually set it up. Whatever the case, you definitely won’t find yourself short on choices when it comes to playing in Canada.
You can pay for online gambling through a variety of payment methods. From credit cards to e-wallets and traditional banks, online casinos in Canada accept a wide range of these methods so players never have to feel locked out of adding funds to their casino accounts.
All of the major banks in Canada except for TD Bank allow direct gambling payments in one form or another; however, players will have to watch out for these transactions potentially getting blocked by the banks. It is recommended to consult with your banking provider for their specific rules on this.
Depending on which bank you use, the bank may or may not block your gambling transactions. Certain banks may block all gambling-related transactions in general, while others may only allow transactions that go to certain supported casinos (as in the case of Scotiabank, which only processes transactions going to provincial casinos).