Fintech companies and digital payment services have been very successful in streamlining online transactions. Thanks to improvements in data sharing, they created secure payment gateways on top of the legacy banking system that made internet transfers very efficient. This has also helped expand online casino payment options as well. Deposits are now processed instantly, and payouts are cleared within hours. Here we will go over the best online casino payment methods available in Canada and explain why they are safe and popular in this region.
Review of the Best Casino Payment Methods
All of the safe casino sites Canada has to offer accept the commonly used Visa and MasterCard credit and debit cards. They also accept e-check and regular bank transfers. However, these aren’t widely used for online gambling, and we’ll also explain why these aren’t very popular online casino payment methods. Canadians prefer to use intermediaries, e-wallets, and vouchers to add money to their accounts.
Zimpler
The casino Zimpler payment method is an e-wallet that allows you to send and receive money online. It is authorized and supervised by the Swedish financial system, and many safe Canadian casinos allow players to use Zimpler for both deposits and withdrawals. One of the main reasons players use top Zimpler casino sites is that it has a decent transaction limit, up to 15000 CAD. Bear in mind that it is not available everywhere, so you should actively seek top Zimpler online casinos if you wish to use this banking option. Also, if you use Zimpler casino withdrawals may take up to 3 days.
Interac
Out of all online casinos payment methods, Interac is the only one exclusive to Canada. It is like a separate transfer network for Canadian banks, which means that the operator needs to have an account in Canada to enable this option. It is fast and secure and probably the most used banking option in the Great White North.
Mobile Banking
Anyone who gambles on their phone commonly uses popular mobile wallets:
- ApplePay
- GooglePay
- Samsung Pay
- Venmo
- Zelle
- CashApp
These casino payment methods are usually integrated into the gambling app, which makes them very easy and convenient to use. What’s more, your information is fully encrypted when you choose to use a mobile wallet. This means your card number and other sensitive info don’t reach the operators. In a way, it can serve as an additional layer of protection even if you wish to use the previously mentioned digital wallets. Also, mobile wallets have turned out to be incredibly useful for storing cryptos, so many operators are looking to integrate these options as well. This is a nice segue into the next popular online banking method on this list.
Cryptocurrencies
Certain gambling operators even allow players to make deposits and withdrawals with cryptocurrencies. This is the ideal option for cross-border payments because it doesn’t include any intermediaries. As a result, there are no additional costs that come up when you use multiple correspondent banks. What’s more, the withdrawal and deposit caps are significantly higher compared to regular digital banking options. This means that blockchain transfers are superior for higher volume transactions.
Skrill/Neteller/PayPal (Digital Wallets)
These are payment platforms or digital wallets that issue their cards. Anyone who doesn’t want to use their primary bank account or credit card online has a digital wallet. If you are looking for safe Canadian casinos that allow Skrill or Neteller, you should check Wildz Casino, as it has a solid offer for new players. So far, Wildz Casino reviews have been positive, and they have been around since 2017. When it comes to safety, Wildz online casino has Payment Card Industry Data Security Standard certificate, and it is regulated by MGA. Also, Wildz Casino login Canada players will have access to customer support 24/7 via live chat.
Why Players Don’t Use Cards Issue by Their Bank?
Source: Freepik
Credit and debit cards issued by banks are still safe and efficient. They have two-factor authentication and are widely accepted. However, players don’t like the idea of leaving their main bank account information on any site. Even industry giants like MGM and Caesars are being targeted by hacker groups, and nobody wants to worry where that sensitive information might end up. So, to play it safe, users opt for other casino deposit methods that aren’t directly tied to their main bank account.
Why do Withdrawals Take Longer?
To understand slower withdrawals, we need to go over the business model of online gambling sites. These operators share the revenue with multiple parties, there are software providers and affiliate marketers. There are also maintenance costs and payrolls for staff and given that the average pay in the Canadian Casino is around 20 CAD, these costs add up.
This means it’s difficult to be profitable as a small and mid-size operator. At the same time, operators want to be accessible and cost-efficient, so they use bonuses as incentives and add big wagering requirements to avoid losing money. You might also come across the terms that state your deposits need to be wagered at least 2 times before you are eligible for withdrawals.
So, one of the reasons for the delay is to check whether all of the wagering requirements have been met. Furthermore, Canada payment methods providers need to be compliant and require operators to do due diligence on their customers. So, you need to have a fully verified account to get your cashout request approved. Finally, many financial institutions consider casinos as higher-risk clients, so they might not clear all of their payments automatically. A casino might be required to showcase that you have legitimately won the money before they can send you funds.
Conclusion
As you can see, there are plenty of secure payment methods in Canada that you can use for both deposits and withdrawals. Hopefully, you know what are some of the differences between these widely used casino payment options and why payouts can take longer.
Many users choose to test the casinos first before they leave any sensitive data on their site. So, they don’t verify their account until they have funds to withdraw, and they use vouchers like NeoSurf, and PaySafeCard as casino deposit methods. It never hurts to be extra sure, so this is a good practice if you don’t want to compromise any of your digital wallets.
