Deposit methods explained

There are many different payment methods to choose from when you are looking to make a deposit into a casino account. The number each casino offers are very different, as some have almost all options available, while others only choose to offer the most common ones. What you also need to keep in mind is that not all options are available to players from all countries, but most options there are can be used by players who reside in Canada.

Before choosing your preferred deposit method there are some things you should keep in mind, as there are both pros and cons for all payment methods. We are going to explain what these are in this casino guide for deposit methods. We will go through all the most popular Canadian deposit methods and explain how every one of them works.

Deposits with debit and credit card

When you choose to make your deposits with either a debit or a credit card, such as VISA, MasterCard or Maestro card, you will see these logos on the deposit page. This is a deposit method all casinos offer, at least for the first two mentioned cards. All you have to do is to enter your card number (16 digits), the expiry date on the card, the CVC code (3 digits on the back of the card) and your name. You also have to enter the amount you want to deposit. In some cases you might also have to enter a code for 3D Secure or Verified by VISA, at least for your first deposit.

Choosing to deposit with a card also makes for easier future deposits, as the card number is saved. Most casinos nowadays offer quick deposits from a saved card, where you only have to enter the CVC code and the amount to make a new deposit. Quite often you can even do this without leaving the game you are in, to make sure you can continue where you left off.

Benefits by using a card to add funds

The biggest advantage you have by using a card of some sort to make your deposits is that the transaction is instant. This means that there is no waiting period before the money is credited to your account. This quick process is however only for deposits, as a withdrawal back to the card can take anything from 1 to 3 banking days. This means the withdrawal transaction will never go through on weekends. In some cases, a withdrawal back might not be possible at all, and you’ll then have to cash-out through a wire transfer.

When a card is the deposit method you want to use you should make sure to choose a casino which chooses to cover your fees. The normal fee is 2,5%, but a lot of casinos cover this for you. Some only cover the fees if you deposit more than a given amount, so this is also something you should check and if possible take advantage of, to get a free deposit.

Deposits with e-wallet

If an electronic wallet is your preferred deposit method you can freely choose from almost all Canadian online casinos. This option is something that most casinos have several different choices of, such as Skrill, Neteller or ecoPayz. When using these methods you first have to make sure you have funded your wallet, and after that, you just enter the details asked for in the pop-up that’s being displayed. You will then have to log into your e-wallet, by using either the email address connected to the wallet or the account number, along with a password.

Some of the deposits you make through an e-wallet might also appear as a normal card deposit. This applies if you use a virtual card, which is something all three of the mentioned e-wallets offer. That way you can choose if you want to pay directly from the balance in your wallet, or through a card transaction via your connected debit card, issued by the e-wallet. No matter how you choose to do it, the deposit is instant, and you can start playing straight away.

Benefits when using a wallet for deposits

The biggest advantage you’ll get from using an e-wallet as your payment method is that not only is the deposit instant, but the same goes for your withdrawals. Since the only way to access withdrawals through an e-wallet is by first depositing with it, and in that way add it to your account, using it to add funds is necessary. Even after you have added it to your account you’ll have to keep on making deposits from your wallet, if you want to have these quick cash-outs available. This is so the casino can comply with the rules and regulations regarding anti-money laundering, which stated that money should be paid back to the same payment method as the winning deposit came from, whenever that is possible.

Another advantage you’ll get at most casinos is that most often your transactions are without any fees attached. While this is not always the case, it does happen quite often. If the casinos choose to forward the fees for the transaction to you, you might have to pay anything between 1% and 5% of your deposit extra.

Bank transfer deposits

An option which some casinos offer, but not all, is a bank transfer. By transferring money straight from your bank account to a casino you perform this transaction from your online banking, which means there are quite a lot of details you’ll have to enter. This is because this is an international bank transfer, and you’ll have to use the international details for a wire transfer. IBAN, SWIFT/BIC code along with details about the receiver of the funds will be necessary.

Even though a normal transfer through your bank is not very common, there are other options which are quite similar, and that performs the same transactions, just faster. These methods you probably know of, as most Canadians use Interac, iDebit and Instadebit for online purchases, not only at casinos online. These payment methods are some sort of hybrid between an e-wallet and your bank account, as the payment goes from your bank account into these wallets, which then processes the payment to the casinos.

The best reasons for using a bank transfer

In reality, there isn’t any reason for using a traditional wire transfer unless you haven’t set up an account with Interac or any of the other competitors yet. If you have one of these options, there are several benefits you’ll get by using them, and the first one has to do with fees. These deposit methods are for the most part free of fees, and that means you can play with all the money that is deducted from your account.

In addition to being free to use, at most casinos, these deposits are also instant. There is no waiting period, and you can play straight away after the deposit has been authorized. When it comes to withdrawals you can also get this straight back to the same method as you used for deposit, and from there you can take the money to your bank account. This, however, might take up to a couple of days.

Deposits with Paysafe and prepaid cards

If you for some reason or another don’t want your casino deposits to show up on your bank account or credit card statement, a prepaid option is a good choice. This is a highly anonymous transaction, as you can even buy these payment methods for cash if you want to. In saying that, this does not mean that people without a bank account should use them, as this will most often be the option you’ll have to use for withdrawing your winnings when you have used a Paysafe card, or other prepaid option, for deposits.

As you may have gathered by now PaysafeCard is the most commonly used prepaid card at an online casino, as this is something most of the Canadian casinos offer. This is something you can buy from a wide range of stores and resellers, and you just have to go and get one. Once you have your prepaid card you just choose this method on the deposit page at the casino, enter the code on the voucher, and then the money is added to your account. In most cases this is instant, but on occasion, you might have to wait for up to 20 minutes before the money is credited to the casino account.

Fees for Paysafe deposits

The fees connected to a deposit with Paysafe can be hefty, as up to 5% is not uncommon. In addition to this, you have to pay to get the voucher in the first place, but the extra commission for this is only 50 cents. In total this might end up being quite a bit, so looking for a casino which covers the deposit fees are always a good idea. There are quite a few casinos who let you deposit with this method without paying fees, and this might actually make up at least half of the popular online casinos.

When you’ve added money with Paysafe and you win, you have two options for withdrawing the money. This is not to say that you can choose, as it’s actually up to the casino. If they have integrated the e-wallet MyPaySafe to their casino you will have to sign up for this and withdraw your funds there. This money can then be added to a new virtual Paysafe voucher, or you can withdraw the funds to a connected bank account. The other option, if the casino doesn’t have MyPaysafe, is to request the winnings straight back to your bank account.

Depositing with Bitcoin and other deposit methods

Seeing the payment option Bitcoin on a casino deposit page isn’t all that common yet, as not all gambling licences allow their casinos to accept this and other cryptocurrencies yet. If you have found a casino that allows these new payment methods you are playing at a Curacao licensed casino, as they are the only ones that have chosen to support these payments, as we write this. Other licences are expected to follow, so there will no doubt be more options to choose from in the coming years. A deposit with Bitcoin is performed just as you also make other payments with this currency, and that is with the help of a code/key or a QR code to identify the receiver, and you authorize the payment with your device which holds the Bitcoin. This process might take up to 10 minutes to finalize.

It’s not only cryptocurrency that are the new payment options emerging, as there are several other new deposit methods added to most casinos every year. Most of them use “normal” currencies, even though some actually offer both dollars, euros and crypto. Some of these that have seen great success, and that are found at many casinos for Canadian players are MuchBetter and Revolut. Both a form of advanced e-wallet, which have been made not only for performing payments, but also where you can keep money in, and use as an alternative to a normal bank account. What these methods are competing on compared to banks are the fees, and as such, you can get away with paying less for the transaction itself, and in that way get more money to play for. Another great advantage is that most new options like these offer multi-currency, which means you can hold several different currencies. This is a great benefit, especially when you are playing at a casino which doesn’t support CAD, as you don’t have to constantly pay extra for the exchange.

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