As a Canadian player currency exchange rates are something you’ll need to consider when choosing a casino to play at. Not all online casinos who accept Canadian players support CAD as a currency, and so you might have to play with EUR, or another currency the casino supports. This can mean that you and up paying quite a lot more for your deposit than what you had planned, as you might also have to pay for the exchange of your money. Not only does the rate itself for the exchange play a role, but there might also be fees on top of that, both for deposits and withdrawals.
The best option is to choose a casino that is localized for the Canadian market, by supporting the usage of CAD. Not only will this allow you to skip a lot of the exchange fees, but it will most often also give you access to use typical Canadian deposit methods, such as Interac, Instadebit and iDebit. The biggest advantage is in the exchange, as it can be a costly affair to pay for the exchange of your currency both when you add money, and when you cash-out.
However, just because you play with Canadian Dollars it doesn’t necessarily mean that there will be no exchange. Most casinos use Euros as their home currency, simply because most online casinos we play at are based in Malta or Cyprus, where they use Euros. When you deposit money into the casino account the money doesn’t end up in your playing account, as what is shown there is just the value you have. The actual money ends up in a bank account, used solely to hold players funds, and often this account is on Euros only. This means your funds are being exchanged. In some cases the casino holds several different bank accounts, to be able to hold money in different currencies, and if they have a separate account for CAD you are off the hook when it comes to exchange rates. If not you will have to consider the current exchange rates. But, even if the casinos are informing you that there might be extra fees connected to the transfer to take into account the exchange rate, it often doesn’t always apply, as the casino will cover these costs for you.
Perhaps the most dangerous part of playing with a different currency than the one you are used to is that it can get hard to keep track of how much you are actually playing for. Most casinos keep it simple and use an exchange rate that equals 1 CAD to 1 EUR. This makes it easy to make out welcome offers and deposit limits, as they only have to change the CAD to EUR, but keep the amounts as they are.
If you play with EUR as a currency you will have to check the currency exchange rate yourself, to make sure you are not betting more than what you intended. If you use the same exchange rate as the casinos tend to calculate after you’ll end up spending 50% more than what you had planned, as 1 EUR actually is almost 1.50 CAD. This means that if you are spinning on a slot with 1 EUR bets, you fact betting much more. Just over 50 such spins, you’ll have spent C$25 more than if you had played for your own currency, so the money adds up quickly. When you make your deposits it works the same way. Make sure to check what the EUR is worth, before entering in the amount you wanted to deposit in CAD.
As mentioned a lot of casinos will cover the exchange fees for you, which might lead to you thinking that there is no harm in playing with EUR instead of CAD. When it comes to deposits this is true, as long as you keep track of your bets. When it comes to withdrawals, on the other hand, things are a bit different. If you cash-out in EUR to a bank account in CAD, you will get some fees to pay, and this isn’t necessarily cheap.
Even though the casino you play at will cover all extra costs on their end, they will never cover the costs your bank adds on. If you receive a EUR payment into a CAD account, your bank will perform an exchange, and this is usually not something they do for free. Some banks have a fixed rate for an exchange, while others take a percentage, and some even take both. This means you might end up getting far less than what you thought you would from your casino withdrawal. If you intend to play at a casino that doesn’t support Canadian Dollars it might be beneficial to open up a separate account with another currency so you don’t have to pay all of these extra fees, or better yet an e-wallet that can hold several currencies, such as a Revolut account.