With so many different deposit methods to choose from it can be hard to find the one that fits your needs perfectly. To help you find the best available deposit method for your casino deposits we at CasinoTop have in this deposit guide collected all the information that you need to consider before making a deposit and choosing your preferred payment method to do so.
The first step before contemplating how to deposit money is to find out where to deposit the money. As there are hundreds of casinos to choose from, there are plenty of options, but that doesn’t mean that you should consider all of them. First off, you should eliminate all casinos that do not support your local currency, meaning casinos where you are unable to play with Canadian Dollars. This way you can avoid unnecessary exchange rate fees, both for deposits and withdrawals. In addition to this, you should also keep in mind that a casino that does not allow you to play with CAD most likely does not support all the normal Canadian payment methods either.
After you’ve found a casino where you can use your home currency you should check exactly which payment methods are supported. You would, of course, like to have the option to deposit with all the normal payment methods, like different kinds of debit and credit cards, some e-wallets and perhaps some prepaid options. If you already have a favourite payment method in mind make sure this is listed on the website, and if not just see to it that all the most common ones are present, so you can change deposit method whenever you like, without having to find a new casino.
If you haven’t read our guide about deposit fees yet, we recommend that you do so now. As this can range from 0% to 5%, you can potentially save quite a lot in the long run by choosing a casino that covers all fees for you, so the only money that gets deducted from your bank account is actually the money that you can play with at the casino. There are plenty of casinos that don’t add on any extra fees to your deposits, and these are the ones you should aim for. At the very least there have to be some deposit methods available where you can add money to your account without deposit fees, and preferably this should, of course, be a payment method you have access to.
As we are now on the topic of fees you should also check if there are any fees for withdrawals, as this can also add up to a substantial amount in the long run.
Now that you’ve hopefully found a casino you would like to play at, one that supports CAD currency and has no fees, it’s time to pick a deposit method. As we assume you want to be able to play as soon as your deposit has been made, an instant payment method is what you’re looking for. This includes most deposit methods, and the only one you should try to avoid is a wire transfer, as this can take days, and in the worst case a whole week.
If you want the money to be deducted straight from your bank account you can try the bank wallets Interac, Instadebit or iDebit, as these methods are instant, but also directly connected to your bank account. These options you can only find at Canadian casinos, as these are payment methods only available to us. Other instant deposit methods include credit and debit cards, e-wallets and prepaid options.
Credit cards are usually a preferred method of choice for the first deposit. The reason why a card payment is often the best option to start off with is that this method always triggers your welcome offer. Not all payment methods do, as many casinos exclude e-wallets and prepaid options from activating a welcome bonus. For future deposits, these can be used, but in a lot of cases, it’s best to avoid them for your initial deposit.
At some casinos, you may also get a boost on your deposits if you opt for some specific deposit methods, and casino bonuses like these can always be smart to take advantage of. It’s not uncommon that you can get between 10% and 25% extra just by picking one deposit method over another, and if you have access to these methods, why not use them if that gives you extra money? Just make sure you also take into account any fees related to the deposit methods, if there are any. This should also be counted towards the bonus, to see how much extra you really are getting by using an offer like this.
As you might know, all casinos are required to ask you to withdraw your winnings to the same payment method as you used for depositing the winning funds, and this means that your deposit method directly affects how quickly you can get a payout from the casino. Not only do most payment methods for withdrawals need to be added to the casino account by first depositing with it, but the winning deposit method must also be used when cashing out. That means it’s not enough to add the payment method, but you must also use it for deposits whenever you would like a withdrawal to go back to it.
If you want truly fast withdrawals it’s e-wallets that’s your best bet. For these payment methods, there is no such thing as a transaction delay, as the withdrawal will appear instantly in your wallet as soon as the casino approves your withdrawal request. This is not to say that you’ll get paid as soon as you ask for your withdrawal, as the casino processing time will be whatever it is, but this is the only waiting period. This is in contrast to payouts going to a card or a bank account, which will take between 1 and 5 banking days.
Also be aware that not all payment methods can be used for withdrawals, and this is the case for some credit cards and prepaid options. If you choose to use a deposit method like that you’ll have to settle for the slow withdrawals back to your bank account through a wire transfer.
On a final note we would like to inform you that whichever deposit method you choose to use, it has to be a method that legally belongs to you. You might be asked to verify your deposit and withdrawal methods, and your name has to be shown as the cardholder, or the registered owner of the e-wallet or bank account. You are never allowed to use a third party payment method, even when you have their consent to do so, and the same goes for any cards or other means of payment belonging to a company, as business accounts are never allowed to use at an online casino.