What is an ‘e-wallet’?

One of the most popular methods for depositing into an online casino is by e-wallet. This is a form of virtual wallet, which handles electronic money only. This means it’s not a bank, but still, something where you can store money, and perform payments to and from. The most popular e-wallets for the Canadian market is Skrill and Neteller when it comes to casino payments. Other services as Interac, iDebit and Instadebit are also popular, although this is something like a cross between an e-wallet and a bank account.

Registering for an e-wallet

When using an e-wallet you first need to sign up for an account. This is done by providing some personal information, such as your name, address, date of birth and some other identifying information. This information you will need to verify, so make sure you only provide your correct personal details. Signing up is always for free, and most often there aren’t any yearly fees associated, unless you choose to order a card to use in conjunction with your wallet.

When the account is all set up you need to add funds to it, and often you can do this either by credit or debit card, bank transfer, using a prepaid option such as Paysafecard, and in some instances the use of cryptocurrency. The methods available will depend on the wallet you choose to use, as not all accept the same deposit methods.

Funding your virtual wallet

The first thing you need to be aware of is that most of the e-wallets will ask you what the money you fund your wallet with will be used for. They differentiate between money for gambling, and everything else. That means you will have to tick the box for gambling if this is what you will be using the money for. If you don’t, these funds will be blocked for gambling, meaning they can’t be used for depositing into an online casino.

Once you have deposited into your e-wallet you will for most deposit methods have your wallet funded immediately. The only exception is usually for bank transfer, as it can take a couple of days for the transaction to land in your account. As soon as your account is funded you can start using the balance you have, and this means you can use the money to deposit into an online casino, as long as you approved the money to be used for gambling when funding your virtual wallet.

Depositing into an online casino

Most online casinos support the usage of several different e-wallets, but the most popular ones, that can be found at almost all Canadian casinos, are Skrill and Neteller. When using these wallets for deposits you simply have to click on their logo or the option for them on the deposit page and follow the instructions. This means you have to either enter your email address or your e-wallet account number, add the amount you want to deposit, and then you’ll see a pop-up taking you to the wallet, where you confirm and approve the transaction. Once this is done you will instantly get your casino account funded with the money you deposited.

Whether there are any fees for your deposit depends entirely on the casino you choose to play at. There is always a fee connected to the deposit from the e-wallets side since they of course also need to make money somehow, so the question is if it’s you or the casino paying this fee. Most of the best casinos online choose to pay this for their players, so you can play for all the money you deposit. In other cases, the casino may require you to pay these fees yourself, and if so it might be as much as 5% of your deposit.

Get instant withdrawals when depositing with an e-wallet

One of the greatest benefits of using an e-wallet for depositing into your casino account is that this also allows you to withdraw back to it. These are the quickest withdrawals you can have from a casino, as there is no transaction time involved. You will still need to wait for the pending period, which is the time it takes a casino to process your withdrawal, but as soon as they have approved your withdrawal request your winnings will instantly be available to you in your wallet.

As there is no transaction time you can also receive your winnings during the weekends, and outside of normal banking hours. Once you have received your payment into your e-wallet again you can either spend them from your wallet for more casino deposits or at other merchants online. If you are using a wallet that also offers a connected debit card you can also use these funds out in the “real” world. If you choose to you can also withdraw them to your bank account, which you can easily connect.

Skrill e-wallet

The most popular e-wallet is Skrill, and even though they started as being only a simple virtual wallet they have now expanded into other areas of payment as well. This is one of the wallets that accept bitcoin as a deposit method, and this fact has made them gain an extra edge over their competitors. In addition to buying and selling cryptocurrency, you can also use the wallet for deposits into casinos, and most casinos support Skrill deposits.

Transactions directly from your wallet aren’t the only option for using Skrill for online casino deposits, as they have also launched two other payment services – Skrill 1-Tap and Rapid Transfer. Skrill 1-Tap is a service which allows you to connect credit and debit cards to Skrill, and then perform online payments through Skrill as a payment processor, without the money going into your Skrill e-wallet first. The same thing applies to Rapid Transfer, except that this is the service which processes wire transfers. Through these two options, you can use Skrill as a deposit method at an online casino without actually using their wallet. At casinos, you might either see one payment option for each of these services in the list over methods available, or you might only see them once you first selected Skrill as the method you want to use.

Neteller by wallet or card

An option both Skrill and Neteller is offering is a prepaid MasterCard debit card connected to the wallet. This allows you to spend money from them in two ways. For Neteller, this means you can choose to send money straight from your account to a casino by choosing Neteller as a deposit method, or you can choose MasterCard and in that way make a card deposit which will deduct the money from your e-wallet. This option will also allow you to use your e-wallet for deposits even at casinos that don’t support Neteller, even though most casinos do have this option for both deposits and withdrawals.

Even though both Skrill and Neteller are owned by the same company, the Paysafe Group, Skrill is a little better than Neteller, in terms of the services they offer. Neteller is more of a pure virtual wallet, as they don’t offer other means of performing transactions. Bitcoin or other cryptocurrencies are not supported for deposits into your wallet.

Something between wallets and bank accounts

For us Canadians, Interac, iDebit and Instadebit are also hugely popular, but they can’t be considered as a normal e-wallet. This is because they have the traits of an electronic wallet, as they only exist online, and you can use them both for outgoing and incoming payments. The reason why they’re still not considered e-wallets is that the methods for deposits into the account are more limited, as this is done by bank transfer. It’s also the bank account which is used for verifying these accounts.

Canadian players often prefer these local methods, as they are more common as payment methods in Canada than the traditional e-wallets, this is true for all types of online payments. As these deposit methods are only used for players from Canada not all casinos have chosen to support them and implement them on their sites, as this is mainly done by the casinos that have Canada as one of their core markets. This is why you might not always find these options on the deposit pages, and then using another e-wallet, or another form of payment method, will be necessary to complete your deposit.

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