What you need to know about online casino payment methods
Now more than ever, we are living in a digital world. As more brick-and-mortar casinos are closed or have limited access, the increase for online casinos has increased. One of the things that make gambling online possible is online casino payment methods. Since players have different preferences for transferring money online, casinos have adapted and now offers a wide variety of casino payment methods so everyone can deposit and withdraw cash. On this page, we will look at different aspects of transferring money online and an in-depth look at some of the most popular online casino payment methods today.
Different types of payment methods
The most important thing to a casino player is to deposit and withdraw cash in a quick, easy and safe way. All payment methods are easy and secure, but processing times differ significantly between different payment methods. There is also an aspect of deposit only payment methods, where you can’t withdraw using the same method you used to deposit with. And what is usually the case, that you can only withdraw using the same way you deposited.
While all payment methods will get the job done, it may be that some option is better than others. Online casino payment methods generally come in one of the following six areas of payments:
- Credit and Debit cards
- Prepaid cards
- Bank wire
- Instant bank transfer
Most secure online casino payment method
Not that any payment method is unsafe, but it is worth highlighting that some payment methods are better at minimizing the risk that something unfortunate will happen. For instance, there is always a small risk that hackers steal your financial or personal information. It could be that your mobile device or desktop contain some malware or that the databases where the bookmaker store your data is hacked. The risk of this happening is extremely low. The technology behind every payment method is state-of-the-art and will keep you protected 99.999% of the time.
If we are to highlight one casino payment method that is safer than others, we will go for Trustly. Trustly is an instant bank transfer that is hugely popular in Europe and has recently entered the Canadian online casino market. Availability is still limited as not many banks have partnered up with Trustly yet. If you do come across casinos that have Trustly available, you should go for it. Not only is it safe, but it’s also very fast and easy to use. The reason why Trustly is so safe is that it leverages the security of your bank. You won’t enter any financial details in the bookmaker but rather authorize any transactions in your bank account. When you action a deposit, Trustly will redirect you to your bank account. So, your sensitive data is stored in as few places as possible.
Withdrawal times for different types of casino payment methods
Almost every single payment method you come across in online casinos is instant when depositing. When it comes to withdrawing money, the processing times are longer. From as high as 5-6 working days down to a few minutes. If you want to receive your money sooner rather than later, it’s essential to take some time to review different options to make sure you don’t end up waiting five working days for your winnings to arrive. Everyone hates to wait, and lengthy processing times can be frustrating, especially if you did not plan to wait for so long. Below you can see a list with general outlines for waiting times using different online casino payment methods:
- Credit and Debit Cards: 2-5 Banking Days
- Ewallets: 0-2 Banking Days
- Prepaid cards: 1-3 Banking Days
- Bank wire: 4-6 Banking Days
- Instant bank transfer: 0-2 Banking Days
- Cryptocurrencies: Instant
Fees when withdrawing from Canadian online casinos
Any modern online casino in Canada will waiver transaction fees when processing withdrawals. It can, of course, happen, and when it does, it’s usually highlighted as part of you the process of actioning a withdrawal. So, you would know about any charges before getting charged. In the past, when there were fewer online casinos and fewer payment methods available, both casino operators and payment providers could take out a charge. Those days are fortunately long gone, thanks to the fierce competition between both casino operators and payment processors.
In those rare instances when there is a charge, the % is low, and if you withdraw huge sums, there is a cap of $10, for example. So, you won’t be skinned alive when withdrawing money, regardless of the size of your winnings.
It is important to note that the online casino operator is only part of the equation when it comes to moving money from your bank account or Ewallet to or from your online casino account. Both the payment method and your bank may impose charges on transfers. It could be that your bank charges a small fee when processing payment through Trustly, or Neteller charging you a small fee when transferring money in or out of your Ewallet. If the online casino does not state the information, it’s best to reach out to your bank or the payment provider to get exact information about possible fees.
The most popular online casino payment methods
The number of different types of payment methods can be overwhelming. Wait until you see how many options there are within each type. Fortunately, we have singled out some of the most popular online casino payment methods widely available and used. We suggest that you take a couple of minutes and skim through the payment methods outlined below. If you want to learn more about any one payment method, you can read about it in-depth in our reviews. For each payment method, we have also compiled a list of the best online casinos that utilize that payment method to make it easier for you to find your next online casino destination.
We already covered some aspects of Trustly (Link Trustly review) as it’s our top pick for security. As we highlighted before, the drawback with Trustly is the limited availability. It is a rather new payment method on the market in Canada. Few Canadian banks are compatible with Trustly, and because of this, casinos are slow to add it to their portfolio of payment methods. Seeing how it has risen to become the most popular payment method in many European online casinos, we can assume that it will become the preferred option in Canada as well in due time.
We mentioned the positive aspects of Trustly earlier, including speed, safety and convenience. Instead of entering any financial information, you will be re-directed to your bank account after choosing Trustly. In your bank account, you will then authorize the payment. The Trustly re-direct link between the casino and your bank uses the latest 2048-bit RSA encryption to ensure that everything in the process is secure. RSA stands for Rivest-Shamir-Adleman. It is a sophisticated algorithm used to encrypt and decrypt messages used in the transactions.
Deposits with Trustly are instant, while withdrawals take a bit longer. Generally, a withdrawal using Trustly takes no longer than a few minutes to an hour. However, there are frequent cases where it takes longer – up to 48 hours.
Visa (Link Visa card) and MasterCard (Link MasterCard review) are heavily ingrained in our everyday lives. Both payment methods have been around for many decades, and today powers most of the financial transactions that are done offline and online. Naturally, depositing and withdrawing using credit or debit cards is the most popular online casino payment method. The main reason behind its popularity is because almost every Canadian resident of legal age has a card through their bank. Whether you have a Visa or MasterCard, the process of depositing or withdrawing is identical. The only difference is the logo on the card.
Despite its popularity, neither Visa nor MasterCard are optimal to use when transferring money to or from your online casino account. The drawback is that you have entered your financial details with the online casino. If you play at many casinos, this means that you will enter your financial information in many places. This increases the risk of your data getting into the wrong hands. Of course, as we mentioned earlier, the risk is extremely low. And if it does happen, both Visa and MasterCard have insurances, and you will likely recover any money you lost. However, no one wants to go through that ordeal.
Withdrawal times with Visa and MasterCard vary depending on the online casino operation and your bank. Generally, it takes 2-5 banking days for your money to arrive after a withdrawal has been actioned while deposits are instant.
A prepaid card is a good option that most people never even consider. Paysafecard (Link Paysafecard review) is the most popular prepaid card payment method used in online casinos today. It is a widely used option. You can purchase Paysafecard, both online and offline. There are thousands of offline outlets across Canada that sells it. For example, Canada Post is an official reseller, so if you are interested in using Paysafecard, you can simply go to your local post office and purchase prepaid cards for cash and then use the Paysafecard pins to deposit the cash to your online casino account.
The popularity of Paysafecard is mainly due to availability. It is also a preferred option for those who are concerned about their privacy. Since you can purchase the cards anonymously, there is no need to enter financial details anywhere online. Each Paysafecard you purchase has a unique pin code. So say you buy 5x $100 Paysafecard for $500, then each card will have a unique pin. When you enter this pin in the deposit process along with the amount you wish to deposit, the money is simply consumed from the card. It is the only payment method you can deposit to an online casino by moving physical cash over the counter in an offline retail shop.
Deposits are instant, while Paysafecard withdrawals are rarely offered.
Skrill and Neteller
Skrill and Neteller are both two hugely popular Ewallets among casino players. These two payment methods are very similar, and as a couple of years backs, they both below to the same parent company – Paysafe Group (which also owns Paysafecard). Ewallets are pretty much what it sounds like. A wallet online. You can deposit and withdraw money to both Skrill and Neteller. From there, you can deposit or withdraw money to online casinos. Skrill and Neteller are popular due to the widespread availability. Both have been around for almost two decades and have always been considered the two most popular payment options alongside credit and debit cards.
Speed is a positive aspect when it comes to Skrill and Neteller. Deposits are instant, while withdrawals usually take a couple of hours up to 48 hours.
Bitcoin is the most advanced currency in the world. Bitcoin is famous for its volatility and widespread use as a financial trading instrument. It is also the world’s first cryptocurrency. At its heart, Bitcoin is an extremely sophisticated payment method. As most of you probably know, there are many cryptocurrencies available today. However, very few cryptos are used for payments due to very high volatility. As we mentioned, Bitcoin is famous for massive swings in its value. Despite the volatile nature of Bitcoin, it’s widely used as a payment method.
Many online casinos offer Bitcoin payments through Bitcoin wallets such as CryptoPay. Bitcoin may have an intricate appearance, but it’s not that different from depositing and withdrawing using traditional payment methods. The perks of Bitcoin payments is that it’s speedy and extremely safe.
Both deposits and withdrawals are generally instant.
FAQ Online payment methods
On this page, we tried our best to summarize the main aspects of online casino payment methods, along with highlighting some preferred options. However, it all comes down to your preferences. Consider the three main aspects of convenience, speed and security and choose a casino payment method based on this.