Banking Options in Canada

Banking Options in Canada

Operators work hard to open up for business in Canada but what are they providing beyond that accessibility? One of the key things to look for when choosing a sportsbook is its infrastructure. Customer service should be comprehensive and effective but players also need methods of getting funds into their account.

In this review, we will look at the choice of funding options that bookmakers offer their customers. Not every sportsbook will include each of the methods that we list but as long as players have at least one method for deposits and withdrawals, then they can get on board and start playing.

Online Gambling Banking Options

At a very basic level, all operators should be providing Visa and Mastercards as a basic need. From there, many will also allow bank transfers direct from your account. Cards are an essential requirement while the bank transfer is a useful bonus.

  • All the banking and personal info of ecoPayz users is SSL encrypted

  • Fast sign up process

  • Free app for mobile

  • Dedicated customer support staff which can be contacted 24 hours a day, 7 days a week

  • Users benefit from levels (Classic, Silver, Gold, Platinum, VIP). Higher levels equal higher deposit limits and lower fees
  • A fee of between 1.69% and 2.9% is charged for transferring funds into ecoPayz with cards

  • Bank wire deposits are subject to a 0.7% fee

  • Withdrawals may take up to 2 days

  • Inactive accounts are charged C$1.50 per month for account maintenance

  • Some see the requirement to subscribe to the service a disadvantage

  • Offers the highest security standards for card payments (PCI-DSS Level 1)

  • Skrill 1-Tap system enables deposits for those playing online cash casino on their mobile phones and tablets

  • A trusted e-Wallet system with around 28 million members around the world

  • Offers lightning-fast transactions, finalized in seconds

  • Acts as a buffer between your bank and the casino, reveals no financial details to the casino
  • An inactivity fee applies

  • A possibility of currency exchange fees

  • Uploading funds into your Skrill account may incur a 1% fee for specific methods

  • Skrill deposits rarely qualify for online casino bonuses

  • For a while, Skrill could not be used in Canadian casinos. Always check method availability upon signup

  • Security and transaction speed are top priority for this payment processor

  • Easy to use platform and free signup

  • Account ID is the only thing you need to remember to use Neteller online

  • Neteller provides privacy and discretion

  • There are 60+ ways to fund a Neteller account
  • There are fees levied on almost every transaction

  • Somewhat low limitations pertaining to the sums you can deposit or withdraw

  • Neteller charges an exchange rate of 3.99%. Avoid this fee by choosing a casino that allows you to play in your local currency

  • Verifying one’s Neteller account can be time-consuming

  • Some casinos exclude Neteller deposits from welcome bonus deals

  • 99% of casinos accept this deposit method

  • Visa credit card allows you to borrow money from the bank to play casino games online

  • With Visa debit card you can have better control on your spending

  • Visa enables highly secure transactions

  • Most people already have Visa cards, so there’s no registration involved
  • Withdrawals from casinos take several banking days to reach the card balance

  • Some Canadian banks that issue Visa cards reserve the right to block transitions to online gambling platforms

  • Cardholders can overspend and go into credit card debt

  • The user needs to reveal personal details, credit card number and CVV code while making a transaction

  • Outstanding Visa balances will incur a fee at the interest rate stipulated by your bank

  • Convenient payment method with a high level of reliability

  • Monthly account statements help users keep track of their gambling spending

  • You can deposit without actually having the money on your bank account with MasterCard credit card

  • Many Canadians already have a MasterCard and use it for all sorts of payments and purchases over the internet

  • Immediate deposits
  • At some online casinos, you can't use MasterCard for withdrawals

  • Personal user info and financial info needs to be provided which may create a security issue

  • MasterCard does not charge any fees, but your issuing bank might

  • Online casino MasterCard withdrawals can take more than 72 hours in some cases

  • Some Canadian banks may decline your MasterCard online casino deposit (CIBC, RBC, Toronto Dominion Bank etc.)

  • Available at a range of prices, C$10 - C$250

  • Doesn't require any personal information from its customers

  • No bank card or bank account needed

  • Paysafecard 16-digit PINs are impossible to hack

  • Paysafecard app allows one to keep track of card balances
  • Withdrawals to Paysafecard are not possible

  • The player is limited to the amount purchased on the card

  • A year after you have bought the voucher, a maintenance fee of C$2.5 every month comes into effect

  • You need to go to a physical retail kiosk, or shop to purchase the voucher

  • If you want to pay for a voucher online, you need to reveal card info

  • Enables good and quick communication with the banks

  • Low risk of identity theft

  • You must have an active bank account to finalize a direct bank transfer/wire transfer

  • Bank customer support service may help you with your requests and submissions

  • Benefits of high-standard security of commercial banks
  • Some consider it an out-dated option

  • Only selected Canadian banks allow for transactions to casinos directly

  • Bank transfers are slower than other means of payment; transactions take several days

  • Your bank dictates the transaction limits and imposes fees

  • The user needs to share confidential information such as your bank account number

  • One of the largest international online banking systems

  • Added security, as casinos never get your payment details

  • No transaction fees, unless you make a conversion of currency

  • Comfortable applications for iPhone and Android

  • Clearly laid out and easy to use
  • Setting up a PayPal account may be tedious for some

  • Not all casino operators allow players to use PayPal in their sites

  • Linking your credit card and bank account to your PayPal account is lengthy

  • Suffers due to a growing presence of Neteller and Skrill online casinos

  • Had some anonymity-related issues in the past

  • Doesn’t require uploading funds to an account

  • Provides services of live chat and toll-free phone support

  • Allows users to easily review their transactions history

  • Works as both an e-wallet and a payment mediator

  • Security is provided by certification firms like TRUSTe and VeriSign
  • Canadian residents must have a bank account with a Canadian financial institution to use Instadebit

  • Withdrawals take up to 5 days

  • There is a nominal charge of C$1.95 to deposit into a casino and a nominal charge of C$2.00 to withdraw funds to your bank account

  • Users must send additional verification documents to unlock higher account limits

  • Only US dollars and Canadian dollars are supported currencies

  • You do not need a credit card

  • iDebit has agreements with Canadian banks

  • Instant deposits

  • Immediate confirmation of transactions

  • Using money already loaded into your iDebit account is free
  • Requires the player to have online banking services enabled

  • Some fees are involved: a C$1.50 fee if you make a deposit using online banking, while transferring winnings back into your bank account will cost you C$2

  • Only selected banks work with iDebit

  • Withdrawals may take up to 5 days

  • The user must comply to the daily limits and the limits per transaction imposed by the bank, also with the limits set by casinos

  • Webmoney Purse works as an intermediary, so your bank details are never accessible

  • The WebMoney Keeper app is supported on Android, iOS, Blackberry and Windows Mobile

  • The service distinguishes 4 types of security verification procedures

  • Allows holding accounts (purses) in multiple currencies (Rubles, US dollars, Euros etc.)

  • No credit check
  • WebMoney charges a commission for topping up the balance

  • Limited services for non-Russian customers and residents of the countries of the former Soviet Union

  • The website is somewhat complex

  • Bewildering at first glance, do to offering so many financial services

  • Not nearly as popular as PayPal, Neteller or Skrill

  • Click2Pay takes funds right out of your existing bank account

  • Emphasised security measures

  • The more Click2Pay is used, the more benefits you receive

  • Merchants (online casinos) don't get your banking info

  • Suitable for players who like to play at multiple venues
  • The account is fairly restricted until the user completes the verification

  • There is a fee to withdraw money out of your Click2Pay account

  • Funding the account with a credit card comes with a fee of 3%

  • A limited number of casinos offer this payment method

  • There is going to be a credit check, because of the Star Rating system

Most sportsbooks will then go on to list what is known as eWallets. These companies store your money safely and securely and you can pay for products and services online. The most famous global eWallet is PayPal but they rarely associate with gambling companies. Expect, therefore, to see companies such as Skrill, Neteller and PaySafeCard as the most common while Trustly and Qiwi are among more obscure eWallet providers.

As a final note on options, some operators who are based in North America may list Canadian funding providers. The most common of these are Instadebit and iDebit and many Canadians find it useful to have them included.

Security in Online Gambling

We obviously need to know that any transaction we make on the internet is safe and secure and that need extends to online gambling. At a basic level, look for the https prefix to the url on any website that you add funds from.

Matters should go much further however and you should be checking up on the operator’s security certificate. This information should be transparent and outlined in full on the homepage. It is your guarantee of safety so please identify this information in order to give you peace of mind.

What to Look for on an Online Banking Page

Most operators will list their funding options at the bottom of the homepage while it’s also helpful to have a separate, dedicated Payments page. While a full list of funding options should be shown, it’s important to determine whether the companies are available in Canada.

Operators such as iDebit and Instadebit are based in the country so that’s simple enough but some of the more obscure eWallets may not be available here. If in any doubt, simply fire over a quick question to customer services.

The best Online Betting Banking Options

The best online funding providers should be fast, secure and free. We’ve shown you how to identify a secure operator but what about the rest of that criteria? We need transactions to be instant where possible and we don’t want to have to pay any unnecessary charges.

On occasions, it’s impossible for an operator to avoid paying certain charges and a portion of this will then be passed on to the customer. However, this should only happen with the smaller eWallet providers.

In terms of speed, all transactions should be instant in the modern day: The possible exception to this would be bank transfers which, in the most extreme of cases, may take up to five days to process. That’s out of the bookmaker’s hands so we shouldn’t take a dim view if this is the case.

Once again, all of these points can be easily checked and if things remain unclear, simply fire over a question to the customer services team.