Interac has lately become one of the most popular ways to deposit and withdraw from online casinos in Canada. Interac is exclusive to Canada
, well-integrated with the Canadian banks and has a flat fee transfer cost.
It's easy to use credit cards, prepaid cards or e-wallets when depositing at online casinos
As mobile casinos' selection grows, so are the deposit and withdrawal options using the same device. Boku
has become a popular payment method for casinos, and it is available in Canada.
With Boku, you can make transactions via your mobile, and then you pay through your phone bill at the end of the month. Not all mobile phone carriers support Boku, and you are also limited to $30 deposits at a time. Currently, you can't make withdrawals with Boku, and you will need an e-wallet or bank account to withdraw your winnings. Despite this, it is still a very popular option by Candian players for its safety and speed.
Most online casinos think it is important to offer a wide variety of payment methods so customers can deposit and withdraw their money with ease. Bitcoin became popular in the last few years, and some casinos are offering it as one of their payment options. Cryptocurrencies like Bitcoin or Ethereum are popular because they are safety, anonymity, and use it worldwide without a problem.
Bitcoin transactions are swift and easy once you have a bitcoin wallet and find a bitcoin casino. Transaction fees are low, and Bitcoin lets you remain anonymous in countries where gambling is highly restricted. Not every casino allows Bitcoin as a payment method, so check out the list of Bitcoin casinos
if this is what you want to use.
Credit and debit cards
The handiest option is to use your Visa or MasterCard (debit or credit) when opening a new account in an online casino. And while all casinos accept these payment methods, your bank might refuse to process these transactions.
You can also run into issues when withdrawing as some banks don't accept funds from online casinos, so you will need to use a different method to get your winnings.
Canadian banks that don't accept funds from online casinos:
- Royal Bank of Canada
- Canadian Imperial Bank of Commerce
- TD Canada Trust
- Bank of Nova Scotia
- Tangerine Bank
If you have a card that works with online casinos, Visa and MasterCards are still an excellent option to use. It is secure and convenient, and you don't have limitations on receiving welcome bonuses.
Online casino banking dictionary
There are some banking terminologies online casinos use, and you should know what they mean to make your journey easier. This list will help you understand how to make an easy deposit and withdrawal to make your overall gaming experience easier.
You will come across this term in most of the payment methods at online casinos. It simply means the maximum amount you can withdraw from a casino account. A withdrawal limit could either be daily, weekly or monthly and depend on your casino status. VIP members are allowed higher deposit limits.
This is another term commonly used when registering, depositing or withdrawing from an online casino. To withdraw from a casino, you need to verify your account by submitting a form of ID and a utility bill, so the casino knows that you are a legal age to gamble, and you don't have duplicate accounts with the casino.
How to choose a suitable payment method?
It's hard to say what's the best payment method in online gaming. Choose a payment option that's safe and works best for you
The method you choose should use SSL 128-bit encryption technology for maximum safety, which should be fast and easy to use with instant transfers and accepted by your favourite online casino.
Bureaucracy is the last thing you want to think of when you are signing up for a new website to play casino games, but online casinos have a good reason to ask for you to verify your account and go through the KYC (Know Your Customers) process. This is one of the conditions to hold a licence and this way they can verify that all their customer is at a legal age to gamble and that the information you disclosed on your account is true.
If you are asked to provide documentation at any of the trusted online casinos you can be sure that your information will be treated with confidence and only requested to comply with the regulatory requirements.
You can be asked to upload a photo of the following documents to confirm your identity and age (usually one of these will suffice):
- Passport (complete picture of the photo page)
- National ID Card (complete picture of front and back of card)
- Driving Licence (complete picture of front and back of card)
- Birth Certificate (Complete picture of the whole certificate, if this is in your current name. If you have changed your name, then we would need confirmation of this by also sending a photo of your Marriage/Divorce or Deed Poll certificate)
Verify your address
To verify your address you will be asked to provide one of the following documents:
- Utility Bill (electricity bill, phone bill, government-issued bill or another bill for a service linked to your registered address)
- Bank Statement
Verify your debit or credit card
In most cases, you will need to provide a photo of your card, but you can cover out the middle of the card number. They will probably need the first 4 and/or the last 4 numbers, the cardholders name and the expiry date.
Source of funds at casinos
A casino could also ask for proof of funds as part of the regulatory requirements. They will ask for information about the money you used to gamble with. They could ask for your occupation and salary, or if you have another source of income like a sale of a property.