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Best Casino Payment Methods

The most important step when you are setting up a casino gaming account is actually funding it. With multiple payment methods available SuperLenny will take you through which are the best and how you can get fast payments at casinos.

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Online casino payment methods in Canada

Below, you’ll find our detailed guide to all the top casino payment methods for Canadian players, including:

Most Popular Casino Payments in Canada

How do payments at an online casino work

If you’re new to the exciting world of online casinos, you might be surprised to find that the banking side of things is pretty straightforward considering the high level of security in place at any respectable operator. When playing free games – that is, games where you’re essentially trying out the casino before depositing money, and can’t win money on, you won’t need to worry about payment methods at all. To try your luck on real money games, however, you’ll need to choose the online casino payments method you prefer, and make a deposit.

Much like banking with conventional banks, online casino banking involves a third-party either storing your funds or processing a payment. Although we often only think of the person initiating the transfer and the casino receiving it, there might be several third-parties involved to make this process happen. For example, if you use an e-wallet or an e-transfer service, you will have to transfer funds to them before they can get passed on to the casino. Online casino banking services use high-level safety and security features we associate with conventional banks.

You’ll use your preferred payment method to deposit or withdraw funds into and out of your account, so make sure your favourite e-wallet or banking provider is available before signing up to a particular casino, just to keep things simple. That being said, all the biggest operators today offer a great range of banking options to Canadian players, so the chance of being disappointed in this regard is absolutely minimal. Generally, players prefer using online casinos with CAD available as a currency right off the bat.

When it comes to deposit and withdrawal policies, it’s worth knowing that these will differ from one casino to the next. This means that anything from withdrawal/deposit limits to the verification process, currencies, processing times, and fees can vary, so it’s worth doing your research – or hitting a trusted review site like SuperLenny – before starting the sign-up process.

How to Make a Deposit at an Online Casino

Most deposits (and withdrawals) these days are instant, but bank transfers can be a touch slower than other options.

How to make a withdrawal at an online casino

Some operators will ask you to verify your identity when making your first withdrawal request, or if you’re withdrawing a large amount of money. This security measure is in place to help prevent any fraudulent activity on your account.

Which is the fastest Payment Method at an online casino

Let’s face it – the best casino payment methods out there are the ones with the shortest processing times. In today’s fast-paced world, we want things to happen yesterday, so waiting more than a day for your funds to move tests the patience of most players.

By far the fastest way to get your money in and out of an online casino is to use an E-wallet for e.g. Skrill.  In general, E-wallet payments tend to clear in a few hours or less. On the flip side, the slowest way to go about depositing or withdrawing money at a casino is to use wire transfers. Popular E-wallets for Canadian players include Skrill or Neteller.

Method Fees Cashout Time Deposit Time
Paypal Yes Up to 24 hours Instant
Neteller No Up to 12 hours Instant
Skrill No Up to 24 hours Instant
MasterCard No 1-3 Banking Days Instant
Visa No 1-3 Banking days Instant
Bitcoin No 1-2 Days 1 hour

Minimum Deposits and Withdrawals

The minimum deposit or withdrawal at any given casino varies. Lower minimum transactions naturally make casinos more widely accessible to all types of players, whether they’re new to the world of gaming or the most seasoned players around. That being said, more casinos only have maximum withdrawal limits in place rather than minimum ones. Which brings us to our next point…

Maximum Withdrawals

Naturally, players prefer casinos with high – ideally no – withdrawal limits. As we’ve already mentioned, these limits are partly in place as an extra security measure for players, but what else are they there for? One other reason for withdrawal limits is to help with the casino’s cash flow too. If everyone withdrew massive amounts of winnings at roughly the same time, the casino would need crazy amounts of money to make sure they’re topped up enough to keep things running smoothly, recover losses, and cover fresh bets.

What is an e-wallet?

An e-wallet is exactly that – a digital wallet that keeps your financial details safe and secure for use online. Using an e-wallet is a great, convenient way to speed up payments and protect yourself as a buyer – or seller. E-wallets can work together with the same mobile payment systems that let you pay for things with your smartphone too!

Customer Support for Casino Payment Methods

Any reputable casino will have a customer support team in place on hand to help Canadian players with any issues surrounding casino payment methods and beyond. Whatever the casino’s customer support team can’t help you with, however, will be well within the remit of the payment provider you’ve signed up to. Before you settle on a baking method, make sure you do enough research and read enough reviews (like ours!) to know for certain that they’ll have your back when you need it most.

Canadian Banks that allow online gambling

An important part of casino payments is understanding the Canadian banks’ position on online gambling. Below you will find a list of some of the major banks and understand how to get your winnings into and out of a Canadian bank account.

Online gambling regulations in Canada

It’s important to note that online gambling in Canada is not regulated on a federal level, instead, it is up to the provincial authorities to determine their policies regarding gambling. That being said, one of the major Canadian banks, the Bank of Nova Scotia (Scotiabank) will only allow payments to and from Provincial Lottery Corp casinos.

Nonetheless, the most seamless way to process casino deposits and withdrawals is without a doubt an e-wallet, such as neteller or skrill as opposed to a credit card.

The above-mentioned banks have no specific policy prohibiting online gambling or allow gambling.

Online Gambling With Canadian Imperial Bank Of Commerce (CIBC)

Since the Canadian Imperial Bank of Commerce states in its terms and conditions that transactions identified as internet gambling can be blocked, it is not recommended as an online gaming bank.  Even though internet gambling transactions are restricted, you can still use CIBC to deposit funds to a third-party service such as Interac, which in turn can be used to make payments at an online casino.

Online Gambling With Laurentian Bank Of Canada (LBC)

Laurentian Bank of Canada is recommended for depositing at online casinos using your bank card. LBC is one of the most veteran banking institutions in Canada, and customers can expect debit card deposits at online casinos to be efficient. Furthermore, they do not mention prohibiting gambling transactions in any of their terms of service.

Online Gambling With Bank Of Montreal (BMO)

It is assumed that customers can use their Bank of Montreal account to pay at an online casino. Nonetheless, it should be noted that the Bank of Montreal’s umbrella term of “gaming transactions” encompassed in the BMO Mastercard agreement includes “betting, off-track betting, race track wagers, casino gaming chips and lottery tickets”. That being said, it is important to note that some BMO transactions can be rejected for suspicious behavior such as depositing at different online casinos every week.

Online Gambling With Bank Of Nova Scotia (Scotiabank)

Bank of Nova Scotia or Scotiabank will process online gambling transactions as long as the gambling sites are state-owned by the Sovereign of Canada and operated by the Crown Corporation.  However, keep in mind that your account can be frozen if it suspects any “illegal internet gambling.”

Online Gambling With National Bank Of Canada (NBC)

The National Bank of Canada does not mention any restrictions regarding local or international online gambling transactions in the personal account contract, which is why it is a recommended casino if you want to pay with a bank card at an online casino.

Online Gambling With Royal Bank Of Canada (RBC)

The Royal Bank of Canada states in their card agreement that they can prevent online gambling transactions; however, it can be used to deposit funds to third party services.

Online Gambling With Toronto-Dominion Bank (TD Bank)

TD Bank credit cards are not recommended as a casino payment method due to the fact that online casino deposits are frequently blocked. However, like at the Royal Bank of Canada, this doesn’t prevent customers from making deposits to third-party payment providers, which in turn can be used to make online casino payments.

FAQs about making deposits or withdrawals

There’s sometimes a small fee for any larger transactions, but this will be detailed by the casino you’re playing at. Just be sure to read the fine print!

Withdrawal times vary from one payment method to the next, and from one casino to the next. Generally speaking, however, e-wallet transactions happen pretty much instantly, while other methods (e.g. bank transfers) can take anything from a few hours to a few days to go through.

If the casino you’re playing at is licenced and regulated by a respected body (e.g. the UK Gambling Commission, Malta Gaming Authority), then you can rest easy knowing that the payment methods available are safe and secure. It’s good practice to keep a keen eye out for those licences, but it’s also worth knowing the names of a few respected banking methods – listed at the top of this page!

You’ll find verification procedures in place at any reliable casino today, particularly when withdrawing larger amounts of money as you let those big wins pile up in your account. Most casinos require you to verify your account when you submit a request for your first withdrawal too as standard. This extra layer of security helps both the casino keep in line with industry regulations but helps protect your financial details so you can spin, bet, raise, and call with complete peace of mind.

To complete the verification process, players in Canada need to upload scanned copies (or good-quality photos) of the documents requested by the casino, such as an ID card, driver’s licence, or passport. Basically anything that allows them to confirm that you’re of legal age for gambling, and that you are who you say you are. You’ll also need copies of the bank card you plan on using, and a copy of a recent utility bill to once again confirm your identity and your current address. It’s really important to make sure everything is legible, otherwise you’ll be asked to go through the process from scratch, and nobody wants to do that when there are games waiting to be played!

Some players may have concerns about the part where you share pictures of your credit or debit cards as part of the verification process; but not to worry. Reputable casinos can be trusted to never share your personal or financial information with third parties, but if you’d like to add an extra layer of security for your own peace of mind, you can blurt out the first six and final four digits of your card number. The casino will just need a few they can match up to confirm that it is in fact your card, not someone else’s. And while you’re at it, we’d recommend blurring out the CVC code (the three-digit number) on the back of your card too.

This varies from one casino to the next, so you’ll have to check that out when you’re reading the Ts and Cs offered by a particular operator. Most casinos have rather generous withdrawal limits, though, so don’t worry about that too much.

Popular Questions about Using Payment Methods at Betting Sites

Much like a bank account, an e-wallet is an online account that stores funds you have deposited into it. You use it much like a bank account, the only difference being you can only use what you add into it. As the money is stored online, payments and transfers can be processed in an instant.

An e-wallet is essentially a pre-paid account that you can use to store money and transfer to merchants online. To use an e-wallet, simply add funds to your account and make a transfer to your online casino of choice. E-wallets are popular with users as transfers can be made in an instant. You can also use e-wallets like a bank account to store funds online, ready to use whenever you need them.

If you run into a problem with a transfer, contact the customer support team immediately. The casino’s customer support team will generally be able to address most queries. However, in some cases, you may need to contact your bank.

Yes, while there are relatively few places where payment methods are restricted, you should still make sure you aren’t in one of these regions. Methods such as bank transfers and credit/debit cards are essentially universally accepted and can be used from anywhere in the world.

Payments to or from online casinos processed through a third-party take several days to fully process, which is why they don’t appear in your account instantly. Conventional wire transfers are the slowest methods, while e-payment services can complete the transfers in a couple of hours. In the future, cryptocurrencies like Bitcoin might provide a solution to this issue as they can be fully processed instantly.

Depending on the online casino in question, they may allow you to deposit to your account in your local currency— for instance Canadian dollars. If not, however, a conversion rate will be applied to your account automatically. In this case, you will earn money in, for example, USD, and then a conversion rate to CA$ will be applied once it hits your account. This may be different for all online casinos, and players are advised to check. SuperLenny will always advise players on casinos that accept Canadian dollars.

References 

Neteller

Skrill 

Mastercard

Paypal 

Lucas Collins
Lucas Collins

Casino Specialist

Lucas is an editor and copywriter at SuperLenny Canada. He graduated from the University of Winnipeg, with a Bachelors in English. One of his passions is creative writing and this helped him being able to take on various freelance writing jobs. It is thanks to this that Lucas has many years of experience in the gaming industry and knows exactly what Canadian players want to see when it comes to casinos, sports and betting sites.