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Vienne Garcia

3 min read

When it comes to online casinos, there is a very practical issue that needs to be addressed: how do you put money in, and how can you get your winnings out? It all comes from the fact playing casino games is all about the thrill of winning real money and you're not going to get something for nothing.

Obviously, you need to make a deposit before you can cash out on wins. That's why you need to consider the payment methods available at an online casino. Payment methods is simply a fancy word for what kinds of cards and other ways a casino accepts for deposits and withdrawals.

On this page, our team of experts have put together a list of the best payment methods for players with a special focus on Canada, and we will explain the pros and cons to each of them.

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Payment methods can be largely divided into 4 categories:

E-wallets
Pre-paid
Bank transactions
Cryptocurrencies

E-wallets:

E-wallets are like Paypal, Skrill and Neteller. You have an account with an e-wallet that you load up and withdraw through other means, such as through your credit card, and can then use the balance to pay people or go shopping online.

Pros Cons

Keeps your banking information away from your casino account for extra security
Withdrawals tend to be faster

Need to set up an account first
You will still need to find a way to load up your e-wallet
New regulations may ban e-wallet deposits at casinos

Pre-paid:

This is where you go out and buy a voucher, for example at a supermarket or at the gas station. You can also buy some vouchers online. The voucher is worth a certain value and then you can use the amount on the voucher to top up your casino account.

Pros Cons

Can use cash to buy voucher to keep banking information completely offline
Great if you are trying to stay within a budget

Need to go out to buy voucher
You still need to find a way to pay for the voucher if you are buying it online

Bank transactions:

You can also use your existing debit card or credit card to make deposits and withdrawals at online casinos.

Pros Cons

Convenient as you probably have at least a debit card

Some players don't like to link banking information to their casino account
Withdrawals may be slower.

Cryptocurrencies:

The most famous cryptocurrency is Bitcoin, and it is the most widely accepted crypto at online casinos. However, you will find that crypto casinos will accept a range of other popular currencies, such as Ethereum, Litecoin and Dogecoin. Some sites will let you purchase cryptocurrencies through them, while others may require that you have a pre-existing crypto-wallet.

Pros Cons

Higher limits
Higher degree of anonymity and security
Can be used to play crypto games
Withdrawals are faster

May require you have a crypto-wallet
Fluctuations in exchange rate
Transaction fees on the blockchain
Not accepted by many online casinos

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One really important thing to bear in mind is that you should try to use the same payment method for both deposits and cash out. The online casinos all say it and it's definitely something you want to consider as you choose from the variety of payment methods available at the casino.

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Not all payment methods will let you make both deposits and withdrawals. Although it is possible to use different payment methods, it may slow down your cash out. It's not the end of the world though and normally it's just a few more days of waiting. But those extra days can feel longer than they actually are.

If you're not counting on withdrawing your winnings, then none of this really matters. However, if you're somewhat hoping to bring your loot home, then you can set things up to help yourself down the line.

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Online casinos offer numerous payment methods to facilitate your banking process. Which one is best for you will depend on your own preferences, but it's important to note that you while you can make deposits with Visa and Mastercard, you can't withdraw to a credit card in Canada.

Likewise, some of the bigger Canadian banks like TD, CIBC, Nova Scotia and RBC won't accept payments from online casinos. This can be a little tricky when it comes to cashing out, but it's easy to work around if you use an e-wallet. Here is a breakdown on some of the most popular payment methods for Canadian players.

Interac:
This is perhaps the most convenient method for Canadian players because as long as you have a Canadian bank account and a debit card, you can use Interac. This is mighty handy as you don't need to go sign up for an account elsewhere or go buy prepaid vouchers. You're ready to play right away. However, the downside is that you can't withdraw with Interac and will have to pick a second payment method for cashing out.

Apple Pay:
A lot of players who have iPhones already have Apple Pay set up. If you're playing at a mobile casino, then it's a breeze to make your deposit directly with Apple Pay without a second thought. But, do note that you can't withdraw with Apple Pay.

MuchBetter:
This is a mobile payment wallet. The MuchBetter app is available for both iOS and Android. Unlike Apple Pay, you can both make deposits and withdrawals with MuchBetter. You will still need to find a way to fund your MuchBetter account. If mobile casinos are your thing, then you should really consider checking out this app.

iDebit:
This is an online payment gateway so you can make transactions without a credit card. You use your regular online banking credentials for iDebit. It keeps your banking information separate from your casino account. No need to find an additional payment method to fund your iDebit transaction and most online casinos will let you use it as a withdrawal method if you have made a deposit with it too.

Paypal:
Paypal is one of the most popular online wallets and there's probably a very good chance you already have it set up for online shopping. As far as online casinos and e-wallets are concerned, Paypal is not as widely accepted as Skrill or Neteller, but Paypal Casinos are generally higher quality because Paypal will not be associated with just any site.

EcoPayz:
This is an e-wallet that's widely accepted at online casinos. You can top up your EcoPayz balance with a credit card, online bank transfer, or by popping in to your bank's local branch.

Paysafe:
Paysafe, also known as the Paysafe card, is a pre-paid voucher that is accepted at most online casinos. You can buy Paysafe vouchers at the supermarket and at various retail outlets, as well as online. Generally speaking, you can't use Paysafe as a withdrawal method. However, some online casinos let you cash out to a Paysafe account with your registered voucher.

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Online casinos offer lots of payment methods to make it easy for you to bank with them. Making a deposit is significantly faster and easier than withdrawals though and this is especially the case for players in Canada. That's mostly due to policies at the popular Canadian banks like Nova Scotia, TD, CIBC, and RBC that do not accept payments from online casinos.

Where available, our advice is to set up an account with an e-wallet like Paypal, EcoPayz, Skrill or Neteller for withdrawals. Cashout times to e-wallets are the shortest because there is no additional processing time involved. Still, there are plenty of other online wallets to choose from that can make the whole banking process a breeze.

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Author: Vienne Garcia

Last Update: 10. May 2023