Casino banking options for Canadian iGamers reviewed in 2020.
In more than
twenty years, the most unpredictable aspect of the online gambling
industry has been the ebb and flow of available payment methods. They
have come and gone like the undulating tide. Their presence has been
afflicted by everything from an overly saturated market, to shifts in
the regulatory guidelines of major countries around the world.
Now that we’re
bringing in a new year – a whole new decade – I feel it’s time
to revisit Canada’s online casino banking situation. Which
methods have survived the tide? What new methods have risen from the
ashes? How do they rank among Canada’s finest?
Casino Banking Options for Canada iGamers
In today’s online gambling market, there are many eligible ways to process a deposit and/or request a withdrawal. For your convenience, I’ve divided them up into categories, with evaluations of various Payment Cards, Web Wallets, and Direct Banking.
Payment Cards for Online Gaming
In this category
you’ll find credit cards, debit cards, gift cards and prepaid
vouchers (virtual cards).
Most online casinos still advertise the acceptance of Visa and
MasterCard credit card payments; sometimes even AmEx
and Discover are presented. However, the credit card companies
and/or issuing banks may decline to process these payments. Or they
might not. It’s really a 50/50 chance, depending on your credit
card company and issuing bank. The fact that regulators are moving
more and more towards a ‘no gambling on credit’ legal
stance isn’t helping matters.
These are, and have always been, the most commonly adapted of all
payment methods. Debit card payments are quick, easy, and move the
funds direct to/from your bank. However, if the debit card’s
issuing bank is headquartered in the United States, you may face
declination due to legal restrictions south of the 49th
Many online casinos will accept prepaid gift cards in lieu of a
credit/debit card. You can purchase a prepaid Visa or
MasterCard at most retail outlets, then use it to deposit the
same way you would a debit card.
Virtual Voucher: A virtual voucher is basically a gift card that
you purchase online. Instead of receiving a plastic card, you get a
set of numbers to input. These can be used just like gift cards at
online casinos that accept them.
Web Wallets for Canadian iGamers
has shrunk immensely in the last few years. You will no longer find
major eWallets like Neteller or Skrill on this list, as both fled the
Canadian market to focus more on US customer relations. Bah – who
needs them when we have…
PayPal is the number one name in trusted online payment processors.
For a long time, PayPal was not available to Canadian iGamers –
again, thanks to the legal restraints in the US. However, PayPal
picked over Canada’s legal terms with a fine tooth comb and decided
that online gambling is perfectly legal here. In 2020, you’ll find
a growing list of trusted PayPal
casinos for Canadians.
Formerly EcoCard, this web wallet has been around for many, many
years, serving the Canadian iGaming market and beyond.
Direct Banking Methods
refers to any method in which the user’s deposits and withdrawals
are moved directly between their bank account and casino account.
These include Instant EFTs, eCheques, and Interac eTransfers.
Short for “electric fund transfer”, all direct banking options in
Canada take place via EFT. It is a simple and secure method in which
the sending and receiving banks communicate to tell one another how
much the transfer is for, and whether the funds are available to
execute it. If all comes back good, the transaction is approved and
the money begins to move.
An Instant EFT
is one that gives the player instant access to their deposited funds,
even though the receiving bank won’t actually get them for up to 3
days. The user’s online casino account is instantly credited with
the deposit, simply because the casino knows delivery of the money is
An eCheck is essentially the exact same thing as an EFT, except that
you will fill out the information on an electronic cheque the same as
you would on a paper cheque. The required information will include
the bank’s 8-digit routing number and the user’s bank account
eTransfer: Interac is Canada’s universal online banking
facilitator. Developed by the nation’s largest bank’s, Interac
used to work in the background, unbeknownst to debitors. When
internet merchandising became so undeniably popular in the early- to
mid-2010s, Interac emerged from the shadows as a namesake payment
absolutely free, and everyone with an online banking account in
Canada already has access to it – no registration required. Simply
choose Interac from the online casino’s payment menu, enter your
bank’s name, and you’ll be redirected to log into your online
banking service to complete the transaction.
Royal Vegas Canada has been our editor’s #1 pick for three consecutive years ! Great compatibility of course (iphones, mobiles and tablets) but also an exciting range of games and promotions. Excellent support teams and quick cashouts… What else to ask for ?
(Remember to gamble responsibly)