Best Casino Payment Methods 2023
Casinos will have either a ‘Cashier’ or ‘Payments/Banking’ section, or else they will have two separate sections divided into ‘Deposit’ and ‘Withdrawal’.
How to add money to your casino account
- Make sure that you’re logged in to your player account first. It’s the only way to get to your account section. That’s where you’ll find either a Cashier or Deposit button depending on the casino site.
- Click the relevant button and you’re in the deposit area.
- Choose your preferred payment method, enter the amount you wish to deposit, or use a pre-selected amount and follow the instructions depending on your payment method.
At the end of it, there will be a Deposit button to press and after that, your funds will be instantly available in your player account to use as you see fit. The process is pretty much the same no matter which currency or cryptocurrency you use.
How to withdraw money from your casino account
It works exactly how you think it works. After all, a withdrawal is the opposite of a deposit, but the process is very much the same. The main difference is that withdrawals take longer. The first thing you need to look at is the processing time imposed by the casino.
This can vary from an instant to a couple of working days. Once your withdrawal has been processed and approved by the casino, the money transfer starts. Depending on your payment method, this can vary from instant up to 5 working days. If you’re looking for a casino that offers quick payments check out our list of fast-paying casinos
The most important thing to keep in mind is that you use the same payment method for both deposits and withdrawals, or it might be flagged as a suspicious transaction.
Online casinos must comply with a lot of financial and banking regulations connected with Anti Money Laundering (AML) and typically, specific transactions are flagged automatically. Being subject to regulations pertaining to AML is perfectly normal for any type of business where lots of money passes through. Usually, this is done during the casino’s know your customer process (KYC). To find out more about this check out our KYC page.
Why should I add real money to my casino account?
Although online casinos do offer some free perks for players, ultimately all of the best features are only available to those who play with real money. Without depositing any real money in your casino’s account you will not be able to do the following:
- Claim any deposit bonuses
- Enjoy full versions of slot games (demo versions are free, but you can’t win money on them)
- Win any real money
- Play any live dealer casino games
- Join any high roller tables
- Become a VIP member
Either way, if you want to take out your money from the casino – you need to input a request to the casino requesting a withdrawal. Once you’ve done this, a payment team on the casinos’ end will process your request and approve it (if everything is in order).
In order to make your payments as fast and easy as possible, make sure all your account details are verified. To do this, send in the appropriate documents to prove your identity. This might sound annoying, but it’s just an extra measure on the part of the casino to make sure everything is as legit as possible. It is totally normal, and pretty much routine across the business.
How long does it take to cash out?
Once the payment team has approved your request, it’s a matter of how long your chosen casino payment methods take to cash out your money. For a lot of e-wallets, like Payz and Instadebit, this is a matter of minutes. They are instant.
For credit cards, it might take a few hours. For wire transfers, it can even take up to five days.
The most popular casino payment methods in Canada are all certifiably safe. Online casinos employ bank-level security to ensure that all player funds are secure. In order to do this, a number of measures are taken into consideration.
- The requirement of certain legal documents to prove the legitimacy of the player’s identity
- Total player confidentiality when it comes to legal payment documents
- Use of SSL 128-bit encryption technology for payment transactions
This latter point is especially important. Any transaction you make at your online casino – whether it’s a deposit or withdrawal – is encrypted. This means that it is extremely difficult, if not impossible, for a third party to try and hack your information. A final tip – always look for the padlock icon next to the casino website address. This indicates that the connection is secure and that no outsiders can read, modify or steal the data you exchange with the casino.
The speed of your withdrawals/payouts relies on two important factors:
- How long the casino payment team takes to process and approve your withdrawal request
- How long your banking option of choice takes to then process the casino’s approval and pay out the amount into your personal account
Most online casinos of repute will take, at most, 24 hours to process and approve your payout request. Other casinos might take up to 48 hours. Less than reputable casinos will take over 48 hours, sometimes up to 5 days. You can check the payment options in the section above to find out what the typical time window is for Canada’s most popular casino payment methods.
Alternatively, you can check out our Fast Paying Casinos page to get a shortlist of the fastest online casinos for Canadian players. Our standard for this list is 2 hours or less when it comes to processing time. Now that’s fast!
The casino itself will never charge you money to either deposit or withdraw. (If it does, then there’s something fishy, and you should find another casino.)
However, the payment method you’re using itself can come with transaction fees that you’ll have to square with the casino. For example, sometimes credit card payments like Visa, Mastercard, or Maestro will have a small percentage charge every time you make a transaction with them.
So, while online casino payment methods are usually free, it isn’t the case across the board. Always check the cashier/deposit section of your casino before making the transfer as this information differs from one casino to the next. Our individual payment pages also include important information on whether there are any fees associated with that particular method.
This is a safety measure for the casino, and also in order to comply with general regulations for online casinos.
The casino will, of course, be paying out quite a chunk of money in one go. There’s always some risk that comes with this, especially if the identity of the player isn’t 100% crystal clear. That’s why casinos ask that you verify your winnings every time you get lucky. It’s standard procedure.
Think about it, if a casino cashes out hundreds (or even thousands) to a dodgy player account, it could negatively impact not only the casino itself but also other players who depend on a safe and secure payment system.
It might seem like a hassle to you, but just remember that your winnings are only a few minutes away! Verifying is usually straightforward, as long as you have the right documents at the ready.
Canada banks that allow online gambling
|AlternaBank||B2B Bank||Bank of Montreal||Bridgewater Bank|
|Canadian Western Bank||DirectCash Bank||Equitable Bank||First Nations Bank of Canada|
|Laurentian Bank of Canada||MotusBank||National Bank of Canada||Simplii Financial|
|WealthOne Bank of Canada|
Canada’s leading banks have varying stances when it comes to allowing gambling transactions. More information about banking institutions that allow card payments at online casinos can be found here.
Online Gambling With Bank Of Nova Scotia (Scotiabank)
Scotiabank, Canada’s oldest bank, will process online gambling transactions if the sites in question are operated by a Crown Corporation – that is, a state-owned enterprise owned by the Sovereign of Canada. This means that players in Ontario can use their Scotiabank accounts to play at PlayOLG.com, players in Quebec on espacejeux.com and players in BC and Manitoba at playnow.com. It also states it can freeze your account if it spots any instances of “illegal internet gambling.”
Online Gambling With National Bank Of Canada (NBC)
There’s no mention of restricting local or international online gambling transactions in National Bank of Canada’s personal account contract, which makes it a recommended option if you’d like to pay with a bank card at an online casino.
Online Gambling With Bank Of Montreal (BMO)
In theory, customers of Bank of Montreal can use their accounts to pay at any online casino. The bank’s umbrella term of “gaming transactions” included in the BMO Mastercard agreement includes “betting, off-track betting, race track wagers, casino gaming chips and lottery tickets”. However, BMO has been known to reject transactions that it regards as suspicious, which can be as innocuous as a small number of deposits to different online casinos every week.
Online Gambling With Canadian Imperial Bank Of Commerce (CIBC)
Canadian Imperial Bank of Commerce is not recommended as an online gaming bank, since its terms state that it can block any transactions that it identifies as internet gambling. The CIBC card agreement gives them the right to block any internet gambling transactions while the debit card agreement restricts online gambling payments to the card. However, you can still use it to a deposit funds to a third-party service such as Interac, which can then be used to make payments at an online casino.
Online Gambling With Laurentian Bank Of Canada (LBC)
Laurentian is one of Canada’s oldest and largest banking institutions. There is no mention of prohibiting gambling transactions in any of their terms of service, and their customers can expect efficient debit card deposits at online casinos. LBC is a recommended bank if you wish you make a deposit at an online casino using your bank card.
Online Gambling With Royal Bank Of Canada (RBC)
Similarly to CIBC, the Royal Bank of Canada card agreement also states that the bank can prevent online gambling transactions; however, it is acceptable to use it to deposit funds to a third-party service such as iDebit, which can then be used to make online casino payments.
Online Gambling With Toronto-Dominion Bank (TD Bank)
TD Bank credit cards are not recommended as a casino payment method since deposits at online casinos are regularly blocked, and have been so for nearly a decade. However, as discussed previously, this doesn’t prevent customers from making deposits to third-party payment providers, which can then be used to make online casino payments.
Top 5 tips for making deposits and withdrawals at online casinos
- Make sure you are using a safe network (not public wifi)
- Don’t let anyone at a casino pressure you into making payments
- Check your account details are correct
- Check your ID is valid
- Avoid making large transactions where possible
Players who have concerns about making deposits or withdrawals can always reach out to the casino’s customer care team or their account managers. The team at Playcasinos.ca has also created a casino scams page detailing how to avoid getting conned at casinos online.