Players usually have one thing on their mind when they’re playing at online casinos: to win some cash. To win money, you need to play with real money and then cash out real money. That’s why the payment methods used to deposit and withdraw money are so important when setting up your casino account.

Check out the most popular casino payment methods Canada, and also the most frequently asked questions when it comes to casino banking. How to make payments, whether they’re safe, how long withdrawals take – this and more are answered on this page.

Best Casino Payment Methods

Best Casino Payment Methods Canada

How to Withdraw Your Winnings at an Online Casino

Casinos will have either a ‘Cashier’ or ‘Payments/Banking’ section, or else they will have two separate sections divided into ‘Deposit’ and ‘Withdrawal’.Cartoon of Customer Support Agent

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, around-the-clock 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 payment method takes to cash out your money. For a lot of e-wallets, like ecoPayz 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.

How to add money to your casino account

Making a deposit or topping up your casino account is also fairly simple. Just follow the steps as making a withdrawal:

  1. Go to the casino’s banking or cashier section
  2. Select deposit
  3. Select your payment method
  4. Enter the amount of money to add
  5. Verify

After that, players should either see their new balance or receive a confirmation message to let them know it’s being processed.

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 casinos account you will not be able to do the following:

Are Casino Payment Methods Canada safe?

Yes, casino payment methods Canada are definitely safe. You don’t have to worry about anything shady going on when you make your payments. 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.Money Safe

  • 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.

How long does a Deposit or Withdrawal Take?

The speed of your withdrawals/payouts is dependent on two important factors:Hour Glass Icon

  • 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 payout 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 methods up above to find out what the typical time-window is for casino payment methods Canada. Here at Playcasinos.ca, you can use our Casino Compare tool to find out how we’ve rated each Fast Forward Sign individual casino on withdrawal speed. You can then pick and choose the casino based on other factors that work best for you.

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!

Do I have to pay fees for Casino Payment Methods Canada?

Yes, they are free in so far that the casino will never charge you money to either deposit or withdraw. If it does, then 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 on every time you make a transaction with them.

So, while online casino payments 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.

Why do I have to verify my winnings?

This is a safety measure for the casino, and also in order to comply with general regulations for online casinos.Contract and Magnifying Glass

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

Canada’s leading banks have varying stances when it comes to allowing gambling transactions. The full list of 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

  1. Make sure you are using a safe network (not public wifi)
  2. Don’t let anyone at a casino pressure you into making payments
  3. Check your account details are correct
  4. Check your ID is valid
  5. 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.

Casino Payment Methods Canada FAQs

What is a bankroll?

A players bankroll is the amount of money an individual has to gamble with. It applies to all types of betting including sports and table games.

The term ‘bankroll’ also applies to stacks of chips used to gamble in casino games at a real life casino.

Which is the fastest casino payment method?

E-Wallets, payments involving e-wallets have much smaller processing times than credit cards or money transfers.

What is a payout?

A payout is a sum of money paid out to an individual. In the case of casino or slot games, players will often see the term ‘large payouts’ or small payouts’.

Can I get paid in Canadian Dollars?

Yes, in fact playcasinos.ca lists which online casinos offer players in Canada the option to use Canadian Dollars. This way players avoid paying commission fees for swapping money into foreign currencies like USD or GPB or Euros.

What is a instant withdrawal casino?

An instant withdrawal casino is an online casino which promises no wait time for players when processing payments. FastPay Casino is one such casino offering quick payments to players in Canada.

Why do I need ID to make casino payments?

When making withdrawal players should have the ID form they used to sign up close by. This is in case customer support staff request verification.

Is it safe to deposit money at online casinos?

When it comes to cybersecurity online casinos are on par with top banks like The Royal Bank of Canda (RBC) and HSBC. Players can rest assured that their details will not fall into the wrong hands.

Players who want to avoid using wire transfers at online casinos can use an alternative payment method. This avoids sharing sensitive banking information.

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