Banking Methods for Online Casinos in Canada: What are the Options?
For anyone Canadian resident who wants to play online for real money, it is paramount that they know about casino banking methods in Canada. For a plethora of new online casinos in Canada, getting money in and out of the casino's account seems like a lot of work. However, the reality of things is that online gambling banking is a lot less involving than withdrawing or depositing at a real casino.
Think about it this way, at a live casino, you will be required to leave your table, find an available ATM and then wait in line in hopes that you don't exceed your 400 CAD maximum withdrawal limit. With online casinos, however, there is no getting up because you have a variety of deposit options way bigger than your ATM card.
Online Casino Banking Regulations in Canada
Most banks in Canada process deposits directly to online casinos. Since 2009, online gambling has either been a territorial or provincial issue. Therefore, at the federal level, there are no laws prohibiting players from visiting or playing at offshore casinos. Similarly, none of the territories or provinces have come up with any laws preventing Canadian gamblers from depositing and playing internationally.
However, major banks in Canada, such as Chase with headquarters in the US are unable to process any gambling funds for international online gambling due to the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA). However, since most Canadian provincial governments are open to online gaming, there are a plethora of options for withdrawals and deposits to online casinos.
Categories of Banking Methods Accepted in Canadian Casinos
Canadian online casino players have several banking methods to choose from. Below is a brief overview of some of the most popular choices.
Debit or Credit Cards
Canadian gamblers find credit cards to be the most convenient method of funding their casino accounts. If you are a credit card holder, all you need to do is enter your card details including the following;
E-Wallets
This is yet another excellent option for online casino players in Canada because online gaming sites widely accept e-wallets. They not only allow you to store several bank account numbers and multiple credit cards but also do your transaction securely and safely at your convenience. Since an e-wallet acts as the middleman between you and the casino, it provides an extra layer of security by not exposing your banking details to online operators. Accepted e-wallets for online gambling in Canada include;
Instant Banking
Offering an incredibly easy way of depositing funds, instant banking allows you to connect your bank to your online casino site in a jiffy. Instant banking providers are usually third-party services that connect the bank of the sender and recipient without either party directly sharing bank account information. Some examples include:
Bank Wire Transfer
While this is an old-fashioned route, it remains a good one for a player who has good and quick communication with their banks. The biggest downside for this, however, is that withdrawals from your bank account take up to 7 business days to be processed.
Pre-Paid Vouchers
How to Deposit and Withdraw from an Online Casino
Different Canadian casinos provide various methods of withdrawing and depositing money to your online casino account. The general procedure for loading money to your account usually involves the following steps:
Go to your online casino account and log-in
Navigate to the cashier section and select ‘deposit.’
A secure banking page will load, and this is where you will choose your preferred banking method
Enter your banking details
Enter the amount you wish to deposit
Once done, counter check the details you’ve entered then click ‘deposit’ to confirm the transaction
For withdrawals, on the other hand, the standard process for cashing out is as highlighted below:
Log on to your player account and from the lobby go to the ‘Cashier’ or ‘Bank.’
Select the Withdraw or Cash-out and then choose your preferred banking method
Enter your billing details depending on what the online casino asks for
After you’re done click withdraw and you’re good to go
Pending Withdrawals in Canadian Online Casinos
When gamblers submit a withdrawal request in an online casino, it remains pending for one of two days. During this time, a player can choose to reverse the withdrawal since the money is practically still in his or her account. However, if the status changes from a pending withdrawal to processing, then a player won’t be able to cancel the payment.
Responsible Gambling
Responsible gambling in this context is a concept comprising of several requirements and policies that apply to online casino stakeholders in Canada. Its main aim is to ensure that they offer safe user experience and respect the highest quality standards to protect people from the potential negative consequences that come with online gambling.
Some online casinos have different self-limitation methods for players who feel like online gambling is negatively affecting their lives. Players can thus request for their account to be closed indefinitely or temporarily, set limits to the amount of time and money spent in the lobby, or to be removed from promotional mailings to prevent impulsive gambling.
