Top 5 Ways to Deposit at Canadian Online Casinos
Recent legislative changes to liberalize Canada’s online casino market (determined at a provincial level by local authorities) has helped to give the sector a substantial shot in the arm. Dozens of new domestic casinos have sprung up, augmenting the extensive array of international online casinos that welcome players from Canada. A critical aspect when choosing where to play is the assortment of available banking methods. Here are the top five options for depositing funds at Canadian online casinos in a safe and secure manner, including the various advantages and occasional downsides associated with each system.
Interac
Interac is a great system which has just one downside: it’s Canada-only. However, for Canadians the advantages are numerous. Interac provides real world banking services in addition to easy and secure online banking transfers. Using it means using one’s bank account to deposit funds, making this closer to a debit than credit card. The upside is that it is not possible to play with funds a player does not have, and thus avoids racking up credit card debt. Encryption by Interac helps prevent player information being readable by third parties, making it excellent for secure transactions as, should a betting site be breached, there’s no information to be lost. In addition, those using Interac Online (but not other methods such as Interac e-Transfers) have further safety courtesy of Zero Liability Fraud Protection, allowing for a refund if fraud is detected.
Interac is also a multi-channel system so there are differing ways to make a deposit, such as e-Transfers, Online, or Debit. Differing casinos may offer alternative options, and sometimes multiple Interac depositing methods will be available. Depositing usually takes place within a minute or less (withdrawals can also be made using Interac, making it convenient for those who prefer to use a single, highly secure banking method). Fees may be associated with Interac transfers but these are significantly lower than for credit/debit cards. It is also worth knowing that while Interac is widely available at online casinos in Canada it is not universal.
PayPal
The biggest e-wallet in the world, PayPal is used every day by millions of people to buy things online, and to send/receive payments (including salaries). This makes it highly convenient for many players, as a large number already have a PayPal account and no extra steps are required to use it for depositing cash (it can also double up as a withdrawal system, meaning there’s no need for a secondary financial option to move winnings out of a casino). Initially, PayPal was as dominant an e-wallet in the casino sector as it was elsewhere, but it withdrew from betting purposes for some time before returning. However, it is now widely available and it is permitted for players to use at online casinos (unlike alternatives such as Neteller).
PayPal deposits are typically free and instant, with deposit limits comparable to Apple Pay and Interac, but sometimes lower than Visa. This should not affect most players, however, only those with the deepest of pockets, and the precise limits vary from one casino to another. Because PayPal acts as an intermediary step between a player’s bank account and their online casino account this adds a degree of separation that can be reassuring for those wary of sharing financial details online. The e-wallet also offers two factor authentication (2FA) as an optional additional security measure.
Paysafecard
Paysafecard offers something substantially different to every other depositing method on this list as it takes a unique approach that makes it incredibly secure. It’s also unusual in that registration is not required to use (although this can be done on an optional basis). Most online payment systems are primarily or solely functional over the internet, whereas Paysafecard starts in the real world. A simple process from start to finish, the player buys a Paysafecard from a sales outlet, choosing the appropriate amount of money to spend. This has the benefit of making it easy to keep a tight rein and avoid overspending. Enter the card’s PIN into the casino’s cashier/banking page to make the deposit (instead of a card a printed voucher may be received, but it functions in just the same way). If less than the total is deposited the remaining funds remain on the card for later use. Be aware there’s a modest maintenance fee for non-registered users, but this does not apply to registered and active users.
One of the downsides of Paysafecard is that the upper threshold of deposits tends to be significantly lower than for alternative methods on this list. For Canada, the depositing limit per transaction is the same with or without registration and stands at $400. Its nature also means this is commonplace as a supported depositing system but a different banking method will be required to make withdrawals (frequently this will be via bank transfer).
Visa
When it comes to accessibility, Visa is impossible to beat as an online casino depositing method in Canada. Not only do a huge number of people have Visa cards already, Visa is a supported banking method at almost every single casino. This makes it the top dog as far as convenience goes. Money deposited is transferred more or less instantaneously (as per other financial systems in this article) and it can be used for withdrawals as well. On that front, withdrawals do take a little bit longer to process than other methods.
The primary drawback of Visa compared to its rivals is that many feel anxious about sharing personal, financial details online. Entering personal information about a card tied directly to a bank account is something people frequently feel concerned about because accounts can often have substantial sums within them. Financial institutions that issue Visa cards sometimes have additional security features such as texting one-time passcodes to authenticate purchases. Upper limits for deposits are at the high end, making this a good option for those playing for the biggest stakes. There may also be fees associated with deposits and withdrawals imposed by financial institutions (online casinos tend not to have fees and this should be made clear on their cashier page).
Apple Pay
A more recent addition to the depositing list is Apple Pay. Popular for making online retail purchases, the system can also be used for buying coffee, paying for shopping, and making online casino deposits. The broad utility of Apple Pay is a convenience for those already in the so-called Apple ecosystem/walled garden, although the flip side is that players who are not Apple advocates are unlikely to shift into it just to make casino deposits. The lack of any app to download and Apple Pay being present automatically on iPhones, iPads, Macs, and Apple Watches is an extra advantage for Apple users. Apple Pay can be used for deposits, usually free and instant, and withdrawals (which are towards the slower end of the spectrum.
Key Factors to Watch for when making Deposits
While it is important for players to only use depositing methods with which they are comfortable (including in terms of speed, associated fees, security, and convenience) the banking system is only one of two critical aspects when depositing cash at online casinos. The second aspect is choosing which casino, or casinos, at which to play and deposit funds. There is no shortage of online casinos for Canadian players to join and thus no need to settle for an uncertain or dubious betting site. Luckily, most of the attributes needed for assessing whether a site is a place of good repute or not are easy to find.
First and foremost is licensing, with no licensing at all being a major red flag. For the majority of online casinos, licensing arrangements are clearly indicated at the bottom of every single page. When this is not present, information may be contained within the general terms and conditions page. SSL (Secure Socket Layer) technology is also crucial for online security at casinos, as this encryption helps safeguard user information by making it unreadable by third parties.
Affiliation with independent testing/auditing firms is not essential but it is certainly a positive indication that a given casino is trustworthy. There are various such firms with two of the biggest being eCOGRA and TST. In addition, there can be provincially specific logos on display that show a given betting site is approved and registered. Within Ontario, this would be the iGO logo.
While there are plenty of other depositing methods available to Canadians the quintet above represent a selection of the best in terms of convenience, speed, and security.
