Best Online Casino Payment Options for Canadian Players

In the past few years, the Canadian gaming scene has undergone significant changes, gradually evolving into a highly competitive gambling market. The gaming sector has been noted as one of the largest state revenue contributors, sustaining more than 135,000 jobs and generating over C$9 billion in annual taxes.

As such, gambling markets across Canada have opened up to international operators, and the number of online casinos accepting Canadian players is increasing daily. Aside from meeting the legal regulations for offering gaming services in the new territory, the operators are also required to include the most popular casino payment methods in Canada. Customized banking is an added value of the Canada-friendly casinos, making the entire experience more comfortable and user-oriented.

A detailed overview of the most frequently used casino deposit options for Canada is provided below, along with the list of pros and cons for each service. The final choice will, of course, depend on the player’s personal preferences, be it speed, discretion, coverage, ease of access, or some other criteria.

MuchBetter

MuchBetter is a payment app launched in 2017 by MIR Limited UK Ltd, a licensed payment company and software developer that operates under FCA (Financial Conduct Authority) license.

The app comes in two versions – Android and iOS – enabling the users to handle their transactions in real-time, both online and offline. There is also an option to apply for MuchBetter prepaid MasterCard, but the service is currently limited to Europe.

Although MuchBetter has only been present on the market for a relatively short amount of time, the method has already managed to claim numerous industry awards, including Best Alternative or Digital Payment Programme (The Card and Payment Awards 2019), Payment Innovation of the Year (Payment Awards 2018) and many others.

How Does MuchBetter Work?

Using MuchBetter as a payment channel is extremely simple – all you need to do is download the app and create your MuchBetter account, providing an electronic copy of your ID and setting up a 4-digit passcode. Once the verification process is completed, you will have a full scope of MuchBetter features at your disposal – sending money, depositing, and withdrawals.

The account can be funded directly from your bank account or via credit and debit payment cards; to select the preferred method simply launch the app and choose the top-up tab.

Availability: Google Play and App Store

Fees & Timeframes

Funding MuchBetter via bank transfers is free, while other methods incur between 1.4% and 5.5% transaction fees (depending on the service). Deposits and withdrawals are free, and the processing time is instant.

Pros:

✓ Can be used for both withdrawals and deposits
✓ Free funding and fee-free transactions
✓ Can be used while offline
✓ Fast and safe – accounts are secured by dynamic security codes, touch IDs, and transactions controls

Cons:

– Transaction limits apply
– Fees charged for payment cards funding

Where to Deposit with MuchBetter?

Leo Vegas is one of the highest-rated MuchBetter online casinos that accept players from Canada. The site operates under the UK Gambling Commission and Malta Gaming Authority licenses and offers an exceptional live casino lobby powered by Evolution Gaming.

Interac e-Transfer

Interac is a Canadian payment system founded in 1984, known for its wide coverage, efficiency, and security. As one of the leading payment services in Canada, Interac records over 16 million daily payments, through multiple company’s brands:

• Interac Cash – withdrawal service, available on any ATM with Interac logo
• Interac Debit – everyday payments via debit cards
• Interac Flash – contactless debit card, also available on mobile devices
• Interac e-Transfer – send and receive money service
• Interac Online – service that enables payments directly from the user’s bank account

Interac has become the first Canadian payment service to launch 0n Apple Pay (May 2016), followed by Interac Debit on Android Pay and Samsung Pay one year later.

For more information about the company, you can refer to Interac’s social media pages (Instagram, Facebook, Twitter, YouTube channel), which are a great source of news about the company’s new products, such as Interac Flash, introduced in May this year.

How Does Interac e-Transfer Work?

To use Interac for online casino funding, start with logging into your personal bank account (providing, of course, the bank is one of the 250 “participating financial institutions”) and navigating to Interact e-Transfer.

The next step would be to select the account, enter the security question, and input the details of the recipient. The recipient will then receive the transaction notification and the Autodeposit feature will enable automatic depositing of funds.

The withdrawal process is just as easy – Interac e-Transfers allows payment requests, and activation of the Autodeposit feature will eliminate the need to answer the sender’s security question.

Availability: Over 250 financial institutions, including Acadian Credit Union, DC Bank, Scotiabank, etc.

Fees & Timeframes

It will take approximately 30 minutes (or less) for the money released via Interac to settle. The fee rate will depend on the user’s bank, but the average amount is $1 to $1.5 per transaction. You can probably obtain a fee estimate from your bank.

Pros:

✓ Works both ways, for both withdrawals and deposits
✓ 250 participating banks
✓ Fast transfers – up to 30 minutes
✓ No registration needed
✓ Autodeposit feature

Cons:

– Limited to Canadian players only
– Fees will be applied

Where to Deposit with Interac?

Futuristic-looking Casumo is one of the best Interac e-Transfer casinos for Canadians, featuring a lucrative welcome bonus, a very good selection of games, and several Canada-friendly deposit options.

iDebit

iDebit is a system that enables users to handle their transactions through a system of online banking transfers. The system is primarily targeting Canada, but consumers from the UK, USA, Australia, and Sweden can also fund their casino wallets using the same method.

The service was designed to meet the needs of online casino players who were struggling to find an adequate payment solution. With iDebit, you are able to safely transfer the money from your bank account to the casino cashier in no more than 4 simple steps.

How Does iDebit Work?

iDebit is similar to Interac e-Transfer and the first step would be to check if your bank supports the service.
Start by selecting iDebit from the list of available payment methods and logging into your existing account. Alternatively, you can continue as a guest user, input your personal details, choose the bank from the drop-down menu, and log into your personal online banking account.

The system uses SSL encryption technology and none of the credentials will be stored. The transaction is completed when you approve the payment and the receipt with the details of the payment will be immediately issued. The process is even faster if you set up an account, as your personal details will be automatically entered.

The same methods can be used for withdrawals as well, as soon as the users register their bank account.

Availability: Bank of Montreal, Canadian Imperial Bank of Commerce, Desjardins, National Bank, Royal Bank of Canada, Scotiabank, TD Canada Trust, and Simplii Financial.

Fees & Timeframes

The account setup is free, as are the payments and transfers to and from your iDebit balance. Payments from bank accounts are charged C$1.5, while transfers from iDebit balance to a bank account will cost you C$2.00. Deposits are processed instantly, and withdrawals can last up to 5 working days.

Pros:

✓ Deposits do not require an active account
✓ Instant processing
✓ Bank account credentials will not be recorded

Cons:

– A limited number of supporting banks
– Somewhat longer settlement times – up to 5 days
– Transaction fees for iDebit balance transfers

Where to Deposit with iDebit?

777 – A well-rounded online casino with thousands of games supplied by some of the best developers in the industry is a younger brother of the world-famous 888Casino, featuring a retro look and some very cool promotions

 

Instadebit

Instadebit is a payment service that mediates between the service provider and user, enabling payments directly from one’s bank account. The method requires an active Instadebit account, which can be created during the first transaction.

To complete the registration process, you will need to provide the last 4 digits of your social security number, as well as your account number, bank transit number, and financial institution number (all of which can be obtained from the bank).

How Does Instadebit Work?

Instadebit enables you to submit deposits from your bank account by selecting the service from the casino operator’s list of accepted methods. After entering a deposit amount, Instadebit login/sign up screen will pop up, with a “New User Checkout” option. If you are not already registered, you will be able to do that while in the process of depositing.

The last step is to verify the payment by entering the last 4 SIN digits and approve the transaction, which will appear on your statement either as INSTADEBIT.com or 1-877-88DEBIT.

Availability: Bank of Montreal, Canadian Imperial Bank of Commerce, Desjardins, National Bank, Royal Bank of Canada, Scotiabank, TD Canada Trust, and Simplii Financial.

Fees & Timeframes

Setting up Instadebit does not require any entry fee. Bank account payments are charged C$1.95, and C$2.00 will be deducted for transferring the funds from Instadebit balance to the registered bank account. Transactions from the Instadebit balance are not charged. There is also a possibility that your bank will charge a separate fee.

When compared to other services, the processing times are slightly longer – up to 48 hours for removing the funds from your account and 3 to 5 business days for the money to settle after the withdrawal is approved.

Pros:

✓ Secure and easy to use
✓ Live chat and toll-free phone support

Cons:

– User will not be able to split the payments between accounts
– Only one bank account can be registered with Instadebit
– Available to players from Canada only
– Longer processing times

Where to Deposit with Instadebit?

888 – A gambling industry veteran, with over two decades long market presence, 888 casino provides gambling services to millions of players across the globe. The casino can be loaded from your browser or downloaded as a series of apps – poker, casino, and sports betting.

PayPal

A payment method that hardly needs any introduction, PayPal is an e-wallet (operated by PayPal Holdings Inc) launched in 1998 by Confinity Inc. The method has gradually expanded beyond the USA borders and is currently covering over 200 locations, supporting monetary exchange in over 50 currencies – AUD, CAD, USD, NZD, GBP, EUR, RUB, NOK, BRL, SGD, SEK, MXN, JPY, etc.

Only the registered members can enjoy all of the advantages that PayPal offers, including the progress-based loyalty system with comp points which can be exchanged for cash. One of the main advantages of PayPal is the processing speed, which cuts the settlement time to hours instead of days (without taking the operator’s pending time into consideration).

How Does PayPal Work?

PayPal requires an active business or personal account, which is set up in less than a minute (by completing three steps).

The account will then serve as a virtual wallet that the players must link with their bank accounts or payment cards, and fund when necessary. To transfer your funds from the e-wallet to the service provider (or in this case, fund your online casino cashier), just select PayPal as the depositing method, log into your account, and authenticate the transaction. Currency conversions can be managed on the same platform, which is extremely convenient if your currency is not accepted by the recipient.

PayPal can also be used to request payments and withdrawals, issue eChecks, issue business loans, online shopping, etc.

Availability: 200+ territories, PayPal payment cards, PayPal Android and iOS apps (Google Play and App Store)

Fees & Timeframes

Processing time and settlement are almost instant, and the account setup is free. A small amount will be deducted from your bank or card account balance after completing the registration process (for authentication purposes), but the money will be immediately reversed.

Fees are applied on currency conversions, commercial payments, and other services; the percentage rate, which is somewhere between 2.4% and 3.9%, depends on the nature of the transaction.

Pros:

✓ The international payment method with the widest territorial coverage
✓ High level of security
✓ Short settlement times
✓ Multilingual customer support
✓ Loyalty program
✓ Available as an app

Cons:

– The number of casinos that accept PayPal is still limited
– Some of the security measures will not be applied to gambling-related transactions

Where to Deposit with PayPal?

Betway – Operating under the world-famous Betway Group, Betway Casino offers branded slots, popular table games, and live casino classics, while accepting both Canadian casino gamers and PayPal deposits.

Paysafecard

Paysafecard is perfect for players who would rather keep their gambling activities separated from their bank accounts or payment cards. Issued in the form of a prepaid voucher, Paysafecard reduces the risk of fraud or identity thefts. All you will need to complete the payment is a 16-digit PIN code, which can be used for multiple transactions (for as long as you have available funds).

At the moment, Paysafecard codes can be obtained in more than 47 countries, across hundreds of thousands of outlets. The remaining balance can be monitored via the Paysafecard app, where the user can also find information about the latest promotions.

How Does Paysafecard Work?

This is probably the simplest payment method, as the users do not need to go through any registration or verification processes. Just enter the PIN-code and wait for the transaction to be processed (which takes a couple of seconds).

Availability: Outlets, Paysafecard app

Fees & Timeframes

Paysafecard charges a monthly $2 dormancy fee after 2 years of inactivity. $7.5 will be deducted for Paysafecard refunds. The maximum amount per payment is $300 and the processing time is instant.

Pros:

✓ Minimizes the damages in case of misuse
✓ Provides an extra layer of discretion – no personal details are required to complete the payment

Cons:

– Rarely available for withdrawals
– Low transaction limits
– Dormancy fee

Where to Deposit with Paysafecard?

Royal Panda – A reputable sportsbook and online casino with Loyal Panda progress-based program; the collected comp points that can be exchanged in Loyal Panda shop items.

Additional Casino Payment Methods for Canadians

EcoPayz: A global payment method that allows money transfers via ecoAccount eWallet, ecoCards, and ecoVirtual cards

Skrill: An e-commerce business founded in 2001 that enables internet payments and money transfers
eCheck: an electronic form of a traditional check

Neteller: A money transfer service founded in Canada that the users can also use to buy and sell cryptocurrency

Visa/MasterCard: Credit and debit cards accepted by most, if not all online casino operators

*Up until recently, FCA licenced Entropay has been a go-to casino payment method for Canadians but sadly, as of July 2019, the company no longer provides its services. Withdrawals via Entropay will be possible until July 1, 2025.

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