Online casinos in Canada are legal, depositing, betting, and withdrawing money is legal, and therefore Canadian gamblers can enjoy lots of freedom in how and where to gamble. There are many web platforms for gambling and betting, and what is even more important, there are many various options for making real money deposits and ordering real money withdrawals.
However, picking the right payment method can be really difficult, especially for newbie level gamblers who have to learn everything from scratch. This is why this post discusses what aspects it is important to keep in mind when choosing a payment method, and what payment methods are available for Canadian gamblers.
Why Choosing The Right Payment Method Is So Important?
According to the local legislation, online casinos targeting Canada are usually based offshore, meaning they are international. As a result, players from other jurisdictions can have access to these sites, too, and therefore, such casinos accept not only CAD, but other currencies and even cryptocurrencies. Moreover, as a consequence, these casino sites offer not only payment methods available in Canada and convenient for Canada, but other options which may seem attractive, but in the long term, may not be fitting for Canadians. Say, according to CasinosHunter, Interac casinos usually also offer Skrill and Neteller, which lately do not fit Canadians well.
The pitfall is that choosing the banking option poorly may impact the whole gambling experience on the casino site eventually, or even put limitations on the player which he or she will not be able to change. For example, some casinos do not allow changing the currency in the casino account, or they allow changing it only once. Other sites only allow withdrawals via the same banking method that was previously used for making a deposit, and if withdrawal is impossible, the casino can choose whatever other option, regardless of the players’ preferences.
And this is not about casino sites being bad, or unfair, or scam. Sites operate under Terms and Conditions developed by the site operators, which, in turn, have to obey the laws of their own jurisdiction, plus the requirements of the authority that gave them their international online gambling license. Therefore, the bottom line – being aware of the most suitable banking options for Canada, and choosing the best banking option for deposits and withdrawals, is crucial for satisfying gambling experience.
Interac
Interac is one of the most online gambling friendly banking options for Canadian gamblers. It is completely in line with all the governmental nuances and rules, works with CAD casinos obviously, and supports really fast and easy transactions. Interac works well for both deposits and withdrawals, offers flexible minimum and maximum limits, and its transaction fee is stable regardless of the sum you send or receive.
Instadebit
This is a purely Canadian online banking method that works perfectly with web casinos. It accepts CAD and other currencies as well, has flexible limits and small fees. Instadebit allows having several accounts in the system, thus linked to several bank accounts. One of the best things about Instadebit is that it works with many Canadian banks.
IDebit
IDebit is part of the Instadebit company, it works for online payments in Canada and some other countries. To use iDebit, the player has no need to register an account at all; one simply has to ensure their prefered bank works with IDebit. The system is online casino friendly, has small fees, and is convenient to use.
MuchBetter
MuchBetter works in several countries, including Canada, and it is one of the most recent banking options, but it already has lots of advantages, including enhanced mobile payment experience. MuchBetter supports 8 languages, can be funded via several sources, and even allows cryptocurrency. It offers small fees, and transaction monitoring features.
Trustly
Trustly is another system that allows payments to and from bank accounts, creating an additional shield of data protection for the players’ funds. Trustly does not require account registration, requires merchants to cover the fees, and accepts several currencies. This system is online casino friendly, supports fast transactions, and has flexible limits.
Potential Pitfalls
There are many convenient banking options legally available for gamblers in their jurisdictions, but there are also some potential pitfalls that should be considered. Such pitfalls may include:
- default currency rule – If a casino site has a default currency for internal operations, regardless of whatever other currencies it accepts for deposits and withdrawals, there is always a risk that deposits and withdrawals will face double currency conversion, and the players will lose money on fees and currency exchange rates
- initial deposit wagering requirements – sometimes, the players may have issues with whatever payment method, if they do not meet the initial wagering for the deposit (no bonus attached), which usually vary from x1 to x3
- not being aware that some payment methods do not qualify for certain bonuses, or certain services offered, and finding this out only when trying to get a payment
Choosing the right payment method is crucial, because the online payment processing companies have their own rules, fees, limits, etc. However, choosing the right betting site is crucial, as well, because gambling sites also apply many additional rules, and the player eventually has to find the balance and the soft spot among the two sets of rules.
Final Thoughts
Compared to players from many other countries, gamblers in Canada are blessed with numerous banking options, both for desktop and mobile, and even cryptocurrencies are available for them to make real money bets on casino games. However, availability does not mean convenience by default, and still some investigation and research are needed to choose the payment channels and the sites for betting wisely.
Besides, all the rules and limitations applied by both a payment method of choice, and the gambling platform of choice, should be considered to find the right balance. Without being aware of all the nuances, the gambler risks facing even more limitations that can be prevented with proper research. The good news is that the niche becomes more and more transparent, less associated with fraud, and more payment processing companies become gambling-friendly.
