Casino Deposit Methods
There really is no reason to head off in pursuit of a land based casino these days. Finding new gambling sites has never been so easy. Players can join virtual the casino sites floors from the comfort of their own homes, or when they’re out on the move. All you need is a smartphone or tablet and you’re good to go. With the rise of the online casino, there has also been a surrounding shift in the vast amount of new payment methods available to players. Whether you like to deposit and withdraw via traditional means, or prefer an e-wallet. You will be catered for. Let’s take a look at the most popular payment methods and casino deposit methods out there and look at the advantages and disadvantages of each.
Debit/Credit Card – common casino deposit methods
The most commonly used casino deposit method for players is a credit or debit card. If you look around when you’re out and about, it’s clear to see that the majority of the Canadian population have access to a debit or credit card which is connect to a Canadian bank account. It really is one of the best way to pay for things in Canada. The most common debit and credit cards are issued by one of the big three issuers. These are Visa, Mastercard and Maestro. However, there are other challenger banks like Monzo and Revolut also making a lot of headway in the casino deposit methods space. You will find that most casino deposit methods support all of these payment options.
There are a couple of reasons why casinos love to accept debit and credit cards as deposit methods. Firstly, it allows the casino cashback to fund the player’s account instantly. This is because the bank authorises that deposit at the point the customer enters their debit or credit card information. Secondly, the fees are pretty low in comparison to other methods. The casino has to pay some small fees to accept the debit or credit card deposit. However, they’re nothing that the casino can’t swallow.
Another great win for the casino, is that they can store the debit or credit card details in a safe and secure manner. This has a great knock on impact on the player’s casino deposit method experience. Each time the player signs in to their account to deposit, they can simply select the card an enter their 3 digit CVV number. They don’t have to worry about re-entering card details time and time again to carry our basic deposits and withdrawals.
Credit and debit cards also offer a really great withdrawal method for casino and players. When a player decides to withdraw, they can simply have the funds deposited back into the same account that they used to initially deposit. Most debit and credit cards are connected to a Canadian bank account. This means that the money arrives straight back into the same account. The player only has to remember their 3 digit CVV number and the process is complete. It’s a very simple way to get funds in and out of the casino and a great casino payment method.
The only real downside for the player is the speed of the withdrawal. Unlike the casino deposit method, that funds the account instantly. Players need to wait up to 48 hours before the withdrawal request to be processed by the casino. They then need to wait for the card issuer and the banks to route the funds back to the associated account. This can take between 3-5 days. No fun, if you need the cash fast or want to fund another casino. This is why we think e-wallets are one of the quickest ways to get access to your funds in record quick time.
E-Wallets – popular casino deposit methods
E-wallets have exploded in popularity over the past five to ten years, alongside the casino games industry. They are one of the easiest and most convenient ways to send and receive funds anywhere in the world. This has made them one of the most effective casino deposit methods out there. Especially for players who like their funds to stay as liquid as possible The most popular e-wallets are Paypal, Skrill and Neteller. However, the space is blowing up and there are now so many ways to deposit and withdraw your funds from the casino.
One of the main reasons that players love e-wallets is for the security. Unlike debit and credit cards that force players to enter personal information into the casino directly. E-wallets usually only require an email address to send and receive funds. This eliminates the need for sensitive information to be passed around. Casinos also like e-wallets because they’re much easier to handle. There is only one bit of information to process. Unlike credit and debit cards which require increased levels of data management.
The other great thing about using an e-wallet is that the funding your casino account is instant. This means you get your casino bonus quicker. If you don’t have any funds in your e-wallet then you can usually fund the wallet at the time you wish to deposit to the casino, and the e-wallet will auto fund your casino account. This is the case with both Skrill and Paypal who are two of the massive e-wallet players in the space. As soon as the e-wallet is funded by the player, the account is credited. This makes for a really easy, pain-free deposit experience. No wonder, e-wallets are one of the most popular casino deposit methods.
E-wallets are also one of the best casino deposit methods because they are very fast on the withdrawal side. As mentioned, if you withdraw to your bank account via credit or debit card, you might have to wait for 3-5 days for the transaction to process. E-wallets instead process the withdrawal like a deposit, the very same day. Once the casino processes the e-wallet withdrawal, the funds are available in your e-wallet within a couple of minutes. This means your funds are safely back into your Paypal or Skrill balances. Ready for your next play or purchase.
Alternative deposit methods
Whilst debit/credit cards and e-wallet deposits and withdrawals are by far the most popular, they might not be suitable for everyone. As such, online casinos offer a range of alternative methods to ensure that most players are catered for. We’ll cover these below.
Based in Malta, Entropay are an online financial services company that offer virtual credit cards (VCC). They work like a debit card but the cards themselves are actually pre-paid. You fund your Entropay account, create a new virtual card and then use this to deposit funds in to the online casino. You can also withdraw your funds back to your Entropay account.
Both Ukash and Paysafecard are ideal for those that do not have access to traditional banking services. They allow you to purchase things online, without using a debit/credit card. In order to obtain a Ukash or Paysafecard voucher, you need to visit a Canadian store that sells them. The best places are convenience stores, supermarket kiosks and petrol stations. It is also possible to obtain the above via their official website.
Some players prefer to perform a direct bank transfer rather than entering their card details on to the casino’s platform. Whilst casino deposit methods such as this are one of the most secure, they are also the slowest. Even if your bank facilitates Faster Payments, it can still take a couple of days for the casino to credit your account.
At the other end of the spectrum, bank account withdrawals will also take a few days, if not longer, before the funds show up in your account.
An additional option that some players are now taking advantage of is to deposit funds by their mobile phone. What happens in this instance is the deposit is taken directly from the player’s mobile phone credit. For example, if you have $100 mobile phone credit and deposit $50 to the casino. Then your mobile phone credit will drop to $50. Alternatively, it simply gets billed via your contract with the mobile phone company. So when they charge you your monthly direct debit, they will take the extra $50 then. Whilst deposits are usually instant, withdrawals back to a mobile phone are not possible.
On top of this, the pay by phone option is only really suitable for smaller deposits. Even if you are using a monthly subscription plan to deposit funds, mobile phone operators usually install limits, meaning that you won’t be able to deposit larger amounts. No doubt, this is becoming one of the most popular casino deposit methods.
What About Sports Betting Sites?
Finding the best way to get your money in and out of new betting sites is important business. The last thing you want to do is find football betting sites that are offering free bets if you can’t deposit. Likewise, bingo sites are often some of the most fun places to enjoy online. If you are struggling to get your funds in and out of the bingo site then you’ll get frustrated. The best bet is to always read the Terms and Conditions before you sign up.