Banking Options in Canada

Operators work hard to open up for business in Canada but what are they providing beyond that accessibility? One of the key things to look for when choosing a sportsbook is its infrastructure. Customer service should be comprehensive and effective but players also need methods of getting funds into their account.

In this review we will look at the choice of funding options that bookmakers offer their customers. Not every sportsbook will include each of the methods that we list but as long as players have at least one method for deposits and withdrawals, then they can get on board and start playing.

Online Gambling Banking Options

At a very basic level, all operators should be providing Visa and Mastercards as a basic need. From there, many will also allow bank transfers direct from your account. Cards are an essential requirement while the bank transfer is a useful bonus.

  • Withdraw: Approx. C$391-23,5k

  • Withdraw time: 1-2 days

  • Fees: There are small fees involved.

  • Deposit/Withdraw: C$1-100k / C$1-60k

  • Withdraw time: 1-4 days

  • Fees: Monthly service fee applies after 12 months of inactivity

  • Neteller is an e-wallet company, and one of the most trusted names in the industry.

  • Withdraw time: 1-2 days

  • Fees: Upload Transactions will be charged at 2.50%; C$7.50 charge for withdrawing money from Neteller using a bank transfer

  • Deposit/Withdraw: C$1-70k / C$1-40k

  • Withdraw time: 2-4 days

  • Fees: No

  • Deposit/Withdraw: C$1-155k / C$1-85k

  • Withdraw time: 1-5 days

  • Fees: No

  • Deposit/Withdraw: C$1-175k / C$1-75k

  • Withdraw time: 1-3 days

  • Fees: Monthly fee applies after 12 months Refund fees

  • Deposit/Withdraw: No limit

  • Withdraw time: 3-10 days

  • Fees: Your bank will charge you to transfer money this way, and amounts are dependent on your bank.

  • Deposit/Withdraw: C$1-20k / C$1-10k

  • Withdraw time: 1-2 days

  • Fees: Currency conversion fees

  • Instadebit is faster than other payment methods, such as bank or wire transfers.

  • Withdraw time: 1-2 days

  • Fees: Cashing out your Instadebit account incurs a small transaction fee, particularly if you're changing between currencies or making multiple withdrawals.

  • Deposit/Withdraw: Varies based on your financial institution's policy

  • Withdraw time: 1-10 days

  • Fees: A fee of C$1.50 (CAD) is charged every time you move money from your bank account to an online casino using iDebit, from your iDebit account to your bank account is charged at C$2 (CAD) per transaction.

  • WebMoney offers services which will allow you to keep track of your funds, attract funding, resolve disputes and make secure transactions.

  • Withdraw time: 1-3 days

  • Fees: 0.8% of the transacted amount in fees, up to a maximum fee of C$75.

  • Click2Pay is functioning like an e-wallet, offering its users great variety of advantages and conveniences. It is an Internet account allowing its owners transferring money, making payments and funding online casinos.

  • Withdraw time: 1-3 days

  • Fees: No

Most sportsbooks will then go on to list what are known as eWallets. These companies store your money safely and securely and you can pay for products and services online. The most famous global eWallet is PayPal but they rarely associate with gambling companies. Expect, therefore, to see companies such as Skrill, Neteller and PaySafeCard as the most common while Trustly and Qiwi are among more obscure eWallet providers.

As a final note on options, some operators who are based in North America may list Canadian funding providers. The most common of these are Instadebit and iDebit and many Canadians find it useful to have them included.

Security in Online Gambling

We obviously need to know that any transaction we make on the internet is safe and secure and that need extends to online gambling. At a basic level, look for the https prefix to the url on any website that you add funds from.

Matters should go much further however and you should be checking up on the operator’s security certificate. This information should be transparent and outlined in full on the homepage. It is your guarantee of safety so please identify this information in order to give you peace of mind.

What to Look for on an Online Banking Page

Most operators will list their funding options at the bottom of the homepage while it’s also helpful to have a separate, dedicated Payments page. While a full list of funding options should be shown, it’s important to determine whether the companies are available in Canada.

Operators such as iDebit and Instadebit are based in the country so that’s simple enough but some of the more obscure eWallets may not be available here. If in any doubt, simply fire over a quick question to customer services.

The best Online Betting Banking Options

The best online funding providers should be fast, secure and free. We’ve shown you how to identify a secure operator but what about the rest of that criteria? We need transactions to be instant where possible and we don’t want to have to pay any unnecessary charges.

On occasions, it’s impossible for an operator to avoid paying certain charges and a portion of this will then be passed on to the customer. However, this should only happen with the smaller eWallet providers.

In terms of speed, all transactions should be instant in the modern day: The possible exception to this would be bank transfers which, in the most extreme of cases, may take up to five days to process. That’s out of the bookmaker’s hands so we shouldn’t take a dim view if this is the case.

Once again, all of these points can be easily checked and if things remain unclear, simply fire over a question to the customer services team.