Players usually have one thing on their mind when they’re playing at online casinos: to win some cash. To win money, you need to play with real money and then cash out real money. That’s why the payment methods used to deposit and withdraw money are so important when setting up your casino account.
Check out the most popular payment methods down below, and also the most frequently asked questions when it comes to casino banking. How to make payments, whether they’re safe, how long cashouts take – these and more are answered on this page.
Popular Canadian Payment Methods
iDebit, from the Instadebit company, is a highly popular eWallet with Canadian players. It’s instant, easy and completely free.
Casinos will have either a ‘Cashier’ or ‘Payments/Banking’ section, or else they will have two separate sections divided into ‘Deposit’ and ‘Withdrawal’.
Either way, if you want to take out your money from the casino – you need to input a request to the casino requesting a withdrawal. Once you’ve done this, around-the-clock payment team on the casinos’ end will process your request and approve it (if everything is in order).
In order to make your payments as fast and easy as possible, make sure all your account details are verified. To do this, send in the appropriate documents to prove your identity. This might sound annoying, but it’s just an extra measure on the part of the casino to make sure everything is as legit as possible. It is totally normal, and pretty much routine across the business.
Of course, Trustly has released its Pay ‘n Play service. For this, you just deposit money on the go and cash out through the same payment method. No documents or verification needed. While this is the dream banking system for gaming, it is currently not available for Canadian players. It’s mostly players from Scandinavia who can benefit from this service.
Once the payment team has approved your request, it’s a matter of how long your chosen payment method takes to cash out your money. For a lot of e-wallets, like ecoPayz and Instadebit, this is a matter of minutes. They are instant.
For credit cards, it might take a few hours. For wire transfers, it can even take up to five days.
Are online casino payments safe?
Basically: yes. Online casino payments are definitely safe. You don’t have to worry about anything shady going on when you make your payments. Online casinos employ bank-level security to ensure that all player funds are secure. In order to do this, a number of measures are taken into consideration.
The requirement of certain legal documents to prove the legitimacy of the player’s identity
Total player confidentiality when it comes to legal payment documents
Use of SSL 128-bit encryption technology for payment transactions
This latter point is especially important. Any transaction you make at your online casino – whether it’s a deposit or withdrawal – is encrypted. cash out means that it is extremely difficult, if not impossible, for a third party to try and hack your information.
How long does a casino payout take?
The speed of your withdrawals/payouts is dependent on two important factors:
How long the casino payment team takes to processand approve your withdrawal request
How long your banking option of choice takes to then process the casino’s approval and payout the amount into your personal account
Most online casinos of repute will take, at most, 24 hours to process and approve your payout request. Other casinos might take up to 48 hours. Less than reputable casinos will take over 48 hours, sometimes up to 5 days. You can check the payment methods up above to find out what the typical time-window is for each option.
Here at Casinos.co, you can use our Casino Compare tool to find out how we’ve rated each individual casino on withdrawal speed. You can then pick and choose the casino based on other factors that work best for you.
Alternatively, you can check out our Fast Paying Casinos page to get a short-list of the fastest online casinos for Canadian players. Our standard for this list is 2 hours or less when it comes to processing time. Now that’s bloody fast!
Are online casino payments free?
Yes, they are free in so far that the casino will never charge you money to either deposit or withdraw. If it does, then find another casino.
However, the payment method you’re using itself can come with transaction fees that you’ll have to square with the casino.
For example, sometimes credit card payments like Visa, Mastercard or Maestro will have a small percentage charge on every time you make a transaction with them.
So, while online casino payments are usually free, it isn’t the case across the board. Always check the cashier/deposit section of your casino before making the transfer as this information differs from one casino to the next.
Why do I have to verify my winnings?
This is a safety measure for the casino, and also in order to comply with general regulations for online casinos.
The casino will, of course, be paying out quite a chunk of money in one go. There’s always some risk that comes with this, especially if the identity of the player isn’t 100% crystal clear. That’s why casinos ask that you verify your winnings every time you get lucky. It’s standard procedure.
Think about it, if a casino cashes out hundreds (or even thousands) to a dodgy player account, it could negatively impact not only the casino itself but also other players who depend on a safe and secure payment system.
It might seem like a hassle to you, but just remember that your winnings are only a few minutes away! Verifying is usually straightforward, as long as you have the right documents at the ready.
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