Debit based Payments
Debit based payment methods are mostly popular with online casino players that do not have, or do not wish to disclose their credit card information to a third party. These payment providers will allow you to connect your traditional bank account to your online casino account. There are generally no restrictions on how much, or how frequently you can make transactions. Fees are generally imposed on a one-way basis.
That means that the payment provider will either charge you a fee for sending money or for receiving money, but rarely for both transactions. To cut your costs and maximize your casino player balance, it's advisable to choose a provider that charges only one-way fees, or one that is entirely free of fees. In addition to these transaction costs, payment providers may also impose bank deposit or withdrawal fees. These are in excess of the transaction fees. Ensure you read and consider all fees associated with debit based payment providers before making a payment.
Credit based Payments
Credit based payment methods are the most popular way for online casino players to make deposits. Most reputable online casinos will offer a direct payment option for all Visa and Mastercard credit cards. Online casinos generally do not charge players any fees for credit card deposits, however your credit card provider may impose fees for making a cash transfer to your casino account. It is best to review your credit card terms and conditions before making a deposit. You may also make credit card payments through a third party provider if you do not want the online casino to have your credit card information.
Debit & Credit Payment Providers
Popular debit and credit based payment providers include:
1. Skrill (previously known as Moneybookers - http://www.skrill.com)
2. PayPal (http://www.paypal.com)
3. INSTADEBIT (http://www.instadebit.com)
4. e-Checks (A service offered by casinos that allow you to write a cheque without sending a paper cheque)
There is a growing trend among players to purchase pre-paid credit cards and use them to make deposits at online casinos. This is usually popular with people living in jurisdictions where online gambling, or making deposits to online casinos is illegal. Luckily in Canada, it is only illegal to operate an online casino from within Canada. Therefore, many Canadians choose the debit or credit payment methods for ease of use at their favourite online casinos. However, you can purchase pre-paid credit cards at most big retailers, or directly from VISA and Mastercard. Paying with a prepaid card is also a way to pay with cash money in an online casino.
Currency Exchange Rates
Many online casino players commonly overlook currency exchange rates and fees imposed upon them by their bank or payment provider. If you are depositing money to your online casino account in any fund other than CAD, it is very likely that you will have a currency exchange fee added to your transaction. If you are depositing from a bank account or credit card, it is common to have a 2.5% conversion fee when buying USD or EUR. PayPal for example charges a 3.5% currency conversion fee. Skrill advertises a conversion fee of between 2.99% and 4.99%.
It may be wise to choose a casino that accepts CAD currency deposits and withdrawals to avoid these fees entirely. All casinos listed on Online-Casino.ca do accept Canadian Dollars without a conversion fee.
As digital currencies are on the rise they will be accepted by more and more online gambling providers. For now the biggest currency is Bitcoin and there are special dedicated online casinos that support bitcoin. Read more about bitcoin casinos
What is the best Canadian payment method?
For Canadians depositing and withdrawing in CAD, there is no easier and more economical way to make transactions than directly through your credit card. For Canadians depositing in any other currency, you will want to research what currency conversion fee the big payment providers are charging before choosing which provider to go with. On large deposits or withdrawals, the difference in percentages can make a big difference. Currently, the best posted rate is through a VISA or Mastercard credit card. Their rates are 2.5% on top of the wholesale exchange rate between the currencies.