With the number of fraudulent activities that occur online, we all have a slight aversion to sharing personal data and financial information. However, making an online casino transaction is just like ordering from Amazon or shopping for sneakers online. It’s fast, reliable and hassle-free.
To play for real money at an online casino, you need to deposit some funds into your account. How you do this will depend on the banking methods available. Most of the top-rated online casinos will offer multiple payment options, such as debit/credit cards, prepaid vouchers, e-wallets and bank wires.
Secure online payments
With the changes in legislation, there has been a rise in the number of online casino sites available for players in Ontario. Even though this is welcoming news, it does present quite a challenge for players when it comes to deciding which casino site is the best to join.
The secret to choosing the best and most secure Ontario casino is to firstly make sure it’s licensed by iGaming Ontario or another trusted gaming authority such as the Malta Gaming Authority or United Kingdom Gambling Commission.
Licensed and regulated operators utilize high-end SSL encryption technology which safeguards all data and financial transactions. So, whether it’s a deposit or withdrawal you’re making, rest assured it will be secure. The technology used is similar to that used by all the major banks, so it’s pretty safe and reliable.
The best payment method
Which payment method is the best will largely depend on your preferences and what is available at your chosen online casino. The top Ontario casinos will offer multiple payment options to suit almost every player from debit and credit cards to e-wallets and mobile pay.
Every payment method will have its pros and cons, some may only be used for deposits and not withdrawals, others may incur fees or have longer withdrawal times. Evaluating your options before creating an account is always advised to get the best from your chosen site.
Many online casino sites prefer to use the same payment method for withdrawals as was used to make the deposit. In some cases, this is not possible as the depositing method does not support withdrawals, for example a pre-paid card. In this case, casinos are happy to offer an alternative.
Another point to consider is whether your preferred payment method is eligible for the welcome bonus or other player promotions. Some online casinos will exclude certain deposit methods from being able to claim bonuses, such as Neteller, Skrill, PayPal and Paysafecard. It’s always best to check the bonus terms prior to registration.
Most popular payment methods
Next, we’ll look at some of the most popular payment methods. These are recognised as the safest ways to deposit and withdraw by the iGaming community.
Debit/credit cards
Arguably the most trusted and widely accepted forms of payment are through debit or credit cards. Everyone has heard of the big guns Visa or Mastercard and most players will have one or the other. Recognized worldwide, you can depend on their security and reliability for online transactions.
The main differences between debit and credit cards are that the former provides fee-free deposits and the money comes out of your account immediately, whereas credit card deposits may incur a cash advance fee and allow you to borrow funds on credit.
The withdrawal processing times for debit and credit cards is typically three to five business days. It’s advised to check with your banking provider regarding any potential fees that may be incurred or any additional processing times.
Online banking
A popular choice among Canadian players is online banking, whether by directly moving funds from your bank to the casino account or utilizing a platform such as iDebit to act as the middle man.
The benefit of the latter is that no financial information is shared between yourself and the third party. Processing withdrawals via these methods can take three to five business days and any fees will vary depending on your banking provider or the platform you select.
E-wallets
A real favorite among players for funding their online casino account are e-wallets. PayPal, Skrill, ecoPayz and MuchBetter are hassle-free and enjoy faster withdrawal processing times, generally taking up to two business days, but sometimes processed within hours. Again, with this payment method you are not required to disclose financial information to the third party.
Apple Pay
One of the most recent trusted payment methods to be adopted by online casinos is the popular Apple Pay. Although not as widely accepted as debit cards or e-wallets, more operators are adopting this mobile payment method due to increasing player demand.
The benefits with paying by Apple Pay are that its security is second to none as it supports facial recognition and touch ID, and its transactions are lightning-fast, providing instant deposits and withdrawals.
