Safe Casino Banking Methods for Players in Canada
When joining a casino many of us consider the size of the welcome bonus first... and if it's big enough, that may be the only thing we consider. Among the less glamorous, but highly important consideration that should be at the top of our list is banking. More specifically which banking options a casino provides and whether these are safe and secure.
Within Canada there are a number of safe casino banking methods from which a player can choose. Although the likes of popular casino banking providers Neteller, Skrill and PayPal no longer accept the payments of casino customers in Canada, many more reputable names do. This article gives an overview of the popular safe casino banking methods available in Canada, and the companies which provide them.
Credit & Debit Card
Despite the latest advancements in financial technology, credit and debit cards remain the dominant banking option of choice. Safe and reliable, anyone with access to a Visa or Mastercard should have no issues transacting with their preferred online casino.
Whilst many will be happy to use this tried and trusted casino banking option, some may perceive its inherent lack of anonymity to be an issue. In years gone by the need for a payment method attached to your personal details has been a requirement, in order for online casinos to verify that the payment method belongs to you. However, payment methods with greater anonymity have started to be adopted on a large scale by online casino operators.
To increase consumer security online, e-wallets have become a widely used alternative casino banking method. The fundamental purpose of an e-wallet is to remove the need for a customer to input their banking details into multiple sites across the web. This then increases the chances of a customer's banking details remaining safe from cybercriminals.
If you think this sounds like PayPal, then you would be right. However, as mentioned, popular e-wallets like PayPal and Skrill/Neteller no longer accept casino customers from Canada. Online casino users in Canada needn't worry though, as safe alternatives such as EcoPayz & MuchBetter have proven themselves to be just as trustworthy.
Taking anonymity and security to the next level, using prepaid cards can mean you never have to input your bank details into a casino website. The most popular of these is PaySafe.
Mixing elements of offline and online transactions, customers can purchase a PaySafe voucher from a physical store. This voucher will come with a code. When entered into an online casino site, this will transfer the balance of the voucher to the player's casino wallet.
This may sound great, but unfortunately, it comes with a pitfall. This is because you cannot withdraw back onto the PaySafe card, meaning you will still require an additional banking option to receive any winnings.
Possibly the best all-round safe casino banking method is the good old-fashioned wire transfer. This is particularly popular amongst high rollers, as the more anonymous banking methods will often have strict deposit limits applied to them. This is because casinos need to actively look to prevent fraud/money laundering, or else risk losing their license.
Highly reliable and secure, wire transfers do have the drawback of being relatively slow. As they are manually handled by the banks, it can take up to 7 days for a withdrawal request to be processed. Processing fees may also be applied.