Best Banking Options for Canadian Online Sportsbooks in 2020
Although Canada’s legal stance on online betting and gambling is a bit complicated, that hasn’t stopped betting sites to open up ‘shops’ online. Online sports betting has reshaped the gambling industry in the past years to the delight of thousands of Canadians. Considering the fact that Canucks love to bet on sports, it’s no surprise to see so many sites doing so well.
When picking an online betting site, the first thing you should check for is its license. The markets and odds are also very important, but there’s one factor many punters consider essential when choosing a bookmaker – the banking infrastructure. After all, if you don’t pick a good option to fund your account with, you will likely lose more money than you can handle.
The good news is that Canadians have a wide range of banking options to pick from. They span bank transfer, credit/debit cards, e-wallets, virtual Visa card such EntroPay and even cryptocurrencies (mainly Bitcoin) so you can choose what suits you best. Each of these payment options comes with its own set of pros and cons. Some have higher payment limits, while some offer faster payouts and it’s up to you to decide what’s best.
As a general rule of thumb, we could say that e-wallets are the champion. However, things have somewhat changed with the arrival of Bitcoin to this thriving industry.
Banking Payment Options in Canada
Online sportsbooks nowadays have long lists of banking payment methods which is great news for all Canadian bettors. Most deposit options can also be used for withdrawals, and they’re all safe and secure. Canadian betting sites would never risk their reputation by partnering with unsafe payment options, so whatever you choose, you can be sure that your transactions will stay safe.
Before picking any payment option, we strongly recommend you do your own research. As mentioned, each banking payment method has its own pros and cons, so you’ll need to weigh each and find one that suits you best. Visa and Mastercard may be secure, but that doesn’t make them perfect. We will tell you more each possible banking payment method available at Canadian betting sites below so you can make an easier decision.
When we talk about credit and debit cards used for online sports betting, we’re thinking of Mastercard and Visa. Probably the biggest global payment providers of all time, both offer safe and secure online transactions. Thanks to their stature, all online betting sites in Canada offer both.
Whether you’re using Visa or Mastercard, the process is the same. You can enter the card information when prompted on the website and you’ll be betting in no time. It’s simple and easy to deposit with these cards we often used for other types of online purchases as well. Thanks to that, most players are familiar with the process which makes both credit and debit cards the most convenient payment method for most Canadian bettors.
Mastercard and Visa have insignificant differences so it doesn’t matter which one you use. When depositing at your favourite betting site, you’ll need to enter the 16-digit code as well as the CVC (if needed) and the expiry date.
Cryptocurrency online sportsbooks have only recently entered the ‘game’ but they are gaining a lot of traction. Most betting sites use Bitcoin since it’s the largest cryptocurrency by market volume and the most commonly used as well at the moment. At some betting sites, you might get an option to make transactions in Ether, Ripple or other altcoins, but for most sites, Bitcoin is one of the best banking options.
Even with Bitcoin being highly volatile in terms of price, those who have tried betting with it widely consider it the best option. Why? Well, first and foremost, the blockchain (e.g. publicly distributed ledger that records all transactions) offers complete anonymity which is an essential factor or many players when they bet online.
Another bullet in the pro column for Bitcoin is the fact that transactions are either non-existent or very low. Although most sportsbooks don’t charge transaction fees, banks might charge them for debit and credit cards. Since Bitcoin is a decentralized digital currency that doesn’t depend on banks, you won’t be charged or any transaction.
Lastly, the higher limits and instant withdrawals are two more reasons that put Bitcoin on the pedestal of Canadian online betting payment methods. If you own the cryptocurrency, it might be a good idea to start using it.
E-wallets (Skrill, Neteller, Instadebit, iDebit)
E-wallets are safe digital payment methods most Canadian bettors use to bet online. They offer fast withdrawal times, great limits, and extreme flexibility. You can fund these with your Visa or Mastercard and opening an e-wallet account is completely free.
Neteller and Skrill are the two most popular digital payment methods online. Accepted in over 200 countries, they support around 40 different currencies. The differences between these two banking payment options are minimal since they’re owned by the same provider.
Canadians will have more luck with InstaDebit and iDebit. Both are supported by Canadian banks and support CAD. E-wallets have another ace in the sleeve. Their withdrawal timeframes are much shorter than what you get with debit/credit cards or bank transfer. In most cases, your money should arrive in a span of a few hours up to a few days. It all depends on the sportsbook, of course, but in general, it’s better to get your winnings on Canada-friendly e-wallets such as iDebit or InstaDebit.
When it comes to safety, you can bet that all e-wallets are as safe and reliable as it gets.
Bank Transfer and Wire Transfer
Many punters are confused over bank and wire transfer, which are more or less the same thing. Bank transfers are wide transfers indeed. The latter is a generic term used to describe electronic money transfer from one account to another. A bank transfer is a process where you move money between two bank accounts. Some Canadian banks allow you to send money from your bank account to the receiver’s bank account even if the banks are not the same.
In online betting, bank transfer is kind of an ancient method rarely anyone uses. It’s the slowest possible at your disposal, but it may offer significantly higher deposit or withdrawal limits. Preferred by high rollers, bank transfer is an absolute champion among online payment methods when it comes to safety as banks are notorious for their spotless security checks.
Canadian Online Sportsbook Banking FAQ
As a new Canadian punter, you surely have many questions when you register at a betting site in terms of payment methods. Don’t worry – we have answered the most common questions fresh Canuck punters might have so you can handle things with ease.
How to Choose the Best Deposit Option?
We can’t tell you which is the best deposit option at Canadian online betting sites for a simple reason – what works best for us might not suit you. It all comes down to personal preference. However, you should also take into account the pros and cons of each of the deposit options we listed above.
You can read more about each payment method at the betting site of your choosing. Some, like credit and debit cards, for example, are a great option for easy transactions. If you’ve ever bought something online, you’ll feel right at home with Visa and Mastercard. You’re sacrificing quick withdrawals, though, and that’s something to consider.
We love what e-wallets have to offer and consider cryptocurrencies and Bitcoin the future of online betting. If you want to try something much more modern than bank transfer or credit/debit cards, e-wallets are our pick. As mentioned, Canadians will benefit a lot from using InstaDebit and iDebit.
How do Fees, Limits, and Caps work when making Withdrawals?
Every payment method at Canadian online sportsbooks has limits and caps that come into play when you decide to withdraw your winnings. They represent the minimum and maximum limits you can withdraw and can go from as low as C$10 up to thousands of Canadian dollars. You can check the limits for your preferred payment method in the Cashier section of your profile or under the bookie’s terms and conditions.
Payment fees are another thing you should pay attention to. Most bookies won’t charge anything, but some might charge a small transaction fee. Additionally, even if a betting site doesn’t have a fee in place, your bank might, so it’s a good idea to do the research before you lose money.
How to Choose the Best Withdrawal Option?
Just like choosing the best deposit option, choosing the best withdrawal option is down to your preferences. You must consider a variety of criteria when choosing a withdrawal option. How high are the limits? Are there any withdrawal fees? Most importantly, how fast are the withdrawal times with that particular option?
When you win a slip, you’ll most likely want to get your hands on the winnings ASAP. Not all withdrawal options are equal. With some, you might have to wait for days or worse, a week. Others, such as Bitcoin and certain e-wallets, allow fast withdrawals.
These are the methods you should be aiming for. Choosing an instant-withdrawal payment method is worth it since you’ll have your money in the shortest time possible. This depends on the bookmaker as well, but in general, e-wallets are faster than any other method (sans Bitcoin).
What is Important to Pay Attention to when Selecting a Payment Method?
When choosing a payment method at Canadian online sportsbooks, you should pay attention to the safety and security first. Other things are also important. You must check if there are transaction fees, see if the limits suit you, and also check the withdrawal times. After all, we’d all like to see our winnings land in our pocket ASAP, right?
If everything checks out, you can easily pick a favourite and go with it. Make sure that you can use it for deposits and withdrawals too. Mobile payment methods, for example, can be used for deposits, but not to withdraw your winnings. Be careful and weigh in on the criteria before making a decision.
Which are the Safest & most Secure Payment Options?
All payment methods you can use at online betting sites are safe. Visa, Mastercard, and bank transfer are usually considered the safest, but e-wallets use advanced digital SSL encryption that makes them pretty safe as well. If you don’t believe in digital payment methods, stick with debit/credit cards or bank transfers. If you like to enter the brave new digital era, go with e-wallets.
Bitcoin is another extra-safe payment method powered by the blockchain. There’s a digital footprint for every Bitcoin transaction on the blockchain, but everything is hidden far from prying eyes. In short, Bitcoin could very well be the safest online payment method out there, so give it a pretty good consideration if your bookie accepts it.
What Payment Methods are the Fastest?
Bitcoin and e-wallets are much faster than using Visa, Mastercard or bank transfer. The instant-transaction nature of the blockchain makes it the fastest payment method you can use so far. E-wallets are also fast, with many betting sites offering withdrawals on selected methods in just a few hours. You can check the withdrawal timeframe for each at your selected bookie.
If you decide to use credit/debit cards or bank transfer, get ready to wait for your winnings for days. Although some betting sites may offer instant withdrawals on Visa or Mastercard, you will most likely get better results by using either Bitcoin or any e-wallet.
Do Bettors Need to Pay a Fee when Deposit or Withdraw at a Canadian Online Sportsbook?
As mentioned earlier, this depends solely on the bookmaker or payment method. Some, like mobile payment provider Boku, are subject to a fee. In some cases, the bookie might charge a transaction fee on all payment methods. It’s likely to be tiny, which doesn’t mean that punters should like it.
Our suggestion would be to find a bookie and identify a payment method with no charges at all. After all, why should you lose money, no matter how tiny the amount is? Bitcoin, for example, is a free-of-charge payment method. E-wallets are usually free of charge as well, but not all of them. Again, we’d like to reiterate the importance of carefully making your selection as each payment method comes with its own pros and cons.
Is it Legal and Safe to Deposit at a Canadian Online Sportsbook?
There is no ban on online gambling and betting in Canada per se. Not that the country allows online gambling services – it’s just that the law is a little outdated and a bit unclear. Since it doesn’t state anything exclusive about Canadian bettors, you’re free to use foreign operators that accept Canadian punters. And trust us – there are plenty of those.
Canucks love to gamble and that’s a fact. Even though the law is a bit unclear, you can safely place bets at foreign gambling operators without the fear of legal repercussions. You just need to be of legal age (usually 18+) and you can bet on any sport you want without fearing about the law.
What is the Best Sports Betting Banking Method for Canadians?
If you’re not that fond of the possible fees imposed on Visa and Mastercard by certain banks, e-wallets are a much better option. iDebit and InstaDebit are two banking options Canadian players have at their disposal, but there are many others that deserve your attention as well
PayPal is another great method for Canadian punters. It charges no fees and may be the fastest and safest way of sending money online. Bitcoin is another great option, but its limited availability might be a problem for many punters.