When it comes to playing at an online or mobile casino, banking is probably the most important part of the entire process. Being able to make fast, secure online casino deposits and speedy cashouts is paramount if you want to continue to enjoy your gaming time. In this FAQ we look at all the issues that you could face when funding your account.
The security of your deposit is based on two things. Firstly, the security of the casino online site itself and secondly, the type of deposit method used. Always ensure the Canadian online casino you sign up with runs the latest encryption technology across all their platforms. If you want to ensure you get maximum security, use web-wallets or prepaid cards for depositing and cashing out.
Due to certain money laundering issues, most online casinos prefer players to choose one method for both depositing and cashing out. Choosing the type of online banking method should depend on your lifestyle and the frequency of which you are going to be making a deposit. Credit cards are convenient, while web-wallets are more secure and offer greater anonymity. Debit cards are also useful but can also expose your banking details. Prepaid cards are the most secure as you can top them up at local outlets. Bitcoin is fast and efficient, but is only offered at a handful of Canadian online casinos.
Again, this depends on the type of deposit method used. Most online casino deposit methods including credit cards, debit card, Bitcoin payments and web-wallets are instant, while bank transfers and internet payments can take a few days to reflect into your casino online account.
Casino banking withdrawals have two separate parts. The first part is where the online casino itself processes the transaction. This can take anywhere from 2 hours to 48 hours. From there the transaction gets handed on to the financial institution or web-wallet to process. With Bitcoin, Web-wallets and other instant payments, this part is instantaneous, while bank withdrawals and credit cards can take 2 to 3 additional days to process.
On your first withdrawal, you may be required to send in proof of identification such as a scan of your ID card or passport. This is standard procedure at all top online casinos in Canada. The good news is that you will only have to do this once. If you sign up with a second online casino, you will be required to send in proof again. This goes for every new casino you sign up with.
Many online and mobile casinos will offer preferential rates and cash-match bonuses on specific deposit methods. These are usually on web-wallets and other facilities that the casino has a close relationship with. Players who use this option generally have bigger deposit limits, lower charges and get a bit of cash back on each deposit.
Online casino banking charges may apply to both deposits and withdrawals. This is entirely dependent on the casino itself and the type of banking method used. The best online casinos do not charge for deposits or withdrawals. In most cases, if there are any charges, they usually come from credit or debit card payments. Bitcoin and web-wallets generally have the lowest charges as they are not tied to any financial institution.
According to the income tax act, winnings from the lottery or games of chance are not subject to taxation in Canada. This means that for the bulk of Canadian online casino players, no taxes need to be paid. However, if gambling is a source of business income, the taxation laws change where some taxes may need to be paid.