Finding and backing winner’s is the most important thing to all sports bettors but before placing those winning bets you need to make a cash deposit with your preferred online sportsbook. Thereafter, you would really appreciate a fast, smooth and seamless method of receiving your cash winnings or withdrawals.
For online gambling beginners, financial transactions are one of the biggest difficulties facing them. There can be concerns over security and fees and some would be anxious about betting transactions appearing on their bank records.
Thankfully there is a host of deposit methods for Canadian sports betting sites with a definite ‘something for everyone’ approach being taken by most operators. Online payment options include some of the oldest and most established ‘plastic’ cards, through to PayPal which made its name in another online revolution, eBay, right through to some new-fangled ways and means you probably never considered.
This vast array of online payment options is designed to accommodate all players needs meaning bet placement and the withdrawal of winnings is easier and safer than ever.
Here’s a list of online payment options available to customers of Canadian betting sites…
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VISA, VISA Debit, VISA Electron Review
The best known of all the different payment options available, VISA payments are instantaneous. Debit and
Electron are both debit cards meaning funds will be withdrawn from the account they are associated with. A VISA credit card is essentially a loan facility so it is vital you make your card payments in a timely fashion as to not incur any charges.
Using VISA gives you peace of mind (you are dealing with an enormous company with unquestionable integrity after all) and Canadian betting sites will make no charges for taking a deposit via VISA.
MasterCard, MasterCard Debit Review
Essentially there is no real difference between MasterCard and Visa. They are both widely accepted around the world and it is hard to find a Canadian betting site that does not feature MasterCard amongst their online payment options.
It’s worth noting however that neither Visa or MasterCard actually issue credit cards themselves; they are both simply methods of payment which rely on banks in various countries to issue credit cards that utilize these payment methods.
Some online bookmakers in Australia and Ireland actually have their own MasterCard Debit cards which can be used to place bets (and receive winnings) instantly while they can be used to make purchases with traditional shops and retailers.
PayPal’s popularity as a deposit method with Canadian betting sites is on the rise. There are several reasons for this. Firstly, PayPal is very convenient and quick to use – you don’t need to type in a long card number, simply remember your email address and password.
PayPal is also instantaneous with funds added to your online betting account immediately and withdrawals credited back to your PayPal balance equally as quickly. Given PayPal has repeatedly shown itself to safe and secure and with online sportsbooks and casinos normally absorbing any associated transaction fees PayPal’s got plenty going for it.
eCheck offers one of the easiest of all deposit methods for Canadian betting sites. It allows you to transfer funds from your Canadian bank account directly into your sports betting account, without having to provide any third party with your personal details – all you need to register is details found on your checkbook.
However, there is a downfall. Despite deposited or transferred funds being instantly credited to your online bookmarking account, withdrawals will take between two and five business days to make themselves back into your account.
This payment option is supported by the Bank of Montreal, Canadian Imperial Bank of Commerce, Desjardins,
National Bank, Royal Bank of Canada, Scotiabank, Simplii Financial (formerly PCF) and TD Canada Trust. It’s an easy and secure online payment solution which immediately deposits money into your online betting account.
Instadebit banking establishes a link between your bank and online sportsbook and this direct link removes the need to register any personal details for an account or even sign up. Safe and convenient, it is instant and free, so comes highly recommended. Read full Instadebit Review.
iDebit connects consumers to their online banking directly from checkout, enabling secure, real-time payments without a credit card. It is almost identical to Instadebit as iDebit is actually Instadebit’s little brother (yes, same company) albeit it is not as ‘Canada specific’ as its better known relative.
You get guaranteed safe and secure encrypted transactions with iDebit and a huge advantage with iDebit as sports betting deposit method for Canadian betting sites is the ability to fund your sportsbook account immediately using a bank account.
iDebit also works instantly, you don’t necessarily have to sign up an iDebit account to get started which is great if you need to place a bet in a hurry. There are no fees involved in iDebit transactions but there is a small cost for making transfers between iDebit and Instadebit and also iDebit account to your bank. The rates for this are $1.50 and $2.00 apiece. Read full Idebit Review.
Paysafe and Ukash are the same service these days but they remain the best way of processing your gambling transactions anonymously. Simply buy a prepaid Paysafe voucher from a petrol station, post office, supermarket, liquor store, newsagents or local convenience store and type in the voucher code into a designated area on the Paysafe banking area. Your money will then appear immediately on the site.
Sadly withdrawing of funds cannot be done in the same way so you will need to apply for an inbound bank transfer or cheque. Another slight downfall is a small transaction fee that could be applied to your purchase at the shop.
Essentially EntroPay is a virtual VISA card can be used anywhere that VISA is accepted. You can use your regular credit or debit cards to fund your EntroPay account. It incurs no transaction fees or charges.
A free of charge secure instant payment service, ClickandBuy is becoming increasingly popular. It is very similar to PayPal (you can keep your money in several currencies like PayPal) but you can fund it via a number of methods including from your telephone bill, via vouchers, transfers from your bank account and even from your credit/debit card.
Most Canadian gambling sites will not charge you for ClickandBuy transactions albeit their own processing fees can be costly if funding it your ClickandBuy account with credit card and there is also a small charge associated with every transaction you make.
Very similar to Instadebit / iDebit as it is exclusive to affiliated Canadian banks. This eWallet does process both deposits and withdrawals instantly and it boasts excellent customer service. What’s noteworthy is ecoPayz apparent popularity with Canadian betting sites as they place no restrictions on first-time depositing customers using this method.
That’s unlike Skrill or Neteller …people making a first-time deposit using one of these methods often find they are excluded from ‘new customer free bets sign-up offers’.