Popular payment systems for online gambling in Canada

Canada is a country that doesn’t have any strict laws when it comes to online gambling. However, it won’t let any online casinos operate within Canada. In other words, it won’t issue any licenses.

When it comes to allowing its citizens to gamble online, they don’t have any problems with that. For this reason, the Canucks will have to find online casinos that accept international players. Also, they have to seek payment methods that are recognized worldwide. There are plenty of different options, but the most popular payment systems for online gambling in Canada are the following:

Skrill

Skrill

Skrill is handy and easy to use eWallet service. The reason why I chose Skrill as the first payment method is that it has plenty of benefits. It is based on tiers, which means the more Skrill is used as your payment method, the higher the tier you’ll get. Here are the tiers that you can reach based on the transactions that you make:

  • Bronze – If your transactions surpass the sum of €6,000 in a quarter
  • Silver – If your transactions surpass the sum of €15,000 in a quarter
  • Gold – If your transactions surpass the sum of €45,000 in a quarter
  • Diamond – If your transactions surpass the sum of €90,000 in a quarter

Another problem that Canadian players face is the fact that not every online casino will accept Canadian Dollars. For that reason, Skrill has made it possible for you to exchange CAD with a fee of 3.99%. However, this rate is reduced the moment you become a VIP.

PayPal

The fame of PayPal is known across the world so we can surely assume that it is also used in the gambling world as well. Using PayPal is very easy and it is also accepted all over the world so you don’t have to worry about the fact if online casinos accept it or not. There are a plethora of other reasons why you should use PayPal for online gambling.

PayPal

Security, speed, and convenience are the main ones. It is very secure due to the fact that your financial information will be safe and none of it will be sent to the online casino. It is very quick as a means of paying and also very convenient because you don’t have to enter your card numbers. The currency conversion depends on your method of payment: credit card, debit card, or bank account. Find a casino that accepts CAD to avoid paying conversion fees.

It is important to mention that online casino transactions are not covered by PayPal’s Purchase Protection Program. So, you have to be confident in the casino that you are dealing with because you are making those transactions at your own risk.

Ukash

Ukash is another payment method that Canadian gamblers can use freely. It works by claiming vouchers and it’s very easy to get started. When you sign up there are no fees that you need to pay and the best part about Ukash is the anonymity that it offers. You don’t have to give any personal information when you sign up, unlike the majority of other online payment services. The vouchers have to be used within six months of the date that they were purchased. You can find Ukash vouchers in the following places: Daisy Mart stores, Kitchen Food Fair, Canada Post, Canadian Tire Gas, and Esso Gas Stations.

Instadebit

Nowadays almost everyone is familiar with PayPal, and for this reason, opening an account and using Instadebit will not be hard. It works the same way as PayPal.You use your bank account to make payment. Any Canadian that is over 18 and has a bank account can open an Instadebit account. Opening the account is free and easy. However, it has one disadvantage, you can only link one bank account to that Instadebit account. If you decide to make a payment from your bank account to an online casino, you will get charged $1.95 CAD, but if you have funds in your Instadebit account and you make the payment from that balance, you will not be charged at all. The same thing goes for receiving money. There is a $2.00 CAD fee to transfer money from your Instadebit account to your bank account.

Visa Debit

VISA debit cards are used all over the world when it comes to card transactions. However, most of the physical card payments that are made in Canada have a different system. They operate through the Interac network. It works a bit differently compared to the VISA Plus. Because of that most of the financial institutions in Canada offer two VISA debit card systems.

Visa Debit

The first option: the card can work with dual functions, meaning it uses VISA for international and online payments, while Interac is used for domestic ones.

The second option: have a physical Interac card to be used for all the transactions that are made through ATMs or for purchases made at POS (Point of Sale) terminals while also offering a virtual VISA debit card alongside the physical Interac card.

These are the banks that offer these options:

  1. Toronto-Dominion Bank (TD Canada Trust)
  2. Royal Bank of Canada
  3. Bank of Montreal
  4. Canadian Imperial Bank of Commerce
  5. National Bank of Canada
  6. Scotiabank

Interac has also created an online payment system. However, not many retailers offer it since they prefer to do business with VISA because it is more convenient and available worldwide.