Deposit Methods on Canadian Betting Sites

One of the main factors that all bettors take into account when choosing a betting site are the payment options. They are pretty important, since you can’t bet without depositing funds, right? And you can’t withdraw your winnings, without choosing a payment option. There is a great variety of options available in the betting world, but you should choose the one that fits you the most. Which is this? If you still don’t know, we are about to help you out by sharing with you the deposits methods that are usually available on the Canadian betting market, and their pros and cons.We are about to share with you which are the best methods, which are the fastest and of course, which have the highest limits. Keep in mind that not every method is available in all betting sites, so you should carefully choose your bookmaker if you have specific payment method that you want to use. Furthermore, we have also provided you a list with our recommendations when it comes to great betting providers available in Canada.

7Sport Recommends

Royal Panda

Royal Panda is one of the most popular betting sites in Canada, and it offers great variety of payment methods. All of them are secure and safe since the operator has obtained all the needed licenses to properly function in Canada. The payment methods are free of charge, which means that you don’t have to pay taxes when depositing or withdrawing money. You can easily find the method you want and enjoy it.  Here are the methods you can use:

• Visa/ Mastercard
• Interac
• E-wallet Apple Pay
• Idebit
• Much Better
• PaySafe card

All of the methods described above can be used for depositing money. The deposits usually arrive within minutes. When it comes to withdrawals – all methods are available, without PaySafe card and Interac. For withdrawals it may take a little longer, depending on the method you have chosen, but no longer than 5 working days.

The minimum deposit and withdrawal amount is between $10 and $20, depending on the method you have chosen. Royal Panda’s welcome bonus is pretty attractive and can get you 100% deposit match bonus up to $200. You will surely be able to boost your experience thanks to this bonus. Of course, there are requirements, such as some of the payment methods not qualifying for the bonus, so make sure you have checked the terms and conditions.

Betsafe

Betsafe is undoubtedly one of the best betting sites available in Canada. It offers amazing variety of sports, great promotions and high-quality customer support. It also offers great variety of payment methods, available for all clients of the operator. The payment methods are fully safe, because Betsafe has already obtained the needed licenses by Ontario Gambling Authority to function in Canada. Some of the methods are free of charge, but there are methods with transaction fees when it comes to depositing. When you are making withdrawals, there are no fees at all. Here is more information:

• Visa – 0% up to 2.5% fee
• ecoPayz – 0% up to 2.5% fee
• PaysafeCard – 0%
• MasterCard – 0%
• Instant Banking – 0% up to 2.5% fee
• Interac – 0% up to 2.5% fee
• Much better – 0% fee

All the methods are available for deposits. They are processed immediately and usually the money arrive within minutes. The withdrawal options are Interac, EcoPayz, Visa and Bank Transfer. They are also processed as soon as possible, but it takes a little longer for your money to arrive, between 2 and 5 banking days. If you have chosen ecoPazs, your money will arrive pretty fast – within 24 hours. The minimum deposit amount varies between 10 and 15 CAD, depending on the method you have chosen. The minimum amount for withdrawals is 10 CAD for Interac, and 20 CAD for the other three methods that are available. If you are a new player at Betsafe, you can get pretty good bonus for sports – 100% up to 500 CAD. Of course, there are conditions that have to be taken into account, such as wagering requirement and some payment methods not being valid for the bonus. Make sure you read them.

Betaway

Betway is another pretty popular betting provider in Canada that offers great variety of secure payment methods. It has obtained all the needed licenses to function properly and legally, and it offers more than amazing betting experience to all its clients. The methods are free of charge, but make sure you have a look at the conditions before making a payment with any of the methods. The options available are:

• Visa/Mastercard
• Neteller
• Skrill
• Paysafecard
• Neosurf
• Interac
• ecoPayz

All these methods are available for deposits, but when it comes to withdrawals, the methods available are Paypal, Skrill, ecoPayz, Neteller and WireTransfer. The minimum amount for deposits is $10, and they usually arrive to your account within minutes. However, when it comes to withdrawals, it may take a little longer. The minimum amount for withdrawal depends on the method you have chosen, and the maximum amount you can take per day is $4000. For your withdrawals it may take a little longer, up to 7 days. If you are a new player, you can take advantage of an attractive welcome bonus – 100% match bonus up to $200 for sports. Make sure you read the terms and conditions, because they may include some methods that can not be used with the bonus.

Debit and Credit Cards

One of the most commonly used payment methods includes the debit and credit card. It is available at almost every betting site, and it is fully safe and secure, if the website you have chosen has obtained all the needed licenses for functioning in Canada. As everything else, this method also has its pros and cons, and here are they:

Visa

On a global scale, Visa provides a payment network for debit and credit cards and other financial services. It is the most widely used service in the world, and your neighborhood bank probably carries it. You will be able to make a deposit using your bank card at the vast majority of Canadian betting sites, which will offer Visa as a banking option.

It is definitely one of the most popular and liked methods. Unfortunately, some Canadian banks prevent this from happening in an effort to stop Canadians from gambling. If you have chosen to make a deposit with VISA card, remember to use the same Visa card when withdrawing your money, otherwise you may encounter some kind of issues. This method also has pros and cons, and here are they:

MasterCard

MasterCard is Visa’s main rival and is regarded similarly all over the world. This will be accepted as a deposit method by many sportsbooks and casinos, but some players may only be able to make deposits and will need to use a different method to withdraw funds.

Most of the betting sites in Canada accept payments with MasterCard, and if your back allows it, you will surely be able to easily find a provider that accepts this method. Funds are transferred directly to and from your bank account, so you don’t have to set up a new account with a different payment service, which makes the usage of this method even easier and more convenient.

Interac

Interac is undoubtedly one of the most well-established and popular debit card systems and an interbank network in Canada. The e-transfer function is a convenient way to pay for goods, and some betting sites let you use it to deposit or withdraw funds.

E-transfers are free for Interac, but the bank that issued your Interac card may charge a fee, which varies by financial institution. Despire the fact that there are not many betting websites offering that method at the moment, more and more operators are implementing it, which is more than great, because the method is one of the best possible.

American Express

One of the most widely used forms of banking in Canada is American Express, which has been around for more than 150 years. However, it is not accepted as a payment method by many betting sites in Canada, but we strongly believe that this is about to change. After all, it is definitely one of the best options available at the moment.

eWallets

eWallets are, as the name suggests, a digital version of traditional wallets. You can sign up and transfer funds from your bank account into a safe eWallet, which enables you to conduct online transactions quickly and securely. This method has amazing benefits such as ease with which payments can be made to and from eWallets and the ability to send and receive cash without anyone else having access to your bank details.

Maybe that’s why this method has become one of the most loved in Canada, and worldwide, especially for depositing and withdrawing funds on betting sites. So, let’s get to the eWallets payment options that are available in Canadian betting sites.

ecoPayz

EcoPayz is one of the most important payment options in the Canadian betting market due to restrictions on other eWallets. The administrator securely stores assets for clients who are then ready to make speedy exchanges on the mobile. Bookies who use eco Payz have the most recent security and fraud protection technology in place, and they do not disclose any financial information to third parties.

EcoPayz’s concept is understandable to users who are accustomed to PayPal, Skrill, and Neteller. EcoPayz is one of the few available eWallets on the Canadian betting market, and that’s why so many people are using it. You don’t have to pay any taxes during registration, and you can put money in your account via bank transfer, but there will be a tax.

MuchBetter

MuchBetter users can link their Interac card to their account and make free transactions via e-transfer. This app-based payment wallet provides Canadian bettors with a quick and secure way to make deposits and withdrawals at various online betting sites. They can also use a credit card or Bitcoin (with a 5% fee). It is not difficult to open an account and put money in it, all you need to do is to download the app, to make an account, deposit money and then go to the website of your bookmaker and make a deposit.

PayPal

It is not a surprise that PayPal is one of the most popular banking methods worldwide. It offers absolutely great benefits, and that’s why it is used by many people. Even though Canada is not the biggest market of PayPal, there are still many people using it every day. The deposits and withdrawals are pretty fast, and no taxes are applied. However, this method can’t be used in most of the betting providers in Canada, simply because specific rules and regulations, that’s why it is better for you to go for another payment method.

Skrill

Skrill, a UK-based online payment service, is one of the most popular banking options for customers of betting sites. Transactions are processed quickly, deposits are made immediately, and withdrawals go without a hitch. That’s why you will see it in almost every betting site in Canada. In order to be able to use your account, you should set it up and deposit money in it. Skrill was once favored by many Canadian bettors due to its simplicity, speed, and security of all information.

However, a review of Skrill’s operations in January 2014 resulted in the cessation of gambling payments made through the service in Canada. Canadians who previously bet with Skrill should consider MuchBetter. Skrill is still available for non-gambling use in Canada, and betting accounts in the United Kingdom, the United States, and India can be funded with it.

Neteller

The online payment service Neteller is available in more than 200 nations, including Canada, where the business was founded. Customers in Canada who use Neteller betting can open an account and use the money from their bank account to make purchases. The service is available to bettors all over the world, but Canada is not included on the list of countries that are exempt from making transfers to gambling merchants.

Money Transfer

Even though credit and debit cards are widely used for shopping both online and offline, they occasionally pose a problem when it comes to betting sites in Canada. Players who already have accounts with PayPal, Skrill, and Neteller will be disappointed to learn that these services are not available in the most of the Canadian betting sites. Fortunately, there are a number of other options available, some of which do not require a bank card and do not run the risk of having transfers blocked.

Instadebit

Canadian gamblers who are having trouble depositing funds on betting websites can use Instadebit as an alternative. It allows you to deposit and withdraw funds to your personal bank account and is compatible with all major Canadian banks.

Instadebit betting Canada This service is not an eWallet because you can’t put money in your Instadebit account. Instead, you link your bank account to Instadebit, choose it as your banking method on a betting site that supports it, and sign in to make the deposit. Some sportsbooks will reimburse users for the $2 Instadebit deposit fee, but users will be responsible for the $2 withdrawal fee to their bank account.

iDebit

One of the most popular methods for depositing and withdrawing money in Canadian betting sites at the moment is iDebit. It lets users pay for online purchases using their online banking account and is part of the same company as Instadebit. The supported banks for this option are: Bank of Montreal, Canadian Imperial Bank of Commerce, Desjardins, National Bank, Royal Bank of Canada, Scotiabank, Simplii Financial, and TD Canada Trust.

This means that you don’t even need to open or fund an iDebit account before making a transaction, making this one of the quickest ways to fund a betting account. iDebit basically acts as a middleman between your bank and the bookmaker for betting sites in Canada that accept it. There are no fees associated with using iDebit to make deposits and withdrawals from bookmakers. There will be a small fee for transferring funds between your bank account and iDebit.

Paysafecard

Paysafecard vouchers can be purchased in a physical store and immediately used to add funds to an online betting account. Because of this, the process is quick, easy, and anonymous. These vouchers are available in denominations ranging from $10 to $250. Paysafecard deposits are as simple as they come, but withdrawals are not as simple, and we would advise you to use another method when it comes to withdrawing your winnings.

Bitcoin

We all witnessed the crazy arise of crypto currencies in last years, and more specifically – Bitcoin. More and more people want to bet by using this crypto, and it is completely understandable, keeping in mind the fact that so many people have it. There are some sportsbooks that offer this payment method at the moment, and if you want to use it, you will have to know that it has both pros and cons.

Bank Wire

Despite the crazy variety of new payment method, the bank wire will always be one of the most preferred and secured options. They give you the chance to be fully secure, and they give you the option to deposit and withdraw larger amounts of money. However, the processing time is much longer than usual. This method also has its pros and cons, and here are they:

FAQ