14 Nov

Viable Withdrawal Options for Canadian Casino Players

Canadian Casino Withdrawal Options for Dummies (and Intellectuals!)

Canada casino withdrawal options 2018

The online casino industry is constantly evolving to meet the needs of consumers. One of the most significant areas of change relates to withdrawal options for Canadian casino players. In the last 25+ years, payment methods have come and gone like the phases of the moon. Others have swooped in to take their place, while a few have actually withstood the test of time.

Canadian Casino Withdrawal Options Today

In the following section, we’ll take a look at many of the viable withdrawal methods available to Canadian players. For convenience, I’ll include a basic description of each, with pros, cons and any other relevant details. Note that they are not listed in any particular order, as any method may be more suitable for one player than another.

Credit / Debit Card Withdrawals

Credit card, and especially debit card withdrawals, are a very common withdrawal option at online casinos. They are one of the faster methods available, often appearing in the user’s account within 2-5 days. Fees for credit/debit card withdrawals will vary significantly because they are imposed by, and at the discretion of, the card’s issuing bank.

In order to process any payment to a credit or debit card, the player must first use that same card for at least one deposit. Many operators will also impose restrictions on card payments, wherein the amount withdrawn cannot exceed the amount originally deposited. Be sure to check the fine print before choosing either of these options. We also discourage the use of credit cards, in particular, as they can lead to a nasty habit of ‘gambling on credit‘.

InstaDebit Casino Withdrawals

InstaDebit (not to be confused with iDebit) is an online payment processing system, better known as a web wallet or eWallet. It acts as a link between the user’s bank account and online casino account. InstaDebit is headquartered right here in Canada, and only processes withdrawals for Canadian customers. Therefore cashouts are quick, appearing in the player’s account as soon as the casino completes processing them.

Withdrawals to your InstaDebit account are free, but there’s a CA-$2.00 fee to transfer those funds back over to your bank account. Transfers to your bank generally take 2-3 business days. Some casinos will require a player deposit with this method before an InstaDebit withdrawal can be placed.

Bank Transfer / eCheck Payouts

These can go by several names – bank transfer, bank wire, EFT, electronic cheque, eCheck, etc. Whatever they call it, the process is basically the same. An electronic funds transfer (e-transfer, or EFT) takes place between the casino’s bank and your bank.

These transfers can be quick, or take a while to process, depending on several factors. The exact method of facilitation is one. The timeliness of the casino’s bank and your own bank will also have an impact. Because of this, it can take anywhere from 2-14 business days. Likewise, and for the same reasons, the cost of these transfers may also vary.

Entropay Casino Withdrawals

Entropay is one of the fastest, most cost effective, and widely available ways for Canadians to receive a payout from online casinos. It is a third-party online payment processor that delivers heightened security through wholly anonymous transactions.

The fees associated with Entropay are very low, especially if users transfer money into their Entropay account from a bank account first. Transferring straight from your bank to a casino will incur a small fee, whereas pre-funded transfers are free.

ECO / EcoPayz / EcoCard

ECO (aka EcoPayz, EcoCard), is another online eWallet service available to Canadian players. Registration is easy and free, and there are lots of ways to fund your account. The service accepts all major credit and debit cards, prepaid cards, bank transfers, and eChecks.

On the negative side, some funding options are instant, and others can take days. Either way, there’s likely to be a fee of some size for funding the ECO account. Only certain types of bank transfers are free, and they take the longest. Everything else will cost between 1.69-7.0%. Withdrawals via ECO aren’t the fastest either, taking a minimum of 3 days, sometimes more, with relatively high fees attached to ECO > bank transfers.

eWallets

There are several web wallets serving the Canadian casino industry these days. They are not the same eWallets of yesteryear, mind you (no Neteller, PayPal or Skrill). Today, we have online payment processors like EcoPayz, Jeton Wallet, MiFinity, MuchBetter, and Sticpay.

While these each have their own unique qualities, eWallets have a lot in common. Users sign up an account for free. They can then either link it to their bank or use various payment methods to fund the wallet (credit card, debit card, bank transfer, etc.) Those funds, or the direct link to/from your bank, can be used to make deposits to any online casino that promotes the web wallet in question. As fro withdrawals, once a deposit has been made with the eWallet, it should become eligible for cashouts too.

Users can expect to pay nominal fees for these services. Registration is always free, while the cost to move money will vary from one web wallet to the next.

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