Deposit Methods for Canadian Betting Sites

On this page, we analyze some of the most common deposit and withdrawal methods on betting sites in Canada.

You will be able to see the pros and cons of all of them, as well as some sportsbooks which support each banking option.

If you also want to know which bookmakers and deposit methods are best for fast withdrawals so that you can get your hands on your winnings as soon as possible, you have come to the right place.

However, people looking to use betting sites in Canada can run into issues when using their bank card, as some banks have put blocks on cards looking to make a transaction with a gambling company despite it being legal to play on offshore betting sites. This has led to many players choosing alternative methods.

Visa provides a payment network for debit and credit cards, as well as other financial services, on a global scale. It is the most popular provider in the world, and can likely be acquired at your local bank.

The vast majority of betting sites in Canada will list Visa as a banking option and will allow you to make a deposit using your bank card. Unfortunately, some banks in Canada stop this going through in an attempt to prevent Canadians from gambling.

If you are able to make a deposit using your Visa card, remember to withdraw using the same card.

An interbank network that will be familiar to Canadians, Interac is one of the most established debit card systems in the country. The e-transfer function is a convenient way to pay for products in Canada, and some betting sites allow it to be used as a way to make a deposit or withdrawal.

Interac don’t charge fees for e-transfers, but the bank who issued your Interac card may do so, and these fees vary per financial institution.

Sports Interaction is among the sportsbooks which accept Interac, and deposits made through this method will appear in your betting balance within 10 minutes.

In existence for over 150 years, American Express is one of the most prominent banking methods used in Canada. However, not many betting sites in the country allow it as a payment option.

It has become a hugely popular method of depositing and withdrawing funds on betting sites across the world because of the ease of payments to and from eWallets, and the ability to send and receive cash without anybody else having access to your bank details.

Below, we look at some of the eWallets on the market and discuss their eligibility in Canada.

They do not share any financial information with third parties, and the latest security and fraud protection technology is in place. Users who are familiar with PayPal, Skrill, and Neteller will understand the concept of ecoPayz.

ecoPayz is one of the only eWallets you can use to add funds to a Canadian betting site.

Registration is free of charge, and Canadians can put money into their ecoPayz account via electronic bank transfer. Then, you can deposit to a betting account in a fast and smooth manner, without sharing bank details.

This app-based payment wallet gives Canadian bettors a quick and secure way to make deposits and withdrawals at various online betting sites, including Sports Interaction.

MuchBetter users can link their Interac card to their account and make free transactions via e-transfer. Alternatively, they can use Bitcoin, or a credit card (5% fee).

Once you have downloaded the app and funded your account, you can go to your betting site, select MuchBetter as your payment method, choose your amount and enter your phone number to proceed with the deposit confirmation.

Shortly after the turn of the century, PayPal - acquired by eBay in 2002 - began to truly establish itself as one of the most popular banking methods in the world. Canada isn’t its biggest market, but there are still a lot of PayPal transactions happening in the country.

To use PayPal for deposits and withdrawals, you need to sign up with them and link your bank account. Once done, payments can be made for various products and services online using just your PayPal details.

However, due to rules in place by PayPal, bettors in Canada are not able to deposit to bookmakers using this banking method.

Skrill is a UK-based online payment service and is one of the preferred banking methods for betting site users. Deposits are instant, withdrawals are smooth, and transactions are quickly processed.

To use Skrill, an account must be set up which takes just minutes, and the ‘wallet’ can be funded in many ways, with 40 currencies available. From there, users can deposit money into their betting account, and also withdraw any winnings to their Skrill balance which can then be moved across to a bank account.

Many Canadian bettors used to like to use Skrill because of how quick and easy it is, plus all information is safe and secure. However, as of January 2014, a review of Skrill’s operations resulted in gambling payments via the service ceasing in Canada.

MuchBetter is a great option for Canadians who formerly used Skrill for betting.

Skrill is still available for non-gambling use in Canada, and bettors in other countries including the UK, US and India can still use it to fund their betting accounts.

Online payment service Neteller operates in over 200 countries, including Canada, which is where the company was started.

Consumers can set up an account and load it with funds from a bank account in order to make purchases.

Bettors around the world can use the service to make transfers to gambling merchants, but there is a list of exempt countries, and sadly Canada is among them.

Instadebit offers a solution for Canadian punters facing issues with their debit or credit card when depositing on betting sites. It works with all major banks in Canada and allows you to deposit and withdraw to your personal bank account.

This service does not act as an eWallet as you can not load your Instadebit account with money, but instead, you just link your bank account to Instadebit, select it as your banking method on a betting site which offers it, and sign in to complete the deposit.

The $2 deposit fee charged by Instadebit is reimbursed by some sportsbooks, but users will have to absorb the $2 withdrawal fee back to their bank account.

One secure payment method which is becoming more popular in Canada is iDebit. It is part of the same company as Instadebit and allows users to pay for purchases online directly from an online banking account.

The supported banks are Bank of Montreal, Canadian Imperial Bank of Commerce, Desjardins, National Bank, Royal Bank of Canada, Scotiabank, Simplii Financial, and TD Canada Trust.

This has become one of the fastest ways to put money into a betting account, and you don’t even need to create or fund an iDebit account before making a transaction.

For betting sites in Canada that accept iDebit, it basically acts as a middleman between your bank and the bookie.

You can use iDebit to deposit and withdraw funds from bookmakers, and there are no fees for this. Transfers between your bank account and iDebit will incur a small charge.

In Canada, you can purchase Paysafecard vouchers in a physical store, and then use it to add funds to an online betting account instantly. This makes the process fast, simple and anonymous.

Vouchers are sold in amounts ranging from $10 to $250 and contain a 16-digit code which users should enter when prompted after selecting Paysafecard as their banking method on Canadian betting sites which accept it.

Whilst making deposits using Paysafecard is as easy as it gets, this is not the case with withdrawals.

Instead, you will have to use an alternative method to collect your winnings.

Unless you have been living under a rock for the last few years, you will have noticed the rise of cryptocurrency and in particular, Bitcoin. People can buy and sell this currency on an exchange, and ultimately turn it into cash should they wish.

Sportsbooks have begun to accept Bitcoin as a deposit method, and they will usually convert it to the currency of your betting account. When you want to withdraw again, it will be reverted back to Bitcoin.

To bet using Bitcoin, you will need a BTC wallet loaded with Bitcoins. Then, when you select it as your banking method on a sportsbook or casino, you will be sent an address which you will need to copy and confirm the payment.

Even though there are so many new ways to transfer money, the bank wire method is still going strong and is used by a number of bettors.

As far as safety is concerned, bank wire transfers, on the whole, are second to none. This means larger sums of money can be included in transactions.

Bank wire deposits can be carried out online or at your local branch by filling out a form and entering your personal deposit code if required.

Processing time can vary, but it will be significantly longer than most other banking options.