As a Canadian online casino player, you have many options to consider when choosing a site to join, and many local payment methods to consider, among which the safest would be online bank transfer. As a solution offered by the local banking system, you will get the most convenient online banking experience ever. You won’t be sharing any credit card details with your casino, and you can rest assured that your funds will be handled in the safest way possible. Why choose to use online bank transfer as your payment method across Canadian online casinos?
About Online Bank Transfer
When going over the lists of accepted methods across online casino sites, you will come across two entirely different internet money transfer solutions, which are often confused by players, due to the “transfer” part in their name, bank wire transfer and online bank transfer. Seeing them like that, you might think these are the same, but no, they offer completely different services.
The former facilitates transactions that go from one bank to another, using the aid of global wire networks such as the Canadian-based LYNX or the European-based SWIFT, as some of the most popular you’ve heard of. Thanks to these networks, which mark transactions with special codes known by banks, you transact funds from one bank account to another, with several correspondent banks involved in the background process.
The latter, which is the matter of interest in our article, is where the old meets the new. What happens is, the wiring money process is enhanced via a modern EFT technology (electronic funds transfer). Sure, the money is still getting wired, but via EFT providers. There are many well-reputed and trusted EFT providers that help you successfully move money from one account to another, without having to go to a bank physically, to complete the transaction online.
We’ll get into more detail soon about how the transaction actually goes, but for now, you should know that the former takes longer to process, while the latter way faster. Online bank transfer improves what bank wire lacks, and that’s why it is chosen more by online casino players, since you can send money with it anywhere, to anyone, at any given time period, by only filling out a form.
So, when you choose to use it, you get unrivalled speed, as well as well-implemented safety measures. This is especially important and useful when it comes to international payments, which with this solution, are completed instantly most of the time, or within one business day tops. Plus, being covered by fraud liability laws, regardless of the amount sent, in case there was a fraud, you will be refunded in full. That’s why it is particularly convenient for online casino transactions, regardless of whether the casino you’re playing at is based in Canada or some foreign country.
Therefore, if this sounds like a solution you’d like to try out, make sure you continue reading to figure out how to get started with and how it will process your transaction.
Getting Started with the Solution
We said that you won’t need to visit your bank, but you don’t even have to visit an EFT service office to request a transaction via this solution. That’s because most reliable EFT are present online, and today, allow you to use their intermediary service over the internet, without having to be physically present to provide the needed details. Some of the popular EFT service providers you’ll find all over Canada are ecoPayz and Interac, but there are plenty of more. You’d need to select the one to go with and create an account with it, linking it to your bank account.
Once in, you’ll find a form you need to fill out, specifying how much you wish to send, to whom, and in which currency. The best part is, you don’t really need to enter anything else, so no credit card info, nada. As soon as you’ve provided the needed details, the transfer will go smoothly and what’s most important, in real-time. When it comes to the details, you’d need to provide the recipient’s bank account number, to successfully complete the transaction.
What the solution will do is make sure to transfer the money electronically in just a few seconds, especially if the transfer is between Canadian banks, or within one business day, if the transfer is from a Canadian to a bank in a different country. So, if that’s something you’d want to see in action across online casinos, continue reading, as we’ll cover that next.
Depositing and Withdrawing
As said from the beginning of the article, you will find both bank wire and online bank transfer as options across many Canadian casinos. A casino you might want to check out would be Casino Dome, which accepts both. But you can explore other options to find the most perfect one to join, where you could transact using the solution. Select the one you like the most and register an account with it.
To make a deposit with online bank transfer, you need to do the following:
- Visit your online casino’s Banking/Cashier page.
- Look for the solution in the Deposits section and press its logo.
- In the pop-up, enter your chosen EFT service’s account and fill out the needed transfer details.
- Specify how much you’d like to deposit on your balance.
- Confirm the transaction and wait for the money to arrive, instantly if playing at a Canadian-based casino, or within 1 business day if playing at an international casino.
Online bank transfer is an option for withdrawals; not only that, but it is a particularly popular withdrawal method among Canadian players. What happens is, players love the fact that they’ll receive the money in their bank account, so that they can cash them out whenever it suits them.
You’d need to go through a similar procedure, this time specifying how much you’d like to cash out. The solution will take it from here, making sure to transfer the money back to your account in no time, again, within one business day.
Applicable Fees
We said that the main difference between bank wire and online bank transfer is speed. But this comes intertwined with another thing, cost. While the former comes with slower processing times and lower fees, the latter comes with hefty fees for its fast transactions. That’s literally the price you need to pay if you wish to have funds transferred instantly or within a day, to and from any bank account.
The convenience comes at a cost, which is usually 2% to 5% of the transaction amount, depending on the EFT provider. Therefore, before you decide on the one to go with, make sure you discover more about the possible choices.
Accepted Currencies
If you were wondering whether you’ll be able to use Canadian dollars to make a transaction with the solution, the answer is yes. Yes, indeed, considering this is a solution where the transfer goes from one bank account to another via an EFT service.
However, since you can also make international transfers with it, you can rest assured that, subject to a conversion fee, you can use foreign currencies, too.
Coverage
Online bank transfer is an option for literally any online casino player. EFT service providers are offered in each country, so you can rest assured that you’ll be able to use it as a Canadian player.
Sure, some players, playing from a country where gambling restrictions or bans have been implemented, must not choose this solution to use for deposits and withdrawals across online casinos, since they’ll face fines or even prison time if they get caught. But, luckily for you as a player from Canada, where gambling is legal and regulated, you can use it freely, since Canadian banks have greenlighted online gambling transactions.
Customer Support
While you can reach out to the Support team offered by the EFT provider, the best thing to do when using an online bank transfer is to get in touch with your bank. The bank representative will know what to tell you in case you experience some problems with your transaction, or you simply have some questions to ask regarding the service.
If your deposit or withdrawal has failed or you have questions about them, you’d need to get in touch with your chosen casino’s Customer Support agents. They’ll try to assist you in the best way possible, making sure your problem/question has been solved.
Conclusion
Even though nowadays many local payment methods are at your disposal, as a Canadian online casino player, you should consider using online bank transfer, as it is as convenient as any other. Sure, heftier fees are charged compared to standard bank wire transfers, but with it, you’ll be making instant deposits and withdrawals. What’s more, you’ll be playing in your own currency and avoid paying conversion fees, therefore, the convenience is unrivalled. Make sure you at least try using it, to see how easy and effortless is to use across online casinos.
FAQs
Sure thing. You’d need to look for a mobile casino first, one that you could join via a smartphone, to make an effortless transaction using the solution, providing the needed details.
If the international online casino you’re frequenting offers the Canadian dollar as a currency option, you’ll pay no conversion fees; you’ll need to choose CAD as your default currency and proceed to make the transaction as explained already. But, if the casino has a different default currency which cannot be changed, say, the euro, you won’t be able to go around the conversion fee.
The easiest way is to access its Payment Methods/Banking/Cashier page and check whether there’s an online bank transfer icon. If not, check for some EFT transfer providers, as mentioned previously.
Sure. Banks, of course, can give you information about all the transfer types that can happen through your bank account. So, if in any doubts, not only about fees, make sure you visit your bank and ask a representative to provide you with all the details you need.
In most cases, yes, but not necessarily. Casinos have the right to choose which methods will and which won’t be accepted for deposits/withdrawals, and while most operators do offer the service, some may choose to offer other solutions for withdrawals, those which are most suited for them to use to send players their winnings.
