The Canadian dollar is Canada’s official currency and often referred to as C$ or Can$ to distinguish it from the United States dollar, the Canadian dollar is also referred to as Loonie. This is because there’s a picture of a loon on one side of the $1 coin. A bird that looks like a duck, a loon is very commonly found in Canada. It’s a very vocal bird that is known for its hoots and wails.
The history of the United States dollar involves many countries across many continents. A word dollar is an Anglicized form of “thaler”, the name given to the first coins ever minted in 1519 in Bohemia, in the Czech Republic. Later on, the “thaler” changed to the English version, the dollar. Interestingly enough, the Spanish peso was also called dollar as it was identical in weight and fineness.
Today the CAD is the fifth most held reserve currency in the world, just behind the USD, Yen, Euro, and the Pound Sterling. For Canadians that play online casino games via desktop, tablet and at a mobile casino, funding your casino account in CAD via a large variety of payment options offers you more bang for your buck as you won’t have to pay currency conversion fees. However, many Canadians prefer to play with USD and for those players, this is a great time for the dollar exchange rate. Playing with the dollar means that USD gets you 35% more than it did since the highs of 2014.
Benefits of Playing In-CAD
The Canadian dollar is accepted at most online casinos, but as some casinos don’t offer the option, they will automatically convert it to another currency. Most Canadians prefer to gamble in their own currency as the currency conversion rates can be complicated, confusing and expensive. Our listed top-quality casinos for Canadians allow players to transact with CAD, this is good news for Canadians. It would appear that exchange rates for currency conversions are very small amounts, but they do add up throughout numerous wagers and can become quite expensive.
Benefits of Playing in USD
One of the biggest benefits of playing with the American dollar is because the exchange rate is now at an all-time high. The U.S. dollar lost way over 2% of its value against other currencies but is now getting stronger every day that passes. For players that prefer to fund their casino account with the USD, this means that for countries like Canada, New Zealand and other parts of the world, the favourable exchange rate can give you more money to gamble with and go for those big wins.
CAD vs USD – Payment options
When gambling with Canadian dollars there are plenty of options to fund your casino account with loonies.
- Credit and debit cards like Visa and Mastercard offer a safe and reliable way to fund your casino account and so to do eWallet providers the likes of Skrill and Neteller. Many players opt for an easier way to deposit money and top-up cards like PaySafeCard and Vanilla Prepaid offer simple solutions. Other trustworthy ways to move money at casinos for Canadian players are third party accounts like InstaDebit, a reliable and free way to fund your casino account and Click2Pay, a way to make secure online payments without having to log into an account.
- For players that prefer to transact with USD, the most popular payment options are Visa, Mastercard and American Express while preferred eWallets include Skrill, Neteller, PayPal and ecoPayz. The other reliable ways to make your payment include:
- Interac Online has become one of the most popular payment methods that are available at a growing number of Canadian casinos.
- Instadebit is still a top choice because it is an eWallet that has been designed especially for Canadians that want to make easy payments online while protecting their sensitive banking information.
Which Currency Is Best for Canadian Players?
Playing in Canadian dollars means that you will avoid service charges and exchange rates charged by many money providers. When you choose to deposit your money at a Canadian dollar online gambling site, you won’t have to worry about any of that.
If you are a Canadian casino player, then we advise that you stick to CAD-friendly casinos that offer a large variety of payment methods for your native currency. This will help you avoid spending unnecessary money on conversion rates. With the increase of CAD-friendly casinos, it’s never been easier to deposit and withdraw with CAD.
Look through our reviewed and licensed casino listings for the chance to play your favourite slots, table games like Blackjack, Roulette, Baccarat and Poker and Live Dealer casino games with the Canadian dollar. Collect your new player Welcome Bonus and free spins and enjoy top games that are powered by the best software companies available online.
📋 What are the Pros and Cons of using CAD?
- No spending unnecessarily on currency conversion fees
- Easier registration process
- Deposit and withdraw with Canadian dollars
- Other currencies like USD have better exchange rates