Online casino operators have made it incredibly easy for the bettors to deposit and withdraw cash into their playing accounts in multiple ways. But not all of them are created equal – not at least in the terms of transaction speed.
If you’ve been playing regularly at various online Canadian casino outlets, then you might be better off using a set of withdrawal methods. In this article, we’ll list the best payment methods for getting cash in the fastest way possible.
Factors Affecting Speed of Withdrawal
When exploring the options that offer the fastest withdrawals, it’s wise to learn what goes on behind the scenes. Various factors are taken into account when calculating transaction speed.
Banking Method You Are Using
The first factor that determines how fast you’ll receive your payouts is the method you’ve opted for. This should be apparent if you’ve ever withdrawn cash from an online casino before. Many casinos provide an estimated time frame by which you can expect the amount to reflect in your bank account.
Not all payment methods have the same time frame. Generally speaking, banking options like credit/debit card transfers and bank transfers take longer time then e-wallets. This is because the transactions have to pass through a regulated EFT or electronic funds transfer system before being deposited in your account.
EFT is the Canadian equivalent of ACH (Automated clearing house), used in the US. E-wallets, on the other hand, don’t have to go through such a system and hence can be transferred swiftly.
Casino Banking Hours
Just because a casino is open 24/7 doesn’t mean it is processing the payments 24/7. A few casinos, the highly reputed ones may do, but usually, it is a 9-5 kind of scenario or somewhere in that range.
If you’re using payment methods like bank transfer or card transfer or Western Union-like services, then banking hours may affect the speed of transactions. E-wallets are usually exempted from this type of scenario.
Anti-Money Laundering Checks
Banks are held accountable for money laundering activities; hence they are directed to employ Anti-Money Laundering checks to determine the authenticity and legality of the transaction. As part of this, banks may automatically cross-check your KYC, transaction history, et al. This may consume some time.
Processor Partnership With The Casino Operator
You may have noticed certain casinos promoting a particular payment/withdrawal method over another. This is because they have some form of partnership with the processor that facilitates transactions on the platform. Using these promoted methods, you’ll be able to withdraw cash faster.
Fastest Withdrawal Methods At Canadian Online Casinos
Based on the above conditions and our research, we found some payment methods to be superior in terms of speed. Therefore, you should go for these options wherever possible to enjoy fast withdrawals.
Neteller is an electronic money transfer service facilitating transactions between two parties. If you’re familiar with it, you need to have a Neteller account with which you can send and receive money from merchants. Withdrawals are usually super-fast.
Many Casinos offer Neteller as a primary withdrawal method. They have their anti-laundering protocols which promote faster transaction. Neteller is part of the Paysafe group which also runs similar services like Paysafecard. A few Canadian casinos also offer Paysafecard as a withdrawal option.
Skrill is another e-money transfer service that is widely used in the online gambling industry. It is fast and cheap for the merchants (the casino operators). Therefore, Skrill is so popular. Some casinos will even incentivize you to use Skrill as a payment method.
However, Skrill transactions can take a little longer if you’re using them for the very first time. This is because they run a few identity checks. Other than that, Skrill is an excellent withdrawal method that processes transactions within a few minutes. But in few rare cases, users have reported payments being delayed by one or two days.
Interac is a Canadian payment processor that offers a complete suite of transaction suite. It has an e-Transfer wherein you can send or receive money just like other e-wallets. Then it offers Interac which you can use as a regular Debit card. Interac is also a fast and secure medium for your transactions.
But the main downside with Interac is it is not accepted by many casino operators, even within Canada. Some casinos may not allow you to withdraw using Interac e-Transfer but will allow Interac Debit. Therefore, dealing with Interac is still quite complicated. However, in the coming days, we can expect a quick fix to this as more and more casinos adopt Interac.
PayPal is by far the most common payment method than the ones mentioned here. It revolutionized the online payment system by enabling you to pay and receiving money by your email address. PayPal is also fast, secure, and trusted. The withdrawal money will normally show up in your PayPal account immediately. But then transferring money to your bank account will take additional hours or days.
To withdraw money with PayPal, you need to select E-wallet options and then “PayPal”. Put in your PayPal email ID and you should be good to go. It’s that simple.
One of the downsides is not all casinos accept payments or disburse money via PayPal because of higher fees. PayPal fees can be around 3.75% while Skrill offers the same services at 1% transaction fees. Hence, it is cheaper for the casino operator.
Bitcoin is touted to revolutionize and democratize banks and online payments, though it hasn’t done so just yet. But casinos have started to accept Bitcoins as a payment method and allow players to withdraw money using the same. All you’ll need is a Bitcoin wallet to receive money. Bitcoin is also arguably the fastest withdrawal method with transactions happening almost instantaneously.
The main reason why we did not place Bitcoin as the top is that it is unregulated and not many casinos accept Bitcoin. But if your preferred casino operator allows Bitcoin withdrawal and you have a wallet, then you should give it a try.