Canadian players have many quality payment options, ranging from e-wallets like PayPal to bank transfer options like Interac. This often leads people to wonder which is the fastest and overall best method. Our article will go into the different types and what makes them stand out.
Comparing Bank Transfers to E-Wallets
Out of the available payment methods, bank transfers and e-wallets are some of the most commonly used. Both options are listed among the fast payout suggestions by nationalpost.com. However, there are many other factors to consider when comparing them, which is why we highlighted them below:
Bank Transfer Pros:
- Available for most bonus offers
- Higher transaction limits
- Reliable Interface
E-Wallet Pros:
- Faster transaction speeds
- Better for budgeting
- Better mobile apps
E-wallets tend to have faster payout times, but Interac allows for fast bank transfers. Meanwhile, many people prefer PayPal as it lets them set aside a budget for games, so they don’t have to pay directly from their bank accounts. Some use both types, as having alternatives can be helpful.
Interac: Canada’s Favourite Bank Transfer Method
Bank transfers are a popular method, particularly due to Interac. Founded in 1984, it has decades of experience, and it functions similarly to a debit card. That makes it easy for users to learn how to use it and doesn’t require creating a separate account. It’s also promoting the use of Digital ID, which could help with fraud by:
- Using facial recognition
- Speeding up payout times
- Reducing the amount of information necessary for logging in
- Removing manual authentication processes
While bank transfers are usually considered slower, Interac provides fast payouts, and its security helps protect players through facial recognition. Not only does it provide better protection, but it also reduces the time required to log in and verify. That’s why it can maintain transaction speeds similar to those of an e-wallet.
Advantages of E-Wallets
E-wallets are a classic method used by players internationally. They have fast transaction times compared to most other methods and are commonly used to claim jackpot prizes from slot machines. Additionally, players have a decent variety of e-wallets to pick from, with some of the most popular options available including:
- Google Pay
- Apple Pay
- PayPal
- Neteller
- Skrill
Since the funds in an e-wallet are separate from bank accounts, they’re preferred by players who want to budget and practice stricter responsible gambling. However, they’re often not eligible for bonus offers and may have lower transaction limits. That’s why high rollers often prefer bank transfers.
Payout Speeds
Regardless of your payment method, payout speeds may be affected by external factors. The casino may require additional verification when a player withdraws larger prizes, and technical issues may cause delays. That’s why it’s preferable to be familiar with the causes of payout delays and how to prevent them, such as:
- Complete wagering requirements for any bonuses
- Verify your account before withdrawing
- Use the same method for deposits and withdrawals
As with the creation of Karate Gi, many factors are involved in the withdrawal process. That’s why many players will read through the site’s banking information to see how long the process takes and even find details on the security measures. Aside from each method’s own payout times, transactions will also undergo internal processing.
Other Payment Methods
To understand why bank transfers and e-wallets are the most popular payment methods, we will briefly review the other available methods. Cryptocurrencies have recently gained popularity, as crypto sites have open-source code and improved payout rates. Some of the more common cryptocurrencies include:
- Bitcoin
- Litecoin
- Ethereum
Besides crypto, some players also prefer using debit cards. That is because the process is more familiar and they’re more widely available. Some sites also exclude withdrawals with certain payment processors, which is why people look for alternatives. However, e-wallets and bank transfers remain the most commonly used methods due to their reliability and speed.
Conclusion
When it comes down to it, the choice between e-wallets and bank transfers in Canada is a matter of preference. Interac’s services can rival most e-wallets, but e-wallets are more widespread and familiar. Regardless, both methods have strong security and fast payout times, which can sometimes be influenced by the site’s internal processing and banking policies.
