Here at GamblingInsider.ca we have spoken at length about web wallets, but only in terms of brands. We haven’t ever discussed what goes into actually setting up a wallet, and we realise this is very important. That’s why we’re going to unpack the process now.
The journey of the web wallet, also known as the eWallet has certainly been an interesting one – it’s a road that has seen many twists and turns, and a story of finding legitimacy and regulation. Today’s web wallets all adhere to technological cross-pollination.
In other words, a lot of functions, features and governing rules are similar if not the same across eWallet platforms. This is not to say that as the player you don’t have choices. Another way to think of it is to see it as a car. One car fulfils the same function as the next, yet each car has its own unique features and different people prefer different options.
How Does it Work?
The easiest way to think about eWallets is to imagine them as a sort of central station that links lots of other accounts. You can attach any of your bank accounts to your personal wallet, and once this is done you can move funds between them.
You can also receive payments from around the world into your wallet, including cashout requests from online casinos or remuneration for work you might have done or for items you are selling. Finally, you can purchase goods and pay for different services from your web wallet. As long as the vendor or other third party’s financial facility is linked to your wallet service, all of these transfers are quick, safe and simple.
Opening a Web-Wallet Account
As noted earlier, there is a fair amount of technological cross-pollination and with this in mind, the account opening procedure is the same for most eWallet brands. Once you’ve arrived at the website, whether on your own or by clicking on a re-direct button in the banking lobby of the online casino, you will need to click on the Sign Up button. Once you’ve done this, the following information will typically need to be submitted:
- You email address.
- A password of your choosing and one that mixes letters and number for strength.
- Your choice of currency
- Your first name
- Your surname/last name
- Your date of birth (You need to be 18 years old)
- Your gender
- Your street address
- The country in which you reside’
- The city in which you reside
- The province in which you reside
- Your area/zip/postal code
- You contact number
Once all these details are submitted, you’ll be given a web wallet account along with login details. The wallet user interface allows for all kinds of things outside of just depositing and withdrawing at an online casino. You can transfer money, view your transaction history and in some parts of the world, you can even request a bank-associated card that lets you draw funds from your web wallet account.
Don’t let this deter you, but in many cases there will be some admin work required from you. however, all of it is simple and can be done in the comfort of your own home. Firstly, for security purposes, your web wallet will place a small amount of money in your actual bank account and will ask that you identify this amount.
Next, you might be asked to send in a copy of an identification document, a bank statement and proof of your residence. This is often required by online laws designed to combat fraud and tax evasion. The entire process should take no longer than a few minutes, and then you’ll be ready to start using your activated eWallet.
What Are the Advantages for Me?
First and foremost, using a web wallet is very secure. You never share your financial or personal details with any third party, so fraud and identity theft risks are slashed to 0. Having an extra step between your bank and online casino accounts also increases your online protection.
As well as added safety, many players say that the additional step allows for clearer thinking and better money management. Banking fees are also very competitive, and since there are no credit checks you’re unlikely to be rejected when you apply for an eWallet.
Transactions are quick and easy, and cashed out funds clear faster than with almost any other withdrawal options. Finally, because these wallets are becoming so popular and are so widely used, you should find them at almost any worthwhile online casino in Canada.
From where we sit, web wallets are an excellent way to deposit and withdraw funds from online casinos. We strongly encourage players to try Neteller, Skrill, Click2Pay and the other wallet services at our recommended sites, and see if they like the systems as much as we do.
Secure and Reliable Payment Options
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For secure, convenient transactions, online casino players in Canada should consider PayPal. Setting up and using your account could not be simpler.