Payz, formerly known as ecoPayz, is a digital wallet that offers fast transactions, enhanced security, and convenience.
This Payz Casino Canada article explains how to deposit and withdraw with Payz and why it’s a viable payment method for local players.
Online Casinos That Accept Payz Ranked
What is Payz?
Payz is a digital wallet and payment app that lets customers send, receive, and manage their funds in a secure environment without sharing their credit card or banking details with multiple casino sites.
Acting as a secure intermediary between a player’s bank account and the online casino, Payz, which is regulated by the FCA in the UK, currently has over 2 million active users. To date, it is viewed as one of the most reliable payment methods in the casino industry.
Players wishing to deposit or withdraw with Payz must open an account and link their bank account. All transactions are processed in CAD, which avoids the pesky 2.5%–3% currency conversion fees often associated with other wallets. Similarly, transactions appear on bank statements as “Payz” in CAD rather than the gambling site’s name.
Pros and Cons of Payz in Gambling
Payz is considered one of the most respected and widely used payment methods in Canada. For starters, it allows players to spend their casino winnings instantly at physical stores or ATMs in Canada without waiting for a bank transfer. Second, players can receive cash for free, but funding a Payz account may incur fees of up to 10%, depending on the method used.
Here are some other pros and cons of Payz:
- Pros
- Easy sign-up process
- Lightning-fast payouts
- Enhanced privacy
- CAD currency support
- Cons
- Not as widely accepted as Interac
- Inactivity fees for accounts with zero activity for 6 months
How to Make a Deposit Using Payz
Online casinos have designed a straightforward deposit process so that Payz deposits go off without a hitch. To deposit with Payz, bettors who opt to register at one of the recommended Payz accepted online casinos must:
- Open your browser to navigate to your casino account.
- Click on the “Login” button to enter your account details.
- Visit the Cashier page or the banking section.
- Select “Payz” as the payment method.
- Enter the amount of money you want to deposit.
- Log in to your Payz account via the on-screen prompts.
- Confirm and submit your transaction for processing.
As a friendly reminder, you will need to verify that your banking details are linked to Payz, and that you have enough funds for the transaction to be successfully processed. Once approved, your deposit will be credited within 15 seconds or less.
How to Withdraw Winnings with Payz?
Once you have a verified Payz account, withdrawals from your Payz account to your bank are relatively fast. However, unlike the deposit process, Payz can take several days for your funds to appear on your bank statement.
On the flip side, there is no obligation to pay taxes on your winnings. However, bank transfer withdrawals are subject to a processing fee. As for the withdrawal process, the following steps must be followed:
- Navigate to the banking page
- After that, click on the “Withdraw” option.
- Once you do this, select “Payz” as your chosen payment method.
- Then, confirm that you have verified your identity and that your funds are eligible for withdrawal
- Next, enter the amount that you want to withdraw from your account.
- Submit your cash-out request.
Once you have submitted your cash-out request and it has been approved, payments should appear within 2 to 5 days. However, this does not include weekends or statutory holidays.
Types of Bonuses You Can Find at Payz Casinos
Casinos with Payz are proud of the bonuses and promotional incentives they offer. Some of the bonuses you can avail at a Payz online casino include deposit bonuses, extra spins, reload bonuses, cashback bonuses, and high roller bonuses. A summary of each is provided below.
Reload Bonus
If you love playing casino games like blackjack or slots, the reload bonus is the perfect opportunity to maximize the potential of your bonus. A reload bonus will top up your account with bonus credits that you can use in the casino.
Match Deposit Offer
This bonus will match your deposit up to a certain percentage. It may be a one-time promotion with your first deposit, or the casino may offer it as a random promo event.
Cashback Bonus
Cashback bonuses are a favorable bonus type because they are credited as cash, making them wager-free. Depending on the site, the availability of a cashback bonus will vary. Some offer weekly cashback bonuses, while others offer daily or monthly cashback bonuses.
Weekly Bonus
Some casino sites offer weekly bonuses. You may redeem a weekly bonus on your first deposit of the week, or it may be valid across multiple deposits.
High Roller Bonus
Online casinos offer this type of bonus to players who meet a specific deposit requirement. Typically available in multiple currencies, a high roller bonus will range from 100% to 500%.
Extra Spins
Extra spins bonuses are a great way to play your favorite slots. Offered by many Payz casino sites, extra spin bonuses range from 10 spins to 250. The value of the spin is determined by the casino.
Top 3 Alternatives to Payz
If you are new to online gambling and are unsure if Payz is the right payment method for you, you’re in luck. There are many alternatives to Payz, the top 3 of which we have included below:
- Instadebit – Canadians can use Instadebit to transfer money to and from their bank account. The service offers fast payment processing, low transactional fees, and competitive deposit and withdrawal limits.
- MuchBetter – MuchBetter is an e-wallet payment service that allows customers to send and receive funds. Offering enhanced security features and a competitive pricing model, deposits are instant, and withdrawals are processed within 1 hour or less.
- Interac – Interac is a solid alternative to Payz in Canada. Offering lightning-fast deposits and withdrawals, the service is free to use at most Canadian banks. Furthermore, its transactional limits are capped at $3,000 to $6,000 per transaction.
FAQ
How long do withdrawals with Payz take?
Generally speaking, withdrawals with Payz take 3 to 5 business days. However, this does not include weekends or statutory holidays.
Does Payz work in Canada?
Yes, Payz works in Canada. It provides a fast and secure platform for players to transfer funds to and from their casino accounts.
Are there any fees and limits for deposits and withdrawals via Payz?
Yes, Payz charges a nominal fee for deposits and withdrawals. Similarly, your account level determines your transactional limits.
Is it safe to play at Payz casinos in Canada?
Yes, Pays Casinos are safe to play at in Canada. All Payz Casino Canada sites are licensed and required to adhere to local gambling laws.