Bank cheques have been around for a long time and are still considered one of the safest ways to transfer funds to businesses and individuals alike. That being said, it’s no surprise that the popularity of cheques among the majority of betting sites in Canada is alive and kicking.
If you are looking to find out more about cheques as a payment method on Canadian betting sites, check out the following review.
The Best Cheque Betting Sites
What Is a Cheque?
A cheque is a form of financial transaction that instructs the bank to transfer funds from one person’s account to the beneficiary of the cheque.
Cheques come in a written form and contain information about the person issuing a cheque, called the drawer, as well as the information about the payee, i.e. the person or institution the cheque is intended for.
There are different types of cheques that you can deposit, with more frequent ones being personal cheques, bank’s draft, cashier’s cheques, and money orders.
Cheques can be used in various areas of business, and the fact that they have been around even after the inception of modern banking systems tells us a lot about their reliability.
Why Use Cheques?
There are many reasons why one should use cheques on gambling sites. First, cheques allow you to deposit large sums of money — there are usually no limitations that might normally come with some other payment methods.
Also, writing a cheque and using this old-school method means that you can limit and control what sort of personal data ends up online, which is perfect for all of those who have concerns about identity theft and other issues.
How to Deposit Using a Cheque?
Now that you have decided to use cheques as one of the preferred payment methods on betting sites and casinos online, here’s what you need to know about depositing one. Read on!
- Set up an account on the chosen betting site and go to the “Deposits” section where you will select cheque from the payment methods offered.
- Provide the details regarding your account, the bank, and the amount you want to deposit.
- Sent the cheque via mail.
- Wait for the confirmation that the funds have been deposited and start betting.
How to Withdraw Using a Cheque?
Withdrawing your winnings using a cheque is similar to depositing funds. Below you have a detailed step-by-step list of instructions.
- Go to the “Balance” section on the betting site.
- Click on the “Withdraw” option and choose cheque as the desired withdrawal method.
- Fill in the banking and personal details along with the amount you wish to withdraw.
- Wait for the cheque to arrive via mail and cash it in at your local bank.
Cheque Online Betting Sites
Thanks to the long years of their application and the safety cheques provide, both Canadian betting sites and players have resorted to cheques as a payment method. You can use a variety of cheques and perform transactions conveniently and safely. Also, the use of cheques is sanctioned by gambling law, so you can rely on cheques being legal.
Disadvantages of Using Cheques
Even though cheques allow for significant deposits and withdrawals to be made, there are still some drawbacks. First of all, it takes a lot of time for cheques to be deposited, so you’ll be waiting for days before you can start betting.
Also, drawing up big sums of money doesn’t come without a cost. There are still fees that might be in the range of $20 to $40 per transaction, especially when withdrawals exceed several thousands of dollars.
Cheque Customer Support
Using a cheque means that you will have to deal with banks. No matter what kind of cheque you have, should you encounter any problems, you will have to visit the local bank and sort it out with them. You can also reach the bank’s customer support via email or phone, as they will be more than eager to help you.
How long does it take to receive money using cheques?
It usually takes around a week or more before you receive money via cheque.
Does it cost more money if I make a large deposit?
Making a large deposit using cheques is normally free of charge.
Can I use cheques outside of Canada?
Whether or not cheques can be used outside of Canada depends on the banking and gambling regulations in that country.
Who benefits most from using cheques?
Both players and betting sites benefit from using cheques.
Which banks is cheque available through?
The majority, if not all banks, accept cheques and use them as a form of financial transaction method.
Do I have to open an account with cheques to use their services?
For most types of cheques you are required to have a functioning bank account, but that doesn’t have to be true for all kinds of cheques.
Are transactions via cheque protected?
Transactions via cheque are well-protected and guaranteed by the banks issuing them.
Can I reverse a transaction using cheques?
You can usually reverse a transaction before a cheque arrives.