Finding a Venue that Uses Canadian Money
If you live in Canada and you're interested in gambling online, then it's very important to find a venue that operates using Canadian money without any conversions necessary. Believe it or not, if you've been making deposits into a venue that converts your funds to Euros or US Dollars, then you may be losing more money than you know about. Here's why.
The first thing that you're going to want to consider is the actual exchange rate for the CAD. Different currencies are worth less in some markets, so this means that if you have to convert to Euros and Euros are of higher value, then you may actually lose some funds in the process. As an example, you may opt to deposit $100 and only see $94 in your account. The worst part is that you'll likely get hit again when it comes to cash out. So, let's say that you've managed to bring your account balance up to $200 and you want to withdraw these funds. After the exchange rates are factored in, you may only be withdrawing $187 or so. Finally, keep in mind that these exchange rates can vary from day to day and unless you're really paying attention, there's no real way to know exactly how much you're going to get out of your investment.
The second thing you'll need to figure into your transactions is the actual fees associated with the conversions themselves. Believe it or not, most online casinos don't handle these conversions on their own; they actually enlist third-party companies to do this. As such, these companies must get paid somehow and rather than the casino actually paying for it, you'll be charged a small fee - sometimes even as much as 3% - each and every time you request a transaction. This can really add up over time, and it can take a significant chunk out of your deposits and withdrawals. Now, with all of this information in mind, it should be easy to see why finding a casino that operates using Canadian money is so important. Otherwise, you could be losing hundreds of dollars a year that you don't even know about. Bet365 is a great example of a venue that uses CAD directly with no conversions necessary.