Using the Canadian Dollar in Online Casinos

If you're interested in gambling online, then it's important for you to find a venue that readily accepts the Canadian Dollar as a form of currency to play online blackjack. Otherwise, you might just find that your deposits (and your withdrawals, for that matter) aren't all they're cracked up to be. After all, it seems that there is a charge for everything these days, and currency conversion can be quite expensive.

Exchange Rates and Fees

Most Canadians can accept the fact that their funds will be converted into US Dollars or Euros after making a deposit, but this shouldn't be something to simply shrug off. As an example, let's say that you decide to place $100 into an account that will be immediately converted to USD. Of course, you likely already know that the exchange rate will have some impact on this amount, but what you likely aren't aware of is the fact that the actual exchange is often performed by a third party company and that this company may charge you upwards of 5% for the simple act of currency conversion. As such, your initial $100 deposit may end up being as low as $90 - or even less.

Getting Hit Twice

Something else you should always consider is what will happen when it comes time for you to withdraw these funds from your account. Let's assume that you've played for a while and you're back to an even $100 that you want to withdraw. If the value of the Canadian Dollar has fallen during this time, you're likely not going to get back everything you've invested. What's more, you're going to get hit with that conversion fee a second time, meaning that some third party company is going to charge you yet again to convert your funds back into the Canadian Dollar for you. None of this is pleasant, and the best thing that you could possibly do - before ever even considering an account with any online venue - is check to be certain that there is no conversion required for making deposits and withdrawals with your national currency.