Paysafecard is a prepaid payment method sold at Canadian retailers that lets you pay online without registering and without a bank account or credit card. It is simple to use, but there are limits and a fee on balances left unused for too long.
Where to buy it and how it works
Paysafecard can be bought at Canada Post, Esso, Canadian Tire Gas+, Mobil and other retailers. Cards are sold in values of $10, $30, $50 and $100, and several cards bought in one transaction cannot exceed $1,000. The cards cannot be reloaded.
To pay, you enter the 16-digit PIN printed on the card; no bank or card details are involved. The maximum per transaction is $400. Apart from promotional cards, paysafecard has no expiry date, but a lost card is treated like lost cash, so keep the PIN safe.
Limits inside a my paysafecard account
A my paysafecard account stores balances from the cards you redeem into it. It can hold up to $3,500 at a time and has a monthly spending limit of $10,000.
Because paysafecard is a prepaid code, it works for deposits. Withdrawals from an online account need another method, so check what the site offers before you deposit.
Fees to watch
From the 19th month after purchase, a monthly service fee of $2.50 is taken from any balance still on the card. Redeeming the PIN into a my paysafecard account avoids this fee, so move leftover balances there rather than leaving them on old cards.
A currency conversion fee also applies when you pay in another currency. Paying sites that charge in Canadian dollars avoids that cost.
Gambling is for adults (19+ in most provinces, 18+ in Alberta, Manitoba and Quebec) and costs money; free, confidential help is available from ConnexOntario on 1-866-531-2600 or your provincial helpline.
