Interac was founded back in 1984, with the non-profit organization having been established in order to deliver a range of banking services to residents in Canada. Today, Interac is used by customers making e-commerce transactions, including those on popular casino sites. This page will discuss everything in which there is to know about Interac casino sites, including how to use this method payment, its advantages and disadvantages and any potential fees involved. Let’s start by taking a closer look at the casino sites currently offering Interac as a method of payment.
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What is Interac? A Brief History
Interac has over 30 years worth of experience to its name, having been established in 1984 by the Interac Association, a venture between RBC, CIBC, Scotiabank, TD and Desjardins. Back in 1996, the organization established a counterpart company, known as Acxsys, which helped them to offer services such as e-transfers. Interac and Acxsys combined into a single for-profit company in 2018 following many failed attempts, with their headquarters being found at the Royal Bank Plaza in Toronto. Interac is now integrated into all Canadian bank accounts, with CIBC being the only exception, making it easy for casino players to use their services.
Interac in Canada
Interac is one of the most popular payment methods in Canada. It's truly a favourite of Canadians who prefer fast and secure transactions. Interac works as an intermediary between your bank account and an online merchant or casino. Many gambling sites accept it for deposits and withdrawals.
There are many advantages to playing at a casino that accepts Interac as well as some disadvantages. What you should know before using it is that there are two options for transferring funds: Interac Online and Interac e-Transfers. The two options are not the same: to use Interac online you need a payment gateway, while Interac transfers go directly from your bank account.
Interac is now one of the biggest payment organizations in Canada, with the platform being used to process over 16 million transactions on a daily basis across the country. Interac is only available to those who have a Canadian currency bank account, with deposits being unavailable from foreign accounts.
Pros and Cons of Using Interac as a Payment Method
The following are the main pros and cons discovered by the testing of Interac as a payment method at casino sites:
- Payments available in Canadian Dollars – While it comes as little surprise given where the organization was established, payments are made using Canadian dollars, meaning that there are no conversion rates to worry about with Interac.
- Fees the same for all payments – While Interac does charge a small fee for processing transactions, players will be pleased to hear that this is the same amount no matter how much you are looking to deposit or withdraw, perfect for high rollers.
- Quick deposits and withdrawals – Interac is the fastest method for those based in Canada to process payments on casino sites, which already means that it stands out from the crowd.
- Email address only required – An interac account can be set up using just an email address or telephone number, making the registration process all the easier.
- High levels of security – A number of security measures have been put in place at Interac, including encryption technology and account verification, meaning that all payments are 100% safe.
- International use – While this will not affect those based in Canada, the fact that Interac cannot be used internationally does restrict them in some areas.
- Withdrawals – While deposits can be made using Interac, those looking to withdraw winnings at casino sites must look for an alternative payment method.
How Does Interac Work?
Interac is a service which allows users to send funds to anyone who has a Canadian bank account, using just an email address or cell phone. A flat single rate charge is incurred for each e-transfer processed with Interac, with casino players simply having to enter the amount in which they wish to deposit, before entering their Interac log in details. Banks may charge a small fee for using Interac online, however this does range between banks, with some processing such transactions for free.
Interac Registration and Account Set Up
In order to set up an Interac account, the following steps must be taken, which take just a matter of minutes to complete:
1. Enter the website of your particular bank via desktop or mobile.
2. Log in to your bank’s online or mobile banking, before selecting the “Autodeposit” option, located in the Interac e-Transfer settings page.
4. Verify your account via the email sent, clicking on the “Complete Registration” option in the process.
How do I make an Interac transfer at an online casino?
The majority of the best online casinos offer players from Canada the option of making transfers via Interac. This option is necessary if you cannot use Interac online. In order to fund your online casino account with Interac, you must :
- Select the Interac e-Transfer option in the casino cashier
- Enter the amount to be transferred to your player account
- Select the bank or cashier from which you are transferring the money
- The site will present you with the information about the recipient of the funds
- Fill out the form on the Interac website with the special email and password
- Confirm the transaction
Then you just have to return to the casino page to see that the money has already been transferred. At the casino Interac money transfer is as fast as Interac online, but offers more banks from which you can credit your account and access the games of chance in the shortest possible time.
How do I withdraw winnings from Interac online casino?
If you play at an Interac online casino you can withdraw your winnings as easily as you deposit. But first, check if the operator allows you to use this service for withdrawals and if your bank is in the list of accepted institutions. So, you need to open the casino cashier and find Interac among the payment methods for withdrawals.
The process is similar to depositing and does not require much effort. Interac withdrawal times are 4-6 business days. Please note that the casino may request proof of identity. For this you will need to present an ID card or other document.
Interac casino Canada mobile
All the online casinos on our list with Interac real money payment are optimized for mobile devices. You can play the games of chance by depositing and withdrawing from your smartphone or iPhone. It is very easy to manage transactions from mobile devices, as modern casinos use the most progressive technologies to ensure player comfort and security.
The process of depositing and withdrawing money from an online casino via Interac mobile payment is the same as from a computer. You don't have to worry about the security of your funds, as all personal and banking information is encrypted. Modern operators are optimized for all popular operating systems. You won't have any problems playing on Android, iOS or Windows. There are casinos that offer downloadable apps and those that already have the no-download mode.
Canadian players love to play and deposit on the go. It's more convenient and allows them to play whenever and wherever they have a free moment. With Interac casino payments there is no need to wait too long to start playing for real money on the bus or waiting for friends in a café. A few clicks and you're a millionaire!
Fees and Service Charges for Interac
One of the biggest selling points of Interac for Canadian casino players is that the organization does not charge any fees. However, this does not mean that fees are not involved at all, with some bank card transactions imposing additional costs. Those using Interac Cash will incur a switch fee of $0.006243, while a slightly higher amount results from Interac Debit and Interac Flash transactions.
Alternative Payment Methods to Interac
For those who are not 100% convinced by the information surrounding interac in which you have read on this page, it may be worth considering some of the other e-transfer platforms available to Canadian players today, with the following being among the best options:
Neteller – Also part of the Paysafe Group is Neteller, with the e-money transfer system allowing money to be transferred to and from a variety of merchants, including casino sites. Neteller also offers a prepaid card, with the company having earned an excellent reputation when it comes to reliability and security since they were established in 1999.
PayPal – PayPal is perhaps the best-known e-wallet platform on the web, with the American organization supporting online money transfers internationally, as well as offering an alternative to the traditional forms of payment.
Paysafecard – Paysafecard, despite not being as popular as other methods of payment online, offers an alternative to Skrill, with users utilizing a voucher, rather than bank account or credit card. Users are able to deposit funds by entering the relevant 16-digit code when on their casino site.
Online Casino Bonuses with Interac
Those using Interac to fund their gambling on casino sites will often also be able to take advantage of some of the generous bonuses available today, which include matched deposit offers, free spins and prize boosts. However, be sure to look into the terms and conditions set by your chosen casino site beforehand, as deposits made using Interac may be ineligible in some cases.
Tips and Tricks for Using Interac
For those considering using Interac, there are certain tips and tricks that will help to ensure that you make the most out of this particular payment method, including the following:
- Select a unique Interac Debit PIN, memorize it and keep it confidential. Notify your financial institution immediately if your Interac debit card or mobile device is lost or stolen.
- Take advantage of the Interac mobile app, which facilitates e-transfers across Canada, at any time.
Responsible Gambling Measures in Canada
It's no secret that gambling is quite addictive and many people fall victim to addiction. You start out wanting to have fun and relax and end up losing everything. This can happen to anyone. Can we avoid such a fate? During our analysis of online casinos we have noticed that reputable and trustworthy operators try to prevent players from becoming addicted.
Many sites advise users to contact special services and provide links to organizations that help those in need. You can find many tips for responsible gambling on the Internet. Turn to specialists if you feel lost in gambling or someone you know is gambling too much.
FAQ about Interac
Only those in Canada are able to take advantage of the services offered by Interac, with international customers having to look elsewhere.
The majority of casino sites accepting Canadian-based players will offer Interac as a payment method, however be sure to look into this before signing up.
Yes! Deposits can be made via the Interac mobile website, which is fully functional on a variety of browsers, while the app offers a hugely efficient alternative.
Interac is regulated by Ottawa, meaning that they are able to operate in a number of different markets, including online gaming.
At present, there is no form of loyalty or rewards program available to Interac customers.
Those based in Canada can call Interac toll free on 1-888-238-6433.
Yes, cryptocurrencies are accepted at Interac, including Bitcoin.
Yes, Interac is a very secure payment method. Players in Canada choose Interac to deposit and withdraw at the online casino because of its outstanding customer data protection measures.
No, Interac is not available at all online casinos for Canadians. The most common banking options are credit cards, e-wallets and wire transfers. We have listed the sites that accept Interac for deposit and withdrawal.
Yes, it's a service created by Canadians for Canadians, so it's perfectly possible to make transactions in Canada with Interac online. There is no need to exchange currency.
The two services work in different ways. Interac Online is a type of e-wallet that you connect to your bank account. Interac e-transfer casino in turn links your player account directly to your bank account and acts like a check.
Final Words on Interac Casino Sites
Players in Canada are likely to be familiar with Interac, with the e-transfer platform having been facilitating payments for over 30 years. However, our testing found that Interac is well worth considering for those looking for a new payment method when gambling online at casino sites, with advantages surrounding the speed of transactions, bonuses and security being just some of the factors behind their success.