Interac is an electronic money transfer method found exclusively in Canadian online casinos. Popular and ubiquitous, Interac casinos have more than one advantage: from quick deposits and withdrawals to an additional security layer and more control over bankroll management. Read on to learn more about online casinos that accept Interac.
Overview of Interac Deposit Method
Interac is a banking option offered by certain Canadian banks, allowing customers to transfer funds electronically from one bank account to another, or in the case of casino deposits, from a bank account to a casino account.
Among numerous Interac services, one stands out as a popular casino payment method and is the one we will cover on this page.
One of the most significant upsides of casinos that accept Interac is the speed: thanks to the deal between the banks in the network, these transactions are carried out instantly, allowing receivers to access the received funds momentarily.
Apart from the speed of transfers, players commonly opt for Interac casinos because the financial institutions within the network are the only ones that handle the transfer. In other words, you are not sharing your personal information with the receiver, in this case, an online casino.
Another advantage of Interac casinos is that most new casinos and mobile casinos in Canada accept this form of payment so Canadian players can count on it.
Note: Interac has numerous other services, such as Interac Online or Interac Direct Payment (IDP), but only Interac e-transfers will work for casino deposits/withdrawals.
How to Make a Deposit with Interac at Online Casinos
E-Transfers are very similar to e-cheques: when initiating a transfer, the instructions to retrieve the funds are sent via email, while the money is sent directly to the account.
Here are the steps you need to take to make your money reach your casino wallet:
- In the casino's cashier section, pick Interac as a preferred method
- Enter the requested info, including the bank account you intend to transfer the funds from
- Enter the amount of money you want to deposit
- Follow the instructions received via email
- Check your casino wallet for the funds
If the receiver is subscribed to online banking services of one of the participating Interac financial institutions, the funds will be deposited instantly with no additional charges.
Otherwise, you will have to wait three to five business days for the money to reach the destination, and a fixed surcharge will be deducted from the deposited amount.
How to Withdraw Funds Using Interac at Casinos
Playing at Interac casinos has many advantages, and being hassle-free and straightforward is certainly one of them. Here's the process described in several steps:
- Sign in to one of the online casinos that accept Interac and visit the cashier,
- Provide the necessary info and documents the casino requests,
- Check the details and enter the amount you wish to withdraw, and
- Start the transfer and wait for the money to appear in your bank account.
Disadvantages of Interac When Using it at Online Casinos
Being straightforward to use and featuring no surcharges, Interac casino sites have more upsides than disadvantages. Let's elaborate some more on them before you start using Interac deposit method.
We already said that as long as the sender and recipient are clients of any participating banks, the money will be transferred instantaneously and without surcharges. Additionally, most players will be happy to know that when using this banking method, their information is not shared with any third party and their money is securely processed.
Some of the downsides of Interac is that every transaction has to be completed individually to affect it. In other words, the casino must charge your debit account for the money to appear and vice versa within the deadline of 30 days, which is the lifecycle of the transaction.
Finally, as all transaction actions must be conducted via email, Interac casino customers may be more susceptible to phishing. When using Interac, always log in to your account directly and don’t respond to emails. This way, you will minimise the chance of having your data and money compromised.
Should You Use Interac at Online Casinos?
Yes, Interac should be at the very top of your deposit options. If you reside in Canada, Interac e transfer casinos offer an easy and hassle-free way to move money online without jeopardising your personal information and paying extra fees. As long as you and the casino are using the services of an Interac network bank, your funds will be cleared within minutes, regardless of whether you are depositing or withdrawing them.
However, keep in mind that due to the way Interac works (email instructions) you may be vulnerable to phishing scams, so you should take extra precautions, in addition to completing all initiated transactions within 30 days.
