Interac Corp. has been a trusted facilitator of secure financial transactions for more than 30 years and, according to the company’s website, is nowadays “chosen an average of 16 million times daily to pay and exchange money”. One of the multiple uses for this platform is a banking option at Canadian online casinos. In Effect, you need to have an account at one of the 80+ Canadian financial institutions listed on their website. And of course, have some Canadian dollars in your account.
Here you will learn about this popular e-transfer service oriented to Canadian customers. We also list the best Interac Casinos out there:
Best Interac e-transfer Casinos for 2020
Limits: £/$/€ 30 – 50,000
Limits: £/$/€ 10 – 100,000
Limits: £ 10 – 1,900
Interac e Transfers
The provider which boasts one of the lowest rates of fraud has a diversified portfolio consisting of Interac Debit (debit card for purchases at points-of-sale), Interac Flash (contactless card), Interac Cash (used by Canadians for collecting cash via ABMs), Interac e-Transfer (a tool for transferring money between banking accounts) and Interac Online (for online payments directly from a bank account).
Interac e-Transfer service is currently only available to clients who have a Canadian currency account at one of 255 Canadian financial institutions. These include Desjardins, National Bank of Canada, HCBC Bank Canada and Canadian Western Bank, with a complete list available at the company’s website. The same site offers information about 80+ financial institutions that are currently offering the Interac Online service.
How Interac Casinos Work
Online casinos are happy to welcome Canadian players who are frequently looking for Interac Online and/or Interac e-Transfer as casino banking options.
To send Interac e-Transfer, one needs to have:
- An email address.
- An online bank account at a participating financial institution.
- And the email address or mobile phone number of the recipient.
Once a transfer has been deposited, it can’t be cancelled or reversed. When you receive an Interac e-Transfer, you’ll also get a notification via email or SMS with the sender’s name, transfer amount and a link allowing you to collect funds via your online or mobile banking service.
When using Interac Online, the casino’s deposit page will redirect you to the Interac gateway page and ask to select your financial institution. You’ll then login to your online banking to confirm the payment.
Canadian Casinos Offering Interac
Online casino operators are well aware that Canadians frequently use Interac services to pay for online purchases and transfer funds owing to their safety and ease of use.
Players are their bread and butter so they’ll do whatever is in their power to motivate registration and deposits, including adding Interac to the list of payment methods. They’ll benefit at the same time owing to zero authentication costs (banks authenticate customers), competitive fees, transparent pricing (flat fee), lower PCI compliance costs and no chargebacks. It’s really a win-win scenario.
Fund your Casino Account with Interac
Funding your gaming account via Interac is easy, no matter which of the two options you choose.
- Players that opt for Interac Online start by entering the amount they wish to deposit and are then redirected to the Interac Online gateway page to select their bank. From there on, they’ll be guided through the familiar online banking process until the transfer is confirmed.
- If you instead choose Interac e-Transfer, you’ll need to log into your online or mobile banking and navigate to e-Transfer section to add a recipient. All required information will be provided by the casino, including the recipient’s name, email address and code. In both cases, funds become available to play with almost instantly.
Advantages of Interac
- Convenience & simplicity.
- No fees.
Both Interac Online and Interac e-Transfer are secure and easy-to-use online payment methods. Transactions are sent in near real-time to within 30 minutes and Interac won’t charge you any fees for its services. You’ll benefit from the convenience of your existing online banking access without having to create new accounts, usernames and passwords. Unlike some of the alternative deposit options, Interac can also be used to make withdrawals.
At the same time, one needn’t worry about safety of online transactions. With Interac Online, none of the sensitive financial details are shared with the casino operator. With Interac e-Transfer, your bank and the recipient’s bank transfer funds using tested and secure banking procedures. Clients are protected with multiple security layers including authentication and transaction encryption, confidential user IDs and passwords issued by banks, and a secure login process.
Disadvantages of Interac
- Availability of the service (Canada only).
- Limited distribution in the online gaming world.
There aren’t really any major disadvantages to making Interac deposits – as long as the basic requirements are met.
The service is only available to clients with a Canadian bank account and it’s impossible to make Interac payments without one. Interac is still not as widely supported in the online gaming world as, for example, Visa and MasterCard credit/debit cards or eWallets like Skrill and Neteller, but more and more Canadian-friendly casinos recognize that being able to offer it creates a competitive advantage and they act accordingly.
Interac is an excellent deposit and withdrawal option for Canadian players owing to its many benefits and lack of any real disadvantages.
As long as the casino you’ve chosen to play at supports it as a deposit (and hopefully also withdrawal) method, you’ll be able to make fast and hassle-free money transfers that don’t require opening new accounts with payment service providers. Safety measures implemented by banks are as strong as the existing technology allows and you’ll be protected from malicious hackers in more ways than one.