How Interac works at online casinos
There are many online gambling payment methods nowadays. The gambling community is continuously shifting towards the convenience of online gaming, and one of the main features is the ability to fund your gameplay with reliable payment providers. One of these is Interac, a native Canadian brand in operation since 1984. Interac has been facilitating various online banking transactions for consumers since then. It is also used by businesses, credit unions and banking institutions.
There’s a long history of legal gambling in Canada that caused casino payment options to be a major issue. Without going into great detail, let’s just say that Interac was a saving grace for Canucks in the early 2000s when gambling transactions were restricted with Visa, Mastercard and prominent banks. Nowadays, there are plenty of online casinos accepting Interac.
Interac as a payment method
Interac naturally migrated from general online banking services to the online gambling sector as players in Canada began gravitating towards casino gaming online. The purpose may be different, but the method is still the same. If you have used Interac to shop at online stores or pay for a streaming subscription, then you’ll find that it works exactly the same with gambling deposits. The casino is a merchant, after all.
Interac belongs to the category of direct banking methods. You can think of it as a facilitator of bank wire transfers as it acts as an agent between your bank account and the merchant. It also differs from e-wallets as it does not require you to store funds in your Interac account. Instead, when you initiate a transaction, it draws funds from your bank account and takes it straight to that of the merchant.
Different gambling solutions
This payment provider offers multiple solutions. However, the prominent ones at online casinos are Interac Online and Interac e-Transfer. The fundamental concept of facilitating bank transfers remains the same, but there is a slight difference between the two.
Interac Online is a debit e-commerce solution that allows you to make purchases directly from your bank. On the other hand, Interac e-Transfer carries out transactions using an email and a security question.
Generally, Interac uses a third-party processor, Gigadat Solutions, to enable transactions. With Interac Online, Gigadat links your bank and the casino electronically. E-transfers are processed by the financial institution itself. However, Gigadat still provides the information to complete the transaction – e.g., the security question required.
Deposits, withdrawals, or both?
Interac is Canada’s most popular payment method, so it makes sense that it would be a feasible solution for online casinos. Both Interac Online and Interac e-Transfer methods allow you to deposit money at the casino, but only Interac e-Transfer caters to withdrawals.
Deposits are straightforward, and so are withdrawals. When using e-Transfer, make sure to use the email and security question/answer given to complete the transaction.
How to deposit
For Interac Online:
- Sign up on your preferred Interac online casino site.
- Under the deposit section, select Interac Online.
- Enter the amount to be deposited.
- Select your banking institution from the list available on the site.
- The casino will redirect you to your bank’s login page. Once there, sign in to confirm the transaction.
For Interac e-Transfer:
- Follow steps one to four above.
- You will be provided with an email address and a security question/answer. Sign in via your banking portal online and enter the information shown to you.
- Confirm the transaction.
How to withdraw
Open the withdrawals page at the casino and choose Interac.
- Enter your banking details and the amount you want to cash out.
- Confirm the transaction.
The casino may request documentation to verify your identity before processing the payout. This is a standard practice among the top licensed Canadian sites, so don’t hesitate to do as required.
Why use Interac at online casinos?
The popularity of this payment solution is due to a convergence of many factors. These factors considered individually are the benefits of using this payment method at the online casino. They include the following.
Widespread availability
Interac is quickly gaining acceptance among online casino operators, but meanwhile it is already a recognized partner at most Canadian banks. Over 250 financial institutions across the country support this payment method, including Royal Bank of Canada, LeRoy Credit Union and TD Canada Trust, to name a few.
Convenience
Being so widespread, there is a high probability that your regular bank is already affiliated with this provider. So, you can quickly begin using Interac through your regular banking portal. It’s also easy to sign up with Interac.
Instant deposits
Whenever you make a purchase with Interac, you can expect the transaction to go through almost immediately. Upon making a deposit, the funds should reflect right away.
Security
Interac uses top-tier security and anti-fraud measures to safeguard transactions and curb illegal practices. The system has a high-security standard precisely because it connects directly to banks when facilitating transactions. These financial institutions also have their own robust security protocols.
Low fees
Interac transactions are usually fee-free. If your bank applies a fee, it will only be a small amount – around $1.
FAQs
What are the limits on transactions with Interac?
The online casino will usually set its own limits for Interac transactions, so values vary from one site to another.
Is it safe to use Interac at the online casino?
Interac is one of the most secure payment solutions in Canada. It provides several layers of security and implements the latest anti-fraud technology. As payments are made directly from your bank, your details are transmitted over a very secure network.
Is Interac the best gambling payment method?
This banking option has a long-standing reputation in Canada. It was designed by Canadians for Canadians and is easily the most common payment medium in the country. It’s also highly reliable. For these reasons, many players consider it the best gambling payment method in Canada.