Introduction to Interac
Interac is a popular payment method among Canadian consumers. It’s a debit card that allows you make casino payments directly from your bank account. Many Canadians refer to it as simply ‘debit’. Depositing and withdrawing money at an online casinos with Interac is fast and easy.
Since it’s not a credit card, with Interac you’re always playing with money you already have. Many players feel that it allows them to have greater control over their casino spending.
The following sections will give you with an overview of how Interac works at online casinos including Interac casino payouts, advantages and disadvantages of the payment method, Interac safety and fees.
Interac Payment Types
Before making Interac casino deposits, it's essential to know which Interac options your online casino accepts. Here's a quick list of the different payment options available through Interac.
- Interac Debit: Interac Debit lets you make purchases using your Interac Debit card or your online account. Over 56 percent of purchases in Canada are made with Interac Debit cards.
- Interac Flash: Interac Flash is a feature of Interac Debit cards. It allows you to make contactless payments in person using the chip on your card. You can “Tap to Pay” like you would with standard credit and debit cards.
- Interac e-Transfer: It sends electronic funds transfers to other companies that accept Interac payments using your Interac account. This is the equivalent of bank transfers for non-Interac banks.
- Interac Cash: With Interac Cash, you can use your Interac card to withdraw cash at any ABM. It works the same as standard bank ATM machines but uses your Interac accounts.
- Interac Online: Interac Online allows you to use your bank account to make purchases online. Funds are pulled directly from your bank account with no other cards necessary.
Advantages Of Interac Casino Deposits
Some of you may wonder why you should make Interac casino deposits over making a credit card casino deposit, or usign another payment method. Here are some of the main advantages of using Interac for deposits.
- Offered By Most Banks: Interac is offered by the majority of banks in Canada. As such, you can make Interac casino deposits with almost any bank. There are generally no limits on your ability to deposit from banks on the Interac network.
- Instant Deposits: When you make Interac casino deposits, you can begin playing immediately at a real money casino. You don't have to wait for hours or even days to play with your deposit. Bitcoin deposits can take up to four hours, while other options like Instadebit can take up to five days to clear.
- Lower Fees: If you use credit cards or select other payment options for casino deposits, consider switching to Interac casino deposits. The fees for making Interac casino deposits are much lower than credit cards.
- Ability To Withdraw: Many online casino deposit options do not allow for withdrawals. For example, you cannot use the Paysafecard to cash out. Most credit cards do not allow for withdrawals. Interac offers the ability to cash out using e-Transfer. Many Canadian casinos that accept Interac casino deposits will allow for withdrawals using e-Transfer.
How To Deposit Using Interac
If you intend to deposit money at an online casino using Interac, double-check to see if your casino accepts Interac casino deposits. For those in Canada, most Canadian online casinos allow Interac casino deposit.
Here are the steps most casinos will require you to follow in order to make a Interac casino deposit.
- Navigate to Cashier Page: Once you sign up for your account, log in to the site and go to the Cashier section. This is also sometimes called the Banking page.
- Choose Deposit: From there, click on the Deposit button. Look for the yellow Interac symbol that will be associated with your type of Interac transfer. This will be in the list of payment methods.
- Choose Correct Interac Option: There will likely be at least two options for Interac casino payments. Click on your preferred option to start the process. The first option will likely be Interac debit or the popular e-Transfer option available to most people who hold a Canadian bank account.
- Indicate Deposit Amount: The deposit process is twofold. First, you will enter the amount you wish to deposit. In some cases, you may need to enter your email address or phone number.
- Interac Website: Next, the site will open a new window where you will log in to Interac's website and complete your Interac deposit. You will need to provide your banking credentials like your Interac debit card number and password or Personal Identification Number (PIN).
- Interac Deposit Completed: Once you have entered your details on Interac's website, in many cases your deposit will be complete. Some casinos may require you to click a final confirmation button to initiate the deposit.
Note that when you make Interac casino deposits, there will be a fee. However, the fee is much lower than depositing with a credit card. Fees range from $0.11 to $0.465 per transaction. For a $100 deposit, you’ll only pay $0.47 with Interac as opposed to $2.50 for a credit card.
How To Withdraw Using Interac
Now that you’re comfortable making Interac casino deposits, you should be able to easily cash out with Interac casino withdrawals. This is one of the most significant advantages of using this payment method.
Interac casino withdrawals are easy. You can expect it to be a 4-5 step process depending on the online casino. Most often you can complete Interac casino withdrawals in four steps. These steps are outlined below:
Here's how to initiate your Interac casino payouts:
- Navigate to Cashier Page: Log in to your online casino account and again navigate to the Cashier or Banking section.
- Select Withdrawal Method: Click on the Withdrawal tab and select Interac. This will be fairly similar to the process you followed when you deposited your funds.
- Indicate Payout Amount: Enter your personal information including your password or PIN. Indicate how much of your funds you wish to withdraw.
- Confirm Withdrawal: All you have to do next is click the Withdraw button to process your withdrawal.
Not all online casinos have the same Interac casino payouts terms. Before you make any Interac casino withdrawals, check the terms and conditions. These are usually found in the footer of the website. Check for any minimum account balance requirements, withdrawal fees, and processing time.
On average, it can take from three to five days to receive your money. Note that many casinos will only support Interac e-Transfer for withdrawals. Otherwise, you may not be able to cash out using Interac.
Pros And Cons Of Interac Casino Deposits
Interac Pros
Interac Cons
Interac Casino Deposit Fees and Charges
Most Interac casinos cost CA$1.50 or less as a deposit or withdrawal fee. These come from the bank that issued the card — not the casino site itself. Casinos want your business, so they don't charge fees for debit card payments.
If the bank that handles your Interac payments isn't a participating member, then each transaction might cost as much as CA$4.00. Keep in mind that the bank removes CA$0.005759 on any Interac Debit transaction. At this time, Interac e-Transfer doesn't charge such a fee.
Is Using Interac Safe?
Interac is safe. In fact, it's one of the safest options for making online casino deposits. When you make Interac casino deposits, all data is encrypted by the Interac transfer system. This means that hackers will not be able to intercept the information being sent from your bank to the online casino.
- Zero Liability Fraud Protection: Also, if there is fraud involved in using Interac Online to make Interac casino deposits, you fall under Interac’s Zero Liability Policy. If fraud can be determined, you will receive your funds back via your financial institution.
- Interac e-Transfer Fraud Protection: We should point out that making transfers via Interac e-Transfer is not as well protected. You do have the same levels of encryption as with Interac Online, but you do not have Zero Liability Protection. As such, you need to protect yourself against phishing emails, including those that claim that you need to verify your account.
- Beware of Scam Emails: Online casinos will not contact you via email with links to verify your account. If you get a suspicious email, contact your casino directly and not through email.
- Use Basic Fraud Prevention: Also, make sure you take steps to properly secure your password and accounts. This will help you from becoming a victim of fraud using Interac e-Transfer.
Similar Banking Options
While Interac is one of the most popular ways to make payments online in Canada, it is not the only option. There are several alternatives to making Interac casino deposits. Here are the most common alternatives you'll find at online casinos:
- Credit Cards – All online casinos accept at least one credit card for casino deposits. Most casinos accept Visa and MasterCard. Other commonly accepted credit cards are American Express, Discover and Diners Club International.
- Paysafecard – Paysafecard is a prepaid card that you can use for online casino deposits. This is a deposit-only option.
- Skrill – Online e-wallet system that allows for instant online casino deposits. However, many casinos will not allow you to use online casino bonuses when depositing with Skrill.
- NETELLER – Another popular e-Wallet system. Like Skrill, you may not be able to use online casino bonuses when depositing with Neteller.
- ecoCard – An additional type of e-Wallet, ecoCard is owned by Mastercard. Also known as ecoPayz, ecoCard casino payments are becoming a popular option at many casinos.
- Instadebit – A third-party payment platform that moves funds from Canadian bank accounts to online casinos. This method can take three to five days for deposits to clear.
- iDebit – Similar to Interac, iDebit is used for payment processing by top Canadian banks. You will pay a fee on all withdrawals with this option.
- eCheck – Making eCheck casino payments are just like writing a check in real life. The biggest advantage to making an eCheck payment is that the casino never gains access to your banking details.
- Bitcoin – Many online casinos now accept Bitcoin for online casino deposits. There are also a growing number of casinos that accept Altcoin for deposits. Most commonly, you’ll find casinos that accept Litecoin, Ethereum, and Bitcoin Cash. Tether and Dogecoin are also popular altcoins accepted.
A complete list of available options will be listed on the casino's website. If you find that you cannot make a deposit using the options listed, contact customer support. Customer support may have options not typically published for making online casino deposits. They may also be able to give you additional guidance if your Interact casino deposits happen to fail.
How We Rank Banking Methods
When ranking casinos based on banking methods, there are several things we look at. Here’s a quick list of what we look at when ranking banking methods.
- Interac Options – We evaluate the number of options for Interac casino deposits. Are you able to only use e-Transfer, or are other options available?
- Deposit and Withdrawal Minimums – What is the casino minimum deposit? Does it change depending on any casino bonuses? What’s the minimum you need to cash out?
- Withdrawal Availability – Are you able to cash out using Interac, or will you need to use another method? What methods are there for withdrawals?
- Fees – Does the casino charge a fee for depositing or cashing out? What are the fees?
- Alternative Funding Options – What options other than Interac are available? Are there any hidden terms for other deposit options? What are the fees?
- Bitcoin – Does this casino accept cryptocurrency? Which currencies are accepted?