Interac facts
Interac is a brand that began its history in Canada, and its headquarters are located in the financial district of the city of Toronto. Interac has a rich history that has always been geared toward success, making it one of the most widely used payment methods in online casinos. The company was founded in 1984 as a non-profit organization called the Interac Association, which focused only on debit cards. What began as a joint venture between five of Canada’s leading financial institutions, CIBC, TD, RBC, Scotiabank and Desjardins, grew to over 80 members by 2010. Since 2018, it has been known as Interac Corporation.
Today, they offer two different electronic financial services under their umbrella, Direct Payment (IDP) and Collective Cash Disbursement (SCD). However, in the context of online payments in online casinos, we are mainly interested in their Interac Online service. They started offering this service to their customers in 2005 and it allows you to make financial transactions online, and the funds are withdrawn directly from your bank account. Interac Online is an electronic payment service through an online bank that is very similar to iDEAL or Giropay. Since 2009, it has been offered as a simple payment option by approximately 300 providers.
Interac e-Transfers is a payment method that is very secure and enables the transfer of funds from a Canadian bank account to a merchant or online casino without revealing sensitive financial information. Many Canadians who shop online are already familiar with using the Interac service, but some may not yet know that it can be used to finance gaming accounts and other online purchases. Interac is becoming more and more popular as a deposit method, so many online casinos have added it to their cashier systems. Interac offers many advantages to players.
Interac in online casinos
Interac e-Transfer is an online payment system for fast and secure money transfers between you and gambling websites. It is a well-known method of online shopping that has been offering its services for many years. Interac e-transfer is also a banking service for casinos that transfers money from your bank accounts to your Interac account.
Many Canadian online casinos accept the Interac service because it is a Canadian company. The good news for online casino gamblers is that these Interac casinos offer huge welcome bonuses to their customers. You will certainly get lucrative first deposit bonuses with equally good wagering requirements information. You will also find new Interac gambling sites from here.
Interac e-transfer is a safe and reliable way of remittance online, as the company has already consolidated its name and built a reputation during its long existence. This is the ideal payment option for players from Canada in online casinos without additional fees for your deposits and casino winnings. Unlike credit and debit cards, Interac only requires your customer card number followed by your online banking account pin. Then you can start using the Interac service. Probably one of the easiest and fastest ways to deposit money in an online casino in Canada.
How to make a deposit in an online casino with Interac?
To deposit money at any online casino that uses Interac, you must first obtain an Interac online bank account. It’s very easy to do and shouldn’t take much time, as Interac is an extremely well-established payment system that prides itself on being intuitive and user-friendly. Interac is very simple and easy to use in any online casino that offers the option to pay with Interac. In the following, we will explain in more detail what you need to do in order to transfer money to your casino account.
You only need the recipient’s email address or phone number. More and more Interac online casino providers are available for quick and easy online gambling. Choosing Interac when sending money to a gambling site is easy. First, make sure you have a valid and active Interac account from which you will transfer money. Then log in to your bank website and select the Interac transfer method. Specify the deposit amount that you want to transfer to your casino account at the selected online casino.
Log in to one of the Interac online casinos, or to the online casino you are using. Enter the recipient’s email address, which can be found on the Interac online gambling website under the banking page. Click on the send button and confirm the transfer. Once they receive the email address, they will confirm the funds transfer and you are good to go. You can return to the selected online casino and start playing.
How to withdraw winnings from an online casino with Interac?
In the case of withdrawing money from an online casino using Interac, the steps are just as simple but slightly reversed. Look for the payout section in the selected online casino. This is usually the Cashier’s Office and is the same place where you deposit money. So, if you have previously deposited money through an online casino, then you most likely already know how to find it. then choose Interac after first making sure that it is available as an alternative to withdrawing funds. The online casino will anyway show you a list of all the payment options available to you by selecting Interac from the list.
Then select the financial institution and account to which you want to transfer the money. Please allow a period of four to six days before the operation is completed. You may think that waiting four to six days for your hard-earned money is absolutely too long, but rest assured that it is a safe and reliable process. Besides, it’s so simple.
As you can see, cashing out your winnings via the Interact payment method is as easy as making a deposit. Your money is transferred freely and safely, it does not take much time and is quite convenient. The Interac payment option is safe and accepted by the most important banks in Canada.
Interac pros&cons
There are many advantages to using Interac and it is quite popular among gamblers who use it for their financial transactions in online casinos. In the following, we will describe to you in detail why this is so and what has already convinced so many users all over the world of the benefits that Interac offers. But like anything, using the Interac payment method in online casinos has its drawbacks
Advantages
- Easy and fast payment processor for online casino transactions. There is no such thing as simplicity and time efficiency. Both speed and ease of use are due to the fact that it is a payment system that is connected to your bank account through a pre-secured portal. This way, you can avoid many of the processes that can make the withdrawal process take so long.
- Interac offers its users that it is directly linked to their bank or credit account. So many casinos that accept it as a deposit method also allow you to withdraw money back to that same account. Instead of waiting up to seven business days for your winnings to appear on your credit or debit card, or paying bank transfer fees, you can receive your payout directly into your account.
- Interac scores extremely well when it comes to card scams and fraud. The fact that supports this is probably also the possibility of several security levels, which you can choose from as a user of their services. Because the money is processed directly from your bank, you can take advantage of another great feature available to you. Namely, you can track your financial transactions at any time and thus know exactly where your money is going. Easy tracking of your money.
Disadvantages
- Interac is not available in all online casinos. We wonder why this is so, given that the company has been on the scene for several decades and is generally considered one of the more reputable banking companies.
Despite the fact that these payment processors have some fees associated with them, while others are free, these numbers are quite low. Especially compared to some other payment systems where it feels like you are paying them. It’s also not exactly ideal for all those who don’t want to use their personal bank details when making deposits to online casinos. Fans of this type of payment will most likely prefer more modern payment methods, such as e-wallets or cryptocurrencies. The transaction expires within 30 days if the casino does not debit your bank account. However, there is probably something else going on here, and we can hardly blame Interac for that.
Interac Casino Bonuses
As the types of casinos you can use Interac at are naturally limited, the types of exclusive bonuses you can claim are also limited. All types of common casino bonuses such as deposit offers, loyalty offers and monthly specials can be collected using Interac. However, Interac-specific offerings are much more limited.
One of the most famous bonuses is undoubtedly the welcome bonus, which many online casinos offer as an incentive to new players. Usually, the online casino offers so-called bonus money to users upon registration. This means that the casino can also double your initial deposit and can also reward you with free spins for playing slots. However, we would like to draw your attention to the betting conditions that always come in the package with the welcome bonus.
For all regular users who have already used their welcome bonus, many online casinos offer a deposit bonus. This bonus is not so much about attracting new players as it is about taking care of your existing players. You could also say that it is a kind of promotion that keeps players by offering deposit bonuses, usually on a weekly basis. Given that we are talking about Interac bonuses, you are only entitled to such a bonus if you make your deposit through the Interac payment system.
Alternatives to Interac when paying in online Casinos
When transferring via Interac, the whole process only takes about 10 minutes, which is pretty quick. Credit or debit cards can be dangerous and expensive, as many casinos charge fees for card payments. In addition, you have to enter your bank details separately for each transaction or save the card, which is not exactly a safe practice.
In fact, Interac is the best deposit option for most players, as it doesn’t require you to have advanced knowledge to successfully complete the entire process, but there may still be times when it’s better for you to try out different payment methods! Read more about Interac alternatives below.
- Paysafecard
Paysafecard is a prepaid online payment method based on vouchers with a 16-digit PIN code and is independent of a bank account, credit card or other personal information. Customers can purchase coupons at local merchants (gas stations, newsagents, kiosks and many other points of sale) and pay online by entering this unique code at the checkout on the relevant website (e.g. online casino). Codes are not meant to be sent by post or phone as they can easily be stolen. Paysafecard is issued and distributed by country and can only be used abroad and in different currencies, if certain requirements are met. The range of services and partner online stores varies from country to country. In most countries, there is a personal account called My Paysafecard where PIN codes can be loaded. Users also always have the option of checking their balance via the online application, so they are always up to date with their own finances.
- Trustly
Trustly Group is a Swedish fintech company founded in 2008. Trustly is an open banking payment method that allows customers to shop and pay from an online bank account without using a card or app. Trustly is a payment method that works almost the same as PayPal, and also offers its services to this online banking giant. Its cross-account network supports 6,300 banks, reaching 525 million consumers and bypassing card networks. Log in through your bank and make the payment there using online banking. In addition, Trustly has an additional feature that is increasingly popular among online casino users due to its simplicity. Namely, Trustly shares your data securely with the casino, so creating an account is no longer necessary. This is also called Pay ‘n Play and there are more and more new casinos online that use this method. Trustly is therefore a simple, fast and safe way to pay in an online casino.
- Skrill
Skrill is a digital wallet provider founded in 2001 that offers a range of online payment and money transfer services. It is owned by the same company as Neteller and is one of the largest companies dealing with online payment processors. After all, it operates under the umbrella of online banking giant, Paysafe Group. Since its inception, Skrill has expanded to more than 120 countries, and the digital wallet is available in 40 different currencies. In 2019, they even received the Best Digital Wallet award. In the same year, the company that owns Skrill, Paysafe Group, received the award for the best payment processor precisely for Skrill’s digital wallet and the award for the Best Online Payments Solution (Best Online Payments Solution – Consumer). Customers can deposit money into the Skrill wallet using a variety of payment options, including card, bank transfer and many alternative methods. They can then use these funds to pay merchants and other Skrill users, or transfer them to cryptocurrencies.
Final Thoughts on Interac
Interac is a great payment processor and a good choice for Canadian players. Despite its limited presence in online casinos, we still recommend playing at those online casinos that allow you to make deposits and withdraw winnings using Interac.