Interac Casinos – Best Payment Option for Canadians
If you’re an online casino player outside of Canada, you have never heard of Interac. And how could you? Only Canadians can use this excellent platform, and it’s considered the country’s leading financial company. Because of this, almost every online casino that accepts Canadian players has this payment method in their ranks.
With Interac, Canadians can make fast deposits and withdrawals across online casinos in real time and use it in their everyday transactions. In this article, we will cover everything Interac has to offer and explain why it’s a leading payment platform in the territory of Canada.
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History of Interac
Is a company, Interac launched back in 1984. It was a co-op project among five financial institutions, with the number climbing to over 80 by 2010. It was originally created as a non-profit organization, with a for-profit company launched in 1996 under the name Acxsys. After turbulence in the two companies and several failed merger attempts, the two brands finally merged into one Interac Corporation on February 1st, 2018. The head office of the company is in Toronto.
Interac offers its users several services, covering all their daily financial needs. For example, their Interac Direct Payment service is a nationwide Debit Card service, allowing you to purchase easily. All you need is to enter your Personal Identification Number (PIN), and the funds you want to spend are taken from your savings or checking account. The company also moved to the EMV chip cards technology in 2017. This was done to protect their cards, as the old magnetic stripes were relatively easy to copy and abuse. With the new level of protection, the chip cards Interac cards became very secure.
Another excellent service of the company is its Shared Cash Dispensing. So this means you can withdraw money from any institution, even if you don’t belong to them as a cardholder. So this makes it much easier and more convenient for users to access their funds at any place and at any time.
The most popular part of the company is its Interac Online Service. This service allows you to make internet purchases using money in your bank account. You don’t directly share any financial details with the merchant, so the entire service is more secure than using a credit or debit card. This service is similar to Trustly in Australia, iDeal in Holland, Secure Vault Payments from the US, and Giropay across the pond in Germany.
Interac and online casinos
It took a while for Interac to find its way to online casinos. So this was primarily because lack of regulated online casinos, so it was hard for a legitimate institution like Interac to make a deal with an online casino to be used as a payment method. As a result, Canadians could only use credit/debit cards and e-wallets to play across online casinos for a long time.
But today, the situation is much different. The online gambling market is much more regulated, and Canadians can play for real money in many legal online casinos. So it was natural that Interac would move to this market and make their services available to players who wanted to make real money deposits and withdrawals from online casinos.
Depositing at an online casino via Interac
Making a real deposit at an online casino using Interac is easy and simple. The entire process takes a few minutes, and once the funds go through, you can instantly play the casino games. Here’s how you can deposit at an online casino.
Click the deposit button at the casino
- Choose Interac Online
- Enter the amount you want to deposit
- Select the bank to transfer funds from
- Sign in to your bank account and confirm the transfer
- Your casino account gets instantly funded, and you are ready to play
The process above is for the Interac Online platform.
But you can also use their Interac E-Transfer service. It’s a bit different, but some casinos may not have Interac Online as a payment method. The process here is quite similar and also straightforward. Let’s see how it goes.
- Click on the deposit button at the casino
- Select Interac E-Transfer
- Enter the amount you want to deposit
- Select the institution to make the payment
- Fill in the required details to place the order
- The funds arrive in your casino account, and you’re ready to play
That’s it. As you can see, using Interac services is effortless when you want to make a real money deposit at an online casino. Once your funds are added, you can instantly start playing the casino games. If you want to deposit again or at another casino, repeat the entire process.
You will see that Interac is very convenient, and you can use it all the time for making real-time deposits across all Canadian online casinos.
Withdrawing money from an online casino is even easier than making a deposit. Since you already deposited via Interac, the details are still saved at the casino.
So to make a withdrawal, all you need to do is locate the Withdraw button and enter the amount you want to cash out. The funds remain pending on your account, and once the withdrawal is approved, they are released by the casino. The winnings are added to your bank account, and you can use them to play again, make online purchases, or cash out at the ATM.
As you can see, the entire process is easy and convenient. So this is why Interac is such a popular payment method for monetary transactions at online casinos among Canadian players.
There are many pros to using Interac for your online casino ventures. Below are some of the most obvious ones, and many players that use Interac will surely agree with them.
That’s right, deposits made via Interac are fast. It only takes a few minutes to confirm the deposit and add the funds to your casino account. If you save your details, all you will need to do on the next deposit is type in the deposit amount. Then, click the deposit button, and the deposit is instantly processed.
Yes, Interac is a secure payment method. And this is guaranteed through the several layers of security they have and because your financial details are not shared directly with the merchant.
Nearly every online casino today that accepts players from Canada has Interac as a payment method in their ranks. So you should have no problems finding Interac in the payments providers list, and you can use it daily for deposits and withdrawals.
If Interac had many cons, it wouldn’t be Canada’s most popular payment platform. However, there’s only one real con you can encounter when you use Interac at online casinos.
This con isn’t really a con for Interac. It’s more of a con for online casinos. Sometimes, the casino may add the funds to your casino account but doesn’t debit the funds from your bank account. Simply put, you are playing for free at the casino. But a problem may arise when you make a withdrawal. Since no deposit was received and you didn’t report the issue, you can face difficulties with potential withdrawals.
Aren’t Interac Online and Interac E-Transfer the same thing?
Even though it’s the same company and basically the same service, the two are not the same. For example, one takes money directly from your bank account, while the other uses a third-party payment processor.
How long will it take for my deposit to go through?
It usually takes a few minutes, up to half an hour, for the funds to be approved and added to your account.
Do all online casinos have Interac?
Pretty much all Canada-friendly casinos have Interac in their offer.
Can I use Interac outside of Canada?
No, Interac is a Canada-only payment provider, and you can’t use it in institutions outside of Canada.