Best Interac Casinos Online
About Interac
Operated by the Interac Corporation, this payment system allows fast and easy deposits and withdrawals on the casino websites. This payment system helps the casino players control their spends. They’ll not be able to bet more money than they already have since Interac is not a credit card.
In recent times, more than 59,000 ATMs can be accessed in Canada through the Interac network. Over the years, it has managed to reach most citizens of the country. Many of them continue to use the services of Interac as it allows them to make both online and offline transactions seamlessly.
The Interac Association launched this interbank network linking financial institutions and other businesses in 1984. Comprising five financial institutions at the time of its launch, this network had 80 member organizations by 2010. On February 1, 2018, Interac and Acxsys merged into a single for-profit organization called the Interac Corporation.
In 2021, the exclusive rights to digital ID services for Canada were acquired by Interac from SecureKey Technologies Inc. This company is a leading digital identity and authentication provider. Interac is also responsible for developing a national network of Interac Direct Payment (IDP) and Shared Cash Dispensing (SCD). These are the country’s two major shared electronic financial services.
The company offers several electronic transaction services for the Canadian people. They can use these services for fund transfers, cash withdrawals, and online shopping. Interac Debit, Interac Cash, and Interac Flash can be used for point-of-sale transactions and instant payments. Interac Online and Interac eTransfer are widely used for online casino transactions.
Pros and Cons of using Interac in online casinos
If you’re an online casino player based in Canada, you’d want to know the different payment options in Interac. Among them is Interac Debit, which allows you to make purchases with the Interac debit card or your online account. Interac e-Transfer is used to send funds to the online merchants, which is similar to bank transfers.
With Interac Online, you can use your bank account to make online purchases. You don’t require cards for this option as the funds are pulled directly from your bank account. Before using Interac as a payment method in your online casino, you might want to know its pros and cons.
Pros:
- It helps you in making quick and efficient transfers
- Your banking details are protected against online frauds
- This payment method is widely accepted especially in Canadian online casinos
- If your bank uses Interac, you don’t need to sign up for additional services
Cons:
- This payment method is available only for players based in Canada
- It is accepted mostly by the Canadian online casinos
- Interac transactions are irreversible
How does Interac compare to other payment methods?
Most online casinos accept the traditional payment methods such as bank transfers and credit or debit cards. The number of online casinos accepting Interac is quite less when compared with these payment methods. However, Interac makes up for this shortcoming with its lower transaction fees and anti-fraud feature.
Prepaid vouchers are one of the most secure payment methods used in online casinos. Despite having several advantages, most casinos allow them only for making deposits. Besides, if you lose your prepaid voucher or someone steals it, there’s no way of getting it back. In this case, an e-wallet such as PayPal or Skrill would be a good alternative.
The only advantage that Interac has over such e-wallets is that it might get you attractive bonuses in most Canadian online casinos. Cryptocurrencies can be used for instant and secure transactions in online casinos, but they are not widely accepted. They also suffer from volatility in prices, which can affect your winnings.
Fees
Most Interac transactions are instant with fees rarely exceeding CA$1.50 if your account is with a participating bank. If you have an account with a non-participating bank, you’ll be charged up to CA$4.00 as transaction fees. When compared with the fees charged by several other payment methods, this is quite reasonable.
You must be extremely careful while making the transactions with Interac, as they are not reversible. Once you make the transfer, it can’t be reversed or canceled. You must, therefore, double-check who you’re transferring the funds to. You must also check if you’re entering the exact letters and numbers during the transaction.
If you’re using Interac Debit for your online casino transactions, you’ll be charged a fee of CA$0.005759 on every transaction. The fee structure of Interac are subject to periodical revisions. You must keep yourself informed about the latest updates on fees if you’re using this payment method.
How to use Interac for casino deposits
When you’ve chosen an online casino that has all your favorite games, you’ll need to see if it accepts Interac. Most Canadian online casinos accept Interac as one of their payment methods. Once you’ve confirmed that the casino accepts this payment method, sign up on the website to create your account.
Next, log in to your account on the website and head to the cashier, banking, or payments section. Click on the option to deposit funds into your online casino account. Choose ‘Interac’ as your preferred payment method. You’re likely to find at least two options for Interac. One would likely be the e-Transfer option and the other might be Interac Debit.
Choose your preferred option and enter the amount you wish to deposit upon proceeding further. At this point, you’ll need to provide your banking credentials. Usually, they include your Interac debit card number and your Personal Identification Number (PIN) or password. After your final confirmation, the amount will be deposited into your online casino account.
Casino withdrawals
One of the best aspects of using Interac as your payment method is that you can also use it for withdrawals. The process of withdrawing your winnings using Interac is quite easy and completed in a few steps. Usually, you’ll be able to complete your withdrawal process in just four steps.
To get started with your withdrawal process, log in to your online casino account. Once you’re logged in, navigate to the cashier, banking, or payments section and click on the option to withdraw your winnings. Select ‘Interac’ as your preferred method for the withdrawal and enter your credentials, such as the PIN or password.
You must check if the casino has certain limits on withdrawals before you indicate how much you want to withdraw. Once you’re absolutely sure on how much you can withdraw, enter the appropriate amount and confirm the withdrawal. Generally, it takes three to five days to receive the amount.
How secure is Interac?
Interac is one of the safest payment methods you can use in the online casinos. The information you provide online using Interac for the transactions is encrypted. This prevents hackers from intercepting the information while it is sent from your bank to the casino website.
If there is fraud involved in any transaction while using Interac Online, it will fall under the Zero Liability Policy. If the fraud is determined, you’ll get the money back in your account. While you’ll not have Zero Liability Protection in Interac e-Transfer, but it offers the same levels of encryption.
There are some preventive measures that you’ll need to take for ensuring the safety and security of your account. You must never share your password and other account-related details with anyone. If you receive a suspicious email, get in touch with the customer support team of your online casino through phone or online chat.