No matter how many technological advancements we go through, the same issues still seem to haunt the fintech industry. Most of them involve either transfer speeds and security. For the former, the solution can be quite obvious – with breakthroughs such as blockchain and eWallets, the time one has to wait for their online casino deposit/withdrawal has been drastically shortened.
When it comes to security, it’s still a problem that lingers and largely affects what casino banking methods are being used. Platforms such as Interac have been established, precisely to traverse these obstacles and provide users with a valid and secure payment solution. With this Interac review, you’ll get an insight into the inner workings of this particular payment method, including their history, special features, and everything in between. We’ll also list the best Interac casinos, rounding out the essential guide to Canadian online casinos. Pick a good bonus, roll up your sleeves, and get ready to play!
Interac was founded way back in 1984, as a non-profit organization. The idea emerged as a potential solution to the problem of individual Canadian banks cannibalizing each other’s customer base and profits. Thus, five institutions decided to join forces and create a consortium. These companies were CIBC, Desjardins, RBC, Scotiabank, and TD.
Initially, the movement gained a lot of traction, and Canadians were delighted at the fact that they could use a single card at ATMs of five different banks. Driven by the success of the Interac movement, the banks created another organization in 1996, this time a for-profit one – Acxsys.
It undertook the role of rolling out new Interac features, including the e-transfer one. For about two decades, the five banks tried merging Acxsys and Interac. However, they were thwarted by the Competition Bureau on the counts of this merger resulting in a potential monopoly on the Canadian financial market.
In 2018, the two brands finally joined forces and formed Interac Corporation. This was a major turning point for the Interac brand, as they were finally able to consolidate their influence and control all of their products under a single name. Such a move solidified them as one of the most popular, if not the most popular, payment methods at Canadian online casinos.
As of late 2020, Interac is available exclusively in Canada. Compared to other casino banking methods we’ve reviewed, it’s obvious that this is a severely limited platform. You’re probably wondering – why doesn’t Interac expand?
While such a question is completely warranted in this case, there’s perfect reasoning behind Interac’s Canada-only market focus. Unlike other online payment platforms, Interac is not an independent entity, nor an eWallet. Technically speaking, it’s an interbank network, a special consortium made out of 80+ Canadian financial institutions.
Since these banks mainly operate in Canada, it would take a lot of time, effort, and maneuvering to expand onto other jurisdictions and effectively become a global superpower. Think of Interac as a deal between banks, just so all of their customers can use their eBanking services in the easiest possible way.
If you’ve been reading our other payment method reviews at Casino Banking Methods, you probably know that availability is paramount to us (and our readers, too). However, we can’t really fault Interac for not being accessible to the rest of the world. There are sound reasons for such a situation, and besides – limited availability with a great product is much better than a global presence with a lackluster product.
Check whether your bank is part of the Interac Association
To start using Interac, you just have to check to see if your bank/credit card company is a part of the Interac Association. If they are, you will conduct all your transactions via your eBanking account, with Interac merely serving as a vessel to ensure the safety of your data.
If it is not, open an account with an Interac Association bank
As you don’t need to open an Interac account, all you have to do is have an account at a banking institution that is part of the Interac Association of banks.
Unlike Paypal, Skrill, or even ecoPayz, Interac doesn’t behave like your everyday online payment platforms. Instead of sending money to or from an independent account, you will use this method in conjunction with an eBanking account that you already have.
Here’s how to handle Interac deposits at an online casino:
- Go to the Banking/Cashier section of a casino site of your choice and pick Interac as the deposit method.
- Because you will technically be sending them money directly from your bank account, write down/copy the casino’s payment information.
- Once you confirm the use of Interac for your deposit, you will be directed to Interac’s site, where you will log in with your existing credentials.
- Select the exact bank account you want to transfer from, and enter the casino’s information, plus the amount you wish to deposit.
- Wait for the money to arrive at your casino account and start playing.
As for Interac withdrawals, the process is even simpler:
- Head over to the Cashier/Banking section.
- Choose Interac as the withdrawal method.
- Enter your account number and security ID.
- Confirm the withdrawal and enjoy your hard-earned money.
If you think Interac is the right fit for you and your needs, the best way to be sure is to actually try the platform out. Take a look at our list of the top 5 five Interac casinos. Each and every one has been extensively tested for security, licensing, customer support, and many other areas. No matter which one you pick, you’ll have a smooth experience.
When it comes to fees, Interac is one of the ‘trickiest’ payment providers. Don’t worry, despite the nefarious tone of the previous sentence, it’s not the company’s fault. Since the Interac Association is a consortium of many financial institutions, having a consistent method of charging fees is simply not possible.
If you’re playing at the best Canadian online casinos, you will find that there are no fees imposed on Interac deposits. Since they’re the ones accepting money from players, the casinos absorb the costs. When it comes to withdrawals, a C$1.00-1.50 flat fees are truly a sight for sore eyes.
Too many payment methods take their cut in the form of a percentage. However, you should be wary about one thing – your bank’s policy on charging Interac eTransfers. While most choose to have their services remain free, there are still some that charge extra fees. Contact the bank’s customer support for more information.
As a platform, Interac is perfectly capable of processing and clearing transactions in real time. However, the issue lies in two different reasons. Firstly, different casinos have different internal policies when it comes to withdrawals. Some like to implement lengthy processes, just to verify your identity and the overall validity of the requested transaction. This may take a couple of days.
Secondly, there are situations when the eBanking platform is the main cause of longer waiting times. Canadian banks have been known to flag online casinos as ‘untrustworthy entities’, which may sometimes even lead to them blocking withdrawals. However, this is a rarity in recent years, especially if you pick a casino from our top 5 list. Overall, you should expect a 1-3-day timeframe, but it may be a bit longer if you request a withdrawal just before the weekend.
Currently, Interac itself doesn’t impose any limits on transfers. This is probably the way it’s always going to be, as they’re not an independent eWallet that stores the funds of its customers. Instead, your bank is the one that dictates the daily, weekly, and monthly limits.
Since 80+ institutions and financial services providers are members of the Interac family, you’ll find that some are more liberal than others. Again, contact your particular bank to find out the exact amount you can deposit and withdraw. When it comes to casino sites themselves, you can expect to see varying policies when it comes to limits on Interac transfers. All the ones we presented on this page aren’t restrictive, so you’ll feel welcome even if you’re a high-roller.
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Simply put, Interac is at the top of the game when it comes to protecting their customers and individual transactions. They have a strict protocol that all bank-members have to abide by. This includes the use of SSL encryption for shielding both the transfer itself and the data of all parties involved.
You can also use two-factor authentication, two security questions, and a personalized user ID. There have been no data leaks or any similar incidents with any of the banks that are a part of the Interac Association. Basically, you have nothing to worry about.
Interac is taking a bit of an archaic approach here, as they don’t offer live chat support to both businesses and consumers. However, they do have a well-segmented system for reporting issues, with departments devoted to combating phishing, transfer problems, and other common problems that casino players might run into.
It’s also worth pointing out that they have one of the best FAQ sections we’ve ever seen. They go into great detail explaining their products and services, whilst always remaining understandable and using a succinct sentence structure.
No matter how much we, the reviewers, like a particular payment method, it’s the players’ opinions that matter the most. Even if we didn’t experience any difficulties, that doesn’t matter if there are reports of scams or other negative outcomes that might come out of using a particular platform. So, how does Interac fare in this department?
Pretty well, actually. They have generally positive reviews and people are more than willing to recommend them to others. However, we did see players claiming that they waited too long for their transfers or that they were scammers. Now, we’re always proponents of following every clue, but it’s safe to assume that most of the faults we’ve seen pointed out are bogus. Why, exactly?
Well, as we said, Interac processes payments in real time. It’s not their fault that online casinos and banks take a long time to greenlight transactions. As for scams, we’re no strangers to seeing such claims.
The company does have a risk assessment protocol, but it’s always possible that casinos are up to no good. As long as you pick a site from our best Interac casinos list, you’ll be fine. And remember – don’t give money to casinos that don’t seem trustworthy.
If there’s something we love at Casino Banking Methods, it’s extra features. Thankfully, Interac offers a myriad of them. Even though we mainly grade payment methods on their performance in online casino environments, we’re delighted if they can be used in other environments, such as personal finance management, online shopping, business purposes, etc.
The field where Interac excels the most is money requests. Regardless if you’re doing business with a company or you’re being owed money by a friend, you can request transfers, as well as send customized reminders however frequently you want.
There is also the famed Autodeposit feature, which allows you to receive money without the need to input passwords, answer security questions, or experience any kind of hassle. To unlock this perk, just log into your casino account, register in the Autodeposit section, and click on a link provided in the verification email.
Of course, we can’t forget the Interac debit card, which is one of the best-rated prepaid cards for online use. You can fully integrate it with Apple Pay, Google Pay, and Samsung Pay, provided that a particular app supports these transaction methods. Interac is a great fit for everyday life too, so there’s definitely a name to consider when you’re looking for the next great casino banking method.
Interac is not an eWallet, and they don’t hold your funds in any way, shape, or form. Therefore, you don’t really need an app to use their services. To complete a transaction with Interac, you will, however, require your bank’s app.
While testing Interac mobile deposits at online casinos, we were amazed by the speed and smoothness of the whole process. If you’re mainly used to making transactions on your PC, there won’t be any sort of shock if you decide to do the same things on your smartphone. Overall, the process is skillfully streamlined and optimized so that casino aficionados can switch between platforms without much effort.
- Every year, there are 6 billion transactions completed on all of Interac’s platforms.
- Approximately 1.5 billion of these transfers are made using Interac Flash.
- In 2017, there were 38 million Interac debit cards in use.
- 460,000 Canadian merchants accept Interac payments, with 240,000 of them also enabling Interac Flash features.
- A staggering 80% of all Canadian eBanking users use Interac eTransfers .
Yes, all the best online casinos in Canada offer Interac as a platform for money transfers going in both ways.
No. As of late 2020, there have been no recorded incidents involving either Interac or one of its subsidiary platforms. They’re on the top of the game when it comes to security.
Of course. They undergo regular audits, both by the government and third-party watchdogs and security companies.
Yes. You don’t even have to use anything other than your existing bank credentials. There is no need for creating an account or remembering anything other than what you already know.
For deposits, no. In such cases, it’s the casinos themselves that absorb all the fees imposed by Interac. When it comes to withdrawals, you will have to pay a flat fee of C$1.00 – C$1.50. There’s also a chance that your bank might charge you additional fees, so you should read up on their on the bank’s site.
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