Interac online casinos
The Interac cooperation was responsible for creating a countrywide network of electronic financial services that is Interac Direct payment and Interac online, which is responsible for buying goods and services and even online casino gambling in Canada. Interac direct payment is a Canadian system of debit card service for purchasing products and accessing services. The IDP is more similar to the EFTPOS of the UK, New Zealand, and Australia. The Interac Direct payment system is also allowed in the United States of America, where you can buy goods and services with the debit card.
Launched in 1984, Interac is a Canadian based inter-bank network that facilitates the transfer of funds electronically across Canada. Initially, under a non-profit organization called Interac association, Interac was a cooperation of Scotiabank, Desjardins, CIBC, and RBC. Currently, it has over 100 member co-operations, which has simplified money transfer and deposit of funds into online casinos in Canada. In 1996, Interac association launched a profit-based organization service, Acxsys, that started an e-transfers service in Canada. Interac and Acxsys after significant lobbying and discussions were merged in February of 2018 to form Interac cooperation, which its headquarters are based in Toronto at the Royal bank plaza.
Interac online, on the other hand, is an electronic system of money transfer and buying of goods and services in Canada. This method is quite popular with the Canadian online casino players as it is not only fast and safe but also simple to use. It is available to the members of Scotia Bank, BMO, RBC, TD, Canada trust, and CIBC, where online casino member players can quickly deposit to online casinos using Interac.
Interac currently offers over 400 merchants, businesses, educational centers, and even other financial institutions as the primary payment system all over Canada. Interac online is like Secure Vault payments of the United States or Giropay of Germany. It is worth noting that Interac is the most used payment method for online casino players in Canada as it is fast, secure, and affordable. The transaction fees for depositing into online casino accounts range from $1 to about $1.50 depending on the bank the player is using.
Interac deposits and withdrawals
How to deposit into online casinos using Interac
Interac provides four different services for the Canadian online casino players: Interac Cash, Interac Debit, Interac Flash, and Interac. Making deposits to online casinos using Interac is somehow different from the other payments.
- You first have to log in to your bank's official website where you will find a Send money option, the link will direct you to an Interac window.
- Choose the recipient of the transfer. In this case, it is the online casinos. Fill in all the necessary information and then enter the amount you wish to deposit.
- Then choose which type of account you want to get the deposit money from; is it the savings account or the Cheque account.
- Before you finish the transaction, you will be asked to select a question used to verify your transaction by the online casino.
- Log into your online casino account and go to the payments page where you will be prompted to enter the answer or the question for them to accept the deposit.
Interac does not charge you any fee while depositing your money into an online casino, but the Interac debit card attracts some additional charges when used. Interac cash charges you an almost unnoticeable switch fee. This is similar to Interac flash. The Interac debit is the highest with up to $0.75 interchange fee.
It is worth mentioning that merchants and ABM providers are allowed to charge any fee for every transaction so long as it is within the set regulations and limits. The maximum transaction limit is up to 60 million dollars for Interac Debit while the minimum is up to below $20.
How to withdraw from online casinos using Interac?
Unlike other payment methods like MasterCard and AstroPay, Interac allows its users to make withdrawals. If your online casino accepts withdrawals through Interac, go to the payments page and click on withdrawals then via Interac. Enter the amount you wish to withdraw with your Interac banking details. Confirm the transaction through a prompt from the online casino.
Online casino withdrawals usually take longer than deposits. They might take to up to 96 hours before you receive the money. They also charge a fixed fee of $4.00, hence more costly than depositing.
Pros and cons of Interac
- Interac allows online casino players to use the local currency; hence it saves them both time and extra costs of the currency exchange.
- The transaction deposit fee and withdrawal fee is the same regardless of the amount you are depositing or withdrawing. Other payment methods increase the transaction fee with an increase in the amount being transacted.
- Interac deposits into online casinos are much more straightforward and easy as you only need an email address and a mobile phone, preferably a smartphone.
- Interac has invested heavily in high-end security features and encryption to make your money highly secure. They also hide your banking details from the online casinos and other third parties to make it hard for your money to be stolen.
- Interac also has a limiter that prevents you from losing too much to the online casinos. These help people from getting in debt as you might lose yourself in the moment of gambling.
- Interac only suits Canadian citizens. Like low transaction fees, most of the benefits can only be enjoyed by Canadian citizens due to their access to the local banks.
- As much as Interac is accepted by almost all the banks in Canada, not all of them accept the Interac e-transfer, the transaction fees vary from one bank to another.
- The other drawback is that only a few international top online casinos accept the Interac payment option.
Interac casinos FAQ
Is it safe to play at Interac Casinos?
Yes, it is safe to play on an Interac accepted casino as the Interac cooperation has invested heavily in securing your money. The financial standards are also under supervisory and constant reviews from the Canadian government.
Do every casino accept Interac?
Am afraid no, most of the online casinos that accept Interac payment option are Canadian based. Although other offshore top online casinos accept Interac payment option, they are very few.
Are Interac casinos Legit?
Yes, the Interac makes sure that the online casinos they are dealing with are 100% legit before entering into business with them. Interac also notifies its users immediately if there is a problem with any Interac supported online casino.