Interac is a native Canadian financial service brand that offers a variety of digital cashless, contactless, and other payment products. It provides the following services to its clients: e-Transfer, Interac Debit, Flash, Debit on Mobile, Interac Online, Cross-Border Debit, and Interac Cash.
Each of these products is built to suit different purposes. With so many products in its portfolio, the company allows players to decide which one would best fit their online casino needs.
Interac Online and Interac e-Transfer
The one that seems to perfectly suit punters eager to play their favorite live casino games is Interac Online. This online payment solution links your bank account in real-time. It allows you to make the payment through your online banking system without revealing any sensitive information to a third party involved.
It facilitates instant payments. Unlike traditional bank transfer that may need several days to clear, It’s impressively quick. All you need to do to finish the purchase is access to the login screen. Then pick the account you wish to make this payment from. Finally, you need to confirm the transaction, and that’s it.
Interac e-Transfer is another popular solution, used mostly to send money to family and friends, but popular among gamers too. To use it, you need an active email address or a mobile number. And bank account in one of 250+ financial institutions supporting this product. The process is simple: log into your online banking, select the account, add recipient’s email or mobile number, enter the amount and security question (unnecessary if the recipient has Interac e-Transfer).
How to Deposit via Interac?
Both Interac Online and e-Transfer are available across different casinos in Canada. To deposit funds in your online casino balance with both options, you first need to go to the casino’s cashier and select the online banking option. The new window will prompt you to log-in. Select the bank account you want to pull money from and confirm this transaction. However, there is one crucial thing you need to be aware of.
Although Interac Online is backed up by more than 25 Canadian banks. The reality is that many online casinos offer just a few of them. So, pay attention, because if this happens, you will have to cancel and continue by selecting e-Transfer instead. Although Interac Online is a faster payment solution than e-Transfer, the downside is that it’s not as widely accepted as the latter.
In case you have to use Interac e-Transfer, you will need to access your bank account separately to make the transfer via email. The good news is that online casinos provide you with a unique email and security question and answer. The main benefit of e-Transfer is that the list of banks is much longer than for Interac Online.
How to Withdraw via Interac?
The good news is that many casinos that accept Interac products as a deposit method will also let you withdraw your winnings through the same channel. However, this is not a rule of thumb, so make sure to check if you can use the same method to cash out. If the casino does support Interac Online for withdrawal, the process is again simple. Go to the cashier page and select this payment method. Find your bank, enter the amount you wish to withdraw, confirm the transaction. Then wait for the payment to clear.
E-Transfer is also available, and the process is simple. In case you are cashing out for the first time, the casino may ask you for proof of identity. During this period, the transaction is put on hold until those items are reviewed. Once verified, the funds are almost instantly available at your account.
Transfer Times, Fees, and Security
The most significant advantage of using Interac Online is that you won’t have to provide any sensitive data to the service, as you will be setting it up within your online banking, which online casinos cannot access. For example, when making a deposit, the only thing the casino will see is that it processed the transaction. Furthermore, Interac underlines that you are protected by the Zero Liability Policy that guarantees that your bank returns funds to your bank account in case of any inconvenience.
The company proudly emphasizes how efficient and seamless the products are, so transactions are very fast, almost instantly appearing in your balance. As for the fees, they provide transfers without costs, as your bank handles all the payments. This means that only your bank may charge any tax on any of your transactions.