What is Interac and How Does It Work?
Being a Canadian interbank network, Interac was created for exchanging electronic financial transactions. It was launched back in 1984 and currently offers two shared financial services such as:
- Interac Direct Payment (IDP);
- Shared Cash Dispensing (SCD).
IDP is a debit card service that allows the processing of funds for goods and services using a personal identification number. People who use their own checking or savings accounts can pay with money deducted from them. Their debit card can look like a physical plastic card or a mobile wallet for people to complete instant transactions without extra hassle.
SCD is a term that means cash withdrawals from any ABM that does not belong to the bank used by a client. It means that all the Canadian ABMs are on the Interac system, and they are very popular with the citizens of Canada. 16% of Canadians admit conducting most of their transactions on ABMs, so Interac is highly popular in the country.
However, these are not the only services offered by the company. Casino players can also opt for Interac e-Transfer service and Interac Online. The first one allows sending funds using the recipient's email address and banking account of a Canadian bank, while the second one makes it possible to process transfers using money directly from the bank account. Both these services allow depositing and withdrawing funds from online casinos that accept Interac.
Gigadat Solutions & Interac
Every casino can decide which payment processing company to choose for Interac gambling transactions. The most popular one is Gigadat which provides merchants with many different payment solutions. It serves as an intermediary system between banks and Canadian online casinos that prevents chargeback from the banking side. All the money sent via this processor is delivered to the bank with the Gigadat name in the source, and there are no chances that banks will reject so-called ‘risky’ gambling transactions.
|Company Name||Interac Corporation|
|Available Currencies||Canadian dollar|
|Area Served||Canada only|
|Number of Users||15 million|
|Number of Casinos||5|
|Max. Bonus||$1200 + 260 FS|
|Deposit Alternatives||iDebit, InstaDebit|
How to Make a Deposit in Online Casino with Interac (In 5 Steps)
In fact, there are two different ways to make a deposit using Interac. They differ because of the existence of two services for online payments in the company. If a player wants to make an Interac deposit, an online casino should have either Interac Online or/and Interac e-Transfer on its list of banking options.
The depositing process via Interac Online consists of the following steps:
If you use Interac e-Transfer, the deposit is made in a similar way, but when a player is redirected to the Gigadat page, he should remember/copy the email address and an answer to the secret question. This is the only difference.
How to Withdraw Money From Online Casino with Interac
Not only can deposits be processed to an online casino – Interac can be used for payouts too. However, it is important to remember that most of the casinos withdraw funds using the same method they were deposited, so if you used another banking option, it might be necessary to change it manually or turn to customer support. One more thing to remember is the fact that only verified players who met all the wagering requirements can receive their winnings. For this purpose, it is necessary to take the following steps:
Funds are delivered to the player's balance rather quickly, but there might be some delays caused by the pending time needed by a casino to review the cashout application. Some casinos may apply extra fees on payouts too.
Predictably, not all banks support Interac Online payments, but Canada has its Big Five Banks that serve most of the clients in the country, and three of them have partnered up with this electronic banking option to guarantee fast and simple online payments. The list of banks looks as follows:
- RBC (Royal Bank of Canada)
- TD Bank (Toronto-Dominion Bank)
- BMO (Bank of Montreal)
- CIBC (Canadian Imperial Bank of Commerce)
- Scotiabank (Bank of Nova Scotia)
If you use Interac eTransfer casino for gambling, there is a much bigger number of financial institutions that support this option. You can check the list of banks that accept Interac e-Transfer here.
Top Interac e-Transfer Casinos in Canada
How important it is to find a reliable Interac e-Transfer casino? Canada has loyal gambling laws, so many online platforms offer exciting casino games to players. However, even this fact does not make the choice of a casino easier. Some players spend long hours in search of trusted gaming platforms, but Gamblorium has collected the best of them for you do not have to waste your precious time.
Why Choose Casinos That Accept Interac
Do you think about choosing an Interac casino but still have some doubts? Probably, these benefits of an online casino that accepts Interac will encourage you to make the final decision in its favour.
- Safety & Security.
- Interac takes security rather seriously. Players who prefer Interac e-Transfer should know that their money is transferred using established and secure banking procedures. There is multi-layer protection, including encryption technology, confidential user IDs and passwords, a secure login process, and security question and answer. These security measures are applied both to desktop and mobile transactions and guarantee that users are absolutely protected from fraud.
- Interac users do not need to share any sensitive data when they send or receive money, and it allows staying confidential each time they buy anything or deposit funds to the casino. It often happens that gamblers do not wish to provide their personal information or financial details, and it is possible in Interac online casinos as well.
- Deposit and Withdrawal Limits.
- In fact, Interac does not apply any limits to electronic money transfers. However, players can still be limited by a minimum and maximum amount which is set up by the financial institution. At the same time, these limits are quite high since many banks allow sending up to $2,000 per transaction.
- No bank rejections for gambling transfers.
- The main benefit of playing in a casino that accepts Interac is no sense in worrying when you withdraw your winnings. There are financial institutions that can reject the receipt of funds sent from gambling companies considering it an unreliable source. However, the fact that Interac uses a third-party service, such as Gigadat, prevents banks from these rejections since the source of funds is this intermediate company.
- Instant and free.
- The speed of transactions is another benefit of Interac. When a gambler accesses a casino, Interac online payments can be processed in a couple of minutes. It is enough to enter a few details, and funds are delivered to the casino balance immediately. There are no delays and hidden fees too. Both Interac online transfers and withdrawals are free, so if players face any extra charges, they are taken by a casino or financial institution.
- It goes without saying that Interac is the number-one payment solution in Canada. It is suitable both for physical and online payments, so it is predictable that many online casinos that welcome Canadian players will introduce it too. Being a widely accepted banking option, there are even platforms that offer different types of this payment method, so it is necessary to be attentive to selecting Interac from the list.
Benefits & Drawbacks
No matter how hard you will try to find a perfect banking option, the chances of doing that are almost equal to zero. The same is with online casinos that use Interac – this payment method is not excellent, so it has not only pros but also cons.
|Quick processing time.||Possible phishing because of the connection with email.|
|Secure and safe.||Available only in Canada.|
|Does not require any sensitive data.||May apply fees on some casino transactions.|
|Widely accepted in Canadian online casinos.|
|Prevention of withdrawal rejections.|
|High deposit and withdrawal limits.|
|Eligibility for bonuses.|
|Support both for deposits and withdrawals.|
Interac Casino Bonus Options
It is great fun to play in an online casino, but it may be twice more exciting if you benefit from bonuses and promotions offered there. Players who deposit with Interac are usually given a bonus automatically if the amount is equal to or higher than a minimum; however, sometimes, it is necessary to claim a bonus by entering a code or contacting customer support.
Many online Interac casinos try to attract players with rewarding offers, but it is also important to remember that there are different types of bonuses existing today.
|Welcome bonus||Only new players are eligible to get a lucrative welcome bonus when they register in the casino and make the first deposit. Usually, they are offered a match for their deposit amount plus a certain number of free spins on one of the slot machines.|
|No deposit bonus||Being one of the best online casino bonuses it is not granted frequently. This bonus is usually offered to attract new players and let them feel the pleasure of gambling. The only thing needed is sign-up while they can receive free spins, a small amount of bonus money or limited-in-time fun instead.|
|Match bonus||Casinos try to reward players who make large deposits and double their funds to let them have fun for twice longer. This bonus is usually limited in time and bet amounts.|
|Free spins||A very popular bonus that can be used only on slot machines is a set of free spins. It is given for only one or a couple of slot games.|
It is worth noting that all bonuses are provided to players with the exact wagering requirements. It means that bonus money, winnings and free spins must be wagered the exact number of times set by the Interac casino, and they are available only within a limited period of time for use.
Best Interac Alternatives
If Interac is not the best option for you, it is clear that you need another good banking option that will meet your expectation. The selection of alternative payment options is quite extensive, but our experts have selected the best similar examples.
How We Rate and Review Banking Methods
The number of payment methods offered by online casinos is growing together with the number of gambling platforms, so the choice gets more difficult every day. Therefore, Gamblorium experts analyze and rate the most popular banking solutions used by gamblers nowadays. Our goal is to provide unbiased and detailed reviews of the latest payment options and make conclusions if they are a good fit for casino players. We have a team of trusted experts who collect actual facts and learn a lot of features to evaluate the level of security, convenience, fees, and other important things of every banking solution. After that, they compile well-structured and trustworthy reviews so that gamblers can see all the pros and cons as well as decide whether a payment method is suitable for their personal use.
Expert's Opinion + Tips
I have tried a lot of payment options, but none of them can secure gamblers’ withdrawals as much as Interac. How often it happens that transactions made from online casinos are rejected by banks, and players can’t receive their winnings! However, if a Canadian gambler decides to deposit and withdraw funds with Interac, he is absolutely protected from such unpredictable consequences. I believe it is a feature that makes an online casino accepting Interac outstanding. One more thing I like about Interac is its excellent security measures: players feel protected using this banking option, and that is very important!
Is it safe to use Interac for casino deposits?
Yes, it is. Interac online casino payment is one of the most secure methods that allows processing money anonymously and safely. It operates according to EU financial laws and provides additional protection features for every player.
Can Interac be used at all casinos?
Most Interac best Canadian casinos accept this payment method, so it is easy to find a trusted platform to gamble on. However, there might be exceptions too.
What's the minimum deposit at Interac casinos?
Every casino has its own minimum depositing amount. However, if you access one of the Canadian minimum deposit casinos, it is possible to start playing by making a deposit of 1 CDN only.
Can I make a withdrawal with Interac?
Yes, of course. Interac guarantees fast and secure withdrawals in the casinos that list it in the banking options supporting payouts.
How long does it take to cash out my winnings via Interac?
The payment system delivers funds instantly from a casino, but the presence of pending time on all gambling platforms may lead to delays.
Which currencies does Interac support?
predictably, there are casinos accepting the Canadian dollar in Canada, and it is the only currency accepted by Interac. However, international transfers can be accepted in other currencies with Mastercard and Western Union.
What banks can be used for Interac e-Transfers?
Interac online transfers can be used at over 250 participating financial institutions.
Are there any extra fees?
Interac does not apply any fees to online transactions, but players can be forced to pay extra fees charged by the casino or banking institution.