Interac Casinos
Interac is an interbank system in Canada that links a variety of Canadian banks and other financial institutions to facilitate fast online payments from one’s bank account to a merchant. While it remains one of the most experienced payment systems in the world, its popularity is limited to Canadian residents who are the only eligible demographic to use the service. That notwithstanding, Interac has managed to accrue good numbers that explain its immense growth in the payment industry.
By 2018, the payment system was adopted by close to 500,000 merchants, had its transactions volume of the year at 317.4 million, a rise of 54% compared to 2017, and what’s more, the service was able to draw 15.2 million active users monthly. These are figures of a brand that is hugely accepted by its users. Among the merchants that have contributed to the provider’s growth are the online casinos. Online gambling is legal in Canada and as a consequence, this is one of the methods that has had a good share of usage by casino players. Read More
Additionally, most of the Canadian banks and financial institutions support the method. This can be seen by the 60,000+ ATMs supporting Interac transactions across the country. Finally, the Interac e-Transfer service is a method appreciated by many for supporting cryptocurrencies purchase and selling including bitcoins.
However, the payment service has its shortcomings including its limitations on the currencies with the Canadian Dollar as the main currency. Additionally, the number of casinos supporting the payment option is about 60 which is not the greatest.
About Interac
Interac is one of the oldest payment systems founded in Toronto, Canada in 1984 by the Interac Association. This was a cooperative venture of several major financial institutions in Canada. The main focus behind the inception was to provide Canadians a single shared network that would offer broader access to their money. Another provider, Acxsys Corporation, was founded in 1996 by eight (8) financial institutions. This corporation would create an Interac network that would help in developing business partnerships and services.
In 2018, there was a reorganization of the two providers (Interac Association and Acxsys Corporation) and from the development, the partnership rebranded to Interac Corp. This saw all Interac-branded products and services appearing under one company. Among these products included:
- Interac Debit ABM withdrawals
- Chip and PIN
- Interac e-Transfer
- Interac Debit for online payments
The services brought on board included contactless payments, Interac Online, mobile payment solutions, and other international services. To date, the products have experienced immense growth going from the figures released in 2018. Canadians sent CA$132.8 billion via Interac e-Transfer with transactions under CA$200 accounting for 60%. Down to Interac Debit, a total of 6B was transacted by consumers, and by the end of the year, 25.9 million active debit cards were in operation. The total transaction volume of all debit cards in 2018 was CA$251.3 billion.
The payment option’s growth is mainly attributed to the reorganization and today, it stands as one of the most reliable financial service brands. At the time of its launch, there existed no main competitor in Canada with similar payment alternatives coming on later. Some of the payment systems that have come up later in the Canadian market include InstaDebit, iDebit, Skrill, and PayPal.
Interac e-Transfer
This is one of the products under the brand that offers a quick and secure way of sending money via online banking. Through secure and strict banking procedures, funds will be transferred from the bank via their online banking system instantly or within 30 minutes, in some cases. Some of the banks offering the option include:
- ATB Financial
- BMO Bank of Montreal
- RBC Royal Bank of Canada
- SBI Canada Bank
- TD Canada Trust
Interac Debit
This is another product that offers secure payments from the bank account either through a physical card or a mobile wallet (Google Pay, Apple Pay, or Samsung Pay). An Interac Flash feature is introduced on this product which helps in the achieving of aspects such as contactless payments with only a tap required on the POS. Other reasons the product is adopted by many users include:
- Cross-border transactions
- High-level security
- Fast withdrawals on a variety of ABMs spread across the country
Recap: For efficient payments, one will need a bank account from an institution that supports the method and a merchant accepting the provider’s payments (online casinos in our case).
Depositing to an Interac Casino
A quick point to note is that a player will not be required to have an account with the payment provider to make any deposit. Moreover, Interac deposits are favoured by many Canadians for many reasons. The funds will be deposited instantly, high-level security is guaranteed, and the process is generally easy. The only downside about this section is that some fees will be charged.
It is also important to know that limitations on the amount one can spend and deposit in a day or a specified period may be applied by the bank institutions. Players are advised to check with them for these details. Moreover, remember the online casinos set the limit on the amount one can deposit. The minimum limit on most ranges around CA$10-CA$30.
Follow these simple steps to deposit at a casino:
- Sign Up/Log into an online casino – Sign up for an account at one of the online casinos accepting the payment method. We have provided a list of all the top Interac Canadian casinos that we recommend for their level of security and fairness. Creating an account is quite easy with some personal, contact, and account information needed. If you own an account on any of the above casinos, log into your account by providing your username/phone number/email address and a password.
- Go to the deposit/cashier/banking/my account section and choose Interac as your deposit payment option. Proceed to enter the amount of money you wish to deposit ensuring that you meet the deposit limit caps set by the operator.
- You will be redirected to the payment gateway where you will choose your bank. You will then be required to log into your online bank account by providing the required details (username/account number and password).
- Confirm every detail then complete the transaction. The funds will be immediately transferred and you can start enjoying the experience. A new player can start by claiming a welcome bonus that is offered by most operators.
A transfer fee will be charged by the banking institution. This will differ depending on the bank but the fee ranges anywhere between CA$0.50 and CA$2.
Withdrawing Through Interac
The simplicity of depositing is also carried to the withdrawals. The process is also easy and straightforward. However, there are security aspects in many casinos that will require a player to verify their account before any withdrawal is made. Some of the details that may be needed for this include providing proof of identity and address. Additionally, most casinos are also ensuring that players use the ‘same-method’ transaction where they are required to withdraw through the same method they used to deposit.
Finally, it is important to note that withdrawals might take a little longer before being credited to one’s bank account. A timeline of about five (5) working days can be expected.
Steps to Receive a Payout from an Online Casino:
- Log into your casino and go to the withdrawal/cashier/banking/my account section (depending on the casino).
- Choose Interac from the list of all the payment options available on the casino.
- Input the figure you wish to cash out from your account and confirm the transaction.
- As a security measure, some casinos might take time to process and verify your request. After the verification is done, the funds are then released and are credited to your account within 5 working days.
It is also crucial to understand the limit caps placed on the withdrawals. Most operators will have daily withdrawal limits with the same applying to Interac e-Transfer. A maximum daily withdrawal limit of CA$10,000 per transfer is set. Out of the financial regulations set, some banks may have a limit placed on the maximum amount they can receive in a day. One is advised to check with their specific banks. A CA$0.75 fee is charged on every ABM (Automated Banking Machine) withdrawal and other withdrawal costs may be placed by the respective banks.
Interac Benefits & Drawbacks
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Instant, safe, and simple transactions
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Well-accepted in Canada with many bank institutions and casinos supporting the method.
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Crucial financial information is not shared on any transaction
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Deposits and withdrawals are allowed on the online casinos
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The Canadian Dollar (CAD) is the currency accepted
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Well-experienced payment provider with 35+ years in service
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Only available to Canadians
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Fees charged on the transactions
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Currency limitation with only the Canadian Dollar supported
Interac Casino Bonuses
A sign-up on any of the casinos we have provided on our guide gives you a chance to claim a variety of bonuses applicable to Canadian players. The bonuses come in different sizes and every bonus will be triggered differently. However, some casinos restrict players who deposit via specific payment options from triggering and claiming certain casino bonuses. This is highly unlikely on the casinos accepting Interac.
New players will be guaranteed a welcome bonus that may be offered as a no deposit bonus or a deposit bonus. The latter will involve the first deposit triggering a high-value bonus and free spins, in some cases. The bonus is always a matchup of a set percentage in the range of 50%-200%. The no deposit bonus, on the other hand, has a low-value bonus and can only be claimed by signing up at either of the casinos on our list.
Other popular casino bonuses to expect include high-roller bonuses or VIP programs. These bonuses are extremely high in value and are tailored for those who bet big in the casinos. Other benefits are also attached to these bonuses including special event invites, trips, and more. Cashback bonuses and reload bonuses are other bonuses offered to existing players.
In all the above casino bonuses, special attention should be paid to the terms and conditions attached. Terms will range from the limit caps on deposits and payouts, eligibility of players to claim, the validity of the bonuses, to wagering requirements. The requirements are set so that the bonus winnings can be withdrawn. One will require to play either the bonus, deposit, or both a set number of times. If the wagering requirements are set at 30x on the bonus of CA$200, a player will be required to play (CA$200×30 = CA$6000).
Interac Casino Games
From the vast online casino options on our list, players will have a wide array of casino games to choose from. All the casinos offer low and high-stake casino games in favourable odds that offer good payouts. What’s more, Interac casinos offer safe and fair games thanks to the security measures employed and the use of the Random Number Generator (RNG) to ensure that all results are fair and not predetermined.
Playing at the casinos is easy with a demo mode provided on most of the titles before committing your deposit. Among the most popular categories to expect:
- Slots. Access top titles from providers such as NetEnt, IGT, and Playtech and enjoy a taste of classics, video slots, and jackpots. Trigger several bonuses including specials such as Wilds, Scatters, and free spins.
- Table Games. Access top low and high-stake tables offered in high-quality graphics and different bet types including inside and outside bets on roulette, banker, player, and tie bets on baccarat, among other betting options.
- Video Poker. Access titles ranging from Bonus Poker, Aces and Faces, Jacks or Better, and more. Adjust payout hands on some of the games as you enjoy the best experience.
- Live Casino. Access popular live casino titles such as live blackjack, and other live versions of roulette and baccarat. Offered in high-quality graphics, players can interact with live dealers and enjoy an experience closely resembling that of an offline casino.
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