Interac is a Canadian non-profit organization consisting of financial institutions and businesses that give Canadians an alternative to using cash and credit cards. Essentially, Interac is Canada’s debit card system and people use it to buy goods and services or to withdraw cash from automated tellers. There are roughly 60,000 ATMs across Canada that use the Interac network and nearly half a million merchants accept payment using this method. Interac users who are paying for purchases simply present their Interac card, enter their PIN, and the funds are instantly transferred from their bank account to the merchant. Withdrawing cash from an ATM is done in the same manner.
In 2007, Interac cards switched from using outdated magnetic strips in favor EMV chip technology because EMV chips use the most modern encryption making them nearly impossible to copy. By 2010, the company had embraced flash-and-pay technology and they rolled with times once again in 2017 with the launch of Interac e-Transfer which makes it possible to transfer money internationally. While Interac e-Transfer is designed for making direct domestic and international transfers between bank accounts, a few respected gambling sites are set up for it.
Interac has adapted well to the internet age and a growing number of people are using it to make purchases online. Users like making online payments using Interac because it is far easier and more secure than using credit cards. Those who use this modern payment method don’t share any financial information with merchants. Whether you are making a tuition payment, buying groceries, withdrawing cash from an ATM, or making a deposit into an online casino in Canada or elsewhere, Interac is the way to go.
Why You Should Use Interac at Online Casinos
You already know that Interac is one of the safest and most secure ways to make a deposit at an online casino but there are other reasons to use this payment option. Interac deposits are instant and your bank account quickly updates its new balance. Interac only allows you to withdraw funds that are available in your bank account so you never need to worry about suddenly incurring a negative bank balance and all the associated fees.
More and more top online casinos accept Interac and transactions are processed using Canadian dollars meaning those with pockets full of loonies won’t need to figure out currency exchange rates. If you have ever made a deposit at an online casino using eWallets like Skrill or Neteller, you may have found out the hard way those payment methods often don’t qualify for bonuses and promotions. Interac deposits almost always qualify for bonuses. An example of this is found at 888casino where Interac online casino deposits qualify for the welcome bonus whereas Skrill and Neteller deposits don’t.
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There are few minor drawbacks to using Interac betting sites. One of the biggest issues facing users is the relatively small selection of Interac-friendly casinos. It’s similar to PayPal a few years ago when not many sites accepted it. However, like PayPal, Interac is becoming a popular payment method with online betting sites. The major difference is PayPal is globally accessible whereas Interac is really only available to Canadians.
Another drawback is the fees. While most reputable sites won’t charge when you make a deposit, a fee is usually applied by your bank. Fortunately, the fee is small and a deposit bonus will more than make up for it. Finally, not all sites offer Interac casino withdrawals which can lead to some minor inconvenience.
How To Get Interac
Interac cards are issued by Canadian financial institutions usually in the form of a debit or credit card. The good news for Canadians is most of them already have an Interac card so they are ready to hit the online Roulette tables. Those that don’t already have one need only go to their Canadian bank and apply for a credit card or ask for a debit card. Both allow Interac transactions.
How To Safely and Securely Deposit and Withdraw Using Interac
Deposit Using Interac: Once you have your card, head over to a reputable online betting site that accepts Interac casino deposits. Open an account, go to the banking section and select “Interac” as your deposit method. You might need to click on the name of your bank too. You must provide your card number and the PIN on the back of it just as you would with a debit card or credit card. After entering the deposit amount and claiming any available bonuses, you can confirm the transaction and start playing right away.
People who use Interac, or any other payment method for that matter, need to take a few sensible precautions when performing financial transactions over the internet. Needless to say, keeping your PIN number to yourself can prevent all sorts of nasty scenarios. Don’t give others access to your card and always report your card lost or stolen if that’s the case. Remember to avoid using open or unsecured internet signals if you are transmitting sensitive data.
Withdraw Using Interac: Making a withdrawal at online casinos accepting Interac is just as easy as making a deposit. Start by logging in and then going to the banking section where you select the “Withdraw” option. When prompted, click on “Interac” as your withdrawal method, pick your bank, and then enter the amount of money you wish to cash out. Once the withdrawal is confirmed, the request is reviewed by the online casino and processed. Typically, it takes an average of two days to have a withdrawal processed but there are always exceptions to the rule. Some sites take three to five days to process these transactions while others will do it within 24 hours. Check with your Interac betting site to find out how long withdrawals take using this method. You will likely find it is one of the quickest and easiest ways.
You should know that reputable online casinos require you to complete the identity verification process before you are eligible to withdraw funds. Licensing jurisdictions make this process mandatory and it is designed to prevent underage gambling and other illegal activities like fraud, identity theft, and money laundering. You should verify your identity as soon as you open an online betting account as to avoid any unnecessary delays when you want to withdraw using Interac or any other payment method. It is just a matter of providing copies of official photo ID such as a passport or driver’s license along with a utility bill or bank statement which bears your name and current address. You may also be asked for scanned copies of the front and back of your Interac card. Once the documentation is submitted, most online casinos will verify your information within a day or two. In the meantime, you can still deposit using Interac and play games for real money.
How To Choose The Best Interac Online Casino
Finding the best Interac betting site starts with, well, finding a site that facilitates Interac deposits and withdrawals. Sure, Interac isn’t the most widely accepted payment method right now, but it’s becoming more widely accepted. When you find a site that takes Interac, make sure it is secure, properly licensed and regulated. Find out what kind of games it offers and what casino software providers are behind those games. Some sites are nothing more than glorified slot rooms and lack much else. Look for sites that features brands like Microgaming, NetEnt, Realtime Gaming or Cryptologic among others. By doing so, you will have access to massive libraries of games that are provably fair.
Being able to claim bonuses and partake in regular promotions is an important factor for those who want added value. A good welcome bonus is a great way to make the most of your first Interac casino deposit. Take the time to read the bonus terms to find out what the rollover requirements are, what the maximum bonus payout is, and how much time you will have to meet those conditions. If you are a player who likes playing for high stakes, choose an Interac-friendly casino that offers a superior VIP program. This will allow you to enjoy the most perks and many more exclusive bonuses and promotions.
There are plenty of resources on the internet that are immensely helpful in your search for the best Interac casino. Metap.org has volumes of information and unbiased reviews to make your search a lot easier.
Online Games You Can Play Using Interac
Interac casino deposits give players access to the same games as those who deposit using any other method. After depositing, you can play hundreds of different slot and video poker titles, a wide range of table games, specialty games, and jackpot games. Many online casinos have live streaming casinos and some even have sportsbooks and poker rooms. There is really no limit to the kinds of games you can play.
What If a Site Doesn’t Accept Interac
You might think you are out of luck if you find a site that has everything you are looking for but it doesn’t accept Interac. Don’t give up yet because there is a solution to this problem. There are a lot of eWallets like Skrill, Neteller, PayPal and others that are widely accepted at online casinos around the world. Many of these eWallets can be instantly funded by using your Interac credit or debit card. Then, you can use the eWallet to transfer the money into your betting account. It takes only a couple of minutes to open and fund an eWallet account.
Similarly, you can purchase a cryptocurrency like Bitcoin, Ethereum or Ripple using your Interac bank card and then use the cryptocurrency to make a casino deposit. Cryptocurrency is an option at many of the world’s best internet casinos and depositing with it sometimes earns users special bonuses.
Alternatives to Interac
As much as Interac is a great method of depositing and withdrawing funds, it is by no means your only option. Practically every online betting site lets customers use major credit cards. So, even if your credit card doesn’t bear the Interac logo, you can still likely use it. The biggest downside to using credit cards is the fees but a nice bonus will easily offset any incurred charges.
Interac users obviously have bank accounts which makes it possible to conduct bank transfers to deposit and withdraw. Of course, these transactions are not always instant and the associated fees are sometimes a deterrent as is the case with wire transfers. As mentioned, eWallets are extremely popular payment methods at internet casinos and several eWallets can be funded using an Interac credit or debit card.
It is true that Interac isn’t the most widely used or accepted method of payment at internet betting sites. However, those who find a trusted site that allows them to use it enjoy the highest levels of security. They also love the convenience and how fast their transactions are processed.
Canadians spend billions of dollars on internet gambling annually and online operators do everything they can to get a slice of that pie. It isn’t unreasonable to believe more sites will adopt Interac as a payment solution to make their sites more appealing to the lucrative Canadian market.