Interac Casinos 2024
Christian Webber| Interac Facts | |
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| Company: | Interac Corporation |
|---|---|
| Founded in: | 1984 |
| Headquarters: | Toronto, Canada |
| CEO: | Mark O'Connell |
| Website: | interac.ca |
| Available in: | Only to Canadians |
| Available in Canada: | since 1984 |
| E-Mail: | [email protected] |
| Phone: | 416-362-8550 / 1-855-789-2979 |
| Best Interac Casino: | Stake |
When writing casino reviews and evaluating their payment methods, nothing pleases us more than to discover that the casino at hand works with Interac. After all, as Canadians, the Interac debit card, alongside Interac Online, have over the years become increasingly the primary way in which we transfer money and do business.
To us at Casino.Guide, offering Interac as a payment method, sends a strong signal that the casino is inherently Canadian friendly, and that it is doing everything in its powers to make us feel at home within its virtual walls.
While we assume that most Canadians have at this point heard of Interac, it is both interesting and useful to better understand the nuances of its various services, as well as how well they work at participating online casinos.
Interac Pros and Cons
- A widely used Canadian payment method
- Explicitly designed for Canadians to use with CDN
- Highly reliable with over 35 years of experience
- Basically synonymous with your bank card
- Exceptionally secure + fully safeguards your personal information
- Withdrawing from Interac is not always instant (this however is the case for almost all services)
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- Interac Background
- How Interac Works
- Interac payment timeframes
- Why to Choose Interac?
- Interac Tips & Tricks
- Do I Get a Casino Bonus When I Use Interac?
- How Secure Is Interac?
1.) A Bit of Interac Background
Born and bred in Canada and headquartered within the financial district of the city of Toronto, Interac has a rich history and trajectory of success, that has led to it becoming a preferred payment method for many businesses and individuals alike.
Interac's history began in 1984, when it was originally amazingly enough set up as a non-profit organisation called the Interac Association which focussed on debit cards. What started out as a joint venture between five of Canada's top financial institutions - CIBC, TD, RBC, Scotiabank, and Desjardins - grew to 80+ members by 2010.
The for profit-arm of the original Interac venture, operating under the name Acxsys, was established in 1996. And with it came more Interac services we are familiar with including the ability to conduct e-transfers.
On February 1, 2018 the original Interac was combined with Acxsys to form Interac Corporation, which is the umbrella organisation under which all prior activities now operate.
So large is Interac's impact on the Canadian banking scene that close to 60,000 ATMs across the country can now be accessed with it. Plus, over half a million merchants accept Interact as debit payment including many of the top online casinos.
In fact, Interac is so popular amongst Canadians that in 2001, the number of Interac transactions surpassed the number of transactions completed using physical money, i.e. cash! Just for a sense of how widely used it is, in 2019 alone there were over 6.2 billion Interac Debit transactions, 511.7 Interac e-Transfer transactions, and 25.5 million+ active users every month. Today Interac is practically synonymous with your Canadian bank card!
2.) How Does Interac Work?
Interac actually has a number of products that most Canadians are familiar with. There are two in particular that are of particular interest here for gaming purposes, Interac Direct Payment (IDP) which is the debit card service and Interac Online, which lets you pay for products and services online using money direct from your bank account.
Interac Debit
The Interac Debit service works like any traditional debit card.
Step 1: Get a debit card from your bank
Considered Canada's national debit card, an Interac debit card can be obtained at almost all major national banks and financial institutions, and is connected to your account there. You've probably noticed the logo on your bank card already.
Step 2: Enter your card number and provide your PIN
In order to complete a transaction, in addition to the card number or physical card itself, you need to enter your personal identification (PIN) number. At an online casino, making this transaction is exactly the same as using a credit card to make an online purchase.
Step 3: Payment is deducted from your bank account
At this point the amount due is deducted either from your savings account or chequing account - depending how you set up your preferences with your bank. That's it.
Interac Online
When an online casino accepts Interac as a payment method, it is often referring to Interac Online. Instead of entering your debit card details it works as follows:
Step 1: Select Interac Online as your payment method
To do this, go to the online casino's cashier or payments page, and select to pay with Interac Online. This is where you will see if the casino has Interac as a banking option at all.
Step 2: Choose your bank and log in to your bank account
Once you select Interac, a gateway page will show up, displaying a list of banks. Choose your bank, and log into your online account.
Step 3: The money is transferred and you're done
You will then need to select the amount you would like to transfer and complete the transaction according to the procedures at your particular bank. Once completed, you will be redirected to the casino (or other merchant's) site.
Remember, Interac works as a debit system. That means each transaction is immediately paid out of your bank account. You will only be able to use as much funds as you have available; the money you spend will immediately be shown as such in your actual bank account - that is deducted from your balance.
3.) How Long Does the Interac Payment Process Take?
Interac transactions are processed by your bank in real-time. That means that all transactions will immediately appear on your bank account statement and records. This is actually one of the main reasons why many Canadians prefer to work with Interac, as the debit is made immediately clear. This in turn makes it easier to manage your spending and get a true sense of how much money you actually have.
Since the money is debited from your account instantly, that also means that the casino deposits you make using Interac are also immediately available for your use.
In terms of withdrawals, the length of time depends on the online casino's internal processing procedures. Some online casinos have a pending period, usually no more than one day, before they release the money back to your payment method. This part is in no way controlled by Interac itself, which immediately makes the funds available to you once it has received them.
4.) Why Choose Interac Over Other Payment Methods?
One of the main reasons a Canadian casino player would choose Interac over other payment methods is that, frankly, everyone is already using it. As previously mentioned above, Interac is so popular in Canada that it has surpassed cash for a way in which to make purchases.
And since it allows for both online as well as land-based purchases in the same easy manner, it is basically a no brainer to continue using it for casinos as well.
Another big reason, of course, is that as a debit card, it takes the money directly out of your bank account. For those of us gambling online, this can be a big benefit, helping us better control our spending in keeping with our budget.
Additionally, Interac does not need to be funded separately like an e-wallet service such as MuchBetter or PayPal – which is mostly no longer available to Canadian players in any event.
Plus, since it is a Canadian payment system, there is the advantage that it is already working with Canadian dollars. And it is better than doing a direct bank transfer, as you will not have to share your bank account details in using it.
Basically if you're looking for reference, it is the same type of service as you would find for other countries when you are looking through a casino's payment methods - like iDEAL in the Netherlands, or Giropay in Germany, just Canadian focused.
Interac Awards
Over the years, Interac has consistently won awards from many different bodies. These include awards for our services, performance, innovation, and even personnel.
For example, in 2018 Interac won the "Fintech Company of the Year" award at the Canadian FinTech & AI Awards. And in 2019 Interac was named the "Most Trusted Financial Services Brand" by the Gustavson Brand Trust Index, for the fifth year in a row. In addition, that same year, the company's Chief Officer of Innovation Labs and New Ventures, Debbie Gamble was named "FemTech Leader of the Year", while the marketing team brought home the YouTube Works Award for the "Best Organic Reach Campaign".
5.) Interac Tips & Tricks
Interac is so reputable and so efficient that there are no real tips or tricks required. More than that, if you have any issues with any transaction, you can contact either your bank or Interac directly and you are in the most solid of hands, knowing that there is a strong history and financial back behind the entire operations. That's how above board it all is.
Of course, as is the case with any online payments you are making, with Interac you should always be careful that you are working with a reputable casino like those casinos that we at Casino.Guide recommend. And you should never share your PIN number or password with anyone else. If possible, it is also better only to use Interac, or conduct any real money transaction for that matter, from your personal computer or mobile device, just in case.
One other minor thing to note, since Interac only works with Canadian dollars, it will only be accepted as a payment method by online casinos that work in CDN. So if this is something that is important to you, make sure to review the available options in the casino's cashier, or again have a look through our reviews which cover which casinos accept Interac.
6.) Do I Get a Casino Bonus When I Use Interac?
Unfortunately, as far as we know there are no casino bonuses that are given to players specifically for choosing Interac as a payment method.
That being said, funding your account with Interac does qualify you for every other casino bonus, including the welcome bonus and other deposit bonuses that are offered by your online casino of choice.
7.) How Secure Is the Interac Service?
Interac is by design exceptionally secure. In fact, it is one of the most secure payment methods around. That is both the technology is secure and the transactions themselves. This level of security is achieved in a number of ways. And each one of the Interac services - Interac debit cards, Interac Flash, Interac Online, etc. - has its own specific security measures in place, commiserate with its use.
For example, the debit card has an exceptionally secure PIN system in which the number entered is encrypted and then verified at a central server, which makes it far more secure than storing it on the card itself. In addition, EMV chip processing is used to process and store data securely. Both of these measures make it almost impossible to counterfeit your card, and protect you against all sorts of fraudulent activity including electronic pickpocketing, transaction repay fraud, and even skimming.
Interac Online, for its part is particularly safe from the consumer perspective, in that it ensures you never have to share your personal financial information with a merchant.
To give you an even more secure feel, Interac also offers strong customer support. This includes an extensive FAQ section which you can access from the Interac website. In addition, you can reach out to the different support teams via email, and expect a timely response.
The email addresses are [email protected] for Interac e-Transfer inquiries, and [email protected] for all other product inquiries. Or, if you prefer to speak with someone directly, there are service agents available at 416-362-8550 and 1-855-789-2979.
Interac Fees
Interac itself has a set list of fees for specific types of transactions. In addition, it is important to note that there may be additional fees, depending on the service you are using and the fees charged by your particular bank or financial institution. Some are free but some come at a small cost, so if this is something that interests you, you should definitely check.
The following are the types of fees that you as a consumer may pay to Interac specifically, which as you can see are quite nominal.
| Type of use | Fee |
|---|---|
| Interac Cash | $0.75 flat fee |
| Interac Debit | Free |
| Interac Flash | $0.02 - $0.035 flat fee |
| Interac Debit in-app and in-browser payments | Transactions of more than $300 have a flat fee of $1.80 |
| Interac Online purchases under $35 | $0.115 - $0.265 |
| Interac Online purchases above $35 | $0.365 - $0.465 |
| Declined purchases / administrative transactions / refunds | $0.015 |
| International processing fee | 150 bps |
Again, the above list is for Interac transactions. Most online casinos will not charge you a separate fee for making a deposit or withdrawal with Interac, so that should be it. Furthermore, if you were wondering how else Interac makes its money, there are separate fees it may charge merchants or online casinos that are not relevant to you.
The Expert Roundup on Interac Casinos
Considering Interac's long history on the Canadian financial scene, and its ubiquitous use amongst Canadians for all sorts of purchases, it is pretty obvious that we highly recommend Interac as a casino payment method. It is safe, secure, reputable, and inherently designed for Canadians and our banks.
As such, if you find an online casino that accepts Interac - and there are plenty as we have discovered - it should definitely be considered a primary choice for funding your casino account.
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