Interac is an online banking method with over one million users. It was first established in 1984 by top financial institutions in Canada, to give Canadians access to a fast and secure means of transacting online. Apart from e-commerce, Interac has over the years grown to be the go-to payment option in over 100 online casinos.
This payment method uses the latest data encryption method. Therefore, all your account details and activities are safe from third-party intrusions. To further assure you of how reliable this payment option is, Interac is regulated under the Canadian Government and is in only in partnership with licensed online casinos in Canada.
Who can use Interac?
For you to use Interac as a payment method at your casino, you need to have a personal bank account with any of the 200+ participating banks in Canada.
At the time of writing, some of these banks include TD Canada Trust, Royal Bank of Canada, Credit Union Central of Canada, Bank of Montreal and Scotiabank.
After opening a bank account, you will then have to link it with your Interac account, and you will be good to go.
Making a Deposit using Interac
To fund your casino account using Interac is quite an easy process. All you have to do is choose it from the casino cashier page, enter the required details, and then select the amount to deposit, and wait for the confirmation.
The deposit processing time is almost instant, but this depends on your online casino. Making a deposit using Interac is fast and secure as there is no need for you to have a separate account since the process is carried out directly from your bank account.
Since being founded, Interac has become the number one option for most online gamblers in Canada. It offers an easy and safe banking environment as you don’t have to share personal account details with your online casino since your private bank handles all the transactions.
With technology advancement, most of the Interac online casinos have a mobile app or can be accessed via a mobile browser. Therefore, you can easily make your deposit via this payment option and track your transactions on the go.
Another advantage is that Interac has minimal deposit charges compared to other payment options. However, these transaction charges may differ depending on your bank. Also, unlike other online payment options, you can be able to make your withdrawals using Interac.
One obvious drawback of Interac is that it’s only available to players with an account with the participating Canadian banks. However, there are several options for players who don’t have an account with the said banks, e.g. bank transfer.
This payment option is great for players who want to limit their gambling deposits, as it is directly linked to your bank account. Therefore, a deposit will only go through if you have funds in your account. But it is only available to players in Canada who have bank accounts with the participating banks.