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About Interac And Online Casinos
Most Canadians who have mobile banking facilities and make purchases or pay bills over the internet are aware of Interac. Simply doing business with any of the country's "big five" banks gives consumers access to the e-Transfer system.
Interac e-Transfer is a great way to deposit and withdraw from online casinos.
What is Interac?
Interac is an electronic fund transfer service for Canadians. All in all, it functions as the nation's debit card system. It was founded in 1984 as the Interac Association and became the Interac Corporation in 2018.
The company offers several products and solutions that are used about 16 million times a day in the country. The three most important services include:
Cash, Debit, and Flash pay services for in-person retail purchases and withdrawals from automated banking machines (ABMs).
An online payment method that can be used to fund Canadian Government licensed online casino accounts such as you may have at PlayNow.ca in BC and Montreal, or PlayOLG.ca in Ontario, etc.
Interac e-Transfer, which is an easy way to send, request, or receive funds directly from one bank account to another (i.e. your personal account and that of an offshore online casino).
We'll focus on the eTransfer service for several reasons.
- You probably already know about and use cash, debit, and flash pay services and don't need them to gamble online anyway.
- Interac Online is only useful for deposits, not for withdrawals. Also, many players are reporting declined transactions when they try to deposit anywhere other than provincially licensed lottery/casino sites.
- Interac e-Transfer can be both a deposit and withdrawal method.
Pro: The service is very low cost, highly successful, swift, and easy to use.
Con: You can only use the service if you have a Canadian bank or credit union account and not all online casinos accept the method.
How it works
For those who want to reduce their deposit fees to somewhere between $0.00 and $4.00 (usually $0.50 to $1.50) and don't mind following simple step by step instructions in real time - simply visit one of the casinos listed here that accepts Interac eTransfers. Follow the instructions in the cashier section after choosing the method, and you'll be on your way!
Otherwise, please read on for more information about the #1 Canadian online casino deposit and withdrawal method available today.
An e-Transfer is a lot like an e-check. Rather than sending your checking account number, check number, and "routing" number over an email or another semi-secure medium, only the instructions are sent - and usually over two separate mediums such as email and SMS text message.
The actual funding moves from one business or personal account to another, totally within the banking system so it's always safe, secure, and fast.
Deposit using Interac eTransfer
The process may vary a bit from casino to casino, but the basic mechanics of a transaction are always the same.
The customer, you, open a banking session with your regular online or mobile bank.
Depending on the particular gaming site's process you may also need to navigate to the cashier section there and choose Interac at this time. Whichever the circumstance, simply follow the cashier instructions and ask for help from customer service if you feel the need.
What will occur next is that you will create a security question and an answer to that question.
Either by text message, email, or onsite you'll let the casino know the answer.
The bank will contact the vendor and ask them the security question. When they answer it properly the funds will be immediately available in your casino account.
While that may seem more involved than simply clicking on a debit or credit card number you already have stored, and typing in a CVV code or the like, it's really not a cumbersome process, especially after you get the hang of it. The added security and high chance of a successful deposit make the extra minute or two worth it in many player's minds.
Withdraw winnings via Interac e-Transfer
The process is similar but simply reversed. Simply go to the cashier section and choose Interac as a withdrawal method. The system will send you a notification and you'll need to provide an answer to the security question.
The notification you receive will most likely contain a sender name, the amount you have withdrawn, and a link to Canadian online banking facilities. Choose your institution, login, and choose the account you want the money to go into.
Some banks, including BMO, RBC, Scotiabank, and TD Canada Trust will let you register for "Autodeposit". If you've done this, you will not have to go through the security question procedure to receive your funds.
To set up Autodeposit log in to your financial institution's mobile banking page and click on "Interac e-Transfer settings" to register. Confirm the choice by replying to the email they send to activate the feature.
Interac e-Transfer FAQs
1. How long will it take to get my money?
Four to six working days is the average amount of time it will take for the funds to appear in your account ready for use. Any additional time will be due to the casino processing your payout. Some are instant, some can take several working days to release your funds.
2. Will it cost more if I make a big deposit?
No. According to BestCasinosCanada.com, "You’ll be charged a small flat-rate fee regardless of how much money you transfer, and the funds will be available immediately."
3. Can I use Interac eTransfers if I'm in another country?
No. Not unless you have an account with a Canadian bank or other financial institution that accepts Interac.
4. Who would benefit most from using Interac eTransfers?
Players who have gotten tired of getting their bank-issued credit and debit cards turned down, and those who prefer not to purchase prepaid cards for deposits and have their winnings wired to their banks will benefit the most.
5. Is Interac only found at the big five banks?
No. Many financial institutions support the system including Desjardins, National Bank, President's Choice Financial, Tangerine, along with several credit unions and other financial institutions. You can find the full list of more than 250 Interac participants here.
6. Do I need to open an Interac account to use the service?
No. Simply navigate to your financial institution's online or mobile banking page, click the Interac logo, and follow the instructions.
7. Will my Interac e-Transfer transaction be protected?
Yes. Your money will never actually be exchanged via email or text message. The only things that are sent are notifications and instructions. The money will be transferred from bank account to bank account inside the banking system. The transfer service is one of the most secure in the world.
8. Can I reverse a transaction?
Possibly. Interac e-Transfers cannot be reversed once the recipient has deposited the funds. Treat all electronic transfers the same as you would a cash transaction. If the funds haven't been deposited yet you can log back into your account, choose the transaction you wish to cancel, and use the option provided.