Interac Casinos – CAD Deposits & Withdrawals

Interac is one of the most popular online gambling payment methods in Canada. All the best online casinos that offer Interac as a deposit and withdrawal method will accept Canadian Dollars (CAD) bets as this payment method is specifically for Canadian casino players.

Table of Contents

This guide comes courtesy of the Casinoplusbonus Canadian casino player Jack Bannon. He has over two decades of experience gambling online in Canada and the UK. He has used Interac to fund online casino, poker, and sports betting. In this guide, he covers the ins and outs of the Interac casino payment method.

Quick Facts

• Interac has operated for over 35 years.
• It is only available for Canadians.
• Fund your online casino directly from your bank account without sharing your bank account details.
• Widely used for eComm shopping as well as casino payments and withdrawals.
• Over 250 Canadian banks support the Interac electronic funds transferring service.
• It is one of the safest and most secure deposit and withdrawal options for casino players.
• Designed specifically for Canadians and the CAD currency.
• Uses banking-grade security protocols.
• Most online casinos that accept Canadian players will support Interac.
• Online casinos absorb most fees.

Highlights

• Instant deposits and withdrawals.
• You do not need to register for an account.
• Download app.

What is Interac?

Put simply, Interac is an electronic fund transferring service that allows you to send and receive money or pay for goods and services online. Transactions are completed quickly and securely. Interac first came about in 1984 as a nonprofit called the Interac Association. In a collaboration between five of Canada’s biggest financial institutions, the aim was to create a system that would allow quick and easy financial transactions between customer bank accounts. Before long, services including Interac Cash, Interac Debit, and Interac Flash had changed the way people in Canada made payments.

The number of financial institutions involved in the collaboration consistently grew over the years, and today over 80 work together to develop new payment solutions and services. Essentially, this means that over 250 banks in Canada now support Interac transfers. This huge collaboration has seen successful solutions created, including Interac Online and Interac e-Transfer, two payment solutions Canadians can use to transact with online casinos.

Interac Online and Interac e-Transfer are the two solutions you will find in Canadian online casinos. Some will offer one or the other, or others may provide you with both options. Both allow you to make quick deposits, but they do differ slightly. Interac Online uses a payment gateway to transfer funds directly from your bank account. Alternatively, when using Interac e-Transfer, you have to log into the online banking app or website of your bank to complete the transaction via email. We will take you through the processes of both a bit later on in this guide.

The Advantages of Interac Casinos

An online casino that offers Interac as a payment option will open itself up to the Canadian market. This is Canada’s number one online payment solution, so, likely, most players in the country will only want to play at casinos that offer Interac as an option. Most Canadians will already have a bank account that supports using the payment method. There is no need to create an account with an eWallet and then verify your identity to unlock/increase transaction limits.

The process required to deposit and withdraw using Interac is easy too. It will take a matter of seconds, in fact. Transaction speeds are good too, especially when depositing. When you fund your account using Interac, the funds appear in your casino account instantly. As for withdrawals, these may take a few days, depending on how long it takes the online casino to process your withdrawal request. Generally, withdrawals take about the same length of time as using credit/debit cards when cashing out from online casinos.

Aside from offering a convenient and quick way to transact with your preferred online casinos, Interac also affords additional security. As the payment solution acts as a middleman in all transactions, you’re never directly sharing your banking information with the online casino. If the casinos don’t see it, they cannot misuse that information! Plus, as Interac works with over 250 banks, it uses the same industry-grade SSL encryption technology to keep your personal information and financial transactions away from prying eyes.

Not excluded from bonuses: You might have noticed that when using payment methods such as Skrill and Neteller, you’re exempt from claiming welcome bonuses or deposit bonuses at many online casinos. This is never the case when using Interac. As long as a casino offers a bonus to Canadian players, you can use Interac to deposit your funds and claim the bonus.

What is Interac?

Put simply, Interac is an electronic fund transferring service that allows you to send and receive money or pay for goods and services online. Transactions are completed quickly and securely. Interac first came about in 1984 as a nonprofit called the Interac Association. In a collaboration between five of Canada’s biggest financial institutions, the aim was to create a system that would allow quick and easy financial transactions between customer bank accounts. Before long, services including Interac Cash, Interac Debit, and Interac Flash had changed the way people in Canada made payments.

The number of financial institutions involved in the collaboration consistently grew over the years, and today over 80 work together to develop new payment solutions and services. Essentially, this means that over 250 banks in Canada now support Interac transfers. This huge collaboration has seen successful solutions created, including Interac Online and Interac e-Transfer, two payment solutions Canadians can use to transact with online casinos.

Interac Online and Interac e-Transfer are the two solutions you will find in Canadian online casinos. Some will offer one or the other, or others may provide you with both options. Both allow you to make quick deposits, but they do differ slightly. Interac Online uses a payment gateway to transfer funds directly from your bank account. Alternatively, when using Interac e-Transfer, you have to log into the online banking app or website of your bank to complete the transaction via email. We will take you through the processes of both a bit later on in this guide.

The Advantages of Interac Casinos

An online casino that offers Interac as a payment option will open itself up to the Canadian market. This is Canada’s number one online payment solution, so, likely, most players in the country will only want to play at casinos that offer Interac as an option. Most Canadians will already have a bank account that supports using the payment method. There is no need to create an account with an eWallet and then verify your identity to unlock/increase transaction limits.

The process required to deposit and withdraw using Interac is easy too. It will take a matter of seconds, in fact. Transaction speeds are good too, especially when depositing. When you fund your account using Interac, the funds appear in your casino account instantly. As for withdrawals, these may take a few days, depending on how long it takes the online casino to process your withdrawal request. Generally, withdrawals take about the same length of time as using credit/debit cards when cashing out from online casinos.

Aside from offering a convenient and quick way to transact with your preferred online casinos, Interac also affords additional security. As the payment solution acts as a middleman in all transactions, you’re never directly sharing your banking information with the online casino. If the casinos don’t see it, they cannot misuse that information! Plus, as Interac works with over 250 banks, it uses the same industry-grade SSL encryption technology to keep your personal information and financial transactions away from prying eyes.

Not excluded from bonuses: You might have noticed that when using payment methods such as Skrill and Neteller, you’re exempt from claiming welcome bonuses or deposit bonuses at many online casinos. This is never the case when using Interac. As long as a casino offers a bonus to Canadian players, you can use Interac to deposit your funds and claim the bonus.

How to Use Interac in Online Casinos?

To benefit from Interac, all you need is a bank account at a bank that supports it. For example, if you have an account with banks including TD Canada Trust, RBC Royal Bank of Canada, or First Nations Bank of Canada, you can deposit and withdraw at online casinos today. While there is an Interac app you can download for making purchases online or sending and receiving money from friends, there is no need to download it if you’re planning to fund or cash out your online casino account.

Interac offers two solutions you can use to deposit and withdraw at the online casinos:

• Interac Online; This offers a slightly easier transaction process when depositing, as it opens up a payment gateway that you can use to send funds directly from your bank account. You do not have to log into your online banking/bank app to complete the process. However, Interac Online is not as common as Interac e-Transfer at the online casinos.

• Interac e-Transfer: While the process is a bit more elongated using e-Transfer, this is the Interac solution you’ll find more frequently at online casinos. Completing transactions involves logging in to your bank account and entering an email address and an answer to a security question provided by the casino. When withdrawing, that process is reversed. This time you inform the casino of the correct security answer which they input when processing your withdrawal request.

Other solutions offered by Interac: Aside from Interac Online and Interac e-Transfer, the payment provider also offers other solutions you can take advantage of. Much like Visa or Mastercard, you can use Interac Debit to make purchases at popular Canadian retailers. You can also withdraw from ATMs using the Interac Cash service, or enjoy contactless payments via Interac Flash on your smartphone!

How to Deposit at Online Casinos Using Interac?

As mentioned, the process differs depending on the Interac service you’re using, but in the grand scheme of things, both take no time at all. Below, you will see the steps you need to follow when making a deposit using Interac.

How to Withdraw from Online Casinos Using Interac?

When you want to cash out some funds using either Interac payment options, the process is quick and easy. In fact, all you have to do is go to the cashier, select withdraw, choose either Interac and type how much you want to withdraw. Depending on the casino, you may have to verify your identity before you can withdraw, so keep this in mind. You may have to send in documents (or copies/photos of documents) that prove your identity, address, and date of birth. This could take a few days to complete, but once done, you’ll never have to do it again at the online casino.

Pending Times and Payout Speeds: Withdrawing using Interac offers similar payout speeds to those performed using credit/debit cards. This could mean waiting between 2 and 5 banking days for your withdrawal to hit your bank account. That said, this is without considering the time it takes for the online casino to process your request. Some Canada casinos will keep your request in a pending status for a day or two. This is to check against AML and KYC guidelines and to ensure you have not broken any of the casino’s terms and conditions.

Safety and Security

Whenever you’re considering a payment method to use at your favourite online casinos, safety should be at the forefront of your mind. Interac is a payment solution developed by major Canadian banks, so there is little to worry about on their behalf. Each transaction is encrypted using the same high-grade SSL encryption technologies that the banks use themselves.

Of course, you also need to think about the security your online casino has as well. If you’re playing at a casino licensed by the MGA or Curacao, the casino will have security that is more than adequate. The regulatory bodies want to ensure that player transactions are safe. The casinos will use encryption technology and have privacy policies in place which were designed to protect your personal information. With Interac, you do not have to worry about the latter so much, as you won’t share your banking information with the online casino when making deposits or withdrawals.

Avoid dodgy online casinos: While Interac is one of the safest payment options around, most will ensure that your transactions are protected. The biggest dangers occur when playing at unregistered online casinos or those with a less than impressive reputation. Keep an eye on our casino blacklist to see the casinos we suggest you avoid!

Alternative Casino Payment Methods for Canadian Players

While Interac remains Canada’s leading online casino payment method, you do have numerous other options to consider.

• Bank Account Apps: Instadebit, Direct Bank Transfer
• Card Payments: You can use credit/debit cards
• eWallets: Skrill, Neteller, ecoPayz, MuchBetter, and Mifinity
• Pre-Paid Vouchers: Paysafecard
• Anonymous: Pre-paid vouchers or cryptocurrency

Obviously, the payment methods you can use will vary from casino to casino, but you will normally have a decent selection to choose from. If Interac is not available, check out some of the other options that you can use to fund and cash out your casino account.

Cryptocurrencies: An increasingly popular casino payment method among Canadian players is cryptocurrencies. An increasing number of online casinos now accept payments using Bitcoin, Litecoin, Ethereum, Ripple, and Doge, among others. These offer you anonymity, quick transactions, and low transaction fees. However, the downsides to using these digital currencies is that their value is very volatile, while a simple error when typing a wallet address will lose your transaction for good!

FAQ

Why Should I Use Interac?

If you’re a Canadian casino player, Interac is one of the most convenient payment options at your disposal. There is a good chance that you already have a bank account that supports this online fund’s transferring system. If you do, there is nothing else needed. You do not need to create an Interac account, verify your identity, or do anything else. You can load up an Interac casino and start playing whenever you want.

Can I use Interac if I’m not from Canada?

Unfortunately not. At the moment, Interac is only available to people that have an existing bank account at a Canadian bank that supports Interac transactions. If you’re based in another country, you will have to find an alternative payment method to use. eWallets such as Skrill, Neteller, ecoPayz, and MuchBetter are good options, as many online casinos support them.

How long will it take for me to receive my money?

While your deposits will hit your casino account instantly in real-time, withdrawals will take a bit longer. The casino has to abide by KYC (Know Your Customer) and AML (Anti Money Laundering) protocols as set out by the iGaming regulatory bodies, so it may take a day or two before it processes your withdrawal request. Once done, you will then have to wait a few more banking days for your transfer to complete.

Does Interac charge any fees?

The online casinos you’re depositing at will usually absorb most of the fees when you’re depositing. The bank that you’re using sets the fees when sending money, but these are so small that the online casinos usually absorb them. It also depends on the casino if you’re charged any fees when withdrawing using this payment method. Some casinos may charge you a flat fee of around C$1. Even if you are charged a fee, these will be tiny in comparison to the fees charged by many of the eWallets you can use for online casino transactions.

Is Interac widely accepted at online casinos?

If an online casino accepts and targets Canadian players, there is a good chance it will support Interac as a payment method. You can check at some online casinos by going to a ‘Payments’ page before signing up. Another way to find out is to look at the footer of the page to see if the Interac logo is present. If it is not clear if Interac is supported, you can use our casino reviews to establish which payment methods an online casino supports. Our expert team of reviewers always takes a close look at the payment methods accepted on a country-by-country basis. That way, whether you’re from Canada, India, New Zealand, Ireland, South Africa, or the UK, you will know beforehand the methods you can use to transact with the online casino.

Are my transactions and banking information safe?

Absolutely. Interac is a payment solution developed by numerous leading Canadian banks. These financial institutions know how to keep transactions safe. They use industry-standard SSL encryption technologies that protect the data shared between you and the bank, so your deposits and withdrawals are perfectly safe. Plus, you never share your bank details with the online casinos like you would when using credit/debit cards for payments.

Do I need to create an account with Interac – like with eWallets?

No, Interac communicates directly with the online banking aspect of your bank. Depending on whether you use Interac Online or Interac e-Transfer, the process you follow to deposit and withdraw differs somewhat. However, they both require you to log in to a bank account via online banking to confirm your transactions.

Does Interac offer support to users?

Yes, if you experience issues or have questions, you have a few options at your disposal. You can use an FAQ page on the Interac website, use the site’s online contact form, or send a direct email to the Interac customer support team.