Interac is an interbank network that’s connected to more than 200 financial institutions. It’s been in business since the distant days of 1984 and was originally known as the Interac Association. Today the company is owned and operated by the Interac Association and the Acysys Corporation – two giant corporations made up of banks, credit unions and an assortment of financial cooperatives.
Set up to make payments safe, convenient and secure, the company is extremely well-established and offers a variety of different services. These include Interac Cash, Interac Debit, Interac Flash, Interac e-Transfer and Interac Online.
So unlike some of the newer online transaction services such as Neteller or Skrill, Interac has been in the game for more than a decade. It’s also particularly popular among online casino gamers in spite of the raft of deposit/withdrawal options now available to them.
The story of Interac is, interestingly, not that much different from the likes of Mastercard; like them, Interac was founded by several of Canada’s biggest banks to create a shared interbank network that operated through debit cards and ATMs. However, Interac would later go online as the technology became viable for online payments at scale, launching the Interac Online service in the mid-2010s.
Interac is known as an instant banking payment processor that works the same way as Instadebit and iDebit, both of which are also Canadian online payment processors. (The Interac company also offers debit card and ATM services; but we will specifically be focusing on online payments for this guide.)
The way that Interac works is that the Interac account creates an online wallet of sorts that is connected to, but not part of, your bank account. When you make a payment through Interac, you are basically transferring funds from your bank to your Interac account; Interac will then handle the rest of the transaction, redirecting your funds to the online retailer or casino that you are paying.
Depositing money into your online casino account with Interac only takes a few steps—just follow our instructions below and you’ll be on your way:
This account will only need your email address, phone number, and a few basic identifying details.
With your Interac account set up, log in to the online portal of your bank (assuming it supports Interac). This will complete the connection so your Interac account can make payments.
Deposit money into your online casino account using Interac as the payment method and fill out the required details.
It should only take a few minutes for your deposited funds to clear and reach your online casino account.
Casino fund withdrawals should be a similarly simple affair, and will only take a few steps:
Fast transaction speed: Interac prides itself on providing class-leading service, and one of the ways it does this is through fast transaction times. Excluding any additional lead times produced by either your banking institution or the online casino, Interac completes deposit transactions in mere minutes while withdrawals take about a day at most.
Wide coverage in Canada: As the most popular instant banking service in the country, Interac boasts incredibly wide coverage and is accepted by just about all online casinos that serve players in Canada. In fact, it will be quite difficult to find a Canadian online casino that doesn’t accept Interac.
No fees: Another major selling point for online payments through Interac is that they do not have any transaction fees on both deposits and withdrawals. While Interac itself may not charge any fees, the bank that you use might; so you will want to keep this in mind.
Needs a bank account: It’s important to understand that Interac is not an e-wallet like Skrill or PayPal and can not hold funds on its own. As such, you will need to have a Canadian bank account if you want to use Interac for your online casino payments.
Like any trusted payment company, Interac transactions are perfectly safe and secure. All deposits are encrypted, which makes the theft of information or funds pretty much impossible. Also, keep in mind that you won’t have to provide any information about yourself – all you’ve got to do is set up the service with your bank. In the highly unlikely event that a bad actor somehow manages to get access to your online banking profile, Interac’s zero liability policy means that you’ll be fully reimbursed for any lost funds.
All of the features and characteristics we’ve gone through above should give you enough reason to understand why Interac is the most popular online casino payment method in Canada.
Unfortunately, not all online casinos around the world accept Interac. This is because the company is aimed squarely at Canadian customers. So it does lag behind companies such as Neteller and Skrill when it comes to availability. Nonetheless, it’s not that difficult to find operators that do accept the service – the ones listed on this page are among the most respected examples currently available.
Like many of the latest and best online transaction services, Interac also allows you to make withdrawals with certain operators. Keep in mind though, that this isn’t always the case. Just because you can make a deposit doesn’t not automatically means that you’ll be able to make a withdrawal too. So be sure to check with the casino first. The process is largely the same as making a deposit with an online casino. However, you may have to wait a little longer – sometimes up to a couple of days.
When it comes to online casino payments, Interac is by far one of the best options you can get, hands down. Unless you have very specific needs that their services don’t already provide, there is no reason for you to not use Interac for your online casino payments.
Yes, Interac is native to Canada and continues to offer the full range of its services throughout the country.
Yes, you can use Interac for online casinos that support the payment method. For Canadians, this makes Interac a no-brainer as it is the most widely accepted instant banking service in the country.
To cash out your winnings with Interac, simply start a withdrawal request from your online casino account with Interac as the selected withdrawal method. The process should be more or less the same as with any other payment method.