The Best Interac Online Casinos in Canada

What is Interac?

Interac is an interbank network that allows financial institutions and other enterprises to make electronic monetary transactions. Founded in 1984, Interac serves as the substitute for Canada’s debit card system and is used by 16 million Canadians every day. 

Both of Interac’s e-transfer and online payment services are popular banking methods at Canadian online casinos. The e-transfer function is commonly used to send payments to friends and family, but doesn’t involve the direct transfer of money between two different bank accounts.

Instead, payments are approved via a third-party payment solutions company called CertaPay, which then authorizes the transaction and sends a notification to both participants by email. Interac e-transfer is widely available at both Canadian financial institutions and casino sites, and is regulated by the Bank of Canada.  

When using Interac e-transfer at a gambling site, the casino will issue users with a specified email address as a destination for the transaction, followed by a security question as a layer of authentication. Interac e-transfer can therefore be used by any customer with an email address and a Canadian bank account.

For Interac online, customers can pay for deposits by directly transferring funds from one bank account to another. This option is faster and more seamless than Interac e-transfer, as there’s no need to authenticate payments through email addresses and security questions.

However, the downside is that Interac online is not as widely available as Interac e-transfer, as the service is only available to customers of four of the five largest Canadian banks: RBC, BMO, Scotiabank, and TD Canada Trust. CIBC, the sole outlier, uses Visa Debit payments for online transactions between bank accounts.

How to Make Casino Deposits with Interac

Follow this simple step-by-step guide and you’ll be making an Interac casino deposit in no time:

1. Browse through our recommended list of the best Interac online casinos
2. Read our reviews and compare the welcome bonuses on offer at each 
3. Click through to the gambling site that best suits your needs and interests 
4. Sign up by entering your personal information, such as your name, address, and email address
5. Click through to the cashier page to make your first deposit
6. Select your Interac deposit method – either e-transfer or online services 
7. Key in the deposit amount and follow the on-site prompts
8. Select your banking institution and click confirm
9. Wait for verification checks and processes – this can take a bit of time when new players first sign up to an online casino 
10. Place your first wager!

Benefits of Using Interac

While playing at an online casino – which can sometimes be a pressurized environment – gamblers want to feel secure about their online banking infrastructure and the method by which they’re depositing their own money. Since Canadians have been familiar with the Interac brand for a number of decades, it’s a well-established candidate for online casino transactions. Here are some other reasons why you should consider Interac payments:

1. A credible, trustworthy and reputable brand with decades of experience;
2. A familiar service for all Canadians;
3. A widely accepted at both Canadian financial institutions and online casinos;
4. It offers fast deposits;
5. It can facilitate fast payouts – while other payment methods can take up to seven working days for funds to appear in your account, Interac can process payments on the same day;
6. Interac offers trusted levels of security on both e-transfer and online services by the biggest Canadian banks.

Drawbacks of Using Interac

Of course, if Interac was a perfect online casino payment method, it would be the only one to choose from. While Interac is an excellent all-round banking option, each individual will have their own set of preferences when it comes to payment methods based on their own gambling habits.

With that in mind, here are some potential drawbacks for using Interac at Canadian gambling sites:

1. It’s only available to Canadian citizens, and users aren’t able to send Interac transactions to foreign countries;
2. Interac online is not available at all Canadian gambling sites;
3. While Interac does not charge any fees for the use of its services, your bank may do so – have a look at their terms and conditions to see whether transactions will incur a charge;
4. For Interac e-transfer, transaction notices are issued via email, which could make users susceptible to phishing attempts. Remember to never reveal your passwords or other sensitive information over email, and be cautious about opening links or downloading files from emails that seem suspicious.

Other Payment Methods

Canadian Interac casinos aren’t limited to just one payment provider, and players will have a range of different banking methods to choose from when they gamble online. Here are some of the other most popular payment methods at Canadian online casinos, and what they offer to their users. 

Bank Cards

The only other payment method that exceeds the ubiquity of Interac payments is the humble bank card. Interac offers a very similar service to debit and credit card payments, with high limits on deposits and withdrawals. However, slow processing checks on both the casino and banking ends place bank card payments among the slowest of all withdrawal methods, with payouts taking up to seven days before being credited to the user’s bank account.

e-Wallets

PayPal is the most recognizable North American e-wallet brand, but unfortunately it’s not accepted at Canadian online casinos. However, Skrill, Neteller and ecoPayz all offer suitable alternatives and are popular choices for many punters. These services deliver an outstanding option for the online casino market, with high limits, lightning quick withdrawals at fast payout casino, and the removal of sensitive information at the point of transaction. Instead, payments are authorized – much like Interac e-transfer – with a username, email address, password, or PIN.  

eCheck

If you like the process of cashing physical checks, you can use exactly the same process electronically with eChecks for online casino payments. You’ll first need to register your checking account with your gambling site, but once you’ve done so, deposits are instant and require exactly the same information as physical checks. Although deposit limits are high, withdrawals are not possible with this payment method.

Pay by Phone Bill

If it’s short, snappy, convenient deposits you’re after, then pay by phone services are worth considering. Boku is the industry leader in this space, with a user’s mobile network provider initially paying for a deposit on their behalf before charging it to their monthly cell phone bill. However, deposit limits are quite low – usually in the $30 a month radius – and these services aren’t yet able to facilitate any withdrawal requests.