🇨🇦 Interac Casinos in Canada
Most Canadians are already very familiar with Interac. Launched way back in 1984, Interac provides a heart range of different payment solutions for all walks of life and is used some 16 million times a day for different payments and money transfers.
It is only relatively recently, however, that Interac has begun to be an accepted form of payment at online casinos, providing a digital payment option that appears to be safe, secure, and swift. In order to handle these types of transactions, Interac utilizes Gigadat to process payments
Is Interac as good as it seems, though? And how does this payment method stack up against the wide range of long-tenured options already available to those in the iGaming world?
Providing instant transfers and a stellar reputation, Interac certainly seems to measure up well against its competition, but there are negatives to this payment method too.
It must be strange for Interac to be one of the best-known names in the Canadian financial world, yet be something of a newbie when it comes to online casino payments. There are still many players who do not know that Interac exists as a casino payment option and numerous online casinos who do not offer it.
How much does this relative lack of accessibility work against Interac? Or will its state of the art security protocols be enough to ensure this payment method stands out from the pack in this highly competitive industry?
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The Good & Bad
Transactions made with Interac are pretty much instant from their side, any deals for deposits or withdrawals will normally be associated with the casino you are using, as opposed to the payment method itself.
While instant payments are certainly becoming more frequent, not every payment method provides this level of speed. Interac transactions are as quick as direct credit card transactions, and have the added benefit of not needing you to give your personal banking details to the online casino you are using.
For many, the idea of allowing an online casino to access your personal information and banking details is still something of a concern. While most online casinos are seen to be safe at this point, doubts still exist, and many trust financial institutions far more than the casinos themselves.
This is where Interac comes in handy, there is, firstly, a level of comfort gained by the excellent reputation of this company and the amount of financial transactions they take care of every day, but there is more to it than that.
Interac uses state of the art encryption technology and continuously updates their safety protocols to ensure they are at the forefront of security. Interac works with all major banks in Canada, and if you are deposit or withdrawing at an online casino, you only need to select Interac as a payment method, and then you do not give any information to the casino itself.
Instead, you put money into your Interac account, and then deposits are made directly from that account into your casino account, meaning your information never has to be, and never will be shared with the casino.
Interac does not operate with limits on how much you can deposit or withdraw, as long as you have the money in your Interac account, you can transfer that money into an online casino.
Obviously for deposits and especially for withdrawals, there will be limits imposed by the casinos themselves, and it’s important to be aware of these before making deposits using your Interac account.
This puts Interac in a good light compared to many alternative payment methods that have fairly restricting limits on depositing into casinos, which is a particular issue for high rollers. There is no such issue with Interac here, unless you have placed a limit on your account personally.
Despite having decades of experience in the world of online payments in Canada, Interac is a fairly recent addition to the online casino world, and as a result, there are limited casinos offering the payment method.
This is partly due to the ease for the casino, Interac does not work with international banks, for example, making it a less than useful method for any customers outside of Canada.
The main reason for this lack of accessibility, however, is that Interac simply hasn’t made enough of an impact on the casino world yet. It is fair to assume, given the good reputation the company has when it comes to online transactions, that the number of Canadian facing casinos accepting this payment method is likely to increase in the near future.
However, for the time being, this is one of the less accessible payment methods outside of the bigger names in online casino play, most of which now offer Interac.
Interac is as easy for withdrawals as it is for deposits, so withdrawing any winnings from bonus money shouldn’t be a problem with this payment method. As with deposits, withdrawals can be instant, but the majority of online casinos will take a while to release the money, so expect between one and five days waiting before your winnings reach your Interac account.
To withdraw to your Interac account, simply go to the withdrawal options at your chosen online casino, as long as they offer Interac as a payment method, you can just click on that option. As long as you have covered any necessary withdrawal limits, you should be able to immediately withdraw any money from your casino account, you can take it all if you want.
Once you’ve done that, you just have to return it to you bank account from your Interac account, and the money is with you.
The main downside to Interac at this point is the lack of accessibility compared to other payment methods.
Perhaps only PayPal is available at less Canadian facing casinos at this point, with the likes of Instadebit, Neteller, and credit card payments being far more frequent in the list of accepted payment methods at casinos.
While this could well end in the near future, the big issue that Interac has is that it doesn’t really do anything new or different.
eWallets, middle man options like Instadebit, and even cryptocurrency allow for deposits and withdrawals to be made without having to give bank details to an online casino, which is one of the biggest positives Interac has.
The reputation of the company and the attention to security that they have does help in making this payment method stand out, it could be claimed that this is the safest payment method available, and that’s certainly a big plus.
With the Interac name carrying the weight that it does, and the attention to detail on security, we could well see this becoming one of the biggest payment methods available.
However, at the other side of that particular coin, maybe this is just one payment method too many for an industry that is already brimming with available options.
If you find an online casino offering Interac as a payment method, it may well be a good idea to use it. But, if you’re chosen casino doesn’t offer Interac, there is likely to be numerous other choices that could work for you just as well.
Our favourite is definitely Rizk Casino and for a number of rational reasons.
- They give back more of their margin (house edge) back to the players than other casinos. This happens via promotions and the Wheel Of Rizk loyalty scheme. Simply by picking this site, you get more playing time for your money than elsewhere.
- They process withdrawals within hours.
- They offer a private live dealer studio, again, with heaps of promotions and a dedicated welcome bonus for live dealer players specifically.