Interac Background Information

Interac Association, the company first behind Interac, was founded in 1984 as part of a cooperative venture between some of Canada’s main financial institutions. The idea was to make it easier for Canadians to access their money through a single shared network. In 1996, the eight financial institutions that had originally created the Interac network founded Acxsys Corporation in order to develop new business partnerships. They offered customers a range of different services such as mobile payments, international payments, and the Interac Online and Interac e-Transfer systems. The two institutions then merged in 2018 to create Interac Corp. They have continued their work to this day helping to simplify business operations, legal obstacles, and payments for customers.

It is a hugely popular payment system in Canada, especially as many other common payment methods, such as PayPal and Neteller, are not available. The systems used at online casinos, Interac Online and Interac e-Transfer, act as a bridge between players’ bank accounts and the casinos. Essentially people are able to make immediate transfers between the two accounts, without having to take any intermediary steps, such as funding an e-wallet.

It is well known as an entirely reliable and secure service, and as such, it has become hugely popular. Any Canadians who are looking for an easy way to make payments at online casinos should certain give it serious consideration. 

Up to £200 bonus over first three deposits

Advantages of Using Interac

You will find that there are many advantages to using Interac when making payments at online casinos. Firstly, it offers excellent security. The service utilises the latest technologies to ensure that users’ money and privacy is fully protected at all times, the same technologies are used by banks to protect customers when carrying out online banking and other transactions.

Furthermore, those who are concerned about privacy will also find that Interac is an excellent choice. There is no need to provide a casino with any personal banking details, such as a card number, account number, and so on. Users simply use Interac to create a direct link to their bank account. This means that the casino will never store any of your banking information, so it cannot be stolen. The company claims that it is one of the safest ways in the world to transfer money online, and it makes use of well-established banking procedures, the same that are used to process cheques, bank machine transactions, and so on.

One of the main reasons for Interac’s popularity is its ease of use. It can be used together with almost any Canadian bank account without the need to sign up for additional accounts, create new logins, and so on. Furthermore, the service is extremely fast, so players are never going to be left waiting for their funds to arrive. The same is true of withdrawals, the Interac transfer is instant, so players need only wait for the casino to finish processing the transaction.

Another benefit is that it is extremely rare to find casinos charging fees for Interac transactions, both deposits and withdrawals. There are some fess from Interac, but these are very low. Generally, there is a flat fee for all transactions, which should never be more than $1, which is a small price to play for such an efficient and easy to use service.

It is also worth noting Interac’s fantastic reputation. Having existed for more than three decades, it is respected by all major financial institutions and has a stellar record. There have been no major security breaches and there are not doubts surrounding its trustworthiness or reliability.

As with any casino payment system, there are a few disadvantages that you should be aware of before using Interac. The most obvious disadvantage is that the service is only available to Canadians and you will need to have a bank account with a Canadian institution in order to use it. Furthermore, while it supports the vast majority of Canadian banks, if you bank with a small institution there is a chance that it won’t be supported. In addition, as noted above there are some fees. However, you will struggle to find a payment system that is entirely free, as e-wallets often charge fees for deposits and withdrawals, and very often, there are charges for using credit cards. Finally, Interac is not available at every online casino. However, it can be used at most, and overall, it is an excellent choice for Canadian gamblers.

How to Use Interac at an Online Casino

The founding principle of Interac was that it should be a very user-friendly service, and this is certainly the case. While there may be some variation in the exact deposit and withdrawal procedures, you should have very little trouble using it.

If you are using Interac e-transfer then all you will need is the recipient’s mobile phone or an email address. You simply login to your Interac account, select your financial institution and enter the appropriate information. You then just need to confirm the transaction and the money will be sent immediately. Similarly, if you are making a withdrawal, you just need to log into your online banking and look for the Request option in the e-Transfer section. You provide the casino’s information together with the amount that you want to withdraw and send the request.

The procedure when using Interac Online is slightly different, but just as straightforward. In the casino cashier, you need to select Interac as your payment method and then make a note of the casino’s payment information. Then go to your online banking and enter the appropriate details for the casino you wish to deposit at and select which bank account the funds should be transferred from. All that is left to do is enter the deposit amount and confirm the transfer. The money should arrive in your casino account. Withdrawing is even simpler. Just visit the cashier and once again select Interac as your withdrawal method. Enter the required information, including how much you want to withdraw (you also need to be sure that you have cleared any bonus wagering requirements). Then just confirm the transfer and wait for the money to arrive in your bank account.

Help with Interac

If you have any trouble when using Interac then the first thing you should do is visit the company’s website. There is an extensive FAQ there that deals with all of the company’s products. It is well structured, easy to navigate, and contains clear and helpful answers. For example, there are sections such as “interact e-Transfer Security” and “Request Money”.  There are also troubleshooting guides, which may be of help with specific issues. There does not seem to be a way to contact Interact directly. However, you can contact your bank or your online casino, both of which are sure to do all that they can to help you resolve any problems.


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Frequently Asked Questions
Where is Interac available and what currencies does it support?

Interac is solely a Canadian service. This means that only people who live in Canada and have a Canadian bank account can use it. However, it is possible to deposit money in many different currencies and to send money internationally. As such, it can be used at casinos based around the world.

Can I be sure that Interac is safe?

Interac has an excellent reputation in regards to security. Money is sent using established and secure banking procedures such as authentication and transaction encryption, financial institution authentication, and proprietary risk management. As such, you can be certain that your money is completely safe and that your privacy is carefully protected.

Are Interac transaction fast?

Yes, extremely. When you make a deposit at an online casinos using Interac then the transaction will be processed instantly, it is highly unlikely that you will ever be waiting more than a few minutes for your funds to arrive. There is a chance that withdrawals will take a little longer, but most often, the delay will be caused by the casino’s withdrawal processing policy.

Are there fees for using Interac?

Interact is very cheap to use. If you are sending money using Interac e-Transfer then the only fees you may encounter will be from your financial institution. Furthermore, it is very rare for online casinos to charge any fees for deposits or withdrawals. However, it is always worth checking the casino’s policies first to be sure of this.

Why should I use Interac instead of a bankcard?

There are a couple of reasons why you may find using Interac the better option. The first is that not all banks in Canada will process gambling transactions, and by using Interac, you avoid this problem entirely. The second is that if you use a bankcard then you will have to supply the casino with its details, which is slightly less secure.



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