Players do not want to waste precious time waiting for a deposit to process but would rather jump right into their favorite games and start spinning the reels.
Fortunately, a wide variety of banking options are available nowadays, catering to different preferences. Regardless of your deposit/withdrawal method, security and financial safety are guaranteed when gambling at a licensed and regulated online casino in Ontario.
Interac stands out as one of the most popular payment methods for players in Canada. It provides a convenient and secure way to deposit funds directly from bank accounts and serves as a smooth withdrawal option as well.
In this article, we are going to explain its specifics, highlight the biggest pros and cons and ultimately give our final verdict on whether you should use it.
What Is Interac?
After the gaming market became fully regulated in the province, most banks and online casinos started allowing players to make deposits using Interac. Some of the latest reports show that more than half of online transactions in Canada are made using this payment method.
Interac basically functions like a debit card, allowing customers to make direct deposits from their bank accounts to a casino balance. The process is remarkably smooth, with everything completed in a couple of clicks. The entire process is usually completed within one minute.
Interac operates on a debit card model, so players can only deposit money they actually possess. This can be a big plus for those aiming to control their casino spending more closely.
There are five types of Interac payments:
- Interac e-Transfer allows players to send electronic payments to other companies that accept this banking method. The entire process is completed through your Interac account.
- Interac Debit involves using a physical Interac Debit Card issued by a Canadian bank to make purchases.
- Interac Flash is a feature of Interac Debit Cards that activates the “Tap to Pay” option.
- Interac Online is an online platform that connects to your main bank account, allowing you to make purchases. This is the best option to have for online casino players who wish to withdraw funds using Interac.
- Interac Cash is a type of Interac payment that allows you to head to any ATM and withdraw cash.
Checking if an online operator accepts Interac is easy. Head to their cashier section, where you should find a list of supported banking methods. The same applies to withdrawals.
Deposits are usually processed within one minute, while players have to wait between three and five business days for the withdrawals. An important note to add is that most online casinos in Ontario nowadays only support Interac Online as a withdrawal method.
How To Fund Your Casino Account or Cash Out Using Interac?
- Log in to your online casino account
- Click the “Cashier” tab and select “Deposits”
- Choose Interac as the deposit method by clicking on the icon
- After entering the deposit amount, you will be redirected to Interac’s e-transfer page to finish the transaction
- Repeat the same process for withdrawals
Pros & Cons Of Interac Payments
- One of the most popular and safest online banking methods in Ontario
- Most Canadian banks issue Interac Debit Cards
- It’s extremely fast and convenient
- Supported by a majority of online casinos
- Deposits are instant
- Fees are lower compared to credit card deposits (around 1% per transaction)
- Works as the withdrawal method too
- Available only for purchases in Canada
- Users should be careful of phishing attempts
- Not supported by all online casinos
Interac is one of the most popular banking methods in the country, so we highly recommend it for all online casino players in Ontario. It uses the latest encryption technologies to provide security, it is easy to use, deposits are almost instant, and the transaction fees are cheaper compared to other deposit or withdrawal methods, especially if you are depositing bigger amounts.
More than 250 banks in Canada are issuing Interac cards (a full list of banks can be found here), and all you need is a banking account with one of them to get started.