Interac Casinos

Interac is a Canadian national payment network and debit card system launched in 1984, offering Canadians safe, secure and efficient ways to manage their funds within, as well as outside of the country. The network is operated by the joint efforts of Interac Association and Acxsys Corporation, two large organizations comprised of various financial institutions and banks, payment and trust companies, merchants, credit unions and other related establishments. Together, they provide several different electronic transaction services that can be used for shopping, cash withdrawals or money transfers.

• Interac Debit, Cash and Flash services allow users to access funds at ABM's or point-of-sale terminals across the country, and for instant payments at point-of-sale readers;
• Interac Online is a payment method which transfers money directly from a bank account
• Interac e-Transfer is used to transfer money from one person's bank account to another. You will need access to mobile or online banking and the email address or canadian mobile number of the person you are sending money to.

Widely used across Canada, these methods are integrated at all major banks and are not far behind traditional credit and debit card providers in terms of popularity. Due to their versatility, multiple supported platforms, safety and convenience, the solutions make everyday payments and handling of money easier than with other conventional options. This is particularly the case for Internet transactions, where users can rely on the best fraud prevention systems and very fast processing times, being that the services are linked directly to bank accounts.

How Does Interac Work?

For online gambling transactions, players will want to use Interac e-Transfer. If your casino offers this option, by all means, use it, as it is the method of choice for Canadians, which currently trumps any alternative in terms of advantageous features. When it comes to speed, fees, security and utility, this solution surpasses even e-wallets, which are known as the most convenient of options. The problem, however, is that few operators accept e-Transfer at the moment, mostly as a deposit method. It will likely change in the future, as the system should be fully supported by all licensed and regulated Canadian-based casinos.

Over 200 banks and financial institutions across the country support Interac, and you will automatically get access to the network once you open an account with any of them. No prior arrangements are needed in order to use the services, except that you will need to sign-up to online or mobile banking. Funds are transferred directly from one party to another, using the established and secure pathways. E-mail or text message notifications are issued carrying instructions on how to deposit or withdraw money, including passwords or security questions. Since Interac is a non-profit organization, the fees are flat and amount only to cover the basic cost of managing the operations. This is one of the main advantages of the system, where most processing charges are no higher than a dollar and a half.

If you want to deposit money at an online casino, the process is simple and you only need to follow instructions after logging in to your online bank account. The steps might differ slightly depending on the institution, but overall, initiating a transaction should not present a problem for anyone. You can also check in the cashier of your casino for any additional details or requirements. After you have chosen the amount to deposit and entered an e-mail address of the recipient together with the security question, all that is left is for the recipient to submit the security answer and the funds will immediately appear in their bank account.

Withdrawal transactions function on the same principle but take into consideration that the processing times, in this case, may be as long as 6 working days, and the fees might also be higher. A notification will be sent to your e-mail or phone, informing you about the transfer, sender and the amount of money you will receive. Usually, there will be a link in the e-mail, leading directly to your online bank account where you can complete the process by depositing the funds into the account.

What is Interac e-transfer exactly?

Certain banks (CIBC for example) allow their customers to use Interac. Users can then send, request and receive money directly from one bank account to another. It's convenient, all you need is access to online or mobile banking and you can request or send money to a mobile phone number, email address or bank account in Canada. It is available at 255 Financial Institutions within Canada  but it must be noted that once a transfer has been deposited it cannot be reveresed or cancelled. This is a popular method for cashing out at CA friendly casinos and the money usually arrives instantly (provided your bank is a participating iinstitution) if not it could take between 4-6 days and you could be charged $4 fee (which is not to bad).

Advantages

There are many advantages of Interac e-Transfer: it is an almost instant, multi-platform, readily available and low-cost solution ideal for Canadians, which is also very safe given that no personal information is revealed to retailers. The network is constantly working on improving the service to provide even more benefits on top of the existing package, with more reputable institutions joining every day.

Disadvantages

The downside is that it can't be used with international banks, and you will also have a hard time finding an online casino which accepts the method. As the network grows, there will undoubtedly be more Canadian operators embracing this option.

Helpful Links

• Interac Website