Interac is a payment method which will be familiar to most Canadians. Based in Canada, Interac is a money transfer system which facilitates transactions between financial institutions and confirmed Canadian banks. There are several different possibilities when it comes to moving money around with Interac, and e-Transfer is not the most commonly used one in the online casino world. However, it is certainly a Canada-friendly deposit method which is worth taking a closer look at.
What Is Interac e-Transfer?
The simplest way to describe Interac e-Transfer is that it offers the same services as a conventional e-Cheque. In short, you can decide to send money to a recipient (in this case, the casino). The funds are debited to the casino, and you separately send them an e-mail or text message with a security question and answer. Interac will then send an e-mail to the recipient (again, the casino) telling them how to retrieve the funds. If the casino answers the security question correctly, they will receive the funds.
However, despite sounding like it permits you to send money via e-mail and text message, that is not how it works. Instead, the e-mail or text message only has the instructions for the transfer to take place. The actual processing of the transaction is done between Canadian financial institutions.
Naturally, such a process is hardly popular with internet betting operators, and so Interac e-Transfer is not widely accepted. However, Interac Online most certainly is, and it makes for a far more effective deposit method.
Is Interac e-Transfer Accepted at Canadian Online Casinos?
Yes and no. There are undoubtedly Canadian online casinos which do permit you to deposit using Interac e-Transfers. However, as the process is fiddly at best, and nightmarish at worst, not many of them have opted to take up the option. You can find a handful of Canada’s top casinos which do accept Interac e-Transfer as a deposit option right here at CanadaOnlineCasinos.com.
How to Deposit Funds Using Interac e-Transfer
As you have seen, depositing funds using Interac e-Transfer is not a piece of cake, and it required a fair bit of work from both you and the casino. You do not need to have an Interac account to make this happen, but you do need to have an account at a participating Canadian bank. A list of those participating banks can be found at Interac’s website.
To deposit funds at an internet casino which accepts Interac e-Transfer, do the following:
Obtain the “recipient” details from the online casino’s cashier page
Begin a banking session, enter the casino’s details, and choose the amount you wish to deposit
The funds will then be debited. You must then send the casino a security question and the answer to that question. A secondary source (such as e-mail) will typically be used to send the answer, for security purposes
Interac e-Transfer then messages the casino and asks them to input the answer to the security question to receive the deposit.
If successful, your deposit should appear in your casino account within 24 hours
How to Withdraw Winnings Using Interac e-Transfer
One thing to note about Interac e-Transfers is that most casinos which accept them as deposit methods are unlikely to offer e-Transfer options as cashout options. This is a lot of work for the casinos. Instead, Canadian casino players are advised to use an alternative payment method to cash out their winnings. Fortunately, there are many of these available. If you really want to use Interac, then Interac Online or Interac Debit make the ideal options for many Canadian players and are readily available at most top Canadian online casino sites.
Fees and Transaction Times
You are not going to get away without fees when using Interac e-Transfer. Sending money using Interac e-Transfer is going to cost you anything from $1 up to $1.50. The exact fee is determined by your bank or financial institution, though. Note that the fee is a separate charge, and does not come out of the amount you intend to deposit at your chosen online casino.
If you decide to cancel an Interac e-Transfer, you are set to pay up to $3.50 in cancellation charges. To cancel such a transfer, you need to be sure that your online casino has not already debited the funds. Note that if you have a bank which does not support Interac e-Transfer, you can still use the service. However, you can expect charges of up to $4 from the deposited amount, as well as longer transaction times.
Ordinarily, an Interac e-Transfer deposit will be added to your online casino account within 24 hours. In some cases, the processing time for deposits could be as little as an hour or so. However, if you use Interac e-Transfer to deposit at a casino from a non-recognised bank, it may be 4-6 business days before your deposit arrives. It is not worth looking at withdrawal times, as so few casinos permit Interac e-Transfer withdrawals.
The Pros and Cons of Using Interac e-Transfer at Canadian Casinos
Interac e-Transfer is a love it or hate it payment method with online casinos. Because of that, there are many pros and cons to it. Here are a few of the things you should know…
Cheaper Than Cheques: Using Interac e-Transfer will see you incur fees for transactions. However, the fees associated with using this method to deposit at casinos are considerably cheaper than depositing with real cheques and other e-cheques. Moreover, Interac e-Transfer is faster, too.
Maximum Security: By requiring the recipient casino to have to answer a security question of your choosing, sent via another medium (such as e-mail or text message), Interac e-Transfer is totally secure. However, many casinos consider this process a lot of messing about.
Not Withdrawal-Friendly: As secure and cost-effective as this e-Cheque service is, many online casinos do not tend to permit Interac e-Transfer withdrawals, even if they do offer it as a deposit method.
Processing Times Vary: You are going to find processing times very hit and miss with Interac e-Transfer. Deposits are faster than with e-Cheques but slower than e-wallets and credit/debit card options. Moreover, if your bank is not a recognised Canadian one, you could end up waiting 4-6 days for your deposit to land.
Find Top Interac e-Transfer Casinos for Canadian Players Today
Interac is one of Canada’s most popular payment methods. However, of the three options available (Debit, Online and e-Transfer), this one is the least popular and the most hassle. However, if you want to deposit in a totally safe and secure manner using Interac e-Transfer, we can help you find a top place to play. At Canada Online Casinos, you will find a variety of top casinos, all of which are guaranteed to offer Interac e-Transfer as a deposit method and are safe, licensed, secure and Canada-friendly.