It’s fair to say that most of us are now pretty familiar with traditional payment services. Companies such as VISA and MasterCard have cornered the market as far as web-based transactions are concerned, despite their bricks-and-mortar backgrounds. But they don’t have it all their own way, especially with regards to online casino deposits and withdrawals. There are plenty of alternative transactional services that many argue are easier and more convenient to use. Take using Interac at online casinos for example.
What is Interac?
Interac is an interbank network that’s connected to more than 200 financial institutions. It’s been in business since the distant days of 1984 and was originally known as the Interac Association. Today the company is owned and operated by the Interac Association and the Acysys Corporation – two giant corporations made up of banks, credit unions and an assortment of financial cooperatives.
Set up to make payments safe, convenient and secure, the company is extremely well-established and offers a variety of different services. These include Interac Cash, Interac Debit, Interac Flash, Interac e-Transfer and Interac Online.
So unlike some of the newer online transaction services such as Neteller or Skrill, Interac has been in the game for more than a decade. It’s also particularly popular among online casino gamers in spite of the raft of deposit/withdrawal options now available to them.
Is Interac Safe to Use at Casinos?
Yes, it’s perfectly safe to use Interac. As mentioned, the company has been around for some time and has built a considerable reputation for itself. In contrast to ‘legacy’ payment companies such as VISA and MasterCard, it offers instant processing times. This means that your money will be immediately sent to the online casino once you’ve provided confirmation of the deposit – there are absolutely no waiting times. In other words, you’ll be able to start playing online casino games for real money straight away.
Like any trusted payment company, Interac transactions are perfectly safe and secure. All deposits are encrypted, which makes the theft of information or funds pretty much impossible. Also keep in mind that you won’t have to provide any information about yourself – all you’ve got to do is set up the service with your bank. In the highly unlikely event that a bad actor somehow manages to get access to your online banking profile, Interac’s zero liability policy means that you’ll be fully reimbursed for any lost funds.
Are There Extra Fees?
Sometimes a small fee is attached to transactions although it’s usually much smaller than those applied by some of the major credit card companies. For online casinos, these tend to very be between 2.5% and 5% of the total sum, which is not a king’s ransom all things considered. But if you are concerned about extra charges, take the time to check the terms and conditions of any casino website before committing your funds.
How does Interac Work with Online Casinos?
To use Interac, all you need is a deposit account based in Canada that accepts Interac (almost all do), an email address and mobile number. There’s no need for registration. All that’s required is a pre-defined security question.
To begin the process, log into your account and select the Interac logo. You will then be asked for the recipient’s name – this will be the name of your chosen online casino – and the amount of cash you want to deposit. You’ll also be asked for your special security question and answer, which you choose when signing up with them for the first time. Once you hit ‘send’, an email will be sent to the casino letting them know about your requested deposit. A few operators will ask you to answer their own security question. Once this is done, your funds will be transferred.
Do All Online Casinos Work with Interac
Unfortunately, not all online casinos around the world accept Interac. This is because the company is aimed squarely at Canadian customers. So it does lag behind companies such as Neteller and Skrill when it comes to availability. Nonetheless, it’s not that difficult to find operators that do accept the service – the ones listed on this page are among the most respected examples currently available.
Can I use Interac to Withdraw My Winnings?
Like many of the latest and best online transaction services, Interac also allows you to make withdrawals with certain operators. Keep in mind though, that this isn’t always the case. Just because you can make a deposit doesn’t not automatically means that you’ll be able to make a withdrawal too. So be sure to check with the casino first. The process is largely the same as making a deposit with an online casino. However, you may have to wait a little longer – sometimes up to a couple of days.
How Does Interac Stack up Against Specialist Online Transaction Services?
It’s fair to say that Interac compares very favorably to some of the newer online transaction services. These companies have made names for themselves by offering convenient, fast and secure transactions which is of course a huge deal for casino gamers. And Interac can certainly tick all three of these boxes.
Pros and Cons of Using Interac
No payment provider is perfect though. Here are the main pros and cons of using the Interact service.
- Easy to Set Up
- Safe and Secure
- Instant Deposits
- No Complicated Registration
- Wide Range of Banks Accept Interact
- Withdrawals Permitted with Certain Casino Operators
- Your Bank May Still Impose Fees/Charges
- Not Widely Supported by Online Casinos
- Casinos May Still Impose Fees to Withdrawals
- International Players Can’t Use the Service
Although Interac is for all intents and purposes a ‘traditional’ payments company, it’s still able to compete with many of the latest transaction specialists, thanks to its ease of use as well as fast processing times. And despite being more geared towards the Canadian market, more and more online casinos have started to emerge that accept Interac casino deposits and withdrawals.