End To End Guide To Using Interac For Canadian Online Casinos

Funding your casino account from Interac is super simple. Just follow these five steps:

1. Choose a Casino: Select an online casino that accepts Interac as a payment method. Lower in this guide we’ve listed three casinos that accept Canadian players and that support Interac deposits.

2. Go to the Cashier Section: Once logged into your casino account, head to the cashier / banking section.

3. Select Interac: Choose Interac e-Transfer. If you choose Interac Online, you'll be redirected to your bank's login page. For Interac e-Transfer, you will need to provide an email or phone number along with the transfer amount. Go for Interac e-Transfer because it’s the fastest one.

4. Complete the Transaction: Follow the prompts to complete the transaction.

5. Confirmation: Once the transaction is completed, the funds will be available in your casino account, typically instantly.

Withdrawing Funds

Withdrawing your winnings via Interac is equally straightforward:

1. Initiate Withdrawal: Go to the withdrawal section of the casino’s cashier.

2. Select Interac e-Transfer: Currently, only Interac e-Transfer is used for withdrawals. Interac Online typically does not support this function.

3. Enter Details: Provide the necessary information, such as your email or phone number, and specify the amount you want to withdraw.

4. Confirm the Transaction: The casino will process the withdrawal, which may take 1-24 hours depending on the casino's policies and whether your account is in good standing and verified.

5. Receive Funds: When it’s all done, the funds will be deposited into your bank account. You will then receive a notification via email or SMS.

Security and Privacy: During both processes, your sensitive banking information remains secure and private, as the transactions are handled directly through your bank's secure systems. This is one of the main benefits of using Interac.

Is Interac a Digital Wallet?

No, Interac is not a digital wallet. It is a payment system directly linked to your Canadian bank account. When you use Interac to deposit or withdraw funds at an online casino, the money is transferred directly from your bank account without the need to store funds separately in a digital wallet.

So in other words, Interac facilitates secure and direct transactions from your bank account without acting as an intermediary wallet.

Which Interac Option Do I Choose For Online Gambling?

For online gambling, you will want to choose Interac e-Transfer (sometimes offered via Gigadat or Payper). Or you’re welcome to use the new option called “Interac e-Transfer by Loonio”. We’ll talk more about this one in a bit.

Are There Any Other Payment Processors Similar To Interac?

To give you an even clearer picture of what Interac is, let’s compare it to some other services you may have heard of:

1. iDebit: iDebit is a similar service to Interac, in that it allows you to make online payments directly from your bank account without the need for a credit card. It is commonly used in Canada and offers a similar level of security and convenience.

2. INSTADEBIT: Another Canadian service, INSTADEBIT functions similarly to iDebit and Interac, allowing you to pay online directly from your bank accounts. Just like Interac, it also provides an extra layer of security by acting as an intermediary between your bank and the casino.

3. Trustly: Trustly is another service similar to Interac, but this one is more popular in Europe. It allows you to make payments directly from your bank account without registering for an account with Trustly itself..

One common thing about all these methods is that they allow direct bank transfers without requiring additional registration. So they offer top security and top convenience since you don’t need to use a card or an e-wallet.

Is Interac an Electronic Funds Transfer Service (EFT)?

Well yes and no. Or no, not exactly. But there are strong similarities.

EFT refers to the electronic movement of money between bank accounts, typically within the same financial institution or across different institutions. EFTs can include a variety of transactions such as direct deposits, ATM transactions, and more.

Interac e-Transfer, a specific service provided by Interac, is a form of EFT. It allows individuals to send and receive money electronically using an email address or mobile phone number. The funds are transferred directly between bank accounts, similar to EFTs, but with additional features such as requiring the recipient to answer a security question to access the funds.

Similarities and Differences:

• Similarities: Both Interac e-Transfers and traditional EFTs involve moving funds electronically between bank accounts. They provide a secure and efficient means of transferring money.

• Differences: Interac e-Transfers are specifically designed to be user-friendly for person-to-person transactions, often using email or mobile phone numbers to facilitate the transfer. They also typically require additional authentication steps (like security questions) for added security, which is not always a feature of traditional EFTs.

Why Not Just Use Bank Wire Instead of Interac?

Speed! And security! Interac transfers are instant while bank wire can take a few days. Same when it comes to withdrawals. When you withdraw to Interac, it’s credited to your bank account within an hour. Whereas a normal bank wire transfer would take 2-5 days.

Best Interac Casinos in Canada

Interac is widely accepted at many online casinos in Canada, making it a convenient option for Canadian players. Here are three well-known online casinos that support Interac, providing an overview of their offerings and how they integrate Interac into their payment systems.

1. PlayOJO

>> Sign up On PlayOjo and Deposit with Interac <<

PlayOJO is one of the best Interac casinos because deposits and withdrawals are almost instant. And you also get a welcome bonus without wagering requirements. Of note, this welcome offer is not valid for Ontario. Players can only benefit from it in Rest of Canada: Quebec and other provinces. The PlayOJO website is available in English and also localized into French-Canadian. So it checks all boxes for a fair and square Interac casino that offers 80 free spins to boot.

You also have over 3,000 games which is insane. You almost don’t know which game to start with. You have your slots, your table games, roulette, baccarat, live game shows, live casino games, jackpot games. Nothing is missing here except for sports betting. But that’s where 888casino comes in.

2. 888casino

>> Sign up On 888 and Deposit with Interac <<

888casino is one of the oldest and most reputable online casinos. This one is much more well known than PlayOJO and also offers sports betting + great mobile banking.

You have live sports markets from all kinds of sports. Hockey, Soccer, Basketball, Tennis, you name it.

For a welcome bonus, you get a free $25 as soon as you verify your account. No deposit needed. Should be enough to get you started so you can try out a few games for free. We recommend trying the slots Big Bass or Rocky!

3. Casumo

>> Sign Up on Casumo and Deposit with Interac <<

Casumo is a casino that basically guarantees an amazing experience, with games ranging from real money blackjack to video slots . We love everything about this casino. From the interface to the games to the bonus. They also have an amazing loyalty program. Oh and they just introduced sports betting not too long ago.

Casumo supports Interac e-Transfer too. Definitely one of the online casinos you should try out.

Why Use Interac for Online Casinos?

So compared to other payment methods, Interac offers a few solid advantages. Particularly speed and security.

1. Security

Interac transactions are highly secure, much more secure than e-wallets for example. They use advanced encryption and some serious authentication technologies. When you use Interac, your bank details are never shared with the casino, which minimizes the risk of fraud or identity theft. The use of two-step authentication processes, such as a password and a security question, adds another layer of protection.

2. Speed

And then we have the speed factor. When you deposit through Interac, your funds are instantly credited to your casino account. Withdrawals are fairly quick too. Not instant but usually processed within an hour. Sometimes it can take a bit longer depending on your account standing. Either way much faster than traditional bank transfers, which usually take several days.

3. Convenience

Interac is integrated with most Canadian banks and credit unions. So as long as you have a fairly modern bank, you will be able to use Interac. No need to pre-fund any e-wallets or anything like that. The money is drawn directly from your bank account.

4. Low Fees

The fees with Interac are very very low. You have a $0.5 fee when depositing up to $100. If you deposit more than $100, the fee is $1. Compare this to e-wallets and you’ll see why everyone loves Interac.

Comparing Interac with Other Payment Methods

Now you know what Interac is. But is it worth using? How does it compare to other payment methods? Why is it better than e-wallets or credit cards? Let’s find out..

Interac vs. E-wallets (e.g., PayPal, Skrill, Neteller)

• Ease of Use: Interac is integrated with your bank, so it requires no additional account setup. E-wallets on the other hand require you to create and fund a separate account.

• Fees: E-wallets often charge much higher fees for transactions.

• Security: Both Interac and e-wallets offer high security, but Interac has the advantage of no intermediary handling your funds. So there are no passwords to lose.

Interac vs. Credit Cards

• Speed: Both Interac and credit cards offer instant deposits, but Interac has much faster withdrawal times than credit cards. Normally you have your money within an hour.

• Control: Using Interac can help you manage your spending better, as it only allows you to spend the funds available in your bank account. Credit cards can lead to overspending, especially in online gambling.

• Fees: Fees are similar, so no real advantage here.

• Security: No man-in-the-middle attack that can take your card details. So Interac is the winner when it comes to security.

Interac vs. Bank Transfers

• Speed: Interac transactions are faster compared to traditional bank transfers, which usually take several days.

• Convenience: Interac is much more straightforward than having to type in all the bank details.

• Fees: Bank transfers have similar fees like Interac, so no big difference there.

Limits and Drawbacks

Is Interac really all gold and sunshine? Or are there any negatives about it?

1. Regional Availability

Interac is only available to Canadians. This isn’t really a negative in this context, because this article is aimed towards Canadians. But if you’re from another country, you may have similar services, such as Trustly, Poli, etc.

2. Withdrawal Restrictions

Not all casinos support Interac for withdrawals. And those that do may have limits on the amounts that can be withdrawn using this method. Make sure you look up the terms and policies with the online casino where you plan to use Interac. That being said, the casinos we have listed in this article do support Interac withdrawals.

3. Fees

The fees are not huge, but there are fees. You’ll normally get away with $0.5 or up to $1 fees.

About Interac via Loonio

Maybe you’ve heard of the latest addition to Canadian banking, Loonio. But what is it? And what does it have to do with Interac?

Loonio is basically like an innovative extension of the Interac system. Here’s an in-depth look at how Loonio integrates with the existing Interac infrastructure and what it brings to the table:

Enhanced Security Measures

Loonio.ca offers an even more advanced security framework by incorporating additional layers of protection. This includes advanced encryption techniques and secure login protocols that ensure all transactions are conducted within a secure banking environment. The focus on security means that your financial and personal information remains confidential, significantly reducing the risk of fraud or identity theft. This is especially beneficial in online gambling where large sums of money can be involved.

Streamlined User Experience

One of the standout features of Loonio is its seamless user experience. If you thought Interac was easy to use, you should try Interac e-Transfer by Loonio. No need to remember any passwords or PINs here. Loonio also offers an intuitive interface that guides you through each step. It doesn’t get much easier to use a banking service than this. Plus, the system is designed to minimize errors and ensure that transactions are completed efficiently. Basically smoothes out the user experience even further.

Real-Time Transaction Processing

But here is the real benefit: Loonio provides real-time transaction processing. So whether you deposit or withdraw, your money is moved instantly.. This real-time capability not only enhances user satisfaction but also provides a competitive edge to online casinos that offer Loonio as a payment option, as it meets the high expectations of modern online gamblers who seem to value instant withdrawals more than anything else.

Broad Accessibility and Integration

Loonio is highly accessible. It’s integrated in the network of Canadian banks and credit unions and compatibility just grows larger every day. Over the next few months, you’ll most likely see more and more casinos accepting Interac by Loonio.

Cost-Effectiveness

In addition to its technical and operational advantages, Loonio is also a cost-effective solution for both players and casinos. The platform typically offers lower transaction fees compared to traditional payment methods such as credit cards, where fees can be higher due to interchange fees and other charges. This cost-effectiveness makes Loonio an attractive option for frequent online transactions, including those in the online gambling sector, where minimizing costs is crucial for both players and online casinos.

User Control and Transparency

Loonio provides you with greater control over your spending by allowing you to use only the funds available in their bank accounts, thereby avoiding the pitfalls of credit card debt. This feature is particularly beneficial for online casino players as it lets you manage your gambling budget more effectively without the risk of accumulating debt. Moreover, Loonio transactions are transparent, with users receiving immediate notifications and confirmations, helping them keep track of their spending in real-time.

So all in all.. Loonio offers a secure, efficient, and user-friendly alternative to traditional payment methods, making it an ideal choice for online casino transactions in Canada. Its integration with the Interac system enhances its reliability and accessibility, while its features align with the needs of both consumers and online casino operators, ensuring a smooth and secure payment experience.

About Interac by Gigadat:

Gigadat (https://gigadatsolutions.com/) is a trusted payment processor that facilitates Interac e-Transfer transactions for online casinos in Canada. It acts as an intermediary, ensuring smooth and secure transfers between your bank account and the casino. When you see "Interac by Gigadat" as a payment option, you can be confident that your transaction will be processed quickly and safely, adhering to the high standards of both Interac and Gigadat.

About Interac by Payper:

Payper (https://www.payper.ca/) is another reputable payment processor that works with the Interac e-Transfer system for online casino transactions in Canada. It provides an intuitive interface for transferring funds from your bank account to your casino account. When you choose "Interac by Payper," you're using a reliable service that maintains the security and efficiency of Interac while potentially offering additional features or support specific to Payper's platform.

All iGaming Interac Products:

You might also come across these sub Gigadat products:

• INTERAC ©

• INTERAC © Desjardins

• INTERAC e-Transfer by Email

• INTERAC © Instant – ALL Canadian Banks

Conclusion

To summarize Interac, it’s a convenient and secure payment method that lets you deposit directly from your bank to the casino. No credit cards, no e-wallets, no security leaks. It’s just as secure as logging in to your bank and handling your day to day financials.

You also have much faster withdrawal speeds than credit cards and bank wire transactions. Your money will typically land in your bank account within an hour from when the casino processes the transaction.

Important Notice: This information is provided for entertainment purposes only. Gambling carries inherent risks - please gamble responsibly and within your means. Never gamble to recover losses or if it is no longer enjoyable.

Gaming regulations differ by jurisdiction. Verify the legality of gaming activities in your area. Ontario players must be 19+ and are encouraged to access support resources like ConnexOntario.ca and BeGambleAware.org if needed.

Additional support organizations include Gamblers Anonymous, the National Council on Problem Gambling, and Gambling Therapy.

Disclaimer: The above is a contributor post, the views expressed are those of the contributor and do not represent the stand and views of Outlook Editorial.