ONLINE CASINOS: PROS AND CONS OF USING INTERAC FOR THE CANADIAN PLAYER

by | Dec 7, 2022 | Gambling, Leisure

Covering up to sixty per cent of all transactions in Canada, Interac’s local debit network is a leading payment method allowing customers to pay for goods and services online and offline. The system supports contactless, EMV, and mobile wallet payments relying on Apple Pay and Google Pay. More and more it’s becoming a reliable payment solution for those who play online casinos and sports betting.

Related: U.S. commercial gaming revenue sets Q3 record

Players at Canadian online casinos can use a complete range of nationwide and globally accepted payment solutions. And Interac is among the country’s leading online casino payment methods.

What are the advantages and disadvantages of using Interac payments, emphasized and featured at leafletcasino.com, so that you can decide about using it in your online casino gaming?

Online casinos: Safety and reliability

Online gaming and sports betting is now legal in Canada. Interac is a preferred online casino banking option for more than eighty per cent of Canadians and one of the most popular payment methods in Quebec. The system relies on a proven technology allowing fast and secure transactions where customers don’t have to enter credit card data.

Multiple encryption layers guarantee the safety and security of this payment solution. Participating banks, businesses, and credit unions utilise the latest technologies. That ensures safe and reliable Intarac transactions, making them the most frequently used deposit and withdrawal method.

Scams are always a risk. That’s a negative. However all participants in the Interac network are given timely advice on how to avoid any possible scam. For example, customers who suspect receiving phishing emails can confirm the contact before they send or receive money. Moreover, the system sends warning signs about any potential fees, which adds an extra protection level since users must react again and eventually spot fraud.

Depositing funds using Interac

First, you must set up an account for e-transfers with your respective banks in Canada or credit unions. For this purpose, clients need unrestricted access to their online accounts and email addresses, and a mobile phone number as an alternative.

The initial procedure is straightforward: log into your account, select “e-Transfer” or “Email Money”, and register your profile. Users can add favourite contacts, set up automatic deposits, and more within the dashboard. This is an excellent opportunity for regular gamers to keep their wallets at Interac casinos funded for long sessions.

Funding a casino wallet

Presuming all prerequisites are met, you can make a one-time deposit or use the option mentioned above for recurring deposits. Again, go to the dashboard and find the “Send Money” option to deposit using Interac. You can either create a new contact (like your casino’s cashier) or use an existing one. In any case, all you need is a valid email or phone number.

Then, select the sending Canadian bank account and indicate the amount of money. When funding a casino wallet, respect the brand’s minimum requirements. Most likely, casinos in Canada will require deposits starting from $10 or more.

Withdrawal via Interac

Withdrawing money from Interac web casinos follows the same pattern as the deposit method. After meeting the bonus wagering requirements or scooping the big win in one of your favourite games, you can post a valid withdrawal request. It’s highly appreciated among other casino payment methods as one of the most convenient and reliable options.

First, you will receive an SMS or an email from a Canadian online casino where you played and scored a qualified win. Read it carefully and avoid phishing emails. After confirming it’s not a fraudulent message, you can continue with the procedure.

The message will contain detailed instructions, such as selecting your financial institution and logging into the dashboard. Then, the system will ask you to answer your security question or the one asked by the sender, if applicable.

The final step is choosing the account you’d like to receive money from and clicking the “Accept” option to finalise the payment. Frequent winners at the best Interac casinos have another excellent option for their money management. The auto-deposit mode allows automatic acceptance of recurring winnings, and you must register the sender’s mail or phone. Thanks to instant payments, there would be no need to generate and answer security questions. Instead, you will receive funds immediately.

Availability and ease-of-use

When choosing among banking methods for deposits and withdrawals, it’s important to consider that Interac is available almost at every Canadian casino. This was a business solution used by many banks and credit unions and now emerged as a user-centred method for paying for goods and services.

Of course, being one of the most secure payment methods, players can use it at online casino sites licensed and regulated by Kahnawake, UKGC, MGA, and other reputable bodies. Still, this online banking option is unavailable outside Canada, so you might have to think of another convenient solution when gambling outside the country’s borders.

Interac fees

Generally, receiving an e-transfer is a fee-free transaction, and the same applies to transfers in and out of Canadian casinos. Still, it’s up to your respective bank or credit union whether to issue additional charges. In most cases, the decision depends on the type of your Interac account. Therefore, the fees go from $1 to $1.50 per transaction.

On the other hand, there could be a daily, weekly, or monthly limit for deposits and withdrawals. Is this a “con”? Depends how you look at it. Again, this aspect depends on your chosen casino and financial institution’s policy. For example, some banks allow you to deposit money in one or more transactions worth up to $3,000 within a 24-hour time frame. Also, Quebecers can withdraw money from Interac casino sites in a series of transfers reaching a maximum of $10,000 during a week.

Final verdict

Canadians prefer the Interac payment method as it provides an extra security level combined with the simplicity of use and trust. Mobile compatibility and associated apps extend its reach to the growing audience discovering the gambling industry on the go. Overall, this is a quality solution for safe transactions, and customers are growing daily thanks to the many advantages of using Interac online banking for your casino payments.

Photo by Ben Lambert/Unsplash

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