Our Recommended Interac E-Transfers Casinos
Interac e-Transfers is a payment method that is highly secure and allows you to transfer funds from your Canadian bank account to a merchant or casino without revealing sensitive financial information.
Many Canadians who shop online are already familiar with using Interac, but some may not know that it can be used to fund gaming accounts as well as make other purchases over the internet.
Interac is becoming more popular as a deposit method all the time and many online gaming sites have added it to their cashier systems.
Interac offers a number of advantages to players. Check out our list of trusted casinos and the ins and outs of using Interac below. Happy gambling!
Best Interac Casinos for 2020
Advantages of using Interac
There are several benefits in using Interac as a depositing method at online casinos.
Interac is a well known online purchasing method for goods and services, so many Canadians will take to the method easily when it comes to depositing in a casino account.
One advantage of using Interac is that it is tied directly to your bank or credit account so many casinos that accept it as a deposit method will also let you withdraw back to it. Rather than waiting up to seven working days for your winnings to appear on a credit or debit card, or paying fees for bank wires, your payout can go right to your account.
Multiple layers of security ensure players that their bank account or credit card numbers don’t need to be given to any online casino. While you can send money to and from your bank and Interac account, and transfer from casino to Interac, it provides another level of security.
Disadvantages of using Interac
The recipient must complete actions to affect every transaction. If the casino somehow neglects to debit your Interac account, yet credits your gaming account, the transaction’s life-cycle will expire in 30 days. If a player doesn’t notice that they played for free it may take awhile to sort it with the merchant.
Transaction notices are done via email. All electronic transactions are as vulnerable to phishing as the sender is. If a player doesn’t log into their account directly but responds to an email asking for passwords or other information, they could give bad actors access to their accounts.
Interac Online vs Interac e-Transfer – What’s the Difference?
At some casinos you may across the option to select etiher Interac Online or Interac e-Transfer but what’s the difference?
Interac e-Transfer: Commonly used to transfer funds to family/friends, this method enables you to make a deposit by entering an email address and is widely available at most financial institutions and credit unions.
When playing at an online casino, they will provide you with a specified email address and security question/answer which you then submit from your bank account.
Interac Online: This option is more seamless in that the online casino provides a payment gateway for you to transfer funds directly from your bank account. It will step you through logging into your bank account directly and there is no need to input an email as with using Interac e-Transfer. While this process is slightly faster than using e-Transfer, the downside is that it’s not as widely available.
For example, at Casino Cruise, Interac Online is only available to customers of the following financial institutions: First Nations Bank of Canada, RBC Royal Bank and TD Canada Trust. It is also available to select credt unions depending on which province you are from.
How to make a deposit using Interac at an online casino:
As mentioned earlier, there are two options when using Interac, Interac Online and Interac e-Transfer. The difference is that Interac Online will allow you to transfer funds directly from your bank account using a payment gateway while Interac e-Transfer will require you to log into your bank account separately in order to perform the transfer via email. Interac Online is a slightly faster process but isn’t as widely accepted as Interac e-Transfer as you’ll see later in this guide.
Let’s go through each one to see the difference:
Interac Online Guide
Step 1 – Selecting Interac Online
Step 2 – Select your Banking Institution
Similarly to any regular Interac Online transaction you would perform on other e-commerce sites, here you will need to select your corresponding banking institution to transfer funds from. After selecting your bank, you will then be forwarded to the payment gateway which is handled by Gigadat.
While it looks like you can select from a multitude of financial institutions/credit unions, you’ll see on the following screenshot that it’s actually not the case (only actually available to First Nations Bank of Canada, RBC Royal Bank and TD Canada Trust. We’re not sure why online casinos do this but just take note that if your bank/credit union is not available then you’ll have to click on “Cancel” and select Interac e-Transfer instead.
For this example, we’re going to select RBC Royal Bank.
Now let’s have a look at what it’s like using Interac e-Transfer instead.
Interac e-Transfer Guide
Step 1 – Select Interac e-Transfer
Go to the deposit section and select Interac e-Transfer and input the amount you want to transfer:
Confirm the amount on the following screen:
Step 2 – Select Your Banking Institution
Select your corresponding financial institution/credit union to deposit funds from. You’ll notice that there are shortcuts at the top for the well-known banks but just below it, you’ll see a comprehensive list of financial institutions/credit unions you can choose from. Unlike Interac Online, all of these options are viable which is the main advantage Interac e-Transfer has over Interac Online
Step 3 – Follow the deposit guidelines provided
After selecting your financial institution/credit union, you’ll be shown the following email address and security question/answer:
Fill out the above details in your corresponding bank and you’ll then notice that your account is now funded instantly!
Note: If it is your very first time withdrawing from the casino, sometimes they may ask you for proof of identity before processing the transaction. In this instance, Casino Cruise did ask us to verify 3 items which were:
– Proof of Identity
– Proof of Address
– Proof of Payment Method
Once this process is complete, transactions to and from the casino are pretty much instant.
How the funds are processed
Merchants may have a choice of processors when executing an Interac e-transfer. One company that handles the transactions is Gigadat. The company provides online merchants with a variety of payment solutions.
Due to some players developing a case of buyer’s remorse after losing, or simply planning to defraud the merchant, online gambling is considered high risk in the payments business. Merchants and banks need an intermediary system that minimizes the risk of chargebacks.
Gigadat does just that through their Interac processing service for pay-ins and payouts. Since players cannot reverse a transaction after it is deposited by the merchant, the rate of successful transactions is near 100%.
The services Gigadat offers Canadian online casinos include a deposit solution as well as bank withdrawals via email authentication and direct bank transfers.
These transactions should appear to the bank simply as “Gigadat” and not show the source of the funds on the first pass. This allows cashouts to some banks that most often reject any suspected gambling transaction.
Bottom Line on Interac Casinos
Interac e-Transfers is a Canada-only deposit and withdrawal method that is widely popular, being offered at over 250 financial institutions including any of the big 5 banks in Canada.
The transfers will only show on your bank statement as Interac, not casino deposits, and your security is always assured.
It is one of the fastest methods for deposits available.
Interac Flash is a contactless debit card solution that can be used when making purchases at a merchant checkout and can also be used on NFC enabled mobile devices. It is not used for playing at online casinos.
No. Interac e-Transfers are transfers made by providing an email address whereas Interac Online are transfers made through a payment gateway. See above.
While Interac e-Transfer is widely available at most financial institutions, Interac Online is usually only available to a select few. For example, in our step by step guide we demonstrate using Interac Online at Casino Cruise which only accepts transactions from RBC Royal Bank, First Nations Bank of Canada, TD Canada Trust and a select few credit unions.
It’s extremely fast and is processed in real time up to 30 minutes.
No. Interac e-Transfer is only available to those who are customers of a Canadian financial institution.