Interac is currently one of Canada’s fastest payment methods with no surprise bills (when comparing Mastercard or AMEX with Interac). While Interac Casinos are not quite as popular as Paysafecard one, at least you can make both deposits and withdrawals with Interac.
List of Casinos With Interac Similar Payment Systems
Reasons Why Canadians May Avoid Using Interact
More than 76% of Canadian residents use mobile and online banking with the number steadily rising. Canada’s online banks offer good pricing, top features while offering convenience that is leaving traditional banking behind. Secure and safe methods like Interac are used along with several other methods including e-wallets.
After 35 years of being a trusted Canadian payment method, it is strange seeing any Canadian without Interac and we look at why this could be.
Should there be a valid reason why Canadians are shying from Interac? It could be that they are not able to use it anywhere than in Canada but then you would find that methods like Instadebit are also Canadian-oriented.
Bank Cards
Leading online banks in Canada include Tangerine as superior overall internet banking while EQ bank offers the best saving. When looking at the best digital interface Scotia online wins by far. While other top banks also contend the best mobile banking is offered by TD Online and those looking for free internet e-transfers use Simplii Financial. Comparing Interac Versus cards like AMEX, Visa or Mastercard you will find that it is the preferred option when living in Canada.
Visa vs Interac
The zero free Scotiabank Visa card is an industry leader with various currencies accepted like AUD, EUR, GBP, DKK, SEK, CHF, EUR, CAD and USD. With a minimum $5 deposits and hassle-free withdrawals, it is a top payment method.
Master Card vs Interac
The BMO Air Miles Mastercard from Bank of Montreal is considered as Canada’s top MasterCard. With instant transfer times at a minimum deposit of $5, it is often declined when using at online casinos since banks frown upon gambling. Withdrawal also takes between 3 – 5 business days.
American Express Card vs Interac
AMEX has no present spending limit, accepting globally with 24/7 customer service while users manage their account via mobile and online. Canadian residents with Canada credit file are eligible when they want instant transfer options.
Prepaid cards as alternative to Interac
Paysafecard vs Interac
Paysafecard is quick, easy and straightforward method to deposit funds to online casinos while keeping your identity and banking details safe. It is popular for casino payments with the only downside that you cannot withdraw with prepaid cards. With the thousands of places to get a Paysafecard and the equally high number of accepting partners, PaySafe card will always remain a top safe and low-cost choice especially as there are no additional and hidden fees.
Flexepin vs Interac
Flexepin can be used throughout Canada as payment voucher that works on the principle of Paysafecard. While you can only make deposits, it is zero fee method in depositing funds instantly. You cannot compare Flexepin Versus Interact, as you would be using Interac, MasterCard or Visa to facilitate the transfer of funds from your bank account unless you make a cash deposit.
E-Wallets compared to Interac e-transfer
Neteller vs Interac
Neteller is a leader in the online banking arena available in 15 languages excellent customer support and accepted in more than 200 countries. It is more popular than most payment systems with super-low fees and instant payment and maximum 24 hours processing period when withdrawing to it.
Idebit vs Interac
iDebit is only accepted by top Canadian banks and work on the same principle as Instadebit with the difference that you pay a withdrawal fee. Idebit is also similar to Interac and both have international usage limitations.
Instadebit vs Interac
Instadebit is unlike an e-wallet as it is an intermediary between a payment portal and the bank. It allows you to move money to a platform without disclosing your banking details. As Canada- oriented facilitator you can make both deposits and withdrawal without feed. The downside is that you will have to wait for 3- 5 days for transfers and payments to appear into an account. When looking at alternatives to Interac e transfer, it would be easy to place Interact versus Instadebit with comparisons that neither discloses your banking details when using it to fund a casino. Instadebit is still faster though as funds take under 24 hours for withdrawal while deposits are only 10 minutes.
eCheck vs Interac
eCheck is fast to deposit, but withdrawal can take up to 8 days or longer. Unlike EFT, an eCheck goes from a payer account to an ACH network. From there it goes to the intended bank and thereafter to the bank account of a payee. The clearing process must also be considered which takes up to 2 days.
Skrill vs Interac
Skrill offers one of the lowest transaction’s fees at only 1% while deposits for example to an online casino is free and withdrawals to have no fees. It offers excellent customer support.
Entropay vs Interac
Entropay is another great payment method in Canada especially when you do not have Visa or struggle to get a Visa card. It is a virtual prepaid Visa card that gives you great control over your spending. You can only spend what you have on the card and you can withdraw to it as well.
Paypal vs Interac
PayPal is a payment method that most platforms online accept as one of the easiest and safest deposit methods. While it has instant deposits, withdrawals take up to 48 hours. It would not be easy to use PayPal as Interac alternatives as PayPal like Interac has limited exposure but while Interac is focused on Canada, you will find PayPal more widespread.
Conclusion
Speeding up of online Casino transactions is always in demand with everyone looking at ways to pay lower fees while getting money faster. In particular when it comes to internet banking and money moved around in online gambling. Canadians want robust methods with cutting edge security protocols while having funds accessible. While Visa and MasterCard have remained firm favourites in Canadian banking e-wallet use have seen tremendous development and preference especially in online gambling transactions. Online gambler prefers to keep banking details away from potential dangers and also limit the amount they spend. With a method like Interac, their control is bigger while they know their banking details are never at risk.
FAQ
Can you use Interac on any device?
All smartphones including android, iPhone, iPad, Mac or PC accept Interac payments. It is a recommended payment method via mobile. You can pay with Interac in Mobile Casinos.
How does Interac Work?
While every bank is different it is similar throughout. You decide how much money you want to deposit or send to someone, type in the email address of a recipient and a security question. As soon as you send the amount, it leaves your account and a recipient will receive the money after inserting the password.
Do I pay a fee to make a deposit and a withdrawal to and from my Interac account?
Making a deposit is instant and you pay no fees. If for example, you transfer funds to an online casino, the funds will appear instantly. Your bank will not charge you any fee when withdrawing to your Interac account but depending on the casino they might have a small fee which they would probably cover.
Which banks in Canada allow or use Interac?
Most banks do and this includes sending and receiving funds to and from casinos. Interac banks include presidents Choice Financial, Tangerine, RBC, Scotiabank, Bank of Montreal as well as TD Canada Trust.
When comparing Interac vs bank wires or PayPal, which would be the fastest to send and receive funds?
Interac is much faster than both PayPal and bank wire. It will take you under ten minutes to have funds cleared while the other two takes minimum of 2 days and longer.
What are Interac fees like?
When you want to send money, it would depend on the originating bank as some banks allow a fixed number of transfers. Other banks that have a specific number of transfers per month will charge you a flat rate regardless of the amount that you send or receive. Whether you transfer $10 or $10, 000 you will pay the same amount which is only $1. You cannot send less than $10 which is the Interac guideline but if you decide to play at an online casino, you will have to see what their minimum deposits are.
What is the difference between Interac e-transfer and Interac?
There is a big difference between Interac Online and Interac e-transfer. Interac e-transfer works in direct connection with a user’ banking page online. The user sends an email transfer directly from the bank account to the recipient. You will find that Interact e-transfer is available at Canadian banks.
Interac Online is also linked to your bank account, however, say for example you want to send money to a casino, the connection via the casino and Interac will be via a third-party browser window. It can be via any institution like First Nations Bank, TD Canada Trust, RBC Royal Bank of Canada or any one of dozens of credit unions. A top third-party processor that links with Interac Online is Gigidat Inc. this is 100% safe and secure and you know that nobody has any access to your banking details.