Interac Betting Sites in Canada 2021 | Guide

Interac canada payment methodsInterac e-Transfer has become one of the most popular forms of online banking in Canada, with the platform also allowing for a hugely convenient option when it comes to placing bets, as well as depositing and withdrawing cash. Interac enables users to quickly send money to anyone of their choosing, including some of the most popular betting sites available to Canadian gamblers, with just an email address required in order to gain access.

However, with this form of banking still being relatively new to some, this page will deliver all relevant information surrounding Interac, perfect for those looking for an efficient method of banking when wagering online.

The Best Interac Betting Sites 2021

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What is Interac?

Interac was initially founded in 1984, with the electronic fund transfer service targeting Canadians operating online. In the early days, it was known as the Interac Association. However, the name was changed to the Interac Corporation in 2018.

There was another Interac product known as the Acxsys Corporation. It was initiated in 1996 by the 8 organizations that built the Interac network. Its goal was to develop new business partnerships. Interac e-Transfer and Interac Online are two of the major services.

The organization now offers a range of products and solutions, which are utilized an estimated 16 million times each day in Canada. All in all, the three standout services offered by Interac are as follows:

  • Cash, Debit, and Flash pay services for in-person retail purchases and withdrawals from automated banking machines (ABMs).
  • An online payment system that can be used to fund Canadian Government licensed online casino accounts, such as those who operate at PlayNow.ca in BC and Montreal, or PlayOLG.ca in Ontario, etc.
  • Interac e-Transfer, an easy way to send, request, or receive funds directly from one bank account to another.

Interac e-Transfer vs Interac Online

Both might seem like the same thing to you. To an extent you are right. Both Interac e-Transfer and Online allow you to pay from your bank account. You can either send money to anyone in Canada or pay your favorite betting sites with both.

But they don’t use the same method. The bank or credit card union’s participation varies depending on which option you choose at Interac betting sites in Canada.

Interac e-Transfer

Interac e-Transfer uses your email as identification and works as a portal for your bank or credit card union. The transfers take place immediately in general. But there might be a delay of up to 30 minutes depending on network issues.

You can send and received money from anywhere in the world as long as your MasterCard or Western Union supports it. It’s the most used method by the Canadian punters in Interac betting sites. You have to manually conduct the transaction from your Interac interface, eliminating any exposure to your personal data in the online betting platforms.

Interac Online

Interac online, on the other hand, is a solution specifically designed for businesses. You call it an e-commerce solution as well. It works as a real-time payment solution and can do wonders for you if you own an online business.

It offers very competitive fees compared to its competitors. There are virtually no authentication costs and there are no hidden fees! The fraud monitoring technology at Interac Online is state of the art!

It’s a very good option for Interac betting sites in Canada as well. But to use the features, you need to own an online business first. If that’s not the case, you can always go with e-Transfer.

Why Use Interac for Betting in Canada?

Interac is a non-profit interbank network that delivers debit cards and other important services, including e-transfers. With safety when operating online being more important then ever, Interac will keep your personal details secure at all times whenever you spend cash online, whether it be with a department store of betting site. When making payments online using Interac, the betting site will only be able to see the amount of cash selected, rather than all of your bank details or credit card information, as is the case with some other payment options. As a result, there is almost no chance of unexpected withdrawals or unauthorized payments.

Interac e-Transfer website

Interac e-Transfer website

Interac is also supremely quick, meaning that transactions are processed as speedily as possible at all times. Whether you are looking to deposit or withdraw cash with your bookmaker, transactions are processed almost instantaneously, meaning that there are no frustrating waiting periods for customers.
Interac is also aimed specifically at Canadians, meaning that more and more of the countries betting sites are now offering the platform as a banking method. For sites where Interac is not accepted, punters must generally select from a less efficient option, or move on to a new platform.

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Despite there being a small flat rate for every transfer made using Interact, which usually sits between $1-$1.50, Canadians still love the service because of its speed and ease of use. Fees do vary depending on your bank, however some now provide complimentary Interac e-Transfers in an attempt to attract new customers. While many US-based payment providers have chosen to shun other e-Transfer gambling solutions, it is pleasing that Interac support the Canadian gambling industry.

Interac e-Transfer vs Interac Online: Which one is Better for Betting?

It’s a question that goes through the mind of almost all Canadian punters. As the payment solution is specifically tailored for the Canadian industry, most punters use it for their sports betting needs. So, it’s a valid question to ask.

As for which Interac product to use, you are more likely to have the e-Transfer rather than Online. Because Interac Online is designed with businesses in mind. So, you can stick to  Interac e-Transfers for your betting needs.

However, if you happen to have Interac Online, the betting process is even easier for you as long as your bank supports it. For e-Transfer transactions, you must leave the sportsbook website to authenticate the deposit from the Interac website or the mobile app.

But with Interac online, the deposits are seamlessly done from your bank account without you logging into the system. It’s a more efficient and fast alternative. In this way, the chances of you making a mistake during the transfer is very less. It saves time and it definitely makes your sports betting experiences more fun.

How to Deposit Using Interac

With the number of betting sites offering Interac as a method of banking to Canadian punters increasing all of the time, let’s take a closer look at just how deposits are made using the popular e-transfer platform. Once you have created an account with your preferred bookmaker, the following steps must be taken:

  1. Select “Interac e-Transfer” as your preferred method of banking.
  2. You will receive an email address from the bookmaker where you need to transfer the money electronically.
  3. Log into your Interac account from a secure web browser or the mobile app.
  4. Input the sportsbook’s email address to send the funds.
  5. Make sure that your Interac email address is the same as the one you opened your betting account with.
  6. Confirm your deposit and wait for your funds to reach your account within minutes.

How to Deposit Using Interac Online

If you happen to have an Interac Online account, the depositing process at any Interac betting sites in Canada even simpler.

  1. You choose ‘Interac Online’ as your preferred payment option.
  2. Select your bank or credit card union from the list of service providers.
  3. You’ll be redirected to your bank’s/credit card provider’s website to enter the deposit amount.
  4. Once you’re done, you’ll automatically come back to the sports betting site.
  5. Your funds should arrive automatically and you are ready to make some bets!

How to Withdraw Using Interac

The process involved with withdrawing funds using Interac is also relatively simple, as well as being just as quick. Follow these simple steps in order to withdraw winning from your preferred betting sites using Interac:

  1. Go to the cashier section of your betting site and select Interac as your chosen method of banking.
  2. Answer the security question asked.
  3. Upon receiving a notification regarding your chosen withdrawal amount, select your institution, login and chosen amount of cash via the link provided.
  4. Some punters will be able to register for “Autodeposit”, meaning that there is no need to go through the security part of the withdrawal process in order to receive your funds. This can be set up by confirming your decision via email and activating this feature.

Interac Online Betting Sites

As previously mentioned, the number of betting sites offering Interac as a form of banking is increasing for those in Canada, however the total amount is still relatively small in comparison to other options in this area. The fact that Interac can only be used by Canadians is part of the reason why some bookmakers do not offer it, however our experts have put together a list of some of the best betting sites currently offering the service.

Disadvantages of Using Interac

There are very few negative factors surrounding Interac e-Transfer, however the following points should be understood before taking advantage of their banking service.

Expiry – The recipient must complete actions to affect every transaction. If the betting site somehow neglects to debit your Interac account, yet credits your gaming account, the transaction’s life-cycle will expire in 30 days. As well as this, if a player fails to notice that they played for free, it may take time to sort this out with the merchant.

Phishing – Transaction notices are processed via email, meaning that 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 others access to their accounts. To save yourself from the risk of phishing, all you can do is improve your browsing habits. Stay away from jumping into any email that seems lucrative and never provide your credentials to someone you don’t know. No reputed service will ask for your username or password via email.

Bank Participation – When you opt for Interac Online, your bank is required to participate in the transaction. So, you are exposing your bank details or credit card details to the sportsbooks in Canada. It’s not a problem as long as you’re betting on a safe sportsbook.
However, when you fall into any scam trap, your credit card or bank data might get stolen. Or any mediocre sportsbook might sell your data as well. So, always be careful about where you’re using your Interac account.

Interac Customer Support

For when issues or problems arise using the Interac service, users can fill out the customer support form available on their website, or alternatively send an email or call the free telephone number provided. As well as this, a detailed FAQ page is on hand to answer the most commonly asked questions regarding their operation, perfect for those new to this form of online banking. The Interac website is currently available in both English and French.

The FAQ section is also separated into two sections. Namely for consumers and for businesses. So, you can find your issue for both Interac e-Transfer and Interac Online alike.

[email protected]
1-888-238-6433.

Interac Betting Sites FAQ’s

How long does it take to receive money using Interac?

The average time taken to receive money with Interac is between 4-6 working days, however this can often be much quicker, with many transactions even being processed instantly.

Does it cost more money if I make a large deposit?

A small fee is charged no matter how much money is being transferred using Interac, meaning that there are no additional charges for making significant deposits.

Can I use Interac outside of Canada?

Unfortunately not. Only those in Canada are currently able to take advantage of Interac, unless you have a Canadian bank account.

Who benefits most from using Interac?

Those who are tired of having their credit or debit cards turned down online will enjoy the ease of use with Interac, while those who prefer not to purchase prepaid cards when depositing cash also benefiting.

Which banks is Interac available through?

A number of financial institutions support the Interac system, including National Bank, Desjardins, President’s Choice Financial and Tangerine, among others. In fact, there are over 250 Interac participants in total.

Do I need to open an account with Interac in order to use their services?

No, players can use their chosen financial institution when operating online or on mobile, before clicking on the Interac logo and following the instructions provided.

Are transactions via Interac protected?

Money is never exchanged via email or text message, with the only thing Interac send being notifications and instructions. Money is transferred between bank accounts via their banking system, which is hugely secure and reliable.

Can I reverse a transaction using Interac?

This is possible in some cases, however they cannot be reversed once the recipient has deposited funds. When cash has yet to be deposited, you can still log in to your account and choose to cancel a particular transaction via the relevant option.

Are there limits on how much I can deposit or withdraw?

The limits are often set by the participating bank or credit union. If it’s more than what the sports betting sites of your preference allows, the lower limit applies. For example, if the sportsbook allows C$5000 a week, that’s your limit.

How much does it cost to use Interac Online?

All of the fees are handled and placed by the banks and credit unions. To know exactly how much it’s going to cost you, you need to contact your bank or credit union operating in your area.

Tips for Using Interac in Canada

While using Interac is a very straightforward process, it might be intimidating for some of you to choose the right product. That’s where we come in. We are going to share some tips that you can keep in mind before you out into the Interac betting sites in Canada.

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Take Your Time for Selection

If you don’t own any online business, you will not be eligible for an Interac Online account. In this case, e-Transfer is your only option. Both of them work quite similarly so it shouldn’t bother you at all.

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Check the Fees

The fees you might have to pay will vary depending on your bank. And it might be different for Interac e-Transfer and Online. So, make sure you know how much you are getting charged before you make a deposit.

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Open a Bank Account First

If you’re willing to bet on Interact betting sites in Canada, you better open a bank account beforehand. All of the products by Interac require a local Canadian bank account. So, make sure you have one.

Summary of Interac Betting Sites in Canada

Whether you choose Interac e-Transfer or Interac Online for your betting purposes in Canada, you are in a for a very convenient experience. The payment provider is designed with Canadian punters in mind. So, it’s very unlikely that you’ll get the same array of features from any other payment provider.

For your sports betting needs in Canada, look for the best ones at Sportsbetting24.ca. Our experts take all of the factors into consideration while recommending the best Interac betting sites in Canada.

 

 

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