Interac: Online Banking in Canada

Interac Online provides online and mobile casino players with a safe, fast and effective way to make casino transactions. To put it simply, Interac is a banking utility which connects to your bank account and then proceeds to move the money from there into your online and/or mobile casino account as per your instruction. Interac Online is for Canadian players only, but it can be used at many participating vendors, making your casino gaming experience a seamless process even when you switch between games.

When you use a payment system like Interac Online, you’re automatically entitled to various perks and benefits. Interac Online also provides privacy, something many online gamblers prefer. In fact, the most important reason people choose to play online or through their mobiles, besides convenience, is privacy.

How Does It Work?

Interac is a digital payment method that has been growing in popularity in Canada, thanks to how easy and quick it is to use, as well as how safe it is. All transactions take place within the security of your online banking account, and use email or text messaging for quick notifications to the recipient that funds have been sent.  Plenty of banks nowadays offer card-free services, in which you can log into your online banking account and send funds to a recipient. Said recipient will receive a code by means of text message or email, and all they have to do is go to an ATM of the same bank, type in the code and voila! Interac works in much the same way, but rather than receiving physical cash, the recipient’s account is credited. Similarly, rather than a basic code, the sender creates their own security question, and discreetly lets the recipient know the answer. Once, and only once, the recipient has correctly entered the answer, will their account be instantly credited. Safe, simple, easy. Given the convenience of Interac, more and more online casino players are choosing this payment method to fund their casino accounts – and more and more online casinos are making this a payment option.

What are the Advantages for Me?

Signing up with Interac Online is very simple. If your chosen online casino supports this mechanism, you should be able to access it via the banking lobby or by going to their website. Interac uses a gateway page to connect to your bank account. After the connection is established, you simply need to confirm the amount you’d like to transfer; it’s that simple! There are countless benefits to using Interac Online, some of which you’ll find below:

  • Online Banking Information Protection: Interac stores your information safely, so your banking information will never be shared with the online merchant you’re doing business with. In essence, you’re safer when banking online with Interac.
     
  • Easy to Use: Since the payment is processed when you’re already online, there is no need for new online accounts or passwords.
     
  • Security: Having partnered with Interac Online to complete your transactions, RBC Royal Bank offers an additional level of security.
     
  • Convenience: When you opt for a mobile casino payment service like Interac Online, it provides a safe alternative to using your traditional bank cards and/or e-wallets.
     
  • More Financial Control: Interac Online is the perfect banking utility for keeping track of all your payments. It enables you to check all your casino payments at once, making it easier for you to keep in control of your financial affairs. This type of payment system encourages responsible gambling.

Is Interac Safe?

Yes. You’ve probably heard of digital encryption technology, which is used by all reputable online banks, casinos and merchants. In short, this means that all information you disclose to an online institution is immediately encrypted and coded, making it impossible for third parties to breach or hack. Because Interac operates directly through your chosen bank, it’s essentially as safe as the very financial institution you already know and trust.

What’s more, the fact that you yourself get to choose the security question and answer, as opposed to a randomly generated code, puts you in charge. You can make the answer as easy or difficult as you choose – though, if you want to fund your online casino account quickly and conveniently, you’d probably want to avoid long and complicated security questions.

Is Interac for Me?

It can always be somewhat daunting, trying something new or straying from what you know. But, if you think about it, all forms of online banking were at one stage considered foreign and potentially risky. In spite of strict security measures generally being in place across the board at all accredited and approved banks and merchants, there will always be those who want to play it as safe as possible, and entrust only their chosen financial institution with their personal information. In these cases, Interac is perfect.

But, given the massive number of banks in Canada that offer Interac, and the growing number of online casinos that are starting to offer it as a payment method, Interac is essentially for everyone. At present, the following Canadian financial institutions offer Interac services:

Affinity Credit Union 

Acadian Credit Union 

Access Credit Accent Credit Union 

Union Aldergrove Credit Union 

Assiniboine Credit Union 

Beaubear Credit Union

Bayview Credit Union 

Blackville Credit UnionCaisse populaire de Clare

Churchbridge Credit Union

Community Credit Union

Community First Credit Union

Consolidated Credit Union

Columbia Valley Credit Union

Christian Credit Union

Coastal Financial

Coastal Community Credit Union

Cornerstone Credit Union

Credit Union Atlantic

Copperfin Credit Union

Eagle River Credit Union

East Coast Credit Union

Eastern Edge Credit Union

Education Credit Union

Envision Financial, A Division of First West Credit Union

Évangéline-Central Credit Union

First Nations Bank of Canada

Goodsoil Credit Union

Hamilton Sound Credit Union

Innovation Credit Union

iNova Credit Union

Interior Savings Credit Union

Kindred Credit Union

Kingston Community Credit Union

LaHave River Credit Union

Leading Edge Credit Union

Luminus Financial

Libro Credit Union

Limestone Credit UnionMalpeque Bay Credit Union

Mainstreet Credit Union

Morell Credit Union

NBTA Credit Union

New Ross Credit Union

Northern Savings Credit Union

Newfoundland & Labrador Credit Union Limited

North Sydney Credit Union

Northern Credit Union

OMISTA Credit Union

OPPA Credit Union

Prospera Credit Union

Public Service Credit Union

Provincial Credit Union

RBC Royal Bank

Quinte First Credit Union

Reddy Kilowatt Credit Union

Tandia Financial Credit Union

TD Canada Trust

The Police Credit Union

Tignish Credit Union

Toronto Municipal Employees' Credit Union

Souris Credit Union

Steinbach Credit Union

St. Joseph’s Credit Union

Sudbury Credit Union

Summerland Credit Union

Sunshine Coast Credit Union

Sydney Credit Union

Ukrainian Credit Union

Venture Credit Union

Unity Credit Union

Valley Credit Union

Victory Credit Union

Windsor Family Credit UnionYour Credit Union

Pace Credit Union

PenFinancial CU

Progressive Credit Union Limited

More and more Canadian banks are making it clear whether or not they support Interac, thanks to bank cards issued, bearing the Interac logo. As with any payment method, there will be a small fee incurred for the transfer of funds from one account to another, and this will understandably depend on your particular financial institution.

How Does Interac Compare?

As stipulated above, Interac is a favourable payment method when compared to certain alternatives, mostly due to the lack of third parties, and the fact that payments are issued directly from your chosen financial institution. We already know that Interac is vastly different to credit and debit cards, and showcases quicker transfer times, given that no matter which bank you use, if both banks support Interac, transactions will be instant. The following table will provide a handy reference for how Interac rates out of 5 when compared to other popular payment methods used at online casinos in Canada.

 

Interac

Credit Cards

eCheck

iDebit

paysafecard

Entropay

Simplicity

5

5

4.5

5

3.5

5

Charges

4.5

3.5

5

4

4

2.5

Safety

5

5

4.5

5

5

4

Availability

3.5

3

4

4

4.5

4

Speed

5

3.5

5

5

4

5

While none of the aforementioned payment methods score a full 5 across the board, it’s clear that Interac fares exceptionally well when compared to so many others. For now, the score of 3.5 is likely to improve, as this is still a fairly new payment method, and one that is quickly becoming more and more available at reputable banks and online casinos. For your reference, the list below shows online casinos in Canada that support Interac as a payment method:

Leo Vegas

Yako Casino

Hello Casino

Casimba

Fun Casino

Sloty

Sports Interaction Casino

No Bonus Casino

Yeti Casino

NightRush

 

Final Thoughts

It can always be a little daunting, trying something new, especially when it comes to finances. Thankfully, Interac has proven exactly why it’s such a safe and versatile payment method, and why it continues to grow in popularity in Canada. Chances are, you’ve been banking with a financial institution that supports Interac this entire time – why not give it a go at one of your favourite online casinos, today!

Here, at Gambling Insider, we’re always looking for innovative ways to enable our Canadian players to make their deposits, while also making it an easy and convenient process. Even though the online casinos we endorse have the best of intentions, banking can still be tricky. This is the reason we’re always looking for better, safer and more effective ways to help our players make and receive faster payouts. Fortunately, matters run smoothly most of the times. But there are the occasional hiccups that can delay a payment, and we know that this can be quite frustrating to a player. So, we recommend that, when you sign up with any one of our online or mobile casinos, you keep a couple of things handy, namely: a copy of your identification card/document and proof of address.

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