Interac is Canada’s leading electronic money transfer service providing a convenient way to send and receive money from one bank account to another.
The fact that it’s used by Canadians about 16 million times every single day speaks volumes. Initially, Interac products and services were offered by Interac Association established in 1984 and Acxsys Corporation operating since 1996.
The two companies merged in 2016 to bring all Interac-branded products under one roof. Today the organization boast a wide range of payment tools and one of the lowest fraud rates globally.
The service is supported by more than 250 participating financial institutions, including major Canadian banks such as Royal Bank of Canada, Bank of Montreal, Scotiabank, Canadian Imperial Bank of Commerce and TD Canada Trust.
Interac Online allows clients to pay directly from their bank accounts using their existing online banking access, while Interac Cash provides a convenient way to withdraw money at any of the numerous ABMs.
With Interac Debit users can pay for goods and services at more than 500,000 locations across Canada. Interac Flash is a contactless enhancement of Interac Debit and the country’s first contactless debit solution.
Mobile Interac Flash works through your bank's mobile banking application, it’s currently supported by Scotiabank and RBC and should soon also be available in Mobile Pay offered by Canada’s Credit Unions.
Interac e-Transfer is a great alternative to checks and cash, enabling clients to transfer money from one person's banking account to another and equipped with user-friendly features such as e-Transfer Request Money and the new Auto-deposit feature. Interac was the first domestic debit network to launch Apple Pay followed by Interac Debit on Android Pay and later on also Samsung Pay.
Money travels between your bank and the recipient’s bank, both of which implement highly secure banking procedures to protect their clients’ personal information and funds. Interac users benefit from multiple layers of security, including authentication and transaction encryption, confidential user IDs and passwords, and a secure login process.
Interac Debit cards feature EMV chip technology which makes it pretty much impossible for fraudsters to produce counterfeit cards, mobile transactions use touch ID and passcode verification, and Interac Online allows one to purchase goods and services over the internet without having to disclose any bank account-related details.
Thanks to the company’s Zero Liability Policy, clients will not be liable for losses resulting from technical errors, system problems or fraud. A detailed FAQ list featured on the provider’s website offers plenty of useful information and clients can also request direct assistance by filling in the customer support form or calling a Canadian toll-free number.
When you choose to play slots for real money and deposit funds with Interac Online, you’ll be guided through a simple process starting with a redirect to the Interac Online gateway page.
The next step is to select your financial institution, login to online banking and enter the amount you wish to transfer. Once the request is confirmed, you’ll be taken back to the casino’s cashier section and in a matter of minutes see the funds available in your gaming account.
The process is just as simple when money is being moved in the opposite direction. The time needed to process a withdrawal request varies from one online casino to another, but once you’ve got their approval, it will take only a few days before cash shows up in your bank account.
Interac doesn’t charge any fees directly to customers and won’t make you pay extra when making a deposit or cashing out. However, your bank (or an alternative financial institution) may charge a small amount for sending an Interac e-Transfer or a regular transaction fee for executing Interac Online transactions. Since bank fees can vary a great deal, it’s best to contact them directly and check those which will apply to your money transfers.
When paying with Interac Online, players can enjoy the convenience of their existing online banking without the need to create new accounts, usernames and passwords. A bank account is all one needs, so even players who don’t own a credit card get to use this user-friendly payment service; the only requirement is that they are Canadian citizens.
Thanks to this intermediary, none of sensitive financial details are shared with the recipient, and multiple security measures applied by Interac guarantee the safety of cash transferred in one direction or another. Unlike some of the other casino banking options, this one can be used not only for deposits but also withdrawals.
There aren’t any serious drawbacks to speak of. The biggest issue is that Interac has lower acceptance rate than your usual Visa / MasterCard and Skrill / Neteller alternatives. However, players frequenting casinos that cater (among others) to the Canadian gaming community will likely be able to make Interac deposits and withdrawals.