Interac e-Transfers are a highly secure payment option that enables you to send payments from your Canadian bank account to a business or casino. This is done without disclosing any critical financial information about yourself.
Many Canadians who buy online are already familiar with the Interac payment system. But others may not be aware that it can be used to fund gaming accounts and make other transactions over the internet.
It’s growing more and more popular as a deposit option all the time, and many online gaming sites have integrated it into their cashier systems to accommodate players.
The Interac e-transfers casinos provide a variety of benefits to gamers.
The advantages of online casinos with Interac
When making deposits at online casinos, utilizing Interac as a payment method comes with numerous advantages.
Popularity
When it comes to online purchases of goods and services, Interac is a well-known means of payment. This means that many Canadians will have no trouble using it when making deposits into a casino account.
Withdrawals
Using Interac has the benefit of being directly associated with your bank or credit account. Many casinos that accept it as a deposit option will also allow you to withdraw funds back into that account. Rather than having to wait up to seven working days for your win to show on your credit or debit card or incurring fees for bank wires, your reward may be deposited directly into your bank or brokerage account without delay.
Anti-Fraud
Multiple levels of protection guarantee that players do not have to provide their bank account or credit card information to any online casino. It gives an additional layer of protection even though you may transfer money between your bank and Interac accounts and from casino to Interac.
Disadvantages
Expiry
Every transaction requires the receiver to execute activities to be effective. If the online casinos with Interac, for any reason, fail to debit your Interac account, the transaction’s life cycle will expire in 30 days as a result. If a player does not realize that they have been playing for free, it may take some time to resolve the situation with the merchant.
Phishing
Phishing transaction warnings are sent through email to victims of phishing attacks. All electronic transactions are just as susceptible to phishing. This is a sneaky attempt at theft and fraud.
The fact that a player does not log into their account directly but instead answers to an email asking for passwords or other information may give hackers access to their accounts.
The Difference Between Interac Online and Interac e-Transfer
Interac e-Transfer
There are certain online casinos with Interac that provide the choice of using either Interac Online or Interac e-Transfer, but what is the difference between the two?
This technique, which is often used to send cash to relatives and friends, allows you to deposit by simply providing an email address. It is generally accessible at most financial institutions and credit unions, and you may use it to deposit at any time.
When you sign up for an online casino, you will be provided with a specific email address and a security question and answer. Then, you need to input the security question and answer from your bank account when you start playing.
Interac Online
The process is more straightforward when you use Interac Online since the online casino offers a payment gateway that allows you to deposit money directly from your bank account. It will guide you through the process of logging into your bank account directly, eliminating the need to provide an email address, as is required when using Interac e-Transfer. While this method is somewhat quicker than utilizing e-Transfer, the negative is that it is not as widely accessible as other methods.
How to deposit money into online casinos with Interac
Interac offers two options: Interac Online and Interac e-Transfer. For the former, a payment gateway allows you to transfer payments directly from your bank account, but Interac e-Transfer requires you to log into your bank account separately to send cash by email. Interac Online is speedier but not as generally recognized as Interac e-Transfer.
Interac Online
- Select Interac Online first, then pick/input the amount you wish to deposit and follow the directions.
- Like any Interac online transaction on other e-commerce sites, you must pick your bank to send money from. After choosing your bank, you will be sent to Gigadat’s payment portal.
- If your bank or credit union isn’t listed, you’ll need to click “Cancel” and choose Interac e-Transfer instead.
- If your bank is present and selected, you will be routed to your bank’s website to complete the transaction.
- Confirm the amount you wish to deposit.
- You will then obtain a transaction receipt.
That’s it! Nothing was charged, and the whole amount is in our account
Interac e-Transfer
Now let’s see how Interac e-Transfer works.
- In the deposit area, pick Interac e-Transfer and enter the desired amount. Verify the amount on the next screen.
- Next, pick your bank. Choose your banking institution/credit union to deposit money. There are shortcuts for the well-known banks at the top, but immediately below is a full list of financial institutions/credit unions. Unlike Interac Online, all of these possibilities are feasible, which is Interac e-key Transfer’s benefit.
- Follow the deposit instructions, then next, you’ll see the email address and security question/answer.
- Fill out the following data in your bank and see your account quickly filled!
Withdrawing money
To withdraw, go to “My Account” and click “Withdraw.” If this is your first withdrawal from the casino, they may ask for identification before completing the transaction. In this case, you may be asked to submit three items:
- Proof of Identification
- Proof of Address,
- Proof Payment Method Proof
It takes time to verify these materials, so the withdrawal request is placed on hold.
After this, transactions to and from the casino are almost immediate.
Processing of Funds
Interac e-transfers allow merchants to choose their processors. Gigadat is one of the companies involved. It offers internet retailers a range of payment options.
Online gambling is regarded as high risk in the payments sector due to gamers having buyer’s remorse after losing or attempting to scam the merchant. Merchants and banks need a system that reduces chargeback risk.
Gigadat achieves this by using Interac for pay-ins and payouts. Since participants cannot reverse a transaction after the money has been placed, the success rate is 100%.
Gigadat provides Canadian online casinos with services, such as deposit and withdrawal solutions through email authentication and direct bank transactions.
The bank should see “Gigadat” and not the source of cash on the first pass. This facilitates cashouts to banks that usually refuse gaming transactions.
Interac Casinos Summary
Interac e-Transfers are a popular deposit and withdrawal technique available at over 250 financial institutions in Canada, including all five major banks.
Unlike casino deposits, the transfers appear on your bank statement as Interac.
It is one of the quickest deposit methods for Interac e-transfers casinos.
