Interac is one of Canada's top online payment methods and it’s been around for 37 years. The company was founded in 1984 as Interac Association and was later renamed Interac Corporation, with its head office being located inside the Royal Bank Plaza in Toronto. When it comes to safety, speedy transactions and betting with CAD, Interac bookmakers are the ones that spring to mind. At the same time, it is hard to ignore the fact that the company has 59.000+ ATMs - one of the most extensive networks in Canada.
Player-to-player transfers, eligibility to claim a welcome bonus and low fees are some major advantages of Interac. We are talking about a 100% legal payment solution regulated by the Bank of Canada. Read on in order to take a closer look at every aspect of Interac, like:
- An up-to-date (2022) list of Interac bookmakers
- A detailed guide about how to use Interac
- All the pros and cons
Best Interac betting sites (2022)
Many bookmakers that operate in Canada choose to partner with Interac. In the following shortlist, though, we have chosen the ones that truly stand out. They tick all the essential boxes, like speedy withdrawals and slim to none fees. So, go on and check our recommended Interac sportsbooks.
Interac is one of the best payment systems in Canada and there is a reason why. An account holder can use multiple different services depending on his needs.
Interac Cash: It is a service that allows you to withdraw cash from any Automated Banking Machine (ABM) in Canada that has a cooperation with Interac. It is a significant advantage that you can withdraw money anytime.
Interac Debit: We are talking about a debit card that you can use instead of your bank debit card. This way, you can use your funds easily in many ways without providing your bank details.
Interac e-Transfer: The most used service of Interac. It is a fast and safe way to transfer money from one bank account to another in Canada or abroad. You need to use an online or mobile banking service from a participating bank and an email address or a mobile phone number. Keep in mind though that you can not receive money from a bank outside of Canada.
Interac Flash: It is the first contactless debit payment system in Canada. You can use your Interac Flash debit card without inserting the card into a reader or enter your PIN. The disadvantage of this service is that it is available only for small charges; however, this increases security.
Interac Online: It is an excellent option for users who are keen on making online payments. It is directly connected to your online banking system and allows you to proceed with safe and fast transactions.
Mobile Payment Solutions: It is a mobile application that also supports mobile Interac Flash, a contactless mobile payment method. A mobile device with NFC enabled is necessary to use the service.
Apple Pay, Google Pay & Samsung Pay: You can connect your Interac account with all these payment services and make transactions through them. However, your bank should also cooperate with these payment methods in Canada.
Why should you bet on Interac betting sites
Players have a lot of reasons to choose Interac as a payment method for online betting. Speedy transactions, low fees and depositing with the local currency (CAD) are some of them.
✔ Widely accepted by bookmakers: Interac has been operating in Canada for over 34 years and it is a prevalent payment method. It is tough to find a Canadian bookie that does not accept it.
✔ Instant transactions: Betting with Interac ensures that your deposit will take place almost immediately. At the same time, withdrawals are processed within 24 hours.
✔ Betting in CAD: As a payment method designed exclusively for the Canadian market, Interac allows you to deposit in Canadian dollars. So you are able to avoid conversion fees.
✔ Excellent security features: With encryption technology, unique user ID and personal passwords to enter your account, Interac ensures the safety of your funds.
✔ P2P transfers: Interac provides users the possibility to transfer money to another account holder. Even if you want to send money to a player abroad, through Interac's cooperation with Mastercard & Western Union, you can proceed if you have a bank account in the National Bank.
✔ Eligibility to claim a welcome bonus: Unlike other payment methods like Skrill or Neteller, Interac bookmakers usually allow you to get a welcome bonus. Moreover, most of the time, you are eligible for all promotions when depositing with Interac.
Drawbacks of betting with Interac
Like all payment options, Interac has some shortcomings, as well. Withdrawal restrictions and not accepting cryptocurrencies are only a few of them.
❌ Exclusively for domestic players: We are talking about an online payment method designed for Canadian players. Interac is connected to the local banking system and it is available only for bettors that have an account to a local bank.
❌ Betting activity is tracked: Since it is connected to your bank account, your whole betting activity is documented and all transactions are recorded. Local authorities have the right to request a record since Interac is regulated by the Bank of Canada.
❌ Not every Canadian bank supports it: Interac has been operating for decades, but still, some Canadian banks don't support it. If you don’t have an account in a bank that belongs on the Interac network, you will not be able to use it.
❌ Deposit limits: There is a deposit limit of $1.000 per day and $5.000 per month. This could be a significant disadvantage for a high roller when other payments have higher or no limits at all.
❌ Doesn’t accept deposits via crypto: Interac is connected with your bank account and the local bank network. In the modern era of online payment and betting, it is a drawback that it doesn’t allow you to use any cryptocurrency to fund your account.
Is Interac sports betting legal and safe?
Interac is an interbank network that links most of the Canadian banks. The first step was a cooperation with RBC, Scotiabank, TD, CIBC and Desjardins and today Interac Association and Acxsys Corporation own the company which the Bank of Canada regulates. Regarding safety, the encryption technology that Interac uses ensures that your account is secure. At the same time, every account holder has his one personal ID and personal password that is necessary to enter his account. Before proceeding with any transaction, a user should set a security question that has to be answered.
How to create an Interac account
If you want to bet using Interac, you have to create an account. Opening an account is a quick and straightforward process. All you need to do is follow the steps below:
- Sign in to Online Banking or Mobile Banking App.
- Select “Interac e-Transfer.”
- Enter an email address or a Canadian mobile phone number.
- Provide the bank account you want to connect with Interac.
- Answer the request to verify your registration. You’ll receive the request via email or SMS.
Simple as that. Your account is ready and you can fund your favorite Interac bookmakers. You don’t have to make another verification since there is a connection to your bank account.
How to deposit with Interac
Once again, the whole procedure is effortless and straightforward for any bettor when using Interac gambling sites:
- Enter your Interac bookmaker.
- Select the ‘Deposit’ option.
- Choose ‘Interac’.
- Enter the amount you want to deposit.
- When you make an e-Transfer, you have to log in to your banking platform.
- Enter the requested information and confirm the transaction.
That’s it. Since you followed the previous steps, funds will be immediately available in your bookmaker account.
Can I withdraw from Interac betting sites
Ιnterac betting sites allow you to proceed with a withdrawal since you have made a deposit the same way. The procedure is easy if you follow the steps below:
- Enter your favorite bookie.
- Click the ‘Withdraw’ button.
- Choose Interac as your payment method.
- Enter the amount you want to withdraw.
So simple as that. Since you have confirmed the transaction to your account, the amount will be available within 24 hours.
The fees that apply when using Interac are different depending on the method that you choose. When you select Interac Cash, every time you withdraw money from an ABM, $0.006243 is removed from your balance; regardless of the amount you withdraw. Additionally, the ABM may charge you for using their machine. This fee is usually up to $2.00, but it could vary between the different providers.
Interac Debit will charge you $0.005759 as a fixed amount for every transaction that you make when using your card.
Regarding limits, when you want to fund your account, the deposit limits stand at $1.000 per day and $5.000 per month. At the same time, when you withdraw an amount from Interac bookmakers, the minimum limit is from $15 up to $20 and the maximum is from $7.000 to $9.999; depending on your bookie.
Interac Online vs Interac e-Transfer
Of all the services that Interac provides, the most common when betting are Online and e-Transfer. Below we will help you choose which one is closer to your needs.
Interac Online works just like any other bank transfer option. You need to choose the amount you want to deposit and then you will be asked to log in to online banking. If you have more than one bank account in different banks, you need to choose the account for the payment. As your last step, confirm the transaction and you’re good to go. The amount will be available straight away in your bookmaker account.
The steps for using the Interac e-Transfer option are different, although the process remains simple. You will first have to log into your bookie account and choose Interac e-Transfer to get Generated Payment Details. Then, you log into your online banking app, locate the e-Transfer section and input the information given by the bookie (recipient name, recipient email and message or confirmation code). As soon as you insert all these details, the bookmaker receives your payment and the account is usually funded within 10 minutes.
Interac compared to other methods
Interac vs Skrill
Skrill is a popular payment method for funding your online sportsbook account. It is widely accepted by bookies and operates almost anywhere around the globe. However, you can't claim a welcome bonus most of the time when you bet through Skrill. On the other hand, Interac bookmakers allow you to participate in almost any promotion. Withdrawing your money to your bank account applies up to 7.5% fees per transaction.
Interac vs Neteller
Neteller was initially founded in 1999 in Canada and relocated to the Isle of Man in 2004. Many sportsbooks accept transactions through it. A drawback of it is that players are usually excluded from welcome bonuses and promos. Interac betting sites give you an edge on this since you are eligible for any new offer. Regarding charges, deposits to your Neteller account come with fees from 1.90% to 4.95%; if you are depositing through Visa, Mastercard & Maestro and 1% through Bitcoin. If you want to withdraw an amount to your bank account, fees are 2.5%.
Interac vs WebMoney
WebMoney is an online payment method designed for Russian bettors, but it is also famous in Eastern Europe and Canada. You have eligibility to claim a welcome bonus or any other promotion. A major advantage of WebMoney is that you have many ways to deposit on your account, depending on your region. In comparison with Interac, WebMoney allows you to fund your account with cryptocurrency when Interac doesn’t.
Interac is an online payment method designed exclusively for the Canadian market. Interac sportsbooks allow players easy and quick transactions, eligibility for a welcome bonus and offer great customer support. Plus, Interac fees on any transaction are low but do exist. However, a player must have a Canadian bank account to use Interac’s services and this constitutes a big drawback.
To sum up, Interac betting websites are a fair option for bettors in Canada. The payment offers availability to play in CAD and avoid any conversion fees. Speedy transactions and the fact that many bookmakers accept it are significant advantages. On the other hand, players cannot fund their account with cryptocurrency. Moreover, their betting activity can not pass under the radar; since their Interac account has a connection with their bank account. For high rollers, the deposit limits are low enough. I would recommend other solutions like Neteller or Skrill for professional gamblers; but for recreational bettors, Interac is a notable option.
Complete list of Interac bookmakers
Fast transactions and low fees are some of the main perks of Interac sportsbooks. So check below the full list and choose the one that suits you best.
Yes, Interac is a local payment method only for Canadians. To be able to use it, you need to own a bank account at a Canadian bank. At the same time, a user can send money internationally, but it is not possible to receive money outside of Canada.
If you want to send an Interac e-Trnsfer, the fees are $0.50 up to $100 and $1 for any amount above $100. If you have a business account, then the fees are $1.50 per transaction.
There are many gambling sites accepting Interac in Canada. Nevertheless, the best of them are Bet365 and Bet99 since they offer high odds, quick transactions and a wide range of markets.
Yes, Interac e-Transfer can be considered as one of the safest payment methods. Your bank details remain hidden when you transfer money through it. Moreover, encryption technology and the fact that you have to use a password to enter your account, ensure a top security level.
Straightforward answer, yes. There are many Interac e-Transfer betting sites. It is probably the best service that Interac offers to players, since, via a mobile banking application, they can make easy and quick transfers.
Even though Interac is a really popular payment method in Canada and many bookies accept it, Bet365 does not offer deposits with it.
Yes, Casumo is among the sportsbooks that accept transactions through Interac. It is also worth mentioning that you are able to claim a welcome bonus when you deposit with Interac.