How to Use Interac E-Transfers for iGaming in Canada

Learn to Deposit and Play at Canadian crypto casinos with Interac eTransfers.

How to deposit and play at Canadian crypto casinos with Interac eTransfers.

There are a few special things that are uniquely exclusive to Canada. Interac is one of them. Its an instant payment method developed by and for Canada’s largest banks. It was originally introduced back in the 1980s as a way for these banks to transact quickly and freely between one another. Today, it is the bedrock of the Canadian banking system, used by just about every Canadian with a bank account and/or debit card.

To better explain what an Interac e-Transfer is, and how it works, I’ll kick this off with an informative Q&A. If you already know what it is and are looking for information on how to use it at online casinos, or to purchase Bitcoin for crypto casinos, please skip ahead to the next section; How to Use Interac E-Transfers.

FAQ: Interac eTransfers for Online Gambling in Canada

What is an Interac E-Transfer?

Interac, on its own, is a fast, safe, and secure way to send and spend money. Whether you realize it or not, every time you swipe your debit card, receive a direct deposit, or set up auto-pay for a monthly bill, you’re using Interac’s sophisticated payment system. Interac E-Transfers are an integral part of that system, relating specifically to electronic online banking transactions.

Any time you make a payment through your online banking system, odds are, Interac is the network facilitating it. Most Canadian websites accept Interac e-transfers as a preferred payment option. Simply look for the logo, or seek it out on the payment options list when making a payment.

Can I Make an International Interac eTransfer?

Yes. Interac was initially developed to transfer money from one Canadian bank to another. However, it’s expanded greatly over the years. It is now possible to send international Interac payments, so long as the international party is approved to partake in this means of transfer.

International companies can’t just agree to take Interac eTransfers. They must submit an application for approval, and agree to adhere to strict regulatory guidelines. Interac will first conduct a stringent background test. If – and only if – the company is found to be in good legal and financial standing with its local jurisdiction, will Interac transactions be approved.

How Do I Know if Interac eTransfers are Accepted?

You’ll know Interac is an accepted form of payment if you see the yellow Interac logo displayed on a website. It may read Interac, Interac E-Transfer, or Interac Online. (Note that Interac Online is part of the same network, but payments are executed in a different manner than e-transfers.)

Interac Payments Accepted

If you don’t see the name or logo, don’t hesitate to contact customer support and ask. In the case of international websites, it’s possible that Interac is available, but not advertised, due to its Canada-exclusive nature. And where it’s not available, the more people who take the time to ask, the more likely a website operator is to integrate Interac in the future.

Do Online Casinos Accept Interac Deposits?

Yes, some do, but not a lot. If you think back to our previous Q&A about international companies accepting Interac e-transfers, you’ll remember that it takes a stellar reputation to receive Interac’s approval. Thus, any international online casino that accepts Interac deposits is inherently considered a reputable one, simply because it has already received a big green check-mark from Canada’s largest banking institutions. That says quite a lot.

Are there any Canadian Crypto Casinos with Interac eTransfers?

Yes, but again, the number is going to be very limited. First of all, there are two types of crypto casinos; the type that only deals in crypto currencies like Bitcoin and altcoins, and the type that deals in both crypto and fiat currencies (i.e. CAD, USD, EUR, etc.)

Obviously, the first type will not accept Interac e-transfer deposits. You can buy crypto with Interac e-transfer elsewhere, and then transfer it to these casinos, but you can’t deposit directly with this method.

The second type might accept Interac eTransfers, but only if Canadian players are accepted, and the operator has gone through the rigorous process of being approved by the Interac network. Again, look for the Interac logo, check the banking page, or contact customer support to ask.

In our extensive research, we’ve found the following Bitcoin casinos in Canada to accept Interac payments for deposits and withdrawals. Click any operator for a full review.

Are Interac eTransfers Safe and Secure?

Yes, they are as safe as any online transfer can possibly be. Remember, Interac is run by the largest government regulated and operated banks in Canada – The Big Five, as they are known. They don’t fool around with security.

Due to the way Interac eTransfers are facilitated, it is a common misconception that they take place through email or text message. That is not the case. Only notification messages are sent via email or text. The transfer takes place electronically, utilizing a range of security features that include a secure login process, confidential user IDs and passwords, 128-bit browser encryption, SSL data encryption, plus security questions and answers that must be known by both transacting parties.

Does it Cost Money to Use Interac E-Transfers?

Usually, yes. Back in the day, all Interac processes were free. Now, in the age of modern technology, you can expect to pay a fee for pretty much everything. That includes Interac eTransfers. However, there is no set price, since Interac itself is still free. If there is a fee attached, it is being charged by your financial institution. Thus, you’ll need to check with your bank or credit union to determine if there is a fee, and if so, how much.

Can I Withdrawal Casino Winnings with Interac?

That’s up to the discretion of the online casino, but in general, yes, it is possible to cash out with Interac eTransfers. You’ll need to check the operator’s banking page for eligible withdrawal methods, or contact support to find out. Also be sure to check (or ask) if there are any fees associated with Interac withdrawals. Some online casinos will absorb the fee, while others pass it on to the customer.

How To Deposit with Interac E-Transfer

So you’ve found an online / crypto casino accepting Interac e-transfer deposits, and you’re ready to get started. The process is actually much easier than it used to be. First and foremost, you have to be able to follow basic instructions. These will be provided by the online casino. As for what that process entails, it will go something like this:

  1. Log into your online casino account.
  2. Visit the banking page and choose to make a Deposit.
  3. Select Interac E-Transfer from the list of available deposit methods.
  4. Enter the amount you wish to deposit, along with your email address and phone number, and press “Submit”.
  5. Check your email for a message from the online casino.
  6. Follow the instructions provided in the email to complete the payment.

It shouldn’t take more than a few minutes at most for the payment to complete. If the payment is declined, there may be a few reasons why. For example, you may not have sufficient funds in your bank account to cover the transfer and fee (if applicable). The identity and address associated with the bank account may not match that of your online casino account. In the case of some crypto casinos, if you’ve accumulated a large amount of transactions in CAD, federal regulations may require you to complete identity verification. Whatever the cause, if the payment cannot be processed, you’ll receive a notification explaining the issue and advice on how to proceed.

Cashing Out with Interac eTransfer

If you’ve previously made at least one deposit with Interac eTransfer, you may be eligible to cash out your winnings in the same manner. You can only withdrawal to the same Interac account you previously deposited with, and only if the online casino accepts Interac eTransfers for both deposits and withdrawals. Assuming all of these qualifications are met, you may request an Interac payout by following these simple steps:

  1. Log into your online casino account.
  2. Visit the banking page and choose to make a Withdrawal.
  3. Select Interac E-Transfer from the list of eligible withdrawal methods.
  4. Enter the amount you wish to withdrawal, confirm your email address and phone number are correct, and press “Submit”. (Note: If the email address and/or phone number displayed are incorrect, do not submit the payout request. Contact customer support for further assistance.)

Once submitted, the transaction must be approved by the casino. This could take anywhere from 1 to 48 hours, depending on the casino’s processing policies. Once approved, you will receive an email from Interac with instructions to accept the payment. From there, it shouldn’t take more than 1 business day for the money to appear in your bank.

Buy Bitcoin and Altcoins with Interac E-Transfers

There are many reasons why Canadians purchase Bitcoin and other cryptographic altcoins these days. Maybe you like the idea of investing in something that could be worth far more in the future. Perhaps you’re looking to purchase goods or services over the web, without the government watching your every move. Or, maybe you want to play blackjack at an exclusively crypto casino. Whatever your reason, if you wish to buy digital coins with an Interac eTransfer, we’re here to help.

The first step is to find a crypto exchange that supports Interac payments for Canadian users. For convenience, I’ll suggest Binance. It’s a fast, secure, and very inexpensive trading platform that supports direct exchange and P2P trading of hundreds of crypto tokens.

Note: Bank transfers, including Interac, are only available on Binance’s P2P trading platform; residents of Ontario are restricted.

The following instructions detail how to buy crypto with Interac through Binance’s P2P exchange service. You can expect to follow the same basic instructions on any other elgiible exchange.

  1. Log into the Binance mobile app.
  2. In the top-right section, click on Payment Settings.
  3. Select Add Payment Methods.
  4. Choose Interac E-Transfers, then enter the required information (email, phone number, etc.).
  5. Press Confirm.
  6. Navigate the P2P trading platform until you find the crypto you want, at a price you’re willing to pay.
  7. In the Buy menu, choose Interac eTransfer from your list of payment methods.
  8. Follow the instructions to complete the purchase.

Once purchased, you may need to move the crypto to a secure digital wallet. Again, Binance offers one, but there are many, many wallets to choose from. Then, all you’ll need is your wallet ID, or mobile QR code, to move the tokens from your wallet to your crypto casino account (also represented by a wallet ID) for betting.

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George Thomson is a Bitcoin enthusiast and all around crypto currency nerd... When he's not busy researching crypto, he likes hiking the national parks of British Columbia . He lives in an eco-friendly home with his wife Jana and their two daughters, Sandra and Rose. His favorite word is "sustainability".
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