Over the years, Interac has revolutionized online banking services for Canadian punters and put classic and slow bank transfers into a well-deserved retirement. Interac betting sites are among the most popular ones in Canada because they offer super-fast processing times, low or virtually no transaction fees, high deposit limits, and plenty of other exciting features.
If you want to learn more about how to make deposits and withdrawals using Interac, the best Canadian online bookmakers that offer the method, and more, this comprehensive Interac guide is just what you need, so stay tuned!
Top Canada Interac Betting Sites – Our Best Picks
If you are looking for Canada’s top betting sites that not only offer Interac as the preferred payment method but also a super choice of sports to bet on, numerous betting markets on top fixtures, reliable customer support, and other essential features, look no further.
The following list contains the crème de la crème of Canada’s online bookmaker market, so whichever you choose, you are guaranteed to have a great betting experience.
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What is Interac?
Interac was established back in 1984 by Interac Association as a payment solution that would allow Canadians to transfer funds and make purchases electronically. Over the years, Interac has evolved greatly and created state-of-the-art payment modules best suited not only for Interac betting sites but for all types of online banking transactions that are much faster than traditional bank transfers.
Punters who opt for Interac will find two options from this payment service provider in most, if not all, Interac betting sites. These modules are Interac e-Transfer and Interac Online.
Interac e-Transfer allows you to move the funds from one account to another via email or text message. The betting sites will generate payment details, such as the recipient’s name, email, and a unique message or confirmation code that you need to insert into your online banking app to execute the payment.
Interac Online, on the other hand, works just as any other online banking transaction where you will input the necessary details, such as the deposit or withdrawal amount, and bank account information, through a bank transfer tool or payment gateway provider provided by Interac betting sites.
How to Make a Deposit Using Interac
It takes only a couple of simple steps to complete a successful deposit using Interac. However, you need to first remember there are two modes of payments that Interac betting sites support — the Interac Online and Interac e-Transfer. Some sites will support only one of the two, while others sport both options. Either way, the process is similar and seamless in both instances, so here’s what you need to do:
- Select any of the Interac betting sites from our list and register an account.
- Once your account is activated and verified, head to the Cashier section of the Interac betting sites and choose Interac Online or Interac e-Transfer from the list of available deposit methods.
- Input the desired deposit amount (make sure to note the minimum deposit requirement that is usually set at $10 in most of Canadian sportsbooks or the minimum deposit requirement for a welcome bonus if such bonus exists).
- if you have opted for the Interac e-Transfer mode, use the generated payment details from the bookmaker to initiate and complete the deposit.
- If you have opted for Interac Online, insert the banking details into the payment gateway provided by the sportsbook.
- Confirm the deposit and wait for a couple of minutes for the transaction to complete.
How to Make a Withdrawal Using Interac
Making a withdrawal from any of the Interac betting sites is as easy as making a deposit, even more so. Here’s what you need to do:
- In the Cashier section, choose Interac under the list of available withdrawal methods.
- Input the amount you wish to withdraw.
- Answer the security question to confirm it’s you who is using the option.
- Follow the link received and insert the required banking details.
- Confirm the transaction and wait for the funds to arrive in your account.
Interac Betting Sites Pros and Cons
Although Interac is not perfect and has its downsides, it is a payment method that comes with plenty of advantages. Let’s see what those are:
- Specifically designed for Canadian punters
- Fast transactions
- Safe and secure
- No transactions fees
- High deposit and withdrawal limits
- Dangers of phishing since you are using an email to process Interac e-Transfers
- Somewhat confusing difference between Interac Online and e-Transfer
Can Interac be used outside of Canada?
Do I need to register an account with Interac in order to use it?
Are there any fees?
Are there any limits?