Interac Online and Interac e-Transfer are online payment systems that are affiliated with Canadian banks and are, therefore, exclusive to Canadian users. Interac is the most trusted and commonly used payment system for Canadian bettors. It is also the most convenient payment option. When it comes to online gambling, bettors can’t withdraw beyond the limit in their wallet. Using Interac is outlined on www.casinos.co/payment-methods/interac/.
Interac processes over 660,000 transactions online every day and there are more than 6 billion transactions made each year. There are other payment methods that players can use, such as cryptocurrency and Mastercard. Interac has constantly been innovating and evolving, and with its compatibility across a myriad of platforms and devices, it is certainly a multi-purpose payment method.
Read on as we explain the advantages and disadvantages of Interac and why Canadians prefer to use it.
Advantages of Interac
- No need for e-wallets
- Safe and secure transactions
- No hidden costs
There are many advantages associated with using Interac. Firstly, Canadians do not need to have electronic wallets or credit cards in order to play casino games, which makes it a user-friendly experience. Secondly, transactions using Interac are fast and secure, which is vital for players using casino websites as their safety online is paramount.
The process is designed to be relatively straightforward so that bettors can add their preferred casino as a recipient in their bank account, making it a much simpler way to transfer money. There is a low commission for casino payments. Interac has no hidden costs attached to it, so using Interac eliminates the possibility of additional fees. Players don’t need to sign up for an account as, unlike with other online casino payment options, bank account details aren’t required to start playing at Interac casinos. At the same time, users won’t be stung by fraud if they keep their login and password details safe and secure.
Disadvantages of Interac
- Only available in Canada
- Withdrawals can take between 3-5 days to process
With Interac, there are, of course, some drawbacks. Players can only use their Interac card in Canada as nowhere else in the world accepts it. Although deposits are instantaneous, the same unfortunately can’t be said for withdrawals as this can take between three to five days to be fully processed. If you want to withdraw your winnings quicker, it is recommended that you use other payment methods. This is something to bear in mind.
Why do Canadians prefer to use Interac for online casinos?
Generally, Interac provides a safe environment for casino players. On the whole, its ease of use makes it a stress-free experience for bettors. As mentioned, there are no hidden costs associated with Interac and it is super quick when it comes to making transactions. There is only a small flat rate when it comes to depositing money, but it is a reliable form of payment and is one that will see continued use by Canadian bettors in the future.