Overview
Paradoxically or not, probably the most popular payment method used in Canada today is actually one of the oldest brands on the market. The company was founded back in 1984 enabling Canadian customers to use a single card at the ATMs of five different bank institutions – CIBC, Desjardins, RBC, Scotiabank, and TD. Twelve years later, the Acxsys Corporation was established introducing Interac e-Transfer®, Interac Debit for online payments, mobile payment solutions as well as some international services.
Interac operates in the form we know today since 2018 when the Interac Association and Acxsys Corporation merged into Interac Corp. The payment brand provides for cost-effective, secure, and fast online transactions and it has over 59,000 ATMs spread all around the country. Interac is widely accepted among Canadian betting platforms and is highly appreciated by local punters for the low fees it comes with and the fact that it is easy to use and is eligible to claim welcome bonuses and other promotions.
If we have already attracted your attention, we advise you to read this review till the end and get acquainted with the specifics of the payment brand as a deposit and withdrawal method.
Find the best Interac bookmakers here
How Does Interac Work
Thanks to its long and extensive experience, the team behind Interac Corporation knows the local market in detail and manages different services intended to cover all aspects of money handling.
Interac e-Transfer
This is the service used by the greatest number of customers. In brief, it enables fast, secure, and untroubled fund transfers to and from your bank account. To perform transactions via Interac e-Transfer, you must use a mobile or online banking service of a Canadian bank that works with Interac, an email, and a mobile phone number. To execute a deposit to a sportsbook account, you must perform the following steps:
- Select Interac e-Transfer among the available deposit options and indicate the amount to be deposited.
- Log into your online or mobile banking application and indicate the precise account you wish to use.
- Select the “Send Money” option and a new window will open where you have to enter the receiver’s banking details.
- Provide a security question and an answer that will be used by the receiver to accept the funds transfer.
- You will receive an email confirmation as soon as money is accepted by the online bookie. Right after that you can choose a sporting event and place your bet.
It is good to know that in collaboration with Mastercard and Western Union, Interac e-Transfer allows customers to execute international bank transfers by following exactly the same steps. Keep in mind, however, it is not possible to receive money sent from abroad via the service, simply because in that case, the transfer origin won’t be a Canadian financial entity.
Interac Online
This service is somewhat reminiscent of Interac e-Transfer with the difference that it is much simplified and therefore faster. No emails are required and users can benefit from extremely quick and safe transactions. While on the merchant’s site, just log into your online banking profile, choose the bank account you want to use, specify the amount, and confirm, that is all. As you see, here the step of entering the recipient’s detailed information and a security question, is eliminated.
Interac Cash
Those who opt to use Interac Cash will be able to withdraw cash from multiple Automated Banking Machines (ABM) that operate in Canada. Not all ABMs support the service, so look for the ones bearing the Interac logo. This service grants you instant access to your funds no matter what time it is.
Interac Debit
This is just like using your regular debit bank card but without the need to reveal any banking information. The merchant enters the amount into a POS terminal, you insert your card, confirm the sum, and select the bank account you would like to use. The last step is to enter your PIN code and verify.
Interac Flash
Interac Flash is the first contactless debit system introduced on the Canadian market. To complete the immediate transactions, users simply hold their card above the relevant POS terminal. A slight disadvantage of the service is that it can be used only for relatively small amounts.
Sportsbook Withdrawals via Interac
Amidst the reasons for Interac being so popular in the online sports betting field in Canada is that it represents a convenient way to cash out one’s winnings. The withdrawal procedure is quite simple. Select Interac as a withdrawal method and you will receive a notification to provide an answer to the security question you have specified. Often, the notification contains the sender’s name, the amount you have cashed out, and a link to Canadian online banking institutions. Choose your bank, login, and indicate the account your money must go into.
If you have preliminarily registered for the “Autodeposit” service, you will not have to pass through the security question procedure. Understandable and extensive instructions on how to make this registration are published on the Interac company website.
Fees
A complex fee scheme is not something to be met with enthusiasm by any consumer. We are sure Interac knows this pretty well but the company does not have another choice since it is differently related to many financial institutions. Don’t worry, though, fees imposed by the payment service provider may bе a lot but they are not that significant and will not burden your budget much.
As regards online sportsbooks, they do not charge their registered users for making deposits via Interac. Withdrawals from your betting account on the other hand are either fee-free or charged with a fee as low as $1-1.5.
Let’s take a look at Interac e-Transfer as it is the most used service of the payment solution company. There is no fee directly imposed on customers by Interac. All financial institutions, however, pay a flat fee to Interac for each transfer they send on behalf of the users. To recoup their expenses, in most cases they charge the final consumer a transaction fee that can be in a wide range depending on the bank’s policy or your status.
Those customers who use Interac Debit for online purchases pay a flat Acquirer Service Fee the amount of which differs according to the amount spent and the type of merchant. For purchases amounting below $35 at a low-ticket merchant, the fee is $0.115, while for bigger merchants the fee is $ 0.265. If you make a purchase that exceeds $35 for any standard product, the fee is $0.465. The other product and service categories come with the following fees: utilities – $0.415, education, government, and charity – $0.365, financial/remittances – $0.765.
| Fees Summary | ||
|---|---|---|
| Operation | Time | Cost |
| Deposit to bookie | Instant | $0 |
| Withdrawal from bookie | Up to 3 business days | Up to $1.50 |
| Withdrawal via ABM | Instant | Up to $2 |
| International transfers | Depends on the bank | 150 bps |
Security
Interact is considered one of the safest payment solutions for performing transactions within Canada and also sending bank transfers to multiple entities all around the globe. When conducting transfers via Interac Online or Interac e-Transfer the whole information is protected by SSL encryption and other technical and administrative measures. The fact that these services are inextricably bound up with reputable finance institutions contributes to even higher levels of protection.
It is noteworthy that any online merchant that accepts Interac payments has to operate in accordance with the Canadian Code of Practice for Consumer Protection in Electronic Commerce. What this means is that those merchants can be trusted and users can rest assured they will not become fraud victims.
As stated above, to use some of the services provided by Interac Corp. you need to create secret questions and answers. While this can add a minute or two to the transaction time, it guarantees that nobody else could use your funds even if he has found a way to steal your username and password.
On October 1st, 2021, Interac Corp. announced that it has taken steps to acquire SecureKey Technologies Inc. In brief, the new subsidiary works with different governments, financial institutions, and businesses allowing for reliable online authentication by means of contactless cards and mobile phones.
Mobile App
Due to the very nature of Interac, it would be arduous to develop a dedicated application that is capable of covering such an abundant service portfolio. However, оn-the-go users are not hampered from performing their online payments via the service provider since it closely works with Apple Pay and Google Pay.
It was 2019 when Interac Corp. announced that Interac Debit has been made broadly available for in-app payments with the two mobile payment applications. The service is supported by an increasing list of respected institutions including but not limited to ATB, Canada’s Credit Unions, Coast Capital, Desjardins, National Bank, Scotiabank, Tangerine, Everlink, and the payment service provider Adyen Canada Ltd.
To use Interac Debit for mobile purchases you first have to check with your bank if it supports the service for Apple Pay and Google pay. If this is so, just follow the below stated easy steps and you will enjoy a hassle-free payment experience. The process is identical for both brands.
- Add a debit card to your virtual wallet.
- Place your order.
- Advance to finalize the payment.
- Select Apple Pay or Google Pay to utilize Interac Debit as a transaction method.
- Depending on your device, authorize the payment through Touch ID, fingerprint, pattern, or passcode.
Keep in mind that due to some legislative requirements, if your debit card bears a payment provider’s logo different than the one of Interac, you will not be permitted to use it for online transactions.
Interac’s collaboration with mobile payment service providers actually dates even further back. Two years before the agreement with Apple and Google, Interac started its partnership with Samsung. Since then, the owners of compatible Samsung devices having debit cards issued by any of the participating financial institutions are enabled to use Interac Debit on Samsung Pay wherever Interac Flash is accepted.
| Mobile App Features | |
|---|---|
| Send Money | yes |
| Receive Money | yes |
| Top-up from bank account | n/a |
| Withdraw to bank account | n/a |
| Deposit to bookie | yes |
| Withdraw to bookie | yes |
Advantages
We will not have a hard time listing the advantages of using Interac for purchases and funding online sportsbook accounts since the corporation has a lot to boast of. It has been on the Canadian market for more than 35 years and it has proven itself a long time ago as being a competent and reliable service provider. That is why it is accepted by virtually all top betting brands that operate on the territory of Canada.
No matter what industry you work in or what your preferred pastime is, time is a precious asset. If you choose to make a deposit to your betting account via Interac Online, the funds will be almost immediately available with no additional fee attached to them. What is more, the company does not oblige you to make additional registrations with companies providing other financial services.
Interac ranks in the top position in terms of privacy protection and overall safety measures. The payment service provider encrypts all information shared within its platform and merchants or bookies never have access to your banking data. Users also take advantage of the strict security measures implemented by their banks.
From a punter’s point of view, it is great that Interact provides a two-way service and they can use it not only for deposits but for cashouts as well. Furthermore, Interac deposits are usually eligible for welcome bonuses and other promotions.
Disadvantages
Given the superb features of Interac, when discussing the service disadvantages, there is no way not to start with the availability issue. It is such a shame that only Canadian punters can use Interac in relation to their sports betting activity. Even if it seems that Interac e-Transfer or Interac Online perfectly fits your preferences, if you do not hold an account at a Canadian bank, you can’t use any of the services offered by the provider.
Having introduced some innovative functionalities and acting in a modern competitive field, it is rather strange that Interact does not support transactions via cryptocurrencies. Having in mind how popular cryptos are among online punters all around the world, this is considered a serious shortcoming.
In an effort to provide as much convenience as possible, it is possible unwittingly to facilitate money misuse and accidental loss of significant amounts. We are talking about Interac e-Transfer Autodeposit that enables senders and receivers not to agree on a security question and answer before making a money transfer. This may seem like the perfect payment method for frequent transactions between trusted parties but only one mistakenly entered letter can direct an amount to the wrong email address. So, if you insist on using this service, triple check the information you fill in and always keep track of your transactions.
Countries Where Interac is Used as a Deposit Method for Sports Betting
Interac services are available in one country only, Canada, and this makes the payment provider one of the most limited in terms of market coverage. Taking into consideration all the above information about the advantageous features of Interac, this is quite disappointing. If we are to be honest, however, we understand this approach. Interac is not an independent institution and its every decision must be coordinated with over 80 finance-related entities, all of them being registered and regulated in Canada. The resources, time, and efforts needed for a global expansion would hardly be justified.
That is why Interac Corp. has correctly decided to focus on providing top-notch payment solutions to Canadian users. Being a payment service provider, the operation of Interac is monitored by the Bank of Canada and also by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The latter supervises all money service businesses in connection with the issues of anti-money laundering and counter-terrorism financing. Generally speaking, the Bank of Canada takes care to keep the operational risk of payment service providers within certain margins and to protect the interest of end users.
The Financial Consumer Agency of Canada (FCAC) is another key authority that has something to do with Interac’s payment services. This is a government body that enforces consumer protection legislation and also oversees financial institutions and external complaints bodies regulated in accordance with the federal legislation.
Last year, Interac Corp. was selected by Payments Canada as the exchange solution provider for the country’s real-time payments system, the Real-Time Rail (RTR). The aim of the exchange solution of Interac is to allow the members of Payments Canada to send and receive RTR payment messages. This new function of Interac will boost the company’s existing infrastructure and will give it access to almost 300 financial institutions.
FAQ
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In the general case, online sportsbooks allow for free-of-charge instant deposits via e-Transfer. Withdrawals on the other hand usually come with low transaction fees of up to $1.5. These are always visible within your cashier section, so make sure you have checked all the information before confirming any deposit or withdrawal.
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As Interac does not hold any funds at any time, it is not responsible for keeping track of the transactions being conducted. If there are any issues regarding the Interac e-Transfer service, users must contact the respective financial institution. For general inquiries about the service, customers can call the toll-free phone number 1-888-238-6433 or send an email to etransfer_support@interac.ca.
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Yes, Interac enables its users to make a cancellation through their online bank accounts. Log in, go to payments history and select the Interac transaction you wish to cancel. Follow the instructions that can differ among the different financial institutions. Keep in mind that some of them will charge you a cancellation fee. Be very careful when sending money because once the amount is received, the transaction cannot be reversed.
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By itself, the payment service provider does not impose any transaction limit. The minimum and maximum amount that can be sent solely depend on your bank’s policy.
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The Request Money feature is quite flexible and enables customers to make different settings. You can restrict a particular requestor from sending you money transfer requests or you can opt-out of the service completely from the fulfillment page. There is also to option to allow only a particular person to send you money requests.
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